<SEC-DOCUMENT>0000003499-14-000010.txt : 20140505
<SEC-HEADER>0000003499-14-000010.hdr.sgml : 20140505
<ACCEPTANCE-DATETIME>20140505083938
ACCESSION NUMBER:		0000003499-14-000010
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20140331
FILED AS OF DATE:		20140505
DATE AS OF CHANGE:		20140505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALEXANDERS INC
		CENTRAL INDEX KEY:			0000003499
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				510100517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06064
		FILM NUMBER:		14811414

	BUSINESS ADDRESS:	
		STREET 1:		210 ROUTE 4 EAST
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652
		BUSINESS PHONE:		201-587-1000

	MAIL ADDRESS:	
		STREET 1:		210 ROUTE 4 EAST
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>alx10q1q2014.htm
<DESCRIPTION>FORM 10-Q
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 0in"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 13pt" lang=EN-US face="times new roman">UNITED STATES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 13pt" lang=EN-US face="times new roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">WASHINGTON, DC 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 13pt" lang=EN-US face="Times New Roman">FORM 10-Q</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Mark one)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=wingdings>x</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" face="Times New Roman">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)<BR>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="Times New Roman">For the quarterly period ended:&nbsp;&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="Times New Roman">March 31, 2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="21%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Or</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=wingdings>o</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)<BR>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">For the transition period from:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">to</FONT></B></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">Commission File Number:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">001-6064</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 159pt 0pt 0in" align=center><B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in"><B><U><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 13pt" lang=EN-US face="times new roman">ALEXANDER&#8217;S, INC.</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(Exact name of registrant as specified in its charter)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">Delaware</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">51-0100517</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">(State or other jurisdiction of incorporation or organization)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">(I.R.S. Employer Identification Number)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">210 Route 4 East, Paramus, New Jersey</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">07652</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">(Address of principal executive offices)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">(Zip Code)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(201) 587-8541</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Registrant&#8217;s telephone number, including area code)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">N/A</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Former name, former address and former fiscal year, if changed since last report)</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN: 0in 0pt 0pt 0in"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=wingdings>x</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Yes &nbsp;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=wingdings>o</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> No</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section&nbsp; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&nbsp;&nbsp;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=wingdings>x</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Yes &nbsp;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=wingdings>o</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> No</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</FONT></P>

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   <P style="TEXT-INDENT: -5.4pt; MARGIN: 0in 0in 0pt 8pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" face=wingdings>o</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman">Large Accelerated Filer</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 2.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face=wingdings>x</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman"> Accelerated Filer</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face=wingdings>o</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face="times new roman"> Non-Accelerated Filer (Do not check if smaller reporting company)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 2.5pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=wingdings>o</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="Times New Roman"> Smaller Reporting Company</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=wingdings>o</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Yes&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=wingdings>x</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> No</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of April 30,</FONT><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2014, there were 5,106,196 shares of common stock, par value $1 per share, outstanding.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">ALEXANDER&#8217;S, INC.</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">INDEX</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Page Number</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PART I.</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Financial Information</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 1.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Financial Statements:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Balance Sheets (Unaudited) as of </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">March 31, 2014 and December 31, 2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Statements of Income (Unaudited) for the </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended March 31, 2014 and 2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Statements of Comprehensive Income (Unaudited) for the </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended March 31, 2014 and 2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Statements of Changes in Equity (Unaudited) for the </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended March 31, 2014 and 2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Statements of Cash Flows (Unaudited) for the</FONT></P></TD>

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended March 31, 2014 and 2013</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Notes to Consolidated Financial Statements (Unaudited)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">8</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Report of Independent Registered Public Accounting Firm</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">14</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 2.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Management&#8217;s Discussion and Analysis of</FONT></P></TD>

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Financial Condition and Results of Operations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 3.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Quantitative and Qualitative Disclosures about Market Risk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 4.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Controls and Procedures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PART II.</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other Information</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 1.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Legal Proceedings</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 1A.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Risk Factors</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 2.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Unregistered Sales of Equity Securities and Use of Proceeds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Defaults Upon Senior Securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 4.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Mine Safety Disclosures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 5.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other Information</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 6.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="69%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Exhibits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Signatures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Exhibit Index</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">PART I. FINANCIAL INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial Statements</FONT></I></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">CONSOLIDATED BALANCE SHEETS</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(UNAUDITED)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(Amounts in thousands, except share and per share amounts)</FONT></P></TD></TR>

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">December 31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">ASSETS</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Real estate, at cost:</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Land</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">44,971&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">44,971&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Buildings and leasehold improvements</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">870,630&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">869,681&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Development and construction in progress </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">6,085&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">4,924&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">921,686&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">919,576&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Accumulated depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(191,526)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(185,375)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Real estate, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">730,160&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">734,201&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">355,328&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">347,718&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Restricted cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">85,534&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">90,044&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Marketable securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">33,363&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">31,522&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Tenant and other receivables, net of allowance for doubtful accounts of $1,960 and $1,993, respectively</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2,732&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2,925&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Receivable arising from the straight-lining of rents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">178,042&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">177,401&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$35,868 and $36,728, respectively</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">49,161&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">50,273&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Deferred debt issuance costs, net of accumulated amortization of $9,243 and $19,187, respectively</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">6,844&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">3,246&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Other assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">10,879&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">20,394&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,452,043&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,457,724&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">LIABILITIES AND EQUITY</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Mortgages payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,035,022&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,049,959&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Amounts due to Vornado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">42,492&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">43,307&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Accounts payable and accrued expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">37,004&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">27,450&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">3,424&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">3,427&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Total liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,117,942&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,124,143&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Commitments and contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">issued and outstanding, none</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Common stock: $1.00 par value per share; authorized, 10,000,000 shares;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">issued, 5,173,450 shares; outstanding, 5,106,196 shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 10.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Additional capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">29,745&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">29,745&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Retained earnings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">296,152&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">297,515&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Accumulated other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">3,405&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,522&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">334,475&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">333,955&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Treasury stock: 67,254 shares, at cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(374)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(374)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Total equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">334,101&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">333,581&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,452,043&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,457,724&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=10>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">3</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">CONSOLIDATED STATEMENTS OF INCOME</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(UNAUDITED)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(Amounts in thousands, except share and per share amounts)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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<TR style="HEIGHT: 13.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Three Months Ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">REVENUES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Property rentals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">34,136&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">34,171&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Expense reimbursements</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">15,332&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">14,604&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">49,468&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">48,775&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">EXPENSES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Operating, including fees to Vornado of $1,089 and $982, respectively</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">16,490&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">15,607&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">7,261&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">7,223&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">General and administrative, including management fees to Vornado of</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$595 in each period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">1,187&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">1,017&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">24,938&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">23,847&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">OPERATING INCOME </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">24,530&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">24,928&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Interest and other income, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">401&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">385&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Interest and debt expense </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(9,684)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(11,148)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Income before income taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">15,247&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">14,165&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Income tax expense</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(3)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Net income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">15,244&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">14,162&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Net income per common share &#8211; basic and diluted</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2.98&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2.77&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Weighted average shares outstanding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">5,109,717&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">5,108,016&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Dividends per common share</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">3.25&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2.75&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">4</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(UNAUDITED)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(Amounts in thousands)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Three Months Ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Net income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">15,244&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">14,162&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Other comprehensive income:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Change in unrealized net gain on available-for-sale securities</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">1,841&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">3,254&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="70%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Change in value of interest rate cap</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">42&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">17,127&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">17,416&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">5</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(UNAUDITED)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(Amounts in thousands)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Accumulated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Other</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Common Stock</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Additional</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Retained</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Comprehensive</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Treasury</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Amount</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Capital</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Earnings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Stock</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7.5pt" color=black face="Times New Roman">Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Balance, December 31, 2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">29,352&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">296,797&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">1,206&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(375)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">332,153&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Net income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">14,162&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">14,162&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Dividends paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(14,047)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(14,047)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Change in unrealized net gain on</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">available-for-sale securities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">3,254&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">3,254&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Balance, March 31, 2013</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">29,352&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">296,912&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">4,460&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(375)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">335,522&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Balance, December 31, 2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">29,745&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">297,515&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">1,522&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(374)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">333,581&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Net income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">15,244&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">15,244&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Dividends paid </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(16,607)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(16,607)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Change in unrealized net gain on</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">available-for-sale securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">1,841&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">1,841&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Change in value of interest rate cap</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">42&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">42&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">Balance, March 31, 2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">5,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">29,745&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">296,152&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">3,405&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">(374)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman">334,101&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(UNAUDITED)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(Amounts in thousands)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Three Months Ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">CASH FLOWS FROM OPERATING ACTIVITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Net income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">15,244&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">14,162&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Adjustments to reconcile net income to net cash provided by operating activities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Depreciation and amortization, including amortization of debt issuance costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">7,898&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">7,821&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Straight-lining of rental income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(641)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(949)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Change in operating assets and liabilities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Tenant and other receivables, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">193&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(424)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Other assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">9,547&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">9,277&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Amounts due to Vornado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(815)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(822)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Accounts payable and accrued expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">8,888&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">4,488&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Net cash provided by operating activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">40,311&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">33,552&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">CASH FLOWS FROM INVESTING ACTIVITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Restricted cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">4,510&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">919&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Construction in progress and real estate additions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(1,444)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(1,267)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Net cash provided by (used in) investing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">3,066&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(348)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">CASH FLOWS FROM FINANCING ACTIVITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Debt repayments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(314,937)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(3,963)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Proceeds from borrowing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">300,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Dividends paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(16,607)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(14,047)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Debt issuance costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(4,223)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(82)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Net cash used in financing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(35,767)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(18,092)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Net increase in cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">7,610&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">15,112&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Cash and cash equivalents at beginning of period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">347,718&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">353,396&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Cash and cash equivalents at end of period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">355,328&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">368,508&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Cash payments for interest, excluding capitalized interest of $30 in 2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">10,291&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">10,472&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="71%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">NON-CASH TRANSACTIONS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=red face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Liability for real estate additions included in accounts payable and accrued expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,750&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">603&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Write-off of fully amortized and depreciated assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">10,569&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(UNAUDITED)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.1pt; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alexander&#8217;s, Inc. (NYSE: ALX) is a real estate investment trust (&#8220;REIT&#8221;), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company&#8221; and &#8220;Alexander&#8217;s&#8221; refer to Alexander&#8217;s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#8220;Vornado&#8221;) (NYSE: VNO).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis of Presentation </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The accompanying consolidated financial statements are unaudited and include the accounts of Alexander&#8217;s and its consolidated subsidiaries.&nbsp; All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United&nbsp;States of America (&#8220;GAAP&#8221;) have been condensed or omitted.&nbsp; These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the &#8220;SEC&#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. &nbsp;Actual results could differ from those estimates.&nbsp; The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the operating results for the full year.&nbsp; Certain prior year balances have been reclassified in order to conform to current year presentation.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We currently operate in one business segment.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recently Issued Accounting Literature</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In April 2014, the FASB issued an update (&#8220;ASU 2014-08&#8221;) </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> to ASC Topic 205, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Presentation of Financial Statements</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and ASC Topic 360, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Property Plant and Equipment</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity&#8217;s results and operations would qualify as discontinued operations.&nbsp; In addition, the ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations.&nbsp; ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014.&nbsp; The adoption of this update on January 1, 2015&nbsp;is not expected to have any impact on our consolidated financial statements.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(UNAUDITED)</FONT></B></P>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relationship with Vornado </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At March 31, 2014, Vornado owned 32.4% of our outstanding common stock.&nbsp; We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below which expire in March of each year and are automatically renewable.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Management and Development Agreements</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $272,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, Vornado is entitled to a development fee of 6% of development costs, as defined.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Leasing Agreements</FONT></U></I><FONT style="FONT-STYLE: normal; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants.&nbsp; In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers.&nbsp; Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.&nbsp; The total of these amounts is payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balance at one-year LIBOR plus 1.0% (1.58% at March 31, 2014).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Other Agreements </FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also have agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties, for an annual fee equal to the cost of such services plus 6%.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following is a summary of fees to Vornado under the various agreements discussed above.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Company management fees</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">700&nbsp;</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">700&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Leasing fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">178&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">386&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Property management fees and payments for cleaning, engineering</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">and security services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">870&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">795&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,748&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,881&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At March 31, 2014, we owed Vornado $42,102,000 for leasing fees and $390,000 for management, property management, cleaning and security fees.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">9</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(UNAUDITED)</FONT></B></P>

<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rego Park II Apartment Tower </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have commenced the construction of an apartment tower that will contain approximately 300 units aggregating 250,000 square feet, above our Rego Park II shopping center, which is expected to be completed in 2015.&nbsp; The estimated cost of this project is approximately $125,000,000, of which $4,109,000 has been incurred as of March 31, 2014.&nbsp; There can be no assurance that the project will be completed on schedule, or within budget.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable Securities</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of March 31, 2014 and December 31, 2013, we owned 535,265 common shares of The Macerich Company (&#8220;Macerich&#8221;) (NYSE: MAC), which were received in connection with the sale of the Kings Plaza Regional Shopping Center to Macerich in November 2012.&nbsp; These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate.&nbsp; As of March 31, 2014 and December 31, 2013, the fair values of these shares were $33,363,000 and $31,522,000, respectively, based on Macerich&#8217;s closing share price of $62.33 per share and $58.89 per share, respectively.&nbsp; These shares are included in &#8220;marketable securities&#8221; on our consolidated balance sheets and are classified as available-for-sale.&nbsp; Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market of these securities are included in &#8220;other comprehensive income.&#8221;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Significant Tenants</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bloomberg L.P. (&#8220;Bloomberg&#8221;) accounted for $22,017,000 and $21,802,000, representing 45% of our total revenues in each of the three-month periods ended March 31, 2014 and 2013, respectively. &nbsp;No other tenant accounted for more than 10% of our total revenues.&nbsp; If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition.&nbsp; We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis.&nbsp; In addition, we access and evaluate financial information regarding Bloomberg from private sources, as well as publicly available data.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">10</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(UNAUDITED)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgages Payable</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On February 28, 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue.&nbsp; The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options.&nbsp; The proceeds of the new loan and existing cash were used to repay the existing loan and closing costs.&nbsp; In connection therewith,&nbsp;we purchased an interest rate cap with a notional amount of $300,000,000 that&nbsp;caps LIBOR at a rate of&nbsp;6.0%.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following is a summary of our outstanding mortgages payable.&nbsp; We may refinance our maturing debt as it comes due or choose to repay it at maturity.</FONT></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B><SUP><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Balance at </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Interest Rate at</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">December 31,</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(Amounts in thousands) </FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Maturity<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">March 31, 2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="41%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">First mortgages secured by:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Rego Park I shopping center (100% cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="35%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">collateralized)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Mar. 2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">0.40&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">78,246&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">78,246&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">731 Lexington Avenue, retail space<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Jul. 2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">4.93&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">320,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">320,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Paramus</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Oct. 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2.90&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">68,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">68,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Rego Park II shopping center<SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Nov. 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2.00&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">268,776&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">269,496&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">731 Lexington Avenue, office space</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Mar. 2021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1.11&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">300,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">314,217&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"><SUP></SUP></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,035,022&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,049,959&nbsp;</FONT></P></TD>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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<TR style="HEIGHT: 1.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></SUP></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></SUP></P></TD>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(1)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Represents the extended maturity where we have the unilateral right to extend.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"><SUP></SUP></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(2)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined.</FONT></P></TD>

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(3)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">This loan bears interest at LIBOR plus 1.85%.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Value Measurements</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ASC 820, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fair Value Measurement and Disclosures</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> defines fair value and establishes a framework for measuring fair value.&nbsp; ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 &#8211; quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 &#8211; observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 &#8211; unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial Assets and Liabilities Measured at Fair Value</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial assets measured at fair value on our consolidated balance sheets at March 31, 2014 and December 31, 2013, consist of marketable securities and an interest rate cap, which are presented in the table below, based on their level in the fair value hierarchy.&nbsp; There were no financial liabilities measured at fair value at March 31, 2014 and December 31, 2013.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">As of March 31, 2014</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(Amounts in thousands)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Total</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Level 1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Level 2</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Level 3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Marketable securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">33,363&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">33,363&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="29%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Interest rate cap (included in other assets)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">242&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">242&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Total assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">33,605&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">33,363&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">242&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="43%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">As of December 31, 2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="34%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(Amounts in thousands)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Level 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Level 2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Level 3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Marketable securities</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">31,522&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">31,522&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(UNAUDITED)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Value Measurements &#8211; continued </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial Assets and Liabilities not Measured at Fair Value</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents, mortgages payable and leasing commissions due to Vornado.&nbsp; Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities.&nbsp; The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist.&nbsp; The leasing commissions due to Vornado are carried at cost plus interest at variable rates, which approximate fair value.&nbsp; The fair value of cash equivalents is classified as Level 1 and the fair value of mortgages payable and leasing commissions due to Vornado is classified as Level 2.&nbsp; The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2014 and December 31, 2013.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">As of March 31, 2014</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">As of December 31, 2013</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Carrying</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Fair</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Carrying</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Fair</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(Amounts in thousands)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Amount</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="46%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Assets:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">341,294&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">341,294&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">184,796&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">184,796&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: black 2.25pt double; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: black 2.25pt double; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: black 2.25pt double; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: black 2.25pt double; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="46%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Liabilities:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Mortgages payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,035,022&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,055,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,049,959&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,072,000&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Leasing commissions (included in Amounts due to Vornado)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">42,102&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">42,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">42,924&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">43,000&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,077,124&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,097,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,092,883&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,115,000&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Insurance</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We maintain general liability insurance with limits of $300,000,000 per occurrence and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fifty Ninth Street Insurance Company, LLC (&#8220;FNSIC&#8221;), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (&#8220;NBCR&#8221;) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act of 2007, which expires in December 2014.&nbsp; Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate.&nbsp; Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies with no exposure to FNSIC.&nbsp; For NBCR acts, FNSIC is responsible for a $275,000 deductible and 15% of the balance of a covered loss and the Federal government is responsible for the remaining 85% of a covered loss.&nbsp; We are ultimately responsible for any loss incurred by FNSIC.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism.&nbsp; However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future.&nbsp; We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.7pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mortgage loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on our 731 Lexington Avenue property, in the event of a substantial casualty, as defined.&nbsp; Our mortgage loans contain customary covenants requiring us to maintain insurance. &nbsp;Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future.&nbsp; If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">12</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">ALEXANDER&#8217;S, INC. AND SUBSIDIARIES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">(UNAUDITED)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></B>&nbsp;</P>

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<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies &#8211; continued </FONT></B></P>

<P style="MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Flushing Property</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.7pt; MARGIN: 0in 0in 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">In 2002, Flushing Expo, Inc. (&#8220;Expo&#8221;) agreed to purchase the stock of the entity which owns the Flushing property from us (&#8220;Purchase of the Property&#8221;) and gave us a non-refundable deposit of $1,875,000.&nbsp; Pursuant to a stipulation of settlement, we settled the action Expo brought against us regarding the Purchase of the Property and in June 2011, deposited the settlement amount with the Court, in exchange for which we received a stipulation of discontinuance, with prejudice, as well as general releases.&nbsp; In November 2011, Expo filed another action, this time against our tenant at the Flushing property asserting, among other things, that such tenant interfered with Expo&#8217;s Purchase of the Property from us and sought $50,000,000 in damages from our tenant, who sought indemnification from us for such amount.&nbsp; In August 2012, the Court entered judgment denying Expo&#8217;s claim for damages.&nbsp; Expo filed a motion to re-argue the decision, which the Court denied on December 7, 2012.&nbsp; Expo appealed the Court&#8217;s August 2012 decision, which the Court denied on April 16, 2014.</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Paramus</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.7pt; MARGIN: 0in 0in 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures in October 2018.&nbsp; The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Letters of Credit</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.7pt; MARGIN: 0in 0in 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Approximately $3,308,000 of standby letters of credit were outstanding as of March 31, 2014.</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.7pt; MARGIN: 0in 0in 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are various other legal actions against us in the ordinary course of business.&nbsp; In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings Per Share</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible.&nbsp; There were no potentially dilutive securities outstanding during the three months ended March 31, 2014 and 2013.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Three Months Ended</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(Amounts in thousands, except share and per share amounts)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Net income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">15,244&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">14,162&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Weighted average shares outstanding &#8211; basic and diluted </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">5,109,717&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">5,108,016&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="68%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Net income per common share &#8211; basic and diluted</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2.98&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2.77&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt">&nbsp;</H1>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">13</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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<H1 style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="Times New Roman">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></H1>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To the Board of Directors and Stockholders of </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alexander&#8217;s, Inc.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Paramus, New Jersey</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have reviewed the accompanying consolidated balance sheet of Alexander&#8217;s, Inc. and subsidiaries (the &#8220;Company&#8221;) as of March 31, 2014, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2014 and 2013.&nbsp; These interim financial statements are the responsibility of the Company&#8217;s management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Based on our reviews, we are not aware of any material modifications that should be made to such consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Alexander&#8217;s, Inc. and subsidiaries as of December 31, 2013, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ended (not presented herein); and in our report dated February 24, 2014, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2013 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">/s/ DELOITTE &amp; TOUCHE LLP</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Parsippany, New Jersey<BR>May 5, 2014</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">14</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -45pt; MARGIN: 0in 0in 0pt 48pt"><B><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ITEM 2.&nbsp;&nbsp;MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF&nbsp;OPERATIONS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.&nbsp; Forward-looking statements are not guarantees of future performance.&nbsp; They involve risks, uncertainties and assumptions.&nbsp; Our future results, financial condition, results of operations and business may differ materially from those expressed in these forward-looking statements.&nbsp; You can find many of these statements by looking for words such as &#8220;approximates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;would,&#8221; &#8220;may&#8221; or other similar expressions in this Quarterly Report on Form 10&#8209;Q.&nbsp; These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. &nbsp;Many of the factors that will determine these items are beyond our ability to control or predict.&nbsp; For a further discussion of factors that could materially affect the outcome of our forward-looking statements, see &#8220;Item 1A - Risk Factors&#8221; in our Annual Report on Form&nbsp;10&#8209;K for the year ended December 31, 2013.&nbsp; For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.&nbsp; You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference.&nbsp; All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.&nbsp; We do not undertake any obligation to release publicly, any revisions to our forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations include a discussion of our consolidated financial statements for the three months ended March 31, 2014 and 2013. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.&nbsp; The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the operating results for the full year.&nbsp; Certain prior year balances have been reclassified in order to conform to current year presentation.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2013 in &#8220;Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and &#8220;Note 2 &#8211; Summary of Significant Accounting Policies&#8221; to the consolidated financial statements included therein.&nbsp; There have been no significant changes to these policies during 2014.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alexander&#8217;s, Inc. (NYSE: ALX) is a real estate investment trust (&#8220;REIT&#8221;), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties.&nbsp; All references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company,&#8221; and &#8220;Alexander&#8217;s&#8221;, refer to Alexander&#8217;s, Inc. and its consolidated subsidiaries.&nbsp; We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#8220;Vornado&#8221;) (NYSE: VNO).&nbsp; We have six properties in the greater New York City metropolitan area.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We compete with a large number of property owners and developers.&nbsp; Our success depends upon, among other factors, trends of national and local economies, the financial condition and operating results of current and prospective tenants, the availability and cost of capital, interest rates, construction and renovation costs, taxes, governmental regulations and legislation, population trends, zoning laws, and our ability to lease, sublease or sell our properties, at profitable levels.&nbsp; Our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><I><U><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Quarter Ended March 31, 2014 Financial Results Summary</FONT></U></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net income for the quarter ended March 31, 2014 was $15,244,000, or $2.98 per diluted share, compared to $14,162,000, or $2.77 per diluted share for the quarter ended March 31, 2013.&nbsp; Funds from operations (&#8220;FFO&#8221;) for the quarter ended March 31, 2014 was $22,474,000, or $4.40 per diluted share, compared to $21,339,000, or $4.18&nbsp; per diluted share for the prior year&#8217;s quarter.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Square Footage and Occupancy</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of March 31, 2014 and December 31, 2013, our portfolio was comprised of six properties aggregating 2,178,000 square feet that had an occupancy rate of 99.4%.</FONT></P>

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<P style="MARGIN: 0in 0in 10pt"><I><U><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financing</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On February 28, 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue.&nbsp; The interest-only loan is at LIBOR plus 0.95% (1.11% at March 31, 2014) and matures in March 2017, with four one-year extension options.&nbsp; The proceeds of the new loan and existing cash were used to repay the existing $312,000,000 5.33% fixed-rate loan and closing costs.&nbsp; In connection therewith, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><I><U><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Significant Tenants</FONT></U></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bloomberg L.P. (&#8220;Bloomberg&#8221;) accounted for $22,017,000 and $21,802,000, representing 45% of our total revenues in each of the three-month periods ended March 31, 2014 and 2013, respectively. &nbsp;No other tenant accounted for more than 10% of our total revenues.&nbsp; If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition.&nbsp; We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis.&nbsp; In addition, we access and evaluate financial information regarding Bloomberg from private sources, as well as publicly available data.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Results of Operations &#8211; Three Months Ended March 31, 2014, compared to March 31, 2013</FONT></B></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Property Rentals</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Property rentals were $34,136,000 in the quarter ended March 31, 2014, compared to $34,171,000 in the prior year&#8217;s quarter, a decrease of $35,000.&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Expense Reimbursements</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Tenant expense reimbursements were $15,332,000 in the quarter ended March 31, 2014, compared to $14,604,000 in the prior year&#8217;s quarter, an increase of $728,000.&nbsp; This increase was primarily due to higher real estate taxes.</FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Expenses</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Operating expenses were $16,490,000 in the quarter ended March 31, 2014, compared to $15,607,000 in the prior year&#8217;s quarter, an increase of $883,000.&nbsp; This increase was primarily due to higher real estate taxes. </FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Depreciation and Amortization</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Depreciation and amortization was $7,261,000 in the quarter ended March 31, 2014, compared to $7,223,000 in the prior year&#8217;s quarter, an increase of $38,000.&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">General and Administrative Expenses</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">General and administrative expenses were $1,187,000 in the quarter ended March 31, 2014, compared to $1,017,000 in the prior year&#8217;s quarter, an increase of $170,000.&nbsp; This increase was primarily due to higher professional fees.</FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest and Other Income, net</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Interest and other income, net was $401,000 in the quarter ended March 31, 2014, compared to $385,000 in the prior year&#8217;s quarter, an increase of $16,000. </FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest and Debt Expense</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Interest and debt expense was $9,684,000 in the quarter ended March 31, 2014, compared to $11,148,000 in the prior year&#8217;s quarter, a decrease of $1,464,000.&nbsp; This decrease was primarily due to savings resulting from the refinancing of the office portion of 731 Lexington Avenue on February 28, 2014.</FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income Tax Expense</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Income tax expense was $3,000 in each of the quarters ended March 31, 2014 and 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Property rental income is our primary source of cash flow and is dependent on a number of factors including the occupancy level and rental rates of our properties, as well as our tenants&#8217; ability to pay their rents.&nbsp; Our properties provide us with a relatively consistent stream of cash flow that enables us to pay our operating expenses, interest expense, recurring capital expenditures and cash dividends to stockholders.&nbsp; Other sources of liquidity to fund cash requirements include our existing cash, proceeds from financings, including mortgage or construction loans secured by our properties and proceeds from asset sales.&nbsp; We anticipate that cash flows from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund our business operations, cash dividends to stockholders, debt amortization, recurring capital expenditures and development expenditures related to the Rego Park II apartment tower.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have no debt maturing in 2014.&nbsp; In 2015, $398,246,000 of our debt, of which $78,246,000 is cash collateralized, is scheduled to mature.&nbsp; We may refinance our maturing&nbsp;debt as it comes due or choose to repay it at maturity.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Development Project</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have commenced the construction of an apartment tower that will contain approximately 300 units aggregating 250,000 square feet, above our Rego Park II shopping center, which is expected to be completed in 2015.&nbsp; The estimated cost of this project is approximately $125,000,000, of which $4,109,000 has been incurred as of March 31, 2014.&nbsp; There can be no assurance that the project will be completed on schedule, or within budget.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Three Months Ended March 31, 2014</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cash and cash equivalents were $355,328,000 at March 31, 2014, compared to $347,718,000 at December 31, 2013, an increase of $7,610,000.&nbsp; This increase resulted from $40,311,000 of net cash provided by operating activities and $3,066,000 of net cash provided by investing activities, partially offset by $35,767,000 of net cash used in financing activities.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash provided by operating activities of $40,311,000 was comprised of net income of $15,244,000, adjustments for non-cash items of $7,257,000 and the net change in operating assets and liabilities of $17,810,000.&nbsp; The adjustments for non-cash items were comprised of depreciation and amortization of $7,898,000, partially offset by the straight-lining of rental income of $641,000.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash provided by investing activities of $3,066,000 was comprised of a decrease in restricted cash of $4,510,000, partially offset by capital expenditures of $1,444,000 (primarily Rego Park II apartment tower).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash used in financing activities of $35,767,000 was primarily comprised of (i) debt repayments of $314,937,000 (primarily repayment of the loan on the office portion of 731 Lexington Avenue) and (ii) dividends paid on common stock of $16,607,000, partially offset by (iii) $300,000,000 of proceeds from the refinancing of the office portion of 731 Lexington Avenue.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Three Months Ended March 31, 2013</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cash and cash equivalents were $368,508,000 at March 31, 2013, compared to $353,396,000 at December 31, 2012, an increase of $15,112,000.&nbsp; This increase resulted from $33,552,000 of net cash provided by operating activities, partially offset by $18,092,000 of net cash used in financing activities and $348,000 of net cash used in investing activities.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash provided by operating activities of $33,552,000 was comprised of net income of $14,162,000, the net change in operating assets and liabilities of $12,518,000 and adjustments for non-cash items of $6,872,000.&nbsp; The net change in operating assets and liabilities was primarily due to amortization of prepaid real estate taxes of $8,478,000.&nbsp; The adjustments for non-cash items were comprised of depreciation and amortization of $7,821,000, partially offset by straight-lining of rental income of $949,000. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash used in investing activities of $348,000 was comprised of capital expenditures of $1,267,000 (primarily Rego Park II), partially offset by a decrease in restricted cash of $919,000.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash used in financing activities of $18,092,000 was primarily comprised of dividends paid on common stock of $14,047,000 and debt repayments of $3,963,000.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Liquidity and Capital Resources &#8211; continued</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Commitments and Contingencies </FONT></I></P>

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<P style="TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Insurance</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We maintain general liability insurance with limits of $300,000,000 per occurrence and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fifty Ninth Street Insurance Company, LLC (&#8220;FNSIC&#8221;), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (&#8220;NBCR&#8221;) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act of 2007, which expires in December 2014.&nbsp; Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate.&nbsp; Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies with no exposure to FNSIC.&nbsp; For NBCR acts, FNSIC is responsible for a $275,000 deductible and 15% of the balance of a covered loss and the Federal government is responsible for the remaining 85% of a covered loss.&nbsp; We are ultimately responsible for any loss incurred by FNSIC.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism.&nbsp; However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future.&nbsp; We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mortgage loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on our 731 Lexington Avenue property, in the event of a substantial casualty, as defined.&nbsp; Our mortgage loans contain customary covenants requiring us to maintain insurance.&nbsp; Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future.&nbsp; If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties.</FONT></P>

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<P style="TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Flushing Property</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2002, Flushing Expo, Inc. (&#8220;Expo&#8221;) agreed to purchase the stock of the entity which owns the Flushing property from us (&#8220;Purchase of the Property&#8221;) and gave us a non-refundable deposit of $1,875,000.&nbsp; Pursuant to a stipulation of settlement, we settled the action Expo brought against us regarding the Purchase of the Property and in June 2011, deposited the settlement amount with the Court, in exchange for which we received a stipulation of discontinuance, with prejudice, as well as general releases.&nbsp; In November 2011, Expo filed another action, this time against our tenant at the Flushing property asserting, among other things, that such tenant interfered with Expo&#8217;s Purchase of the Property from us and sought $50,000,000 in damages from our tenant, who sought indemnification from us for such amount.&nbsp; In August 2012, the Court entered judgment denying Expo&#8217;s claim for damages.&nbsp; Expo filed a motion to re-argue the decision, which the Court denied on December 7, 2012.&nbsp; Expo appealed the Court&#8217;s August 2012 decision, which the Court denied on April 16, 2014.</FONT></P>

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<P style="TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Paramus</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures in October 2018.&nbsp; The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.</FONT></P>

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<P style="TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Letters of Credit</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Approximately $3,308,000 of standby letters of credit were outstanding as of March 31, 2014.&nbsp; </FONT></P>

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<P style="TEXT-INDENT: 10.1pt; MARGIN: 0in 0in 6pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are various other legal actions against us in the ordinary course of business.&nbsp; In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Funds from Operations (&#8220;FFO&#8221;) </FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. &nbsp;FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.&nbsp; FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure.&nbsp; FFO may not be comparable to similarly titled measures employed by other companies.&nbsp; A reconciliation of our net income to FFO is provided below.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FFO for the Quarters Ended March 31, 2014 and 2013</FONT></U></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FFO for the quarter ended March 31, 2014 was $22,474,000, or $4.40&nbsp;per diluted share, compared to $21,339,000, or $4.18 per diluted share for prior year&#8217;s quarter.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table reconciles our net income to FFO:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Three Months Ended</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(Amounts in thousands, except share and per share amounts)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">15,244&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">14,162&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Depreciation and amortization of real property</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">7,230&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">7,177&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">FFO</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">22,474&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">21,339&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">FFO per diluted share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">4.40&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">4.18&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="72%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Weighted average shares used in computing FFO per diluted share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">5,109,717&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">5,108,016&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter20"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">20</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 2pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_21"></A>

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<a name="_bclHeader21"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 3.&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have exposure to fluctuations in interest rates, which are sensitive to many factors that are beyond our control.&nbsp; Our exposure to a change in interest rates is summarized in the table below.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="37%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2014&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="23%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2013&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Weighted</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Effect of 1%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Weighted</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">March 31,</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Average</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Change in </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">December 31,</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Average</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">(Amounts in thousands, except per share amounts)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Interest Rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Base Rates </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Interest Rate</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Variable Rate (including $42,102 and $42,924</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">due to Vornado, respectively)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">610,878&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1.53%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">6,109&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">312,420&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">2.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Fixed Rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">466,246&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">3.87%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">780,463&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">4.46%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,077,124&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">6,109&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,092,883&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">Total effect on diluted earnings per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman">1.20&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #ccffff; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of&nbsp;March 31, 2014, we have&nbsp;an interest rate&nbsp;cap&nbsp;with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 6pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fair Value of Debt</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The fair value of our consolidated debt is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist.&nbsp; As of March 31, 2014 and December 31, 2013, the estimated fair value of our consolidated debt was $1,097,000,000 and $1,115,000,000, respectively.&nbsp; Our fair value estimates, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 4.&nbsp;&nbsp; Controls and Procedures</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a) Disclosure Controls and Procedures: &nbsp;Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b) Internal Control Over Financial Reporting: &nbsp;There have not been any changes in our internal control over financial reporting during the fiscal quarter to which this Quarterly Report on Form 10-Q relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">21</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">PART II.&nbsp;&nbsp; OTHER INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.1pt; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.1pt; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -40.15pt; MARGIN: 0in 0in 0pt 40.15pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Legal&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Proceedings</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.2pt; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are from time to time involved in legal actions arising in the ordinary course of business.&nbsp; In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: -40.15pt; MARGIN: 0in 0in 0pt 40.15pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 1A.&nbsp; Risk Factors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There have been no material changes in our &#8220;Risk Factors&#8221; as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -40.15pt; MARGIN: 0in 0in 0pt 40.15pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds </FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: -40.15pt; MARGIN: 0in 0in 0pt 40.15pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Defaults Upon Senior Securities</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -40.15pt; MARGIN: 0in 0in 0pt 40.15pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: -35.1pt; MARGIN: 0in 0in 0pt 35.1pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 5.&nbsp;&nbsp; Other Information</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 20.15pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: -40.15pt; MARGIN: 0in 0in 0pt 40.15pt" align=left><B><FONT style="LINE-HEIGHT: 12pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -20pt; MARGIN: 0in 0in 0pt 40pt"><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibits required by Item 601 of Regulation S-K are filed herewith and are listed in the attached Exhibit Index.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 42pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman">Date: May 5, 2014</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman">By:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman">/s/ Joseph Macnow</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0.05in"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman">Joseph Macnow, Executive Vice President and<BR>Chief Financial Officer (duly authorized officer and <BR>principal financial and accounting officer)</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.05pt; PADDING-TOP: 0in" vAlign=bottom width="77%" colSpan=3>

   <P style="MARGIN: 0in 0.05pt 0pt 0in"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 13.05pt; PADDING-TOP: 0in" vAlign=bottom width="8%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD></TR>

<TR style="HEIGHT: 29.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 29.1pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 29.1pt; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 29.1pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 29.1pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Loan Agreement, dated as of February 28, 2014, by and between 731 Office One LLC, as Borrower, and German American Capital Corporation, as Lender</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 29.1pt; PADDING-TOP: 0in" vAlign=top width="7%"></TD></TR>

<TR>

   <TD vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD vAlign=top width="9%" colSpan=2></TD>

   <TD vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="7%"></TD></TR>

<TR style="HEIGHT: 33.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 33.3pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 33.3pt; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 33.3pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 33.3pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Consolidated, Amended and Restated Promissory Note, dated as of February 28, 2014, by and between 731 Office One LLC, as Borrower, and German American Capital Corporation, as Lender</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 33.3pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 39.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 39.15pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 39.15pt; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 39.15pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 39.15pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Amended and Restated Mortgage, Assignment of Leases and Rents and Security Agreement, dated as of February 28, 2014, by and between 731 Office One LLC, as Mortgagor, and German American Capital Corporation, as Mortgagee</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 39.15pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="7%"></TD></TR>

<TR style="HEIGHT: 25.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Assignment of Leases and Rents dated as of February 28, 2014, by and between 731 Office One LLC, as Assignor, and German American Capital Corporation, as Assignee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 25.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Guaranty of Recourse Obligations dated as of February 28, 2014, by and between Alexander&#8217;s, Inc., as Guarantor, and German American Capital Corporation, as Lender</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 25.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Environmental Indemnity Agreement dated as of February 28, 2014, by and between 731 Office One LLC, as Indemnitor, and German American Capital Corporation, as Indemnitee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 25.65pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 0.5in">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 0.5in; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 0.5in; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 0.5in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 0.5in; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Termination Agreement dated as of February 28, 2014, by and among 731 Office One LLC, Alexander&#8217;s Management LLC, Vornado Realty L.P., 731 Office Two LLC, 731 Residential LLC, 731 Commercial LLC, 731 Retail One LLC and 731 Restaurant LLC</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 0.5in; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 35.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 35.55pt; PADDING-TOP: 0in" vAlign=top width="10%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 35.55pt; PADDING-TOP: 0in" vAlign=top width="9%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 35.55pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 35.55pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Real Estate Sub-Retention Agreement dated as of February 28, 2014, by and between Alexander&#8217;s Management LLC, as Agent, and Vornado Realty L.P., as Sub-Agent</FONT> </FONT></P></TD>

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<TR style="HEIGHT: 26.1pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.9</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 26.1pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 26.1pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Sixth Amendment to Amended and Restated Management and Development Agreement, dated as of March 21, 2014, by and between Alexander&#8217;s, Inc., the subsidiaries party thereto and Vornado Management Corp</FONT></FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 40.05pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">10.10</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 40.05pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 40.05pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">Rego Park II Residential Management and Development Agreement, dated as of March 21, 2014 by and between Alexander&#8217;s of Rego Residential LLC and Vornado Management Corp</FONT></FONT></P></TD>

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   <P>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">15.1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">Letter regarding unaudited interim financial information</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">31.1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">Rule 13a-14 (a) Certification of the Chief Executive Officer</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 9.75pt; PADDING-TOP: 0in" vAlign=top width="71%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">31.2</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">Rule 13a-14 (a) Certification of the Chief Financial Officer</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; </FONT></P></TD>

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">32.1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">Section 1350 Certification of the Chief Executive Officer</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">32.2</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">Section 1350 Certification of the Chief Financial Officer</FONT></P></TD>

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<TR style="HEIGHT: 9.75pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">XBRL Instance Document</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">101.SCH</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">XBRL Taxonomy Extension Schema</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">XBRL Taxonomy Extension Calculation Linkbase</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">XBRL Taxonomy Extension Definition Linkbase</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face="Times New Roman">XBRL Taxonomy Extension Label Linkbase</FONT></P></TD>

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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LOAN AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">dated as of February 28, 2014</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">between</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 24pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">,<BR><BR>as Borrower</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">,&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>as Lender</FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0.25in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Property</FONT></B></FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">: OFFICE UNIT 1 AND OFFICE UNIT 2, BEACON COURT CONDOMINIUM, 731 LEXINGTON AVENUE, NEW YORK, NEW YORK</FONT></B></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt 5in" align=center><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=#595959 face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 5in" align=center><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=#595959 face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TABLE OF CONTENTS</FONT></B></P>

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<DIV align=left>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">I.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="86%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">DEFINITIONS; PRINCIPLES OF CONSTRUCTION</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">1</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 1.1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Specific Definitions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">1</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="16%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 1.2.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Index of Other Definitions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">26</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 1.3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Principles of Construction</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.2pt; PADDING-TOP: 0in" vAlign=top width="16%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.2pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.2pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.9pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">II.</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">THE LOAN</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">The Loan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.1.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Agreement to Lend and Borrow</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.1.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Single Disbursement to Borrower </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.1.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">The Note </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.1.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Use of Proceeds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Interest Rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.2.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Interest Rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.2.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Default Rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">30</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.2.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Interest Calculation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">30</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.2.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Usury Savings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.3. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Loan Payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT></P></TD></TR>

<TR style="HEIGHT: 3.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top rowSpan=5 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top rowSpan=5 width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.3.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.3.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Payments Generally</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.3.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Payment on Maturity Date</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.3.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Late Payment Charge</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.3.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Method and Place of Payment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">32</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.4.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Prepayments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">32</FONT></P></TD></TR>

<TR style="HEIGHT: 3.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top rowSpan=5 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top rowSpan=5 width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.4.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Prepayments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">32</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.4.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Voluntary Prepayments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">32</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.4.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Prepayments in Connection with a Casualty or Condemnation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">32</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.4.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Prepayments After Default</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">33</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.4.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Prepayment/Repayment Conditions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">33</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.5.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Release of Property</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">34</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.6.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Interest Rate Cap Agreement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">35</FONT></P></TD></TR>

<TR style="HEIGHT: 1.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=10 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=10 width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Interest Rate Cap Agreement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">35</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Pledge and Collateral Assignment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">35</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Covenants</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">35</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Powers of Borrower Prior to an Event of Default</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">37</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Representations and Warranties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">37</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Payments</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">38</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.7</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Remedies</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">38</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.8</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Sales of Rate Cap Collateral</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">40</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.9</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Public Sales Not Possible</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">40</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.10</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Receipt of Sale Proceeds</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">41</FONT></P></TD></TR>

<TR style="HEIGHT: 1.35pt">

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.6.11</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Replacement Interest Rate Cap Agreement</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">41</FONT></P></TD></TR>

<TR>

   <TD width="7%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="54%">&nbsp;</TD>

   <TD width="4%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 5in" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter2"></a><DIV>

<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#595959 face="Times New Roman">Page</FONT></U></B></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#595959 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></B></P></DIV>

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<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 6.75pt; BORDER-TOP: medium none; MARGIN-RIGHT: 6.75pt; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.7.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Extension Options</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">41</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.7.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Extension Options</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">41</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.7.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Extension Documentation</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">42</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.8.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Spread Maintenance Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">42</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 2.9.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Regulatory Changes; Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">42</FONT></P></TD></TR>

<TR style="HEIGHT: 3.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top rowSpan=6 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top rowSpan=6 width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.9.1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Increased Costs</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">42</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.9.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Special Taxes</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">43</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.9.3</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Other Taxes</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">44</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.9.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Tax Refund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">44</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.9.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Change of Office</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">44</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2.9.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Survival</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="67%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">III.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="82%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">REPRESENTATION AND WARRANTIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 3.1.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Borrower Representations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR style="HEIGHT: 1.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=16 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=16 width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Organization; Special Purpose</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=16 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Proceeding; Enforceability</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">No Conflicts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Litigation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Agreements</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">45</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Consents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">46</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Property; Title</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">46</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">ERISA; No Plan Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">47</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Compliance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">47</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Financial Information</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">48</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Easements; Utilities and Public Access</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">48</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Assignment of Leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">48</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">48</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Flood Zone</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">49</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Physical Condition</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">49</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Intentionally Omitted</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">49</FONT></P></TD></TR>

<TR style="HEIGHT: 1.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=16 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=16 width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top rowSpan=16 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.55pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">49</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Tax Filings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">50</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">No Fraudulent Transfer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">50</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Federal Reserve Regulations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Organizational Chart</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Organizational Status</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Bank Holding Company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">No Casualty</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Purchase Options</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.26</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">FIRPTA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Investment Company Act</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Fiscal Year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.29</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Other Debt</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Intentionally Omitted</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Full and Accurate Disclosure</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">51</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Condominium Representations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">52</FONT></P></TD></TR>

<TR>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ii</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#595959 face="Times New Roman">Page</FONT></U></B></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#595959 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></B></P></DIV>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="11%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.33</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Bloomberg Lease</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">52</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="11%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3.1.34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Illegal Activity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">52</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 3.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Survival of Representations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">52</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">IV.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="82%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">BORROWER COVENANTS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">53</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.1.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Payment and Performance of Obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">53</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Due on Sale and Encumbrance; Transfers of Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">53</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Liens</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">53</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Special Purpose</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">54</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Existence; Compliance with Legal Requirements</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">54</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Taxes and Other Charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">54</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Litigation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">55</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Title to the Property</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">55</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Financial Reporting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">55</FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top rowSpan=5 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top rowSpan=5 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="11%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.9.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Generally</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top rowSpan=5 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">55</FONT></P></TD></TR>

<TR style="HEIGHT: 3.45pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="11%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.9.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Quarterly Reports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">56</FONT></P></TD></TR>

<TR style="HEIGHT: 3.45pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="11%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.9.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Annual Reports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">56</FONT></P></TD></TR>

<TR style="HEIGHT: 3.45pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="11%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.9.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Other Reports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">57</FONT></P></TD></TR>

<TR style="HEIGHT: 3.45pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="11%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.9.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Annual Budget</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.45pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">57</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.10.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Access to Property</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">58</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.11.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">58</FONT></P></TD></TR>

<TR style="HEIGHT: 4.4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.11.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Generally</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">58</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.11.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Approvals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">58</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.11.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Covenants</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">60</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.11.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Security Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">61</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.12.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Repairs; Maintenance and Compliance; Alterations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">61</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.12.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Repairs; Maintenance and Compliance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top rowSpan=2 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">61</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.12.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Alterations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">61</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.13.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insolvency Opinion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">63</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.14.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Property Management</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">63</FONT></P></TD></TR>

<TR style="HEIGHT: 4.4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.14.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Management Agreement/Leasing Agreement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">63</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.14.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Prohibition Against Termination or Modification</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">63</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.14.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Replacement of Manage</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">64</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4.14.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="55%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Termination of Leasing Agreement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">65</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.15.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Performance by Borrower</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">65</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.16.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Licenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">65</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.17.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Further Assurances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">65</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.18.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Estoppel Statement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">65</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.19.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Notice of Default</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">66</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.20.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Cooperate in Legal Proceedings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">66</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.21.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Indebtedness</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">66</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.22.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Business and Operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">67</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.23.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Dissolution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">67</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.24.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Debt Cancellation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">67</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.25.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Affiliate Transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">67</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.26.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="65%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">No Joint Assessment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">67</FONT></P></TD></TR>

<TR>

   <TD width="7%">&nbsp;</TD>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">iii</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#595959 face="Times New Roman">Page</FONT></U></B></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#595959 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></B></P></DIV>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.27.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Condominium Covenants</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">67</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.28.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Change of Name, Identity or Structure</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">70</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.29.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Cost and Expenses</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">70</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.30.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Indemnity</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">72</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.31.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">ERISA</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">72</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 4.32.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Patriot Act Compliance</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">73</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">V.</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">INSURANCE, CASUALTY AND CONDEMNATION</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">74</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 5.1.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">74</FONT></P></TD></TR>

<TR style="HEIGHT: 4.4pt">

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">5.1.1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance Policies</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">74</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">5.1.2</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance Company</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">80</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">5.1.3</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Condominium Board Policies</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">81</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">5.1.4</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Bloomberg Insurance Policies</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">81</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 5.2.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Casualty</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">81</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 5.3.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Condemnation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">82</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 5.4.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Restoration</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">83</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">VI.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="78%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">CASH MANAGEMENT AND RESERVE FUNDS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">89</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Cash Management Arrangements</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">89</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Condominium Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">89</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.2.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Deposits of Condominium Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">89</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.2.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Release of Condominium Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">90</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.2.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Letter of Credit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">90</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Tax Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">90</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.3.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Deposits of Tax Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">90</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.3.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Release of Tax Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">91</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.3.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Letter of Credit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">91</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.4.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">91</FONT></P></TD></TR>

<TR style="HEIGHT: 4.4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.4.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Deposit of Insurance Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">91</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.4.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Release of Insurance Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">92</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.4.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Acceptable Blanket Policy</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">92</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.4.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Letter of Credit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">92</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.5.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Capital Expenditure Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">93</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.5.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Deposits of Capital Expenditure Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">93</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.5.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Release of Capital Expenditure Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">93</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.5.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Letter of Credit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">94</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.6.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Rollover Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">94</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.6.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Deposits of Rollover Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">94</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.6.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Release of Rollover Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">95</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.6.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Letter of Credit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">95</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.7.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Casualty and Condemnation Account</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">96</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.8.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Cash Collateral Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">96</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.9.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="61%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Property C ash Flow Allocation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">96</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="8%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.9.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Order of Priority of Funds in Deposit Account</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">96</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.9.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Failure to Make Payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">97</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">6.9.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Application After Event of Default</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">98</FONT></P></TD></TR></TABLE></DIV>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.10.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Security Interest in Reserve Funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">98</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.11.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Limitations on Letters of Credit/Guarantees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">99</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">VII.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="77%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">PERMITTED TRANSFERS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">99</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 7.1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Permitted Transfer of the Entire Property</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">99</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 7.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Permitted Transfers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 7.3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Cost and Expenses; Searches; Copies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">104</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">VIII.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="77%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">DEFAULTS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">105</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 8.1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Events of Default</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">105</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 8.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Remedies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">109</FONT></P></TD></TR>

<TR style="HEIGHT: 4.4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">8.2.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Acceleration</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top rowSpan=4 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">109</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">8.2.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Remedies Cumulative</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">110</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">8.2.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Severance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">110</FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">8.2.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Lender&#8217;s Right to Perform</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.3pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">111</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">IX.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="77%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">SALE AND SECURITIZATION OF MORTGAGE</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">112</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 9.1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Sale of Mortgage and Securitization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">112</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 9.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Securitization Indemnification</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">115</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 9.3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Severance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">118</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">9.3.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Severance Documentation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top rowSpan=3 width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">118</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">9.3.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Reserved</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">118</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">9.3.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Cooperation; Execution; Delivery</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">118</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 9.4.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Costs and Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">119</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">X.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="77%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">MISCELLANEOUS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">119</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Exculpation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">119</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Survival; Successors and Assigns</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">122</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Lender&#8217;s Discretion; Rating Agency Review Waiver</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">122</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.4.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Governing Law</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">123</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.5.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Modification, Waiver in Writing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">124</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.6.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Notices</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">124</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.7.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Waiver of Trial by Jury</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">125</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.8.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Headings, Schedules and Exhibits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">126</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.9.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Severability</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">126</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.10.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Preferences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">126</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.11.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Waiver of Notice</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">126</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.12.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Remedies of Borrower</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">126</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.13.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Offsets, Counterclaims and Defenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">127</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.14.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11.5pt" face="Times New Roman">No joint Venture or Partnership; No Third Party Beneficiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">127</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.15.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Publicity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">127</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.16.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Waiver of Marshalling of Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">127</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.17.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Certain Waivers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman">128</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">v</FONT></P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#595959 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></B></P></DIV>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.18.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Conflict; Construction of Documents; Reliance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">128</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-INDENT: -29.1pt; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.19.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="59%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Brokers and Financial Advisors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">128</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.20.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">129</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.21.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">131</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 10.24.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Assignments and Participations</FONT></P></TD>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedules and Exhibits</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule I&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserved</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule II&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserved </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule III &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization of Borrower</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exceptions to Representations and Warranties</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule V&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definition of Special Purpose Bankruptcy Remote Entity</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule VI&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recycled Entity Certificate</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Description</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary Market Transaction Information</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form of Alteration Deficiency Guaranty</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form of Contribution Agreement</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserved</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form of SNDA</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserved</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit H&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form of Completion Guaranty</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LOAN AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LOAN AGREEMENT</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, dated as of February 28, 2014 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), between </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together with its permitted successors and assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company, having an address at c/o Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (together with its permitted successors and assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All capitalized terms used herein shall have the respective meanings set forth in Article 1 hereof.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">W I T N E S S E T H :</FONT></B></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Borrower desires to obtain the Loan from Lender; and</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms and conditions of this Agreement and the other Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, in consideration of the covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, represent and warrant as follows:</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.5in" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">I.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>DEFINITIONS; PRINCIPLES OF CONSTRUCTION</FONT></U></B></H1>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Specific Definitions.</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">For all purposes of this Agreement, except as otherwise expressly provided:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Acceptable Leasing Expenses</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean actual out-of-pocket expenses (including brokerage commissions and tenant allowances and improvements) incurred by Borrower in leasing space at the Property pursuant to Leases entered into in accordance with the Loan Documents, which expenses are in each case on market terms and conditions or on such other terms and conditions as are approved by Lender, which approval shall not be unreasonably withheld. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Acknowledgment</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (i) with respect to the initial Interest Rate Cap Agreement, the Acknowledgment, dated on or about the date hereof made by Counterparty and (ii) with respect to any Replacement Interest Rate Cap Agreement, the Acknowledgment made by an Approved Counterparty, which Acknowledgment shall be in substantially the same form as the Acknowledgment delivered by Counterparty in connection with the initial Interest Rate Cap Agreement or shall otherwise be in form and substance reasonably acceptable to Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Affiliate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, as to any Person, any other Person that (i) owns directly or indirectly fifty percent (50%) or more of all equity interests in such Person, and/or (ii) is in Control of, is Controlled by or is under common ownership or Control with such Person.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALTA</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean American Land Title Association, or any successor thereto.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alteration Deficiency Guaranty</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a guaranty (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time) in favor of Lender pursuant to the terms and provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.12.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this Agreement, which shall be substantially in the form attached hereto as </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit C</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> and shall be executed and delivered by a Qualified Guarantor.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alteration Threshold</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean five percent (5%) of the Outstanding Principal Balance; provided, however, that the list of any alterations performed which are detailed in the proviso to the definition of Material Alteration shall not be included in determining whether an alteration exceeds the Alteration Threshold.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALX</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means Alexander&#8217;s, Inc., a Delaware corporation, and its permitted successors by merger, consolidation or transfer of all or substantially all of the assets of Alexander&#8217;s, Inc., subject to any applicable terms, covenants and/or conditions of this Agreement.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALX Ownership Condition</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean one or more of (i) VRLP, (ii) VRT, (iii) one or more Interstate Parties and/or (iv) one or more Eligible Qualified Owners owns (beneficially and economically) and controls not less than twenty-five percent (25%) of the shares outstanding in ALX.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Annual Budget</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the operating and capital budget for the Property setting forth, on a month-by-month basis, in reasonable detail, each line item of Borrower&#8217;s good faith estimate of anticipated Operating Income, Operating Expenses and Capital Expenditures for the applicable Fiscal Year.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Approved Capital Expenditures</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Capital Expenditures incurred by Borrower and either (i) included in the Approved Annual Budget or (ii) approved by Lender, which approval shall not be unreasonably withheld or delayed.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Approved Counterparty</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a bank or other financial institution which has (a) a long-term unsecured debt rating of &#8220;A+&#8221; or higher by S&amp;P, (b) a long-term unsecured debt rating of &#8220;A1&#8221; or higher by Moody&#8217;s and (c) if rated by Fitch, a long-term unsecured debt rating of &#8220;A+&#8221; or higher by Fitch (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Required Ratings</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;); provided, however, SMBC Capital Markets, Inc. (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SMBC</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) shall be an Approved Counterparty provided that (i) Sumitomo Mitsui Banking Corporation (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sumitomo</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) guaranties the obligations of SMBC under the applicable Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement pursuant to a guaranty reasonably acceptable to Lender and acceptable to the Rating Agencies,&nbsp; and (ii) Sumitomo has not been downgraded below the lower of (x) the Required Ratings and (y) the long-term unsecured debt rating issued for Sumitomo by S&amp;P, Moody&#8217;s or Fitch as of the Closing Date or the short-term rating issued for Sumitomo by S&amp;P, Moody&#8217;s or Fitch as of the Closing Date.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Approved Replacement Guarantor</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean an Eligible Qualified Owner that (i) either alone or with other Eligible Qualified Owners, Controls Borrower (or Transferee, as applicable) or (ii) owns a direct or indirect interest in Borrower (or Transferee, as applicable), in each case, subject to the Net Worth requirements specified in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 7.1(b)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 7.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, as applicable.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignment of Agreements</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Collateral Assignment of Agreements, Licenses, Permits and Contracts, dated as of the date hereof, from Borrower, as assignor, to Lender, as assignee.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignment of Leases</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain first priority Assignment of Leases and Rents, dated as of the date hereof, from Borrower, as assignor, to Lender, as assignee.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignment of Leasing Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Assignment of Leasing Agreement and Subordination of Commission Fees, dated as of the date hereof, among Borrower, Alexander&#8217;s Management LLC, a New York limited liability company, and Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignment of Management Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Assignment of Management Agreement and Subordination of Management Fees, dated as of the date hereof, among Borrower, Manager and Lender.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assumed Note Rate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean an interest rate equal to the sum of 1%, plus the Spread plus LIBOR as determined on the preceding Interest Determination Date.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Award</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect to all or any part of the Property.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bankruptcy Code</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Title 11 of the United States Code entitled &#8220;Bankruptcy&#8221;, as amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bloomberg</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Bloomberg L.P., a Delaware limited partnership, or any successor Tenant under the Bloomberg Lease in accordance with the terms hereof.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bloomberg Lease</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, individually and collectively (as the context requires) (i) the Original Bloomberg Lease, (ii) that certain Lease between Borrower, as landlord, and Metrovest Equities, Inc., at tenant, dated as of May 17, 2004, and assigned to and assumed by Bloomberg pursuant to that certain Assignment and Assumption and Consent Agreement dated as of May 19, 2009 among Borrower, Metrovest Equities, Inc. and Bloomberg, as the same may be amended, supplemented or otherwise modified from time in accordance with this Agreement (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bloomberg Metrovest Lease</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and (iii) that certain Lease between Borrower, as landlord, and Citicorp North America, Inc. (as successor-in-interest to Citibank, N.A.), as tenant, dated as of February 1, 2005, and assigned to and assumed by Bloomberg pursuant to that certain Assignment and Assumption and Consent Agreement dated as of March 25, 2009 among Borrower, Citicorp North America, Inc. and Bloomberg, as the same may be amended, supplemented or otherwise modified from time in accordance with this Agreement (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bloomberg Citibank Lease</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;). &nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower Affiliate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (i) any Affiliate of Borrower, (ii) VRLP, VRT or any Affiliate of VRLP or VRT, so long as, in each case, VRLP, VRT or any Affiliate of VRLP or VRT owns directly or indirectly ten percent (10%) or more of the direct or indirect ownership interests in Guarantor, and/or (iii)&nbsp;any director or officer of Borrower or of a Borrower Affiliate.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Business Day</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any day other than (i) a Saturday and a Sunday and (ii) a day on which federally insured depository institutions in the State of New York or the states in which </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the corporate trust office of Lender&#8217;s trustee or certificate administrator and the offices of Lender, its Servicer or its Servicer&#8217;s collection account are located are authorized or obligated by law, governmental decree or executive order to be closed.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bylaws</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Bylaws of the Beacon Court Condominium as in effect on the date hereof (together with any amendments or supplements thereto, subject to terms, covenants and/or conditions of this Agreement).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Calculation Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the last day of each calendar quarter during the Term.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Capital Expenditures</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; for any period shall mean amounts expended for replacements and alterations to the Property (excluding tenant improvements) and required to be capitalized according to GAAP.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cash Management Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Deposit Account Agreement of even date herewith among Lender, Deposit Bank, Borrower, and Manager.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Clearing Account Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Deposit Account Control Agreement dated the date hereof by and among Borrower, Lender, Manager and the Clearing Bank.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Clearing Bank</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means Wells Fargo Bank, National Association, or such other Eligible Institution as may be selected by Borrower and reasonably approved by Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Closing Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the date of the funding of the Loan.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Code</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Common Elements</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the &#8220;Common Elements&#8221; as defined in the Condominium Declaration.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Common Expenses</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all common expenses of the Condominium incurred&nbsp; pursuant to the Condominium Documents (including, for the avoidance of doubt, common expenses incurred pursuant to the Condominium Declaration).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condemnation</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the condominium regime created under, and governed by, the Condominium Documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Act</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the provisions of Article 9-B of the Real Property Law of the State of New York, as the same may be amended from time to time.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Board</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (i) the organization managing the Condominium by </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">virtue of the Condominium Act and the Condominium Documents on behalf of all the owners of the Units comprising the Condominium and (ii) the organization managing Office Unit 1(as such term is defined in the Condominium Declaration) and Office Unit 2 (as such term is defined in the Condominium Declaration) by virtue of the Condominium Act and the Condominium Documents on behalf of all the owners of the Office Units (as such term is defined in the Condominium Declaration).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Common Charges</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the share of Common Expenses payable by Borrower as owner of the Property or any portion thereof under the Condominium Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Declaration</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Amended and Restated Declaration of Beacon Court Condominium made under the Condominium Act, dated February 8, 2005 and recorded on March 9, 2005, in the Office of the Register, The City of New York, County of New York, in CRFN 2005000139245 (together with any permitted modifications, amendments, restatements or supplements).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Documents</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all documents, as required by the Condominium Act and otherwise, relating to the submission of the Property to the provisions of said Condominium Act or to the regulation, operation, administration or sale thereof after such submission, including, but not limited to, the Condominium Declaration (and all exhibits and schedules annexed thereto), articles of incorporation, if applicable, Bylaws and rules and regulations of a condominium, floor plans and plats.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Property</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the General Common Elements, the Office Common Elements and the Office Limited Common Elements.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Proxy</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, individually or collectively as the context may require, those certain an irrevocable proxy agreements, each dated as of the date hereof, given by Borrower to Lender in connection with the Loan with respect to the exercise of Borrower&#8217;s rights on the Condominium Board. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Confirmed Qualified Owner</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a Person with respect to which Rating Agency Confirmation has been obtained and that would have been a Eligible Qualified Owner under one or more of clauses (a) through (e) of the definition thereof had the minimum dollar amounts specified therein been half of the amounts actually specified therein.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Connection Income Taxes</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Special Taxes or branch profits Special Taxes.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Control</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or otherwise, and Control shall not be deemed absent solely because a non-managing member, partner or shareholder shall have veto rights with respect to major decisions, and the terms Controlled, Controlling and Common Control shall have correlative meanings.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Control and Ownership Condition</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means a condition that is satisfied if and for so long </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">as each of the following is true:&nbsp; (1) one or more of ALX (so long as the ALX Ownership Condition is satisfied), VRLP, VRT, one or more Interstate Parties and/or one or more Eligible Qualified Owners, individually or collectively, Control Borrower and own at least 25% of the equity interests in Borrower (directly or indirectly) (the foregoing, collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Controlling Owner</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and (2) the Property is managed by a Qualified Manager.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Counterparty</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to the initial Interest Rate Cap Agreement,SMBC Capital Markets, Inc. and with respect to any Replacement Interest Rate Cap Agreement, any&nbsp; Approved Counterparty thereunder.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Debt</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Outstanding Principal Balance together with all interest accrued and unpaid thereon and all other sums (including any Spread Maintenance Premium, if applicable) due to Lender from time to time in respect of the Loan under the Note, this Agreement, the Mortgage, the Environmental Indemnity or any other Loan Document.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Debt Service</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to any particular period, the scheduled interest payments due under the Note in such period.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Debt Service Coverage Ratio</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a ratio for the applicable period, reasonably determined by Lender, in which:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the numerator is the Net Operating Income for such period; and</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the denominator is the aggregate Debt Service payable for such period, as calculated assuming an interest rate equal to the Spread for the Loan plus the Strike Price.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Default</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would constitute an Event of Default.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Default Rate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to any Note or Note Component, a rate per annum equal to the lesser of (i) the Maximum Legal Rate or (ii) three percent (3%) above the applicable Interest Rate.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deposit Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean an Eligible Account at the Deposit Bank.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deposit Bank</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Wells Fargo Bank, N.A. or such other bank as shall be designated from time to time by Lender (which other bank shall at all times be an Eligible Institution), provided that so long as Wells Fargo Bank, N.A. is an Eligible Institution, unless an Event of Default has occurred and is continuing hereunder, Lender may not replace Wells Fargo Bank, N.A. without obtaining Borrower&#8217;s prior written consent to any replacement (such consent not to be unreasonably withheld).&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Eligible Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a separate and identifiable account from all other funds held by the holding institution that is an account or accounts (or subaccounts thereof) maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authorities.&nbsp; An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Eligible Institution</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation the short term unsecured debt obligations or commercial paper of which are rated at least A-1 by S&amp;P, P-1 by Moody&#8217;s, F-1 by Fitch and R-1 (middle) by DBRS in the case of accounts in which funds are held for thirty (30) days or less or, in the case of Letters of Credit or accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least &#8220;A+&#8221; by Fitch and S&amp;P, &#8220;A1&#8221; by Moody&#8217;s and A by DBRS, or such other depository institution otherwise approved by the Rating Agencies from time to time.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Eligible Qualified Owner</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a Qualified Transferee that is any one of the following (or is wholly owned and Controlled by any one or more of the following):</FONT></P>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 12pt 0in 0pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a pension fund, pension trust or pension account satisfying the Experience Threshold that (i) owns real estate assets in excess of $2,000,000,000 (exclusive of the Property) and (ii) is managed by a Person that controls (by ownership or management) real estate assets in excess of $2,000,000,000 (exclusive of the Property);</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 12pt 0in 0pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a pension fund advisor satisfying the Experience Threshold that (i) immediately prior to any transfer of the Property to such Person, controls (by ownership or management) real estate assets in excess of $2,000,000,000 (exclusive of the Property) and (ii) is acting on behalf of one or more pension funds that, in the aggregate, own real estate assets in excess of $2,000,000,000 (exclusive of the Property);</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 12pt 0in 0pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">an insurance company which is subject to the jurisdiction of an insurance commissioner (or similar official or agency) of any state or territory of the United States (including the District of Columbia) satisfying the Experience Threshold that (i) has a Net Worth, as of a date not more than six (6) months prior to the date of the transfer of the Property or an interest therein to such insurance company, of at least $1,000,000,000 and (ii) controls (by ownership or management) real estate assets in excess of $2,000,000,000 (exclusive of the Property);</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 12pt 0in 0pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a corporation organized under the banking laws of the United States or any state or territory of the United States (including the District of Columbia) satisfying the Experience Threshold that (i) has a combined capital and surplus equal to at least $1,000,000,000 and (ii) controls (by ownership or management) real estate assets of at least $2,000,000,000 (exclusive of the Property); </FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 12pt 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a Person satisfying the Experience Threshold that (i) has a long-term unsecured debt rating from each Rating Agency that rates such Person&#8217;s long-term unsecured debt, and in any event from at least two (2) of the Rating Agencies, that is Investment Grade or (ii) (A) has a Net Worth, as of a date not more than six (6) months prior to the date of any transfer of the Property to such Person, of at least $1,000,000,000 and (B) controls (by ownership or management) real estate assets of at least $2,000,000,000 (exclusive of the Property); </FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 12pt 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a Confirmed Qualified Owner; and/or</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 12pt 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">an investment fund, limited liability company, limited partnership or general partnership (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Permitted Investment Fund</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) where (i) a Permitted Fund Manager </FONT></H4>

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<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 12pt 0in" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">satisfying the Experience Threshold acts (directly or indirectly) as general partner, managing member or fund manager, and (ii) the Permitted Investment Fund has a Net Worth of at least $1,000,000,000 excluding the Property and either the Permitted Fund Manager or the Permitted Investment Fund is regularly engaged in the business of controlling (by ownership or management) real estate assets.</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 12pt 0in" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Environmental Indemnity</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; shall mean that certain Environmental Indemnity Agreement dated as of the date hereof executed by Borrower in connection with the Loan for the benefit of Lender.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ERISA</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ERISA Affiliate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean at any time, each trade or business (whether or not incorporated) that would, at the time, be treated together with Borrower as a single employer under Section 414(b), (c), (m) or (o) of the Code.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Excluded Taxes</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (a) taxes (including any additions to tax, penalties and interest) imposed on or measured by net income (however denominated) or net profits (including any branch profits or franchise taxes) of, or required to be withheld or deducted from any payment to, Lender or any of its Affiliates, divisions or branches by the jurisdiction (or any political subdivision thereof)&nbsp; (i) as a result of Lender (or Affiliate, divisions or branches of Lender) being a resident or deemed to be resident, is organized, maintains an office, or carries on business or is deemed to carry on business to which such payment relates, in the jurisdiction imposing such taxes or (ii) that are Other Connection Taxes; (b) any U.S. federal withholding tax that is imposed on amounts payable to or for the account of Lender (or any transferee, successor or assignee thereof, including any Person that is sold or assigned an interest in the Loan pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article IX</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) under the law in effect at the time Lender (or such transferee, successor or assignee) becomes a party to this Agreement or changes its lending office, (c) any backup withholding taxes; (d) taxes imposed on account of Lender not providing documentation (including documentation regarding direct or indirect owners) that would have reduced or eliminated such taxes, provided that such Lender is legally entitled to provide such documentation; and (e) U.S. federal withholding taxes imposed on account of Sections 1471-74 of the Code (or any similar or successor provision that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Excusable Delay</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a delay solely due to acts of God, Governmental Authority restrictions, stays, judgments, orders, decrees, enemy actions, civil commotion, fire, casualty, strikes, work stoppages, shortages of labor or materials or other causes beyond the reasonable control of Borrower (including any delays in any determinations under the Condominium Documents as to whether or not the building will be restored and any delays caused by the owner of a Unit other than Borrower).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Experience Threshold</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the ownership and/or management of more than 5,000,000 leasable square feet (excluding the Property) of institutional class office properties located in central business districts of major urban centers of the United States of America, with at least five (5) years&#8217; experience in the ownership and/or management of such properties.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Extension Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the First Extension Notice, the Second Extension Notice, the Third Extension Notice or the Fourth Extension Notice, as applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Extension Option</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the First Extension Option, the Second Extension Option, the Third Extension Option or the Fourth Extension Option, as applicable.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fiscal Year</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the Term, or such other fiscal year as may be selected by Borrower and approved by Lender, which approval shall not be unreasonably withheld, delayed or conditioned.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fitch</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Fitch, Inc.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GAAP</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession as of the date of the applicable financial report or other date when GAAP is applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">General Common Elements</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the &#8220;General Common Elements&#8221; as such term is defined in the Condominium Declaration.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Governmental Authority</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any court, board, agency, commission, office or authority of any nature whatsoever or any governmental unit (federal, state, commonwealth, county, district, municipal, city or otherwise) whether now or hereafter in existence.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Gross Income</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, for the applicable calculation period, an amount equal to: </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sum of the following amounts (without duplication): (i) actual base rents received by Borrower during the four calendar quarters then most recently ended under Leases at the Property with Tenants that have accepted possession and are paying full unabated base rent as of the date of such calculation (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bona Fide Leases</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), adjusted to annualize rent increases that commenced during such four calendar quarters or that will commence within 30 days following the end of such four calendar quarters (in each case only with respect to permanent rent increases specified in the corresponding Leases); (ii) actual percentage rents, escalation payments, payments on account of electricity, condenser water usage and overtime charges, other recoveries and other sundry charges received by Borrower under Bona Fide Leases during such four calendar quarters; (iii) pro forma base rents for Leases at the Property entered into as of the date of calculation if as of such date the Tenant under each such Lease has taken possession of its premises, nine (9) months or less of rent abatements remain outstanding under such Lease, and all of Borrower&#8217;s obligations which are conditions to the commencement of each such Lease have been satisfied (excluding de minimis amounts owed to the Tenant under such Lease and amounts owed to the Tenant under such Lease for which Lender is holding reserves); and (iv) actual cash flow receipts received by Borrower from other sources at the Property during such four calendar quarters (to the extent not covered in (i) through (iii) above); less</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sum of the following amounts (without duplication): (i) any amounts included </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">in (A) above representing sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, tax rebates, refunds, proceeds from the sale of furniture, fixtures and equipment or any other sale, transfer or exchange, proceeds from any financing, capital contributions, interest income from any source other than the Deposit Account, the Accounts or other accounts required to be maintained for the benefit of Lender pursuant to the Loan Documents, Insurance Proceeds (other than business interruption or rent loss insurance proceeds), Awards, forfeited Tenant security deposits (other than if applied in the ordinary course to the payment of rent and the Tenant under the applicable Lease is otherwise not in default thereunder beyond any applicable notice and cure periods), utility and other similar deposits, Lease Termination Payments and any other extraordinary or other non-recurring revenues; and (ii) any amounts included in (A) above received (w) from Tenants not paying full, unabated base rent as of the date of calculation (except as set forth in clause (iii) above), (x) from Tenants that are in material default of their obligations to pay monthly base rent under their Leases and such default has remained uncured for thirty (30) days, (y) from Tenants that are the subject of a bankruptcy or other insolvency proceeding (unless such Leases have been affirmed in the applicable bankruptcy or insolvency proceeding), and (z) from Tenants under month-to-month Leases (provided, however, that any Lease that has continued on a month-to-month basis for more than six (6) months and neither Borrower nor Tenant has delivered notice of an intention to terminate shall not constitute a month-to-month Lease) or Leases where the term expires within thirty (30) days from the determination of Gross Income (unless an extension of such Lease or a new Lease has been executed).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Gross Revenue</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all revenue derived from the ownership and operation of the Property from whatever source, including Rents and any Insurance Proceeds (whether or not Lender elects to treat any such Insurance Proceeds as business or rental interruption Insurance Proceeds pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.4(f)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean ALX.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guaranty</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Guaranty of Recourse Obligations of even date herewith from Guarantor for the benefit of Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indebtedness</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests, except if the partnership, operating or similar agreement provides that the same is waived to the extent such Person lacks funds to pay the same, (iv) all indebtedness guaranteed by such Person, directly or indirectly, (v) all obligations under leases that constitute capital leases for which such Person is liable, and (vi) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case for which such Person is liable or its assets are liable, whether such Person (or its assets) is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Independent</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, when used with respect to any Person, a Person who:&nbsp; (i) does not have any direct financial interest or any material indirect financial interest in Borrower or in any Borrower Affiliate, (ii) is not connected with Borrower or any Borrower Affiliate as an officer, employee, promoter, underwriter, trustee, partner, member, manager, creditor, director, supplier, customer or person performing similar functions (other than as a result of providing services to Borrower or any Borrower Affiliate) and (iii) is not a member of the immediate family of a Person defined in clauses (i) or (ii) above.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Independent Accountant</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (i) a firm of nationally-recognized, certified public accountants which is Independent and which is selected by Borrower and is either a &#8220;Big 4&#8221; accounting firm or is otherwise reasonably acceptable to Lender or (ii) such other certified public accountant(s) selected by Borrower, which is Independent and reasonably acceptable to Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insolvency Opinion</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain bankruptcy non-consolidation opinion letter dated the date hereof delivered by Edwards Wildman Palmer LLP in connection with the Loan.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Determination Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, (A) with respect to the Initial Interest Period, the date that is two (2) Business Days before the Closing Date and (B) with respect to any other Interest Period, the date which is two (2) Business Days prior to the fifteenth (15<SUP>th</SUP>) day of each calendar month.&nbsp; When used with respect to an Interest Determination Date, Business Day shall mean any day on which banks are open for dealing in foreign currency and exchange in London.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to each Interest Period, an interest rate per annum equal to (i) for a LIBOR Loan, the sum of (a) LIBOR, determined as of the Interest Determination Date immediately preceding the commencement of such Interest Period and, plus (b) the Spread; and (ii) for a Prime Rate Loan, the sum of (a) the Prime Rate, plus (b) the Prime Rate Spread.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Rate Cap Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Confirmation and Agreement (together with the confirmation and schedules relating thereto), dated on or about the date hereof, between the Counterparty and Borrower, obtained by Borrower and collaterally assigned to Lender pursuant to this Agreement.&nbsp; After delivery of a Replacement Interest Rate Cap Agreement to Lender, the term Interest Rate Cap Agreement shall be deemed to mean such Replacement Interest Rate Cap Agreement.&nbsp; The Interest Rate Cap Agreement shall be governed by the laws of the State of New York and shall contain each of the following:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the notional amount of the Interest Rate Cap Agreement shall be equal to the Outstanding Principal Balance;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the remaining term of the Interest Rate Cap Agreement shall at all times extend through the end of the Interest Period in which the Maturity Date occurs as extended from time to time pursuant to this Agreement and the Loan Documents;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Interest Rate Cap Agreement shall be issued by the Counterparty to Borrower and shall be pledged to Lender by Borrower in accordance with this Agreement;</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Counterparty under the Interest Rate Cap Agreement shall be obligated to make a stream of payments, directly to the Clearing Account (whether or not an Event of Default has occurred) from time to time equal to the product of (i) the notional amount of such Interest Rate Cap Agreement multiplied by (ii) the excess, if any, of LIBOR (as defined herein) over the Strike Price and shall provide that such payment shall be made on a monthly basis in each case not later than (after giving effect to and assuming the passage of any cure period afforded to such Counterparty under the Interest Rate Cap Agreement, which cure period shall not in any event be more than three Business Days) each Monthly Payment Date;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Counterparty under the Interest Rate Cap Agreement shall execute and deliver the Acknowledgment; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Interest Rate Cap Agreement shall impose no material obligation on the beneficiary thereof (after payment of the acquisition cost) and shall be in all material respects reasonably satisfactory in form and substance to Lender and shall satisfy applicable Rating Agency standards and requirements, including, without limitation, provisions satisfying Rating Agencies standards, requirements and criteria (i) that incorporate representations by the Counterparty that no withholding taxes shall apply to payments by the Counterparty, and provide for &#8220;gross up&#8221; payments by the Counterparty for any withholding tax, and (ii) whereby the Counterparty agrees not to file or join in the filing of any petition against Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law.</FONT></H4>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interstate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Interstate Properties, a New Jersey general partnership.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interstate Parties</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, collectively (i) Interstate, so long as Interstate is Controlled by any one or more of Roth, Mandelbaum and Wight, (ii) Steven Roth (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Roth</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), (iii) David Mandelbaum (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mandelbaum</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), (iv) Russell B. Wight, Jr. (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Wight</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), or (v) any trust Controlled by any of the Persons described in clauses (ii), (iii) or (iv) created for the benefit of any of the Persons described in clauses (ii), (iii) or (iv) or any of the immediate family members (including children by adoption) of the Persons referred to in clauses (ii), (iii) or (iv).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Investment Grade</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to any Person, that the long-term unsecured debt obligations of such Person are rated at least &#8220;BBB-&#8221; by S&amp;P or its equivalent by another Rating Agency.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lease</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any lease, sublease, sub-sublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted by Borrower (or any predecessor-in-interest of Borrower) a possessory interest in, or right to use or occupy, all or any portion of any space in the Property, and every modification, amendment or other agreement relating to such lease, sublease, sub-sublease, or other agreement entered into in connection with such lease, sublease, sub-sublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Leasing Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Real Estate Retention Agreement, dated as of the date hereof, between Borrower and Alexander&#8217;s Management LLC, a New York limited liability company (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Leasing Agent</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), pursuant to which the Leasing Agent is to provide </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">leasing and other services with respect to the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Legal Requirements</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Loan, any Secondary Market Transaction with respect to the Loan, Borrower or the Property or any part thereof or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation, the Securities Act, the Exchange Act, Regulation AB, the rules and regulations promulgated pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, zoning and land use laws, the Americans with Disabilities Act of 1990, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting the Property or any part thereof, including any which may (i) require repairs, modifications or alterations in or to the Property or any part thereof, or (ii) in any way limit the use and enjoyment thereof, but for the avoidance of doubt, excluding the Condominium Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letter of Credit</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean an irrevocable, unconditional, transferable (without payment of any transfer fee), clean sight draft letter of credit (either an evergreen letter of credit or one which does not expire until at least thirty (30) Business Days after the Stated Maturity Date) in favor of Lender and entitling Lender to draw thereon in New York, New York, issued by a domestic Eligible Institution or the U.S. agency or branch of a foreign Eligible Institution; </FONT><EM><U><FONT style="FONT-STYLE: normal; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided</FONT></U></EM> <FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">that a letter of credit shall cease to be a Letter of Credit if at any time the issuing institution is </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">no longer</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> an Eligible Institution.&nbsp; The following terms and conditions shall apply to each Letter of Credit:</FONT></P>

<H6 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 0.5in" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Each such Letter of Credit shall expressly provide that partial draws are permitted thereunder.</FONT></H6>

<H6 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 0.5in" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Each such Letter of Credit shall expressly provide that it is freely transferable (without payment of any transfer fee) to any successor or assign of Lender.</FONT></H6>

<H6 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 0.5in" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender shall be entitled to draw on any Letter of Credit immediately and without further notice (1) upon the occurrence and during the continuance of any Event of Default, (2) if Borrower shall not have delivered to Lender, no less than thirty (30) days prior to the expiration date of such Letter of Credit (including any renewal or extension thereof), a renewal or extension of such Letter of Credit or a replacement Letter of Credit for a term of not less than one year (or through the date that is thirty (30) days beyond the Maturity Date, whichever is earlier), or (3) within ten (10) Business Days after receiving notice from Lender that the issuing institution is not an Eligible Institution, either (x) deliver to Lender a replacement Letter of Credit or (y) deposit with Lender cash collateral in lieu of such Letter of Credit or (z) deliver to Lender a guaranty from a Qualified Guarantor in form and substance reasonably satisfactory to Lender, if and only if such a guaranty is expressly permitted to be delivered hereunder in respect of the matter for which such Letter of Credit was delivered.</FONT></H6>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LIBOR</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to each Interest Period and each Interest </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Determination Date, the rate per annum (rounded upwards, if necessary, to the nearest 1/1,000 of 1% (0.001%)) calculated by the Lender as set forth below:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a) The rate for deposits in U.S. Dollars for a one-month period that appears on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00 a.m., London time, on such Interest Determination Date.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b) If such rate does not appear on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00 a.m., London time, on the applicable Interest Determination Date, the Lender shall request the principal London office of any four major reference banks in the London interbank market selected by the Lender to provide such reference bank&#8217;s offered quotation to prime banks in the London interbank market for deposits in United States dollars for a one&#8209;month period as of 11:00 a.m., London time, on such Interest Determination Date in a principal amount of not less than $1,000,000 that is representative for a single transaction in the relevant market at the relevant time.&nbsp; If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations.&nbsp; If only one quotation is provided, the Lender shall request any three major banks in New York City selected by the Lender to provide each such bank&#8217;s rates for loans in U.S. Dollars to leading European banks for a one-month period as of 11:00 a.m., New York City time, on such Interest Determination Date in a principal amount not less than $1,000,000 that is representative for a single transaction in the relevant market at the relevant time, and if at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LIBOR Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon LIBOR. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lien</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing, including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic&#8217;s, materialmen&#8217;s and other similar liens and encumbrances.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Liquid Assets</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any of the following, but only to the extent owned individually, free of all security interests, liens, pledges, charges or any other encumbrance: (a) cash, (b) marketable direct obligations issued by, or guaranteed by, the United States of America or issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States of America, (c) Investment Grade municipal and corporate bonds, (d) time deposits, demand deposits, certificates of deposit, Eurodollar time deposits, time deposit accounts, term deposit accounts or bankers&#8217; acceptances maturing within two years from the date of acquisition or overnight bank deposits, (e) investments in money market funds which invest substantially all of their assets in securities of the type described in clauses (a) through (d) above, and (f) marketable securities publicly traded on a nationally recognized stock exchange (including operating partnership units of any operating partnership of a publicly-traded real estate investment trust so long as, in each case, the same are not subject to lock-up rights and can be readily converted into shares of common stock in such publicly-traded real estate investment trust).</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the loan in the original principal amount of the Loan Amount, made by Lender to Borrower pursuant to this Agreement.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Amount</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means $300,000,000.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Documents</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, collectively, this Agreement, the Note, the Mortgage, the Assignment of Leases, the Cash Management Agreement, the Clearing Account Agreement, the Assignment of Agreements, the Environmental Indemnity, the Assignment of Management Agreement, the Assignment of Leasing Agreement, the Guaranty and the Condominium Proxy and any other documents, agreements and instruments now or hereafter evidencing, securing or delivered to Lender in connection with the Loan, as the same may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, supplemented or otherwise modified from time to time.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Low Debt Service Period</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall commence if the Debt Service Coverage Ratio is less than 1.50:1.00 for two Test Periods ending on two consecutive Calculation Dates, as reasonably determined by Lender, and shall end if the Property has achieved a Debt Service Coverage Ratio of at least 1.50:1.00 for two Test Periods ending on two consecutive Calculation Dates, as reasonably determined by Lender. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Major Lease</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any Lease which, either individually, or when taken together with any other Lease with the same Tenant or its Affiliates, and assuming the exercise of all expansion rights and all preferential rights to lease additional space contained in such Lease, (i) demises more than 100,000 rentable square feet at the Property, (ii) contains an option or other preferential right to purchase all or any portion of the Property, (iii) is with an Affiliate of Borrower as Tenant, (iv) is entered into during the continuance of an Event of Default, or (v) contains any option to purchase or any right of first refusal to purchase all or any portion of the Property or any right of the Tenant thereunder to terminate its Lease (except if such termination right is triggered by the destruction or condemnation of substantially all of the Property or a failure by Borrower to deliver or build out the leased premises in accordance with the conditions specified in the Lease).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Management Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Office Unit 1 Management Agreement or the Office Unit 2 Management Agreement, as applicable.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Manager</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means the Qualified Manager engaged from time to time to manage the Property in accordance with the terms and conditions of the Loan Documents. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Material Adverse Effect</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any event or condition that has a material adverse effect, in each case, taken as a whole on (a) the Property, (b) the use, operation or value of the Property, (c) the business, profits, operations or financial condition of Borrower, (d) the ability of Guarantor to perform its obligations under the Environmental Indemnity or Guaranty or any other guaranty given in connection with the Loan or (e) the ability of Borrower to repay the principal and interest of the Loan as it becomes due or to satisfy any of Borrower&#8217;s obligations under the Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Material Alteration</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any alteration affecting structural elements of the Property the cost of which exceeds the Alteration Threshold; provided, however, that in no event shall (i)&nbsp; any Tenant improvement work performed pursuant to any Lease existing on the Closing </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Date or entered into hereafter in accordance with the provisions of this Agreement, (ii) any alterations performed as part of a Restoration, or (iii) any alterations required pursuant to applicable Legal Requirements constitute a Material Alteration.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Maturity Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Stated Maturity Date, provided that (a) in the event of the exercise by Borrower of the First Extension Option pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Maturity Date shall be the First Extended Maturity Date, (b) in the event of the exercise by Borrower of the Second Extension Option pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Maturity Date shall be the Second Extended Maturity Date, (c) in the event of the exercise by Borrower of the Third Extension Option pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Maturity Date shall be the Third Extended Maturity Date, and (d) in the event of the exercise by Borrower of the Fourth Extension Option pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Maturity Date shall be the Fourth Extended Maturity Date, or such earlier date on which the final payment of principal of the Note becomes due and payable as herein and therein provided, whether at the Stated Maturity Date, by declaration of acceleration, extension or otherwise.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Maximum Legal Rate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such Governmental Authority whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Monthly Operating Expense Budgeted Amount</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the monthly amount set forth in the Approved Annual Budget for Operating Expenses for the calendar month in which such Monthly Payment Date occurs.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Monthly Payment Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the eleventh (11<SUP>th</SUP>) day of every calendar month occurring during the Term.&nbsp; The first Monthly Payment Date shall be April 11, 2014.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Moody&#8217;s</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Moody&#8217;s Investors Service, Inc.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Morningstar</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgage</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain first priority Amended and Restated Mortgage, Assignment of Leases and Rents and Security Agreement, dated the date hereof, executed and delivered by Borrower as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Multi-Asset Person</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a Person in respect of which the net operating income from the Property (or such portion thereof allocable to such Person) is less than fifty percent (50%) of such Person&#8217;s aggregate gross income.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Multiemployer Plan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a &#8220;multiemployer plan&#8221; as defined in Sction 3(37) of ERISA</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Net Operating Income</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, as of any date of determination, Gross Income minus Operating Expenses.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Net Worth</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to any Person, the Gross Asset Value of such Person minus the sum of (i) the Total Liabilities of such Person, and (ii) minority interests not owned by such Person (provided that the corresponding asset amount for such minority interests were included in the calculation of Gross Asset Value).&nbsp; For purpose of this definition, (a) &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Gross Asset Value</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the sum value of all assets of such Person, including, but not be limited to Liquid Assets, personal homes and effects, operating partnership units held by such Person in the operating partnership of any real estate investment trust, the current market value of all marketable securities and the real estate assets owned by such Person (with the value of such real estate assets to be based on their respective market values), together with the amount of all uncalled capital commitments of institutional &#8220;accredited investors&#8221;, within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended, and/or a &#8220;qualified institutional buyers&#8221; or both within the meaning of Rule 144A promulgated under the Securities Exchange Act of 1934, as amended, but in each case shall exclude the Property and any other amounts owed to such Person by any of its Affiliates, and (b) &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Total Liabilities</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the sum of all liabilities, including principal recourse and non-recourse debt, drawn lines of credit, issued and undrawn letters of credit, unsecured debt, subordinated debt, accounts payable and accrued expenses, federal and state tax liabilities and unfunded obligations of such Person, and in each case shall exclude any liabilities relating to the Property and any other amounts owed by such Person to any of its Affiliates.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NRSRO</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any credit rating agency that has elected to be treated as a nationally recognized statistical rating organization for purposes of Section 15E of the Exchange Act, without regard to whether or not such credit rating agency has been engaged by Lender or its designees in connection with, or in anticipation of, a Securitization.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Obligations</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, collectively, Borrower&#8217;s obligations for the payment of the Debt and the performance of the Other Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Office Common Elements</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the &#8220;Office Common Elements&#8221; as such term is defined in the Condominium Declaration.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Office Limited Common Elements</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the &#8220;Office Limited Common Elements&#8221; as such term is defined in the Condominium Declaration.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Office Unit 1 Management Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the management agreement entered into by and between Borrower and the current Manager with respect to the Unit known as Office Unit 1 (as defined in the Condominium Declaration) and the related Office Limited Common Elements or any replacement management agreement entered into by and between Borrower and a Manager in accordance with the terms of the Loan Documents, pursuant to which the Manager is to provide management and other services with respect to such Unit and related Office Limited Common Elements, in either such case, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time in compliance with the terms and conditions of the Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Office Unit 2 Management Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the management agreement entered into by and between Borrower and the current Manager with respect to the Unit known as Office Unit 2 (as defined in the Condominium Declaration) and the related Office Limited Common Elements or any replacement management agreement entered into by and between Borrower and a Manager in accordance with the terms of the Loan Documents, pursuant to which the Manager </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">is to provide management and other services with respect to such Unit and related Office Limited Common Elements, in either such case, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time in compliance with the terms and conditions of the Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Officer&#8217;s Certificate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a certificate delivered to Lender by Borrower which is signed by an officer of Borrower or by an officer of the direct or indirect Controlling owner of Borrower, which officer is duly authorized to deliver such certificate.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Operating Expenses</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, for any period, without duplication, all expenses actually paid or payable by Borrower during such period in connection with the operation, management, maintenance, repair and use of the Property, determined on an accrual basis, and, except to the extent otherwise provided in this definition, in accordance with GAAP.&nbsp; Operating Expenses specifically shall include, without limitation, (i) all operating expenses incurred in the period in question based on the financial statements delivered to Lender in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.9</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof for such period, (ii) property management fees in an amount equal to actual property management fees, provided, that for the purposes of calculating Net Operating Income, in no event shall property management fees be less than one percent (1.0%) of Operating Income, (iii) administrative, payroll, security and general expenses for the Property, (iv) the cost of utilities, inventories and fixed asset supplies consumed in the operation of the Property, (v) costs and fees of independent professionals (including, without limitation, legal, accounting, consultants and other professional expenses), technical consultants, operational experts (including quality assurance inspectors) or other third parties retained to perform services required or permitted hereunder, (vi) cost of attendance by employees at training and manpower development programs, (vii) association dues, (viii) computer processing charges, (ix) operational equipment and other lease payments that are not capitalized in accordance with GAAP, and (x) Taxes and Other Charges (other than income taxes or Other Charges in the nature of income taxes) and insurance premiums or allocations.&nbsp; Notwithstanding the foregoing, Operating Expenses shall not include (1) depreciation, amortization or other non-cash items (other than expenses that are due and payable and not yet paid), (2) income taxes or Other Charges in the nature of income taxes, (3) any expenses (including legal, accounting and other professional fees, expenses and disbursements) incurred in connection with the making of the Loan or the sale, exchange, transfer, financing or refinancing of all or any portion of the Property or in connection with the recovery of Insurance Proceeds or Awards which are applied to prepay the Note, (4) Capital Expenditures and any other expenses which are required to be capitalized in accordance with GAAP, (5) Debt Service, (6) any item of expense which would otherwise be considered within Operating Expenses pursuant to the provisions above but is paid directly by any Tenant, (7) equity distributions, (8) leasing costs, including tenant improvements and allowances, leasing commissions and legal costs, and (9) deposits to Reserve Accounts.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Operating Income</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, for any period, all income of Borrower during such period from the use, ownership or operation of the Property, including:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all amounts payable to Borrower by any Person as Rent and other amounts under Leases, license agreements, concession agreements, occupancy agreements and other agreements relating to the Property;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; business interruption insurance proceeds allocable to the applicable reporting period; and</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all other amounts which in accordance with GAAP are included in Borrower&#8217;s annual financial statements as operating income attributable to the Property.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding the foregoing, Operating Income shall not include (a) any Insurance Proceeds (other than business interruption and/or rental loss insurance proceeds and only to the extent allocable to the applicable reporting period), (b) any proceeds resulting from the Transfer of all or any portion of the Property, (c) any item of income otherwise included in Operating Income but paid directly by any Tenant to a Person other than Borrower as an offset or deduction against Rent payable by such Tenant, provided such item of income is for payment of an item of expense (such as payments for utilities paid directly to a utility company) and such expense is otherwise excluded from the definition of Operating Expenses pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clause &#8220;(6)&#8221;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of the definition thereof, (d) security deposits received from Tenants until forfeited or applied and (e) any Lease Termination Payments.&nbsp; Operating Income shall be calculated on an accrual basis of accounting and, except to the extent otherwise provided in this definition in accordance with GAAP (but in all cases without straight-lining of rents).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Original Bloomberg Lease</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Agreement of Lease, dated as of April 30, 2001, between Seven Thirty One Limited Partnership (predecessor-in-interest to Borrower), as landlord, and Bloomberg, as tenant, as amended by that certain First Amendment of Lease, dated as of April 19, 2002, between Borrower and Bloomberg, as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Charges</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all ground rents, Condominium Charges, maintenance charges, impositions other than Taxes and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof, and any interest or penalties assessed in connection with any of the foregoing.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Connection Taxes</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means, with respect to Lender, Special Taxes imposed as a result of a present or former connection between Lender and the jurisdiction imposing such Special Tax (other than connections&nbsp; arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Obligations</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (a) the performance of all obligations of Borrower contained herein; (b) the performance of each obligation of Borrower contained in any other Loan Document; and (c) the performance of each obligation of Borrower contained in any renewal, extension, amendment, modification, consolidation, change of, or substitution or replacement for, all or any part of this Agreement, the Note or any other Loan Document.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Outstanding Principal Balance</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, as of any date, the outstanding principal balance of the Loan.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Patriot Act</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Permitted Encumbrances</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, collectively, (i) the Liens and security interests created by the Loan Documents, (ii) all encumbrances and other matters disclosed in the Title Insurance Policy, (iii) Liens, if any, for Taxes or Other Charges imposed by any Governmental Authority not yet delinquent or that are being contested in compliance with the terms of this Agreement, (iv) any workers&#8217;, mechanics&#8217; or other similar Liens on the Property provided that any such Lien is bonded or discharged within sixty (60) days after Borrower first receives written notice of such Lien or which is being contested in good faith in accordance with the requirements of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, (v) such other title and survey exceptions as Lender has approved or may approve in writing in Lender&#8217;s reasonable discretion and (vi) the Leases.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Permitted Fund Manager</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means any Person that on the date of determination is (i)&nbsp;one of the Persons listed on the list of &#8220;Preapproved Fund Managers&#8221; in that certain letter from Borrower to Lender of even date herewith (each, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Preapproved Fund Manager</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) or any other nationally-recognized manager of investment funds investing in equity interests relating to Class A commercial real estate located in major urban centers of the United States of America, including, without limitation, New York City, with real estate assets under management in excess of $2,000,000,000, and (ii)&nbsp;not subject to a bankruptcy proceeding.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Permitted 731 Transfers</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means any of the following, </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> the same shall not result in a violation of ERISA or the Patriot Act:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 12pt 0in 0in 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">any pledge (as distinguished from a realization on any such pledge) of direct or indirect equity interests in and/or right to distributions from, Guarantor, VRLP, VRT, any Multi-Asset Person, or any of their direct or indirect equityholders to secure a loan to any such Person that is secured by all or a substantial portion of any such Person&#8217;s assets;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 12pt 0in 0in 0.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the Transfer or issuance of any securities or any direct or indirect interests in&nbsp; (i) any direct or indirect owner of Borrower, in either case, whose securities are publicly traded on a national exchange (including Guarantor&#8217;s, VRLP&#8217;s and VRT&#8217;s securities) (regardless of whether such Transfer or issuance is of publicly traded securities or interests), (ii) any Person who directly or indirectly holds such securities or interests, or (iii) any Multi-Asset Person, provided that, in each case, such Transfer or issuance does not result in a failure to satisfy the Control and Ownership Condition; or</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 12pt 0in 12pt 0.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) the merger or consolidation of Guarantor, VRT, VRLP or any Eligible Qualified Owner with or into any other Person or sale of all or substantially all of the assets of Guarantor, VRT, VRLP or any Eligible Qualified Owner, (ii) the merger or consolidation of any entity holding direct or indirect ownership interests in Borrower into another entity, where the resulting entity is (or is wholly owned and Controlled by) an Eligible Qualified Owner, or (iii) the sale of all or substantially all of the assets of an entity holding direct or indirect ownership interests in Borrower to another entity, where the purchasing or acquiring entity is an Eligible Qualified Owner (each, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor/EQO Transfer</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;); provided that such Guarantor/EQO Transfer does not result in a failure to satisfy the Control and Ownership Condition.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Person</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Physical Conditions Report</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean that certain Property Condition Assessment, prepared by IVI Assessment Services, Inc. and dated as of February 10, 2014.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prepayment Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a prior written notice to Lender specifying the proposed Business Day on which a prepayment of the Debt is to be made pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, which date must be a no earlier than ten (10) days after the date of such Prepayment Notice and no later than sixty (60) days after the date of such Prepayment Notice.&nbsp; Such notice may be revoked by Borrower at any time, and Borrower shall reimburse Lender for any reasonable out-of-pocket costs and expenses, including reasonable attorney&#8217;s fees and disbursements, incurred directly in conjunction with preparing for the prepayment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prime Rate</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the rate of interest published in </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Wall Street Journal</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> from time to time as the &#8220;Prime Rate&#8221;.&nbsp; If more than one &#8220;Prime Rate&#8221; is published in </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Wall Street Journal</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> for a day, the average of such &#8220;Prime Rates&#8221; will be used, and such average will be rounded up to the nearest 1/100th of one percent (0.01%).&nbsp; If </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Wall Street Journal</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> ceases to publish the &#8220;Prime Rate,&#8221; Lender will select an equivalent publication that publishes such &#8220;Prime Rate,&#8221; and if such &#8220;Prime Rates&#8221; are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Lender will select a reasonably comparable interest rate index.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prime Rate Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate and the Prime Rate Spread.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prime Rate Spread</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, in connection with any conversion of the Loan from a LIBOR Loan to a Prime Rate Loan, the difference (expressed as the number of basis points) between (a) the sum of (i) LIBOR, determined as of the Interest Determination Date for which LIBOR was last available, plus (ii) the Spread, minus (b) the Prime Rate as of such Interest Determination Date; provided, however, that if such difference is a negative number, then the Prime Rate Spread shall be zero.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prior Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means that certain loan in the original principal amount of $400,000,000 from German American Capital Corporation to Borrower.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the real property described on </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit A</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> attached hereto and made a part hereof, consisting of two (2) office condominium units, the Improvements now or hereafter erected or installed thereon and all personal property owned by Borrower and encumbered by the Mortgage, together with all rights pertaining to such property and Improvements, all as more particularly described in the Granting Clauses of the Mortgage.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PZR Report</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221; means that certain </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Zoning and Site Requirements Summary for the Property prepared by The Planning &amp; Zoning Resource Corporation dated February 18, 2014.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Qualified Guarantor</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;&nbsp;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">shall mean a Person</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">that (a) is formed in, maintains its principal place of business in, and is subject to service of process in, the United States, (b) has all or substantially all of its assets in the United States, (c) has never been indicted or convicted of, or plead guilty or no contest to a Patriot Act Offense and is not on any Government List and (d) at all times that such Person is acting as a Qualified Guarantor maintains an Investment Grade rating from each of the Rating Agencies that rates such Person (and in any event from at least two (2) of the Rating Agencies).&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Qualified Manager</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (i) the Manager as of the Closing Date, (ii) VRLP, VRT any Interstate Party or an Affiliate of VRLP, VRT or any Interstate Party, (iii) an Unaffiliated Qualified Manager or (iv) ALX or any Affiliate of ALX provided that (A) ALX or such Affiliate of ALX sub-contracts the management responsibilities to a Qualified Manager under clause (ii) or clause (iii) of this definition pursuant to a sub-management agreement, (B) the fees and charges payable under any such sub-management agreement do not exceed the management fees and charges payable to ALX or such Affiliate of ALX under the Management Agreement and are the sole obligation of Manager, (C) any such sub-management agreement terminates in the event of a termination of the Management Agreement, and (D) Borrower shall have no obligations or liabilities under any such sub-management agreement.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Qualified Transferee</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a transferee for whom, prior to the Transfer, Lender shall have received: (x) evidence that the proposed transferee (1) if not a public company, an institutional investor, a financial institution or a pension fund, neither it nor its Affiliate is currently under indictment or has ever been convicted of, or pled guilty or no contest to, a Patriot Act Offense or other felony, (2) is not on any Government List, (3) unless Rating Agency Confirmation is received in connection with such transferee, neither it nor a closely held affiliate has in the past five (5) years been the subject of a voluntary bankruptcy proceeding, and (4) unless Rating Agency Confirmation is received in connection with such transferee, neither it nor a closely held affiliate has in the past five (5) years been the subject of any involuntary bankruptcy proceeding which was not dismissed prior to the entry of an order for relief and (y) if the proposed transferee will obtain Control of or obtain a direct or indirect interest of ten percent (10%) or more in Borrower as a result of such proposed transfer, a reasonably satisfactory credit check and such other customary searches against such proposed transferee as reasonably requested by Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rating Agencies</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean (i) prior to the Securitization of the Loan, any nationally-recognized statistical rating organization (e.g. Standard &amp; Poor&#8217;s Ratings Services, Morningstar Credit Ratings, LLC, Moody&#8217;s Investor Service, Inc., Fitch, Inc., DBRS, Inc. or any successor thereto) and (ii) following the Securitization of the Loan, any of the rating organizations that actually rate the Securities secured by the Loan and issued in connection with the Securitization of the Loan.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rating Agency Confirmation</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, subject to Section 10.3 hereof, a written affirmation from each of the Rating Agencies that the credit rating of the Securities by such Rating Agency immediately prior to the occurrence of the event or circumstance with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency&#8217;s sole and absolute discretion, except that if the Loan has not been the subject of a Securitization, then the matter in question shall be determined by Lender in its reasonable discretion.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Regulation AB</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from time to time.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Regulatory Change</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any change after the date of this Agreement in U.S. federal, state or foreign laws or regulations or the adoption or the making, after such date, of any interpretations, directives or requests applying to Lender, or any Person Controlling Lender or to a class of banks or companies Controlling banks of or under any federal, state or foreign laws or </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">regulations (whether or not having the force of law) by any court or Governmental Authority or monetary authority charged with the interpretation or administration thereof.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Related Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a loan to an Affiliate of Borrower or Guarantor or secured by a Related Property, that is included in a Securitization with the Loan, and any other loan that is cross-collateralized with the Loan if such loan is required to be so treated with the Loan pursuant to Regulation AB.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Related Property</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a parcel of real property, together with improvements thereon and personal property related thereto, that is &#8220;related&#8221; within the meaning of the definition of Significant Obligor, to the Property.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">REMIC Trust</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a &#8220;real estate mortgage investment conduit&#8221; within the meaning of Section 860D of the Code that holds the Note or any portion thereof.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rents</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all rents, &#8220;additional rent&#8221; (i.e. pass-throughs for operating expenses, real estate tax escalations and/or real estate tax pass-throughs, payments by Tenants on account of electrical consumption, porters&#8217; wage escalations, condenser water charges and tap-in fees, freight elevator and HVAC overtime charges, charges for excessive rubbish removal and other sundry charges), rent equivalents, monies payable as damages (including payments by reason of the rejection of a Lease in a bankruptcy proceeding) or in lieu of rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses), income, fees, receivables, receipts, revenues, deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other payment and consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower, Manager or any of their respective agents or employees from any and all sources arising from or attributable to the Property and the Improvements, including all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of the Property or rendering of services by or on behalf of Borrower, and Insurance Proceeds, if any, from business interruption or other loss of income insurance.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Repayment Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the date of a prepayment of the Loan pursuant to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Replacement Interest Rate Cap Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean an interest rate cap agreement from an Approved Counterparty with terms that are the same in all material respects as the terms of the Interest Rate Cap Agreement except that the same shall be effective as of (i) in connection with a replacement delivered pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.6.3(c)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty, the date required in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or (ii) in connection with a replacement (or extension of the then-existing Interest Rate Cap Agreement) delivered in connection with an extension of the Maturity Date pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the date required in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a Replacement Interest Rate Cap Agreement shall be such interest rate cap agreement approved in writing by Lender, and if the Loan or any portion thereof is included in a Securitization, each of the Rating Agencies with respect thereto.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Reserve Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, collectively, all funds deposited by Borrower with Lender </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">or Deposit Bank and held in reserve pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this Agreement.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Restoration</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the repair and restoration of the Property after a Casualty or Condemnation as nearly as possible to the condition the Property was in immediately prior to such Casualty or Condemnation, with such alterations as may otherwise be reasonably approved by Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Restoration DSCR</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, as of any date of determination, the ratio, as determined by Borrower and reasonably confirmed and approved by Lender, of (a) the Net Operating Income of the Property, based on rents in place (annualized and including rental loss insurance proceeds and assuming that the Restoration has been completed) without giving effect to clause (B)(ii)(A)(w) in the definition of Gross Income and expenses on a pro forma basis for the twelve (12) months after Restoration to (b) an amount equal to the Debt Service for the twelve (12) months after the date of determination using an interest rate equal to the Strike Price.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">S&amp;P</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean Standard &amp; Poor&#8217;s Ratings Group, a division of the McGraw-Hill Companies.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Significant Obligor</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Special Taxes</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Spread</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean ninety-five (95) basis points (0.95%) per annum.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Spread Maintenance Period</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;&nbsp; shall mean the period commencing on the date hereof and ending on (and excluding) the Monthly Payment Date in April, 2015 (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Spread Maintenance Period End Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Spread Maintenance Premium</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean with respect to any payment or prepayment of principal (or acceleration of the Loan)&nbsp;during the Spread Maintenance Period, an amount equal to the product of the following: (A)&nbsp;the amount of such prepayment (or the amount of principal so accelerated), multiplied by (B)&nbsp;the Spread, multiplied by (C)&nbsp;a fraction (expressed as a percentage)&nbsp;having a numerator equal to the number of Interest Periods remaining from (and including) the Interest Period immediately following the Interest Period through which interest is being paid by Borrower in connection with such prepayment to (and excluding) the Interest Period in which the Spread Maintenance Period End Date occurs&nbsp;and a denominator equal to twelve (12). </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">State</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the state of New York.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Stated Maturity Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Monthly Payment Date in March, 2017, as the same may be extended pursuant to Section 2.7 hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Strike Price</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean 6.0% per annum.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Survey</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a survey of the Property prepared by a surveyor licensed in the State and satisfactory to Lender and the company or companies issuing the Title Insurance Policy, and </FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">containing a certification of such surveyor satisfactory to Lender.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Taxes</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against the Property or part thereof, together with all interest and penalties thereon.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tenant</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any Person obligated by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) under any Lease now or hereafter affecting all or any part of the Property.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Term</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the entire term of this Agreement, which shall expire upon repayment in full of the Debt and full performance of each and every obligation to be performed by Borrower pursuant to the Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Test Period</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means, with respect to any Calculation Date, the four fiscal quarters ending on such Calculation Date.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Title Insurance Policy</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean an ALTA mortgagee title insurance policy in the form acceptable to Lender issued with respect to the Property and insuring the Lien of the Mortgage.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TRIPRA</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Terrorism Risk Insurance Program Reauthorization Act of 2007 or any extension, renewal or replacement thereof. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Trigger Period</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall commence upon the occurrence of (i) an Event of Default or (ii) the commencement of a Low Debt Service Period; and shall end if, (A) with respect to a Trigger Period continuing pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clause (i)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Event of Default commencing the Trigger Period has been cured and such cure has been accepted by Lender (and no other Event of Default is then continuing) or (B) with respect to a Trigger Period continuing due to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clause (ii)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Low Debt Service Period has ended pursuant to the terms hereof.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Trustee</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any trustee holding the Loan in a Securitization.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Two Agency Rating Test</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means a test that is satisfied with respect to any insurance provider if it has at least two of the following:&nbsp; (i) a rating of A2 or better from Moody&#8217;s (or, for multi-layered policies in which such insurance provider is not providing the 75% Coverage (if four (4) or fewer insurance companies issue the Policies) or the 60% Coverage (if five (5) or more insurance companies issue the Policies), a rating of Baa2 or better by Moody&#8217;s), (ii) a rating of A or better from Fitch (or, for multi-layered policies in which such insurance provider is not providing the 75% Coverage (if four (4) or fewer insurance companies issue the Policies) or the 60% Coverage (if five (5) or more insurance companies issue the Policies), a rating of BBB or better by Fitch), (iii) a rating of A or better from S&amp;P (or, for multi-layered policies in which such insurance provider is not providing the 75% Coverage (if four (4) or fewer insurance companies issue the Policies) or the 60% Coverage (if five (5) or more insurance companies issue the Policies), a rating of BBB or better by S&amp;P), (iv) a rating of A:VIII or better from AM Best, and (v) a rating of A or better from DBRS (or, for multi-layered policies in which such insurance provider is not providing the 75% Coverage (if four (4) or fewer insurance companies issue the Policies) or the 60% Coverage (if five (5) or more insurance companies issue the Policies), a rating of BBB or better by DBRS).</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">UCC</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; or &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Uniform Commercial Code</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the Uniform Commercial Code as in effect in the State (with respect to fixtures), the State of New York or the state in which any of the Cash Management Accounts are located, as the case may be.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Unaffiliated Qualified Manager</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a property manager that (A) is a management company having at least five (5) years&#8217; experience in the management of Class A office properties in New York City or similar metropolitan areas, (B) at the time of its engagement as property manager has under management leasable square footage equal to or greater than 5,000,000 leasable square feet (excluding the Property) of office space and (C) is not the subject of a bankruptcy or similar insolvency proceeding.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Unit</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; or &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Units</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the condominium units, together with all other real and personal property, rights, title and interest, estate and appurtenances relating thereto, created pursuant to the Condominium Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">VRLP</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means Vornado Realty L.P., a Delaware limited partnership, and its permitted successors by merger, consolidation or transfer of all or substantially all of the assets of Vornado Realty L.P., subject to any applicable terms, covenants and/or conditions of this Agreement.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">VRT</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means Vornado Realty Trust, a Maryland real estate investment trust, and its permitted successors by merger, consolidation or transfer of all or substantially all of the assets of Vornado Realty Trust, subject to any applicable terms, covenants and/or conditions of this Agreement.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 1.2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Index of Other Definitions.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; the following terms are defined in the sections or Loan Documents as indicated below:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;60% Coverage&#8221; &#8211; 5.2.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;75% Coverage&#8221; &#8211; 5.2.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Accounts&#8221; - 6.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Act&#8221; - Schedule V</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Acceptable Blanket Policy&#8221; - 5.1.1(c)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Agreement&#8221; - Introductory Paragraph</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Approved Annual Budget&#8221; - 4.9.5(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Approved Extraordinary Expenses&#8221; &#8211; 4.9.5(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Available Cash&#8221; - 6.9.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Bloomberg Citibank Lease&#8221; &#8211; Definition of Bloomberg Lease</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Bloomberg Metrovest Lease&#8221; &#8211; Definition of Bloomberg Lease</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Bloomberg Policies&#8221; &#8211;5.1.4</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;Bona Fide Leases&#8221; &#8211; Definition of Gross Income</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Borrower&#8221; - Introductory Paragraph</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Borrower&#8217;s Recourse Liabilities&#8221; - 10.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Capital Expenditure Account&#8221; - 6.5.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Capital Expenditure Funds&#8221; - 6.5.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Cash Collateral Account&#8221; - 6.8</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Cash Collateral Funds&#8221; - 6.8</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Cash Management Accounts&#8221; - 6.10</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Casualty&#8221; - 5.2</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Casualty and Condemnation Account&#8221; - 6.7</FONT></I></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Casualty and Condemnation Funds&#8221; - 6.7</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Casualty Consultant&#8221; - 5.4(b)(iii)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Casualty Retainage&#8221; - 5.4(b)(iv)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Cause&#8221; - Schedule V<BR>&#8220;Clearing Account&#8221; - 6.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Committee&#8221; - Schedule V</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Completion Guaranty&#8221; &#8211; Section 5.4(c)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Componentization Notice&#8221; &#8211; 9.3.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Condemnation Proceeds&#8221; - 5.4(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Condominium Account&#8221; &#8211;6.2.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;Condominium Board Policies&#8221; &#8211;5.1.3</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Condominium Charges&#8221; &#8211;6.2.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Condominium Funds&#8221; &#8211;6.2.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Contest Threshold&#8221; &#8211;4.3</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Counterparty Opinion</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.6.3</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Debt Service Account&#8221; - Cash Management Agreement</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Disclosure Document&#8221; - 9.2(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Easements&#8221; - 3.1.11</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Eligible Control Person&#8221; &#8211; 7.1(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Embargoed Person&#8221; - 4.32(c)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Equipment&#8221; - Mortgage</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Event of Default&#8221; - 8.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Excess Management Fee&#8221; &#8211; 4.14.2</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Exchange Act&#8221; - 9.2(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Exchange Act Filing&#8221; - 9.1(d)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Expansion Space Default</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 10.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">First Extended Maturity Date</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">First Extension Notice</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">First Extension Option</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fourth Extended Maturity Date</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fourth Extension Notice</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fourth Extension Option</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Government Lists&#8221; - 4.32(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Gross Asset Value&#8221; &#8211; Definition of Net Worth</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Guarantor/EQO Transfer&#8221; &#8211; Definition of Permitted 731 Transfers </FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Improvements&#8221; - Mortgage</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Increased Costs&#8221; </FONT></I><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">- </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.1&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;Indemnified Liabilities&#8221; - 4.30</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Independent Director&#8221; - Schedule V </FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Independent Manager&#8221; - Schedule V </FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Initial Interest Period</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.3.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Insurance Account&#8221; - 6.4.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Insurance Funds&#8221; - 6.4.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Insurance Premiums&#8221; - 5.1.1(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;Insurance Proceeds&#8221; - 5.4(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Period</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.3.2</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Shortfall</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.4.5</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Lease Termination Payments&#8221; - 6.6.1(b)(ii)</FONT></I></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></FONT></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Leasing Agent&#8221; &#8211; Definition of Leasing Agreement</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;Lender&#8221; - Introductory Paragraph</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Lender Group&#8221; - 9.2(b)(ii)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Lending Parties&#8221; &#8211; 10.22(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Liabilities&#8221; - 9.2(b)(ii)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Licenses&#8221; - 3.1.9</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Nationally Recognized Service Company&#8221; - Schedule V</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=NL face="Times New Roman">&#8220;Net Proceeds&#8221; - 5.4(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=NL face="Times New Roman">&#8220;Net Proceeds Deficiency&#8221; - 5.4(b)(vi)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Note&#8221; - 2.1.3</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Note Component&#8221; &#8211; 9.3.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Notice&#8221; - 10.6</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;OFAC&#8221; - 4.32(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Taxes</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.9.3</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Otherwise Rated Insurer&#8221; &#8211; 5.1.2</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Patriot Act Offense&#8221; - 4.32(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Permitted Indebtedness&#8221; - 4.21</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Permitted Investments&#8221; - Cash Management Agreement</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Permitted Transfer&#8221; - 7.2</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Permitted Transfer Date&#8221; &#8211; 7.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;PML&#8221; - 5.1.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Policies&#8221; - 5.1.1(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Provided Information&#8221; - 9.1(b)(i)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Public Securitization&#8221; - 9.1(d)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Qualified Carrier&#8221; - 5.1.1(i)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rate Cap Collateral</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.6.2</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Rent Roll&#8221; &#8211; 3.1.17</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Review Waiver&#8221; - 10.3(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Rollover Account&#8221; - 6.6.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Rollover Funds&#8221; - 6.6.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Second Extended Maturity Date</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Second Extension Notice</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Second Extension Option</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Secondary Market Transaction&#8221; - 9.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Securities&#8221; - 9.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Securities Act - 9.2(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Securitization&#8221; - 9.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Servicer&#8221; - 10.21</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Servicing Agreement&#8221; - 10.21</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Severed Loan Documents&#8221; - 8.2(b)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Sole Member&#8221; - Schedule V</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Special Member&#8221; - Schedule V</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Special Purpose Bankruptcy Remote Entity&#8221; - Schedule V</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Spread Maintenance Period End Date&#8221; &#8211; Definition of Spread Maintenance Period</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;Springing Recourse Event&#8221; - 10.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Standard Form of Lease&#8221; - 4.11.2</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Succeeding Interest Period</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.4.5</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Tax Account&#8221; - 6.3.1</FONT></I></P>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Tax Funds&#8221; - 6.3.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Terrorism Premium Cap&#8221; - 5.1.1(i)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Third Extended Maturity Date</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Third Extension Notice&#8221; - 2.7.1</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Third Extension Option</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; - 2.7.1</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Total Liabilities&#8221; &#8211; Definition of Net Worth</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Transfer&#8221; - 4.2</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Transfer and Assumption&#8221; - 7.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Transferee&#8221; - 7.1(a)</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Underwriter Group&#8221; - 9.2(b)(ii)</FONT></I></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Principles of Construction.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified.&nbsp; Unless otherwise specified, the words &#8220;hereof,&#8221; &#8220;herein&#8221; and &#8220;hereunder&#8221; and words of similar import when used in this Agreement or any other Loan Document shall refer to this Agreement or such other Loan Document as a whole and not to any particular provision hereof or thereof.&nbsp; When used in this Agreement or any other Loan Document, the word &#8220;including&#8221; shall mean &#8220;including but not limited to&#8221;.&nbsp; Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">II.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>THE LOAN</FONT></U></B></H1>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Loan.</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.1.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Agreement to Lend and Borrow.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Subject to and upon the terms and conditions set forth herein, Lender shall make the Loan to Borrower and Borrower shall accept the Loan from Lender on the Closing Date.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.1.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Single Disbursement to Borrower.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.1.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Note.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Loan shall be evidenced by that certain Consolidated, Amended and Restated Promissory Note of even date herewith, in the stated principal amount of $300,000,000, executed by Borrower and payable to the order of Lender in evidence of the Loan (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and shall be repaid in accordance with the terms of this Agreement, the Note and the other Loan Documents.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.1.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Use of Proceeds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower shall use proceeds of the Loan to pay and discharge (or cause the assignment to Lender of) the Prior Loan.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Rate.</FONT></U></B></P>

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<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.2.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Rate.</FONT></U></B></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Interest on the Outstanding Principal Balance shall accrue throughout the Term at the Interest Rate.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Subject to the terms and conditions hereof, the Loan shall be a LIBOR Loan.&nbsp; In the event that Lender shall have reasonably determined (which determination shall be conclusive and binding upon Borrower absent manifest error) that by reason of circumstances affecting the interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining LIBOR, in accordance with the defined term thereof, then Lender shall forthwith give notice by telephone of such determination, confirmed in writing, to Borrower at least one (1) Business Day prior to the next succeeding Interest Determination Date.&nbsp; If such notice is given, the Loan shall be converted, as of the first day of the next succeeding Interest Period, to a Prime Rate Loan. Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert a LIBOR Loan to a Prime Rate Loan.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If, pursuant to the terms hereof, the Loan has been converted to a Prime Rate Loan and Lender shall reasonably determine (which determination shall be conclusive and binding upon Borrower absent manifest error) that the event(s) or circumstance(s) which resulted in such conversion shall no longer be applicable, Lender shall give notice by telephone of such determination, confirmed in writing, to Borrower at least one (1)&nbsp;Business Day prior to the next succeeding Interest Determination Date.&nbsp; If such notice is given, the Loan shall be converted, as of the first day of the next succeeding Interest Period, to a LIBOR Loan.&nbsp; Notwithstanding any provision of this Agreement to the contrary (but subject to Lender&#8217;s obligations under this </FONT><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.2.1(c)</FONT></U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">), in no event shall Borrower have the right to convert a Prime Rate Loan to a LIBOR Loan.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If the adoption of any requirement of law or any change therein or in the interpretation or application thereof, shall hereafter make it unlawful for Lender to maintain a LIBOR Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make or maintain a LIBOR Loan or to convert a Prime Rate Loan to a LIBOR Loan shall be canceled forthwith and (ii) any outstanding LIBOR Loan shall be converted automatically to a Prime Rate Loan on the first day of the next succeeding Interest Period, or upon such earlier date as may be required by law.&nbsp; </FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.2.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Default Rate.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the Outstanding Principal Balance and, to the extent not prohibited by applicable law, all other portions of the Debt, shall accrue interest at the Default Rate, calculated from the date such payment was due or such Default shall have occurred without regard to any grace or cure periods contained herein (but for avoidance of doubt, no Default Interest shall be payable due to the occurrence of a Default for which a cure period is provided herein if such Default is cured during such cure period).&nbsp; Interest at the Default Rate shall be paid immediately upon demand, which demand may be made as frequently as Lender shall elect, to the extent not prohibited by applicable law.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.2.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Calculation.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Interest on the Outstanding Principal Balance (or portion thereof allocable to a Note Component) shall be calculated by multiplying (A) the actual number of days elapsed in the period for which the calculation is being made by (B) a daily rate based on a three hundred sixty (360) day year (that is, the Interest Rate or Note Component interest rate expressed as an annual rate divided by 360) by (C) the Outstanding Principal Balance (or portion thereof allocable to such Note Component).&nbsp; The accrual period for </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">calculating interest due on each Monthly Payment Date shall be the Interest Period immediately prior to such Monthly Payment Date.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.2.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Usury Savings.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the other Loan Documents are subject to the express condition that at no time shall Borrower be required to pay interest on the Outstanding Principal Balance at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate.&nbsp; If by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the Outstanding Principal Balance at a rate in excess of the Maximum Legal Rate, the Interest Rate shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal (without premium or penalty) and not on account of the interest due hereunder.&nbsp; All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Payments.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.3.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Payments.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; On the date hereof, Borrower shall pay interest on the unpaid Principal from the date hereof through and include March 14, 2014 (the &#8220;<EM><STRONG>Initial Interest Period</STRONG></EM>&#8221;).&nbsp;&nbsp; On April 11, 2014 and each Monthly Payment Date thereafter during the Term (until the Loan has been repaid in full), Borrower shall pay interest on the unpaid principal of the Loan accruing through the last day of the Interest Period in which such Monthly Payment Date occurs. Borrower shall also pay to Lender all amounts to the extent required in respect of Reserve Funds pursuant to Article 6 hereof.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.3.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Payments Generally.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; After the Initial Interest Period, each interest accrual period thereafter (each, an &#8220;<STRONG><EM>Interest Period</EM></STRONG>&#8221;) shall commence on the fifteenth (15th) calendar day of a calendar month and end on (and include) the fourteenth (14th) calendar day of the following calendar month.&nbsp; For purposes of making payments hereunder, but not for purposes of calculating interest accrual periods, if the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day.&nbsp; With respect to payments of principal due on the Maturity Date, interest shall be payable at the Interest Rate, through and including the last day of the Interest Period in which such Maturity Date occurs.&nbsp; All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.3.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Payment on Maturity Date.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower shall pay to Lender on the Maturity Date the Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.3.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Late Payment Charge.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If any principal (if any), interest or any other sum due under the Loan Documents (other than the Outstanding Principal Balance due and payable on the Maturity Date) is not paid by Borrower on or before the date on which it is due (or if such day is not a Business Day, and such payment is principal or interest, then the immediately preceding Business Day, or if such payment is a sum other than principal or interest, then the </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">immediately succeeding Business Day), Borrower shall pay to Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid sum or the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment.&nbsp; Any such amount shall be secured by the Mortgage and the other Loan Documents to the extent permitted by law.</FONT>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.3.5&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Method and Place of Payment.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender not later than 2:00 p.m., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender&#8217;s office or at such other place as Lender shall from time to time designate, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day.<BR></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prepayments&nbsp;</FONT></U></B></P>

<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.4.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prepayments.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Except as otherwise provided herein, Borrower shall not have the right to prepay the Loan in whole or in part prior to the Stated Maturity Date.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.4.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Voluntary Prepayments.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall have the right to prepay the Outstanding Principal Balance in whole (or in whole or in part, if such prepayment is made after the Spread Maintenance Period) upon satisfaction of the following conditions:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">prepayment shall occur on a Business Day;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall deliver to Lender a Prepayment Notice; </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a prepayment made during the Spread Maintenance Period shall be for the entire Outstanding Principal Balance, and a prepayment made after the Spread Maintenance Period may be made for all or a portion of the Outstanding Principal Balance; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall comply with the provisions set forth in </FONT><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section&nbsp;2.4.5</FONT></U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp;</FONT></H4>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.4.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prepayments in Connection with a Casualty or Condemnation.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; If Lender is not obligated to make Net Proceeds available to Borrower for Restoration, on the next occurring Monthly Payment Date following the date on which (a) Lender actually receives any Net Proceeds, and (b) Lender has determined that such Net Proceeds shall be applied against the Debt (to the extent that Lender is permitted to make such determination in accordance with the terms hereof), Borrower shall prepay, or authorize Lender to apply Net Proceeds as a prepayment of, the Debt in an amount equal to one hundred percent (100%) of such Net Proceeds (or such lesser amount as shall be required to prepay the Debt in full), without payment of the Spread Maintenance Premium or any other prepayment premium, penalty or fee.&nbsp; Additionally, in the event that thirty-five percent (35%) or more of rentable square footage of the Property is subject to a Casualty or Condemnation and Lender is not required to, and does not, make the Net Proceeds available to Borrower for restoration pursuant to the terms hereof, Borrower shall have the right to prepay the Outstanding Principal Balance without payment of the Spread Maintenance Premium or any other prepayment premium, penalty or fee, within one hundred </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">twenty (120) days of Lender&#8217;s notice to Borrower that Net Proceeds will not be made available to Borrower for restoration.&nbsp; Any such prepayment shall be subject to delivery of a Prepayment Notice (which notice shall be revocable at any time, provided that Borrower shall pay any actual reasonable out-of-pocket expenses incurred by Lender in connection with such revocation and/or adjournment) and shall be deemed rescinded if Lender notifies Borrower, subsequent to the delivery of the Prepayment Notice and prior to the date of prepayment, that Lender will make Net Proceeds available to Borrower pursuant to the terms hereof.&nbsp; Borrower shall also pay interest that would have accrued through the end of the Interest Period in which such prepayment occurs, and the Interest Shortfall, if applicable, with respect to the amount prepaid.&nbsp; Except during an Event of Default, all such Net Proceeds and any such prepayment shall be applied by Lender as follows in the following order of priority: </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">First, </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">to all amounts (other than principal and interest) then due and payable under the Loan Documents, including any costs and expenses of Lender in connection with such prepayment); </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Second,&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> accrued and unpaid interest at the Interest Rate; and</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> Third, </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">to principal.&nbsp; Notwithstanding anything herein to the contrary, no Spread Maintenance Premium or any other prepayment premium, penalty or fee shall be due in connection with any prepayment made pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.4.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prepayments After Default.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, concurrently with the occurrence of an Event of Default or if an Event of Default is then continuing, payment of all or any part of the Debt is tendered by Borrower, a purchaser at a foreclosure sale of the Property, or any other Person and is accepted by Lender or is otherwise recovered by Lender (including through application of any Reserve Funds following maturity or acceleration of the Loan), (a) such tender or recovery shall be deemed to be an attempt to circumvent the prohibition against prepayment set forth herein, and (b) Borrower shall pay, as part of the Debt, all of: (i) all accrued interest calculated at the Interest Rate on the amount of principal being prepaid through and including the date of such repayment together with an amount equal to the interest that would have accrued at the Interest Rate on the amount of principal being repaid through the end of the Interest Period in which such repayment occurs, notwithstanding that such Interest Period extends beyond the date of repayment, (ii) the Interest Shortfall, if applicable, with respect to the amount prepaid,&nbsp; and (iii) an amount equal to the Spread Maintenance Premium (if made during the Spread Maintenance Period).</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.4.5&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prepayment/Repayment Conditions.</FONT></U></B></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">On the date on which a prepayment, voluntary or mandatory, is made under the Note or as required under this Agreement, which date must be a Business Day, Borrower shall pay to Lender:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all accrued and unpaid interest calculated at the Interest Rate on the amount of principal being prepaid through and including the Repayment Date together with an amount equal to the interest that would have accrued at the Interest Rate on the amount of principal being prepaid through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of prepayment; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;if such prepayment is made during the period from and including the first day after a Monthly Payment Date through and including the last day of the Interest Period in which such prepayment occurs, all interest on the principal amount being prepaid which would have accrued from the first day of the Interest Period </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; immediately following the Interest Period in which the prepayment occurs (the &#8220;</FONT><B><I><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">Succeeding Interest Period</FONT></I></B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) through and including the end of the Succeeding Interest Period, calculated at (A)&nbsp;the Interest Rate if such prepayment occurs on or after the Interest Determination Date for the Succeeding Interest Period or (B)&nbsp;the Assumed Note Rate if such prepayment occurs before the Interest Determination Date for the Succeeding Interest Period (the &#8220;</FONT><B><I><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">Interest Shortfall</FONT></I></B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;);&nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Spread Maintenance Premium applicable thereto (if such prepayment occurs during the Spread Maintenance Period), except where this Agreement expressly provides that no Spread Maintenance Premium is due with respect to such prepayment; and </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all other sums, then due under the Note, this Agreement, the Mortgage, and the other Loan Documents.</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If the Interest Shortfall was calculated based upon the Assumed Note Rate, upon determination of LIBOR on the Interest Determination Date for the Succeeding Interest Period, (i)&nbsp;if the Interest Rate for such Succeeding Interest Period is less than the Assumed Note Rate, Lender shall promptly refund to Borrower the amount of the Interest Shortfall paid, calculated at a rate equal to the difference between the Assumed Note Rate and the Interest Rate for such Interest Period, or (ii)&nbsp;if the Interest Rate is greater than the Assumed Note Rate, Borrower shall promptly (and in no event later than the eleventh (11th) day of the following month) pay Lender the amount of such additional Interest Shortfall calculated at a rate equal to the by which Interest Rate exceeds the Assumed Note Rate.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall pay all reasonable out-of-pocket costs and expenses of Lender incurred in connection with the repayment or prepayment (including without limitation, any costs and expenses associated with a release of the Lien of the Mortgage as set forth in </FONT><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section&nbsp;2.5&nbsp;</FONT></U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> below and reasonable attorneys&#8217; fees and expenses).</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.5.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">Release of Property.</FONT></U></B></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender shall, upon written request, upon payment in full of the Debt in accordance with the terms and provisions of the Loan Documents, release the Lien of the Mortgage.&nbsp; In connection with the release of the Lien, Borrower shall submit to Lender, not less than ten (10) days prior to the Repayment Date, a release of Lien (and related Loan Documents) for execution by Lender.&nbsp; Such release shall be in a form appropriate in the jurisdiction in which the Property is located.&nbsp; Borrower shall pay all out-of-pocket costs, taxes and expenses associated with the release of the Lien of the Mortgage, including the Lender&#8217;s reasonable out-of-pocket costs and expenses (including reasonable attorneys&#8217; fees) incurred in connection with same. </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding the foregoing, if Borrower advises Lender that it desires to effectuate the consequences to Lender of a repayment or prepayment in a manner which will permit the assignment of the Note and the Mortgage to a new lender providing the repayment or prepayment funds, then Lender shall (i) assign the Mortgage and all of the other Loan Documents to any Person designated by Borrower, which assignment documents shall be in recordable form (but without representation or warranty by, or recourse to, Lender, except as to the outstanding principal balance of the Loan and that Lender owns the Note and Mortgage free </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">of any liens and encumbrances and has the authority to effect the assignment), (ii) deliver to or as directed by Borrower the originally executed Note and all originally executed other notes which may have been consolidated, amended and/or restated in connection with the execution of the Note or, with respect to any note where the original has been lost, destroyed or mutilated, a lost note affidavit for the benefit of the assignee lender and the title insurance company insuring the Mortgage, as assigned, in form sufficient to permit such title insurance company to insure the lien of the Mortgage as assigned to and held by the assignee without exception for any matter relating to the lost, destroyed or mutilated note, (iii) execute and deliver an allonge with respect to the Note and any other note(s) as described in the preceding </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clause (ii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above without recourse, covenant or warranty of any nature, express or implied (except as to the outstanding principal balance of the Loan and that Lender owns the Note and the Mortgage free of any liens and encumbrances and has the authority to execute and deliver the allonge), (iv) deliver the original executed Mortgage or a certified copy of record, and (v) execute and deliver such other instruments of conveyance, assignment, termination, severance and release (including appropriate UCC-3 termination statements) in recordable form as may reasonably be requested by Borrower to evidence such assignment.&nbsp; All reasonable out-of-pocket costs and expenses (including reasonable attorneys&#8217; fees and disbursements) incurred by Lender in connection with the foregoing shall be paid by Borrower, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provided&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> that in no event shall Borrower be required to pay any fee or premium to the Lender or the Servicer in connection therewith.&nbsp; </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.6.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Interest Rate Cap Agreement.</FONT></U></B></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Interest Rate Cap Agreement.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prior to or contemporaneously with the Closing Date, Borrower shall have obtained, and thereafter maintain in effect, the Interest Rate Cap Agreement, which shall be have a term expiring no earlier than the last day of the Interest Period in which the Stated Maturity Date occurs and have a notional amount which shall not at any time be less than the Outstanding Principal Balance.&nbsp; The Interest Rate Cap Agreement shall have a strike rate equal to the Strike Price.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Pledge and Collateral Assignment.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As security for the full and punctual payment and performance of the Obligations when due (whether upon stated maturity, by acceleration, early termination or otherwise), Borrower, as pledgor, hereby pledges, assigns, hypothecates, transfers and delivers to Lender as collateral and hereby grants to Lender a continuing first priority lien on and security interest in, to and under all of the following whether now owned or hereafter acquired and whether now existing or hereafter arising (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rate Cap Collateral</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;): all of the right, title and interest of Borrower in and to (i) the Interest Rate Cap Agreement; (ii) all payments, distributions, disbursements or proceeds due, owing, payable or required to be delivered to Borrower in respect of the Interest Rate Cap Agreement or arising out of the Interest Rate Cap Agreement, whether as contractual obligations, damages or otherwise; and (iii) all of Borrower&#8217;s claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the Interest Rate Cap Agreement, in each case including all accessions and additions to, substitutions for and replacements, products and proceeds of any or all of the foregoing.</FONT></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Covenants.</FONT></U></B></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement in all material respects.&nbsp; All amounts paid by the Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall be deposited</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">immediately into the Clearing Account pursuant to </FONT><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.1</FONT></U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; Borrower shall take all actions reasonably requested by Lender to enforce Borrower&#8217;s rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder without the approval of Lender.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall use commercially reasonable efforts to defend Lender&#8217;s right, title and interest in and to the Rate Cap Collateral pledged by Borrower pursuant hereto or in which it has granted a security interest pursuant hereto against the claims and demands of all other Persons.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event of any downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an &#8220;Approved Counterparty&#8221;, unless the Counterparty shall have posted collateral on terms acceptable to each Rating Agency, Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement not later than ten (10) Business Days following receipt of notice from Lender of such downgrade, withdrawal or qualification. In the event that the Counterparty is downgraded below &#8220;BBB+&#8221; by S&amp;P or Fitch or below &#8220;Baa1&#8221; by Moody&#8217;s, a Replacement Interest Rate Cap Agreement shall be required regardless of the posting of collateral.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event that Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement as and when required hereunder, Lender may purchase the Interest Rate Cap Agreement and the cost incurred by Lender in purchasing the Interest Rate Cap Agreement shall be paid by Borrower to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender until such cost is paid by Borrower to Lender.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall not sell, assign, or otherwise dispose of, or mortgage, pledge or grant a security interest in, any of the Rate Cap Collateral or any interest therein, and any sale, assignment, mortgage, pledge or security interest whatsoever made in violation of this covenant shall be a nullity and of no force and effect, and upon demand of Lender, shall forthwith be cancelled or satisfied by an appropriate instrument in writing.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Borrower shall not (i) without the prior written consent of Lender, modify, amend or supplement the terms of the Interest Rate Cap Agreement, (ii) without the prior written consent of Lender, except in accordance with the terms of the Interest Rate Cap Agreement, cause the termination of the Interest Rate Cap Agreement prior to its stated maturity date, (iii)&nbsp; without the prior written consent of Lender, except as aforesaid, waive or release any obligation of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) under the Interest Rate Cap Agreement, (iv) without the prior written consent of Lender, consent or agree to any act or omission to act on the part of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) which, without such consent or agreement, would constitute a default under the Interest Rate Cap Agreement, (v) fail to exercise promptly and diligently each and every material right which it may have under the Interest Rate Cap Agreement, (vi) take or intentionally omit to take any action or intentionally suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Interest Rate Cap Agreement or any defense by the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) to payment or (vii) fail to give prompt notice to Lender of any notice of default given by or to Borrower under or with respect to the Interest Rate Cap Agreement, together with a complete copy of such notice.&nbsp; If Borrower shall have received written notice that the Securitization shall have occurred, no </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">consent by Lender provided for in this </FONT><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.6.3(f)</FONT></U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall be given by Lender unless Lender shall have received a Rating Agency Confirmation.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In connection with an Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender an opinion of counsel from counsel for the Counterparty (which counsel may be in-house counsel for the Counterparty) upon which Lender and its successors and assigns may rely (the &#8220;</FONT><B><I><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">Counterparty Opinion</FONT></I></B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), under New York law and, if the Counterparty is a non-U.S. entity, the applicable foreign law, which shall provide in relevant part, that: (i) the issuer is duly organized, validly existing, and in good standing under the laws of its jurisdiction of incorporation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; (ii) the execution and delivery of the Interest Rate Cap Agreement by the issuer, and any other agreement which the issuer has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its certificate of incorporation or bylaws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property; (iii) all consents, authorizations and approvals required for the execution and delivery by the issuer of the Interest Rate Cap Agreement, and any other agreement which the issuer has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory body is required for such execution, delivery or performance; and (iv) the Interest Rate Cap Agreement, and any other agreement which the issuer has executed and delivered pursuant thereto, has been duly executed and delivered by the issuer and constitutes the legal, valid and binding obligation of the issuer, enforceable against the issuer in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#8217; rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). Notwithstanding the foregoing, Lender agrees that an opinion of counsel in substantially the form of the Counterparty Opinion delivered in connection with the initial Interest Rate Cap Agreement shall be acceptable.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Powers of Borrower Prior to an Event of Default.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.6.3(a)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, provided no Event of Default has occurred and is continuing, Borrower shall be entitled to exercise all rights, powers and privileges of Borrower under, and to control the prosecution of all claims with respect to, the Interest Rate Cap Agreement and the other Rate Cap Collateral.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.5&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Representations and Warranties.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower hereby covenants with, and represents and warrants to, Lender as follows:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Interest Rate Cap Agreement constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Rate Cap Collateral is free and clear of all claims or security interests of every nature whatsoever, except such as are created pursuant to this Agreement and the other Loan Documents, and Borrower has the right to pledge and grant a security interest in the same</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">as herein provided without the consent of any other Person other than any such consent that has been obtained and is in full force and effect.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Rate Cap Collateral has been duly and validly pledged hereunder.&nbsp; All consents and approvals required to be obtained by Borrower for the consummation of the transactions contemplated by this Agreement have been obtained.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Giving effect to the aforesaid grant and assignment to Lender, Lender has, as of the date of this Agreement, and as to Rate Cap Collateral acquired from time to time after such date, shall have, a valid, and upon proper filing, perfected and continuing first priority lien upon and security interest in the Rate Cap Collateral; provided that no representation or warranty is made with respect to the perfected status of the security interest of Lender in the proceeds of Rate Cap Collateral consisting of &#8220;cash proceeds&#8221; or &#8220;non-cash proceeds&#8221; as defined in the UCC except if, and to the extent, the provisions of Section 9-306 of the UCC shall be complied with.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Except for financing statements filed or to be filed in favor of Lender as secured party, there are no financing statements under the UCC covering any or all of the Rate Cap Collateral and Borrower shall not, without the prior written consent of Lender, until payment in full of all of the Obligations, execute and file in any public office, any enforceable financing statement or statements covering any or all of the Rate Cap Collateral, except financing statements filed or to be filed in favor of Lender as secured party.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.6&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Payments.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; If Borrower at any time shall be entitled to receive any payments with respect to the Interest Rate Cap Agreement, Borrower shall direct Counterparty to deposit such amounts immediately upon becoming payable to Borrower into the Clearing Account.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.7&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Remedies.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the Interest Rate Cap Agreement, if an Event of Default shall occur and then be continuing:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender, without obligation to resort to any other security, right or remedy granted under any other agreement or instrument, shall have the right to, in addition to all rights, powers and remedies of a secured party pursuant to the UCC, at any time and from time to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or more parcels and at the same or different times) and all right, title and interest, claim and demand therein and right of redemption thereof, at public or private sale, for cash, upon credit or for future delivery, and in connection therewith Lender may grant options and may impose reasonable conditions such as requiring any purchaser to represent that any &#8220;securities&#8221; constituting any part of the Rate Cap Collateral are being purchased for investment only, Borrower hereby waiving and releasing any and all equity or right of redemption to the fullest extent permitted by the UCC or applicable law.&nbsp; If all or any of the Rate Cap Collateral is sold by Lender upon credit or for future delivery, Lender shall not be liable for the failure of the purchaser to purchase or pay for the same and, in the event of any such failure, Lender may resell such Rate Cap Collateral.&nbsp; It is expressly agreed that Lender may exercise its rights with respect to less than all of the Rate Cap Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral, provided, however, that such partial exercise shall in no way restrict or jeopardize Lender&#8217;s right to exercise its rights with respect to all or any other portion of the Rate Cap Collateral at a later time or times.</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender may exercise, either by itself or by its nominee or designee, in the name of Borrower, all of Lender&#8217;s rights, powers and remedies in respect of the Rate Cap Collateral, hereunder and under law.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower hereby irrevocably, in the name of Borrower or otherwise, authorizes and empowers Lender and assigns and transfers unto Lender, and constitutes and appoints Lender its true and lawful attorney-in-fact, and as its agent, irrevocably, with full power of substitution for Borrower and in the name of Borrower, (i) to exercise and enforce every right, power, remedy, authority, option and privilege of Borrower under the Interest Rate Cap Agreement, including any power to subordinate or modify the Interest Rate Cap Agreement (but not, unless an Event of Default exists and is continuing, the right to terminate or cancel the Interest Rate Cap Agreement), or to give any notices, or to take any action resulting in such subordination, termination, cancellation or modification and (ii) in order to more fully vest in Lender the rights and remedies provided for herein, to exercise all of the rights, remedies and powers granted to Lender in this Agreement, and Borrower further authorizes and empowers Lender, as Borrower&#8217;s attorney-in-fact, and as its agent, irrevocably, with full power of substitution for Borrower and in the name of Borrower, to give any authorization, to furnish any information, to make any demands, to execute any instruments and to take any and all other action on behalf of and in the name of Borrower which in the opinion of Lender may be reasonably necessary or appropriate to be given, furnished, made, exercised or taken under the Interest Rate Cap Agreement, in order to comply therewith, to perform the conditions thereof or to prevent or remedy any default by Borrower thereunder or to enforce any of the rights of Borrower thereunder.&nbsp; These powers-of-attorney are irrevocable and coupled with an interest, and any similar or dissimilar powers heretofore given by Borrower in respect of the Rate Cap Collateral to any other Person are hereby revoked.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender may, without notice to, or assent by, Borrower or any other Person (to the extent permitted by law), but without affecting any of the Obligations, in the name of Borrower or in the name of Lender, notify the Counterparty, or if applicable, any other counterparty to the Interest Rate Cap Agreement, to make payment and performance directly to Lender; extend the time of payment and performance of, compromise or settle for cash, credit or otherwise, and upon any terms and conditions, any obligations owing to Borrower, or claims of Borrower, under the Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits or other proceedings deemed by Lender necessary or advisable for the purpose of collecting upon or enforcing the Interest Rate Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by Lender to protect and preserve and realize upon the Rate Cap Collateral and the other rights contemplated hereby.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Pursuant to the powers-of-attorney provided for above, Lender may take any action and exercise and execute any instrument which it may deem reasonably necessary or advisable to accomplish the purposes hereof; provided, however, that Lender shall not be permitted to take any action pursuant to said power-of-attorney that would conflict with any limitation on Lender&#8217;s rights with respect to the Rate Cap Collateral.&nbsp; Without limiting the generality of the foregoing, Lender, after the occurrence of an Event of Default, shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money made payable to Borrower representing:&nbsp; (i) any payment of obligations owed pursuant to the Interest Rate Cap Agreement, (ii) interest accruing on any of the Rate Cap Collateral or (iii) any other payment or distribution payable in respect of the Rate Cap Collateral or any part </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">thereof, and for and in the name, place and stead of Borrower, to execute endorsements, assignments or other instruments of conveyance or transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender may exercise all of the rights and remedies of a secured party under the UCC.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Without limiting any other provision of this Agreement or any of Borrower&#8217;s rights hereunder, and without waiving or releasing Borrower from any obligation or default hereunder, Lender shall have the right, but not the obligation, to perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security of this Agreement, to cure such Event of Default or to cause any term, covenant, condition or obligation required under this Agreement or the Interest Rate Cap Agreement to be performed or observed by Borrower to be promptly performed or observed on behalf of Borrower.&nbsp; All amounts advanced by, or on behalf of, Lender in exercising its rights under this </FONT><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.6.7(g)</FONT></U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> (including, but not limited to, reasonable out-of-pocket legal expenses and disbursements incurred in connection therewith), together with interest thereon at the Default Rate from the date of each such advance, shall be payable by Borrower to Lender upon demand and shall be secured by this Agreement.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.8&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sales of Rate Cap Collateral.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No demand, advertisement or notice, all of which are, to the fullest extent permitted by law, hereby expressly waived by Borrower, shall be required in connection with any sale or other disposition of all or any part of the Rate Cap Collateral, except that Lender shall give Borrower at least thirty (30) Business Days&#8217; prior written notice of the time and place of any public sale or of the time when and the place where any private sale or other disposition is to be made, which notice Borrower hereby agrees is reasonable, all other demands, advertisements and notices being hereby waived.&nbsp; To the extent permitted by law, Lender shall not be obligated to make any sale of the Rate Cap Collateral if it shall determine not to do so, regardless of the fact that notice of sale may have been given, and Lender may without notice or publication adjourn any public or private sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned.&nbsp; Upon each private sale of the Rate Cap Collateral of a type customarily sold in a recognized market and upon each public sale, unless prohibited by any applicable statute which cannot be waived, Lender (or its nominee or designee) may purchase any or all of the Rate Cap Collateral being sold, free and discharged from any trusts, claims, equity or right of redemption of Borrower, all of which are hereby waived and released to the extent permitted by law, and may make payment therefor by credit against any of the Obligations in lieu of cash or any other obligations.&nbsp; In the case of all sales of the Rate Cap Collateral, public or private, Borrower shall pay all reasonable costs and expenses of every kind for sale or delivery, including brokers&#8217; and attorneys&#8217; fees and disbursements and any tax imposed thereon.&nbsp; However, the proceeds of sale of Rate Cap Collateral shall be available to cover such costs and expenses, and, after deducting such costs and expenses from the proceeds of sale, Lender shall apply any residue to the payment of the Obligations in the order of priority as set forth in this Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.9&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Public Sales Not Possible.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Borrower acknowledges that the terms of the Interest Rate Cap Agreement may prohibit public sales, that the Rate Cap Collateral may not be of the type appropriately sold at public sales, and that such sales may be prohibited by law.&nbsp; In light of these considerations, Borrower agrees that private sales of the Rate Cap Collateral shall not be</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">deemed to have been made in a commercially unreasonably manner by mere virtue of having been made privately.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.10&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Receipt of Sale Proceeds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Upon any sale of the Rate Cap Collateral by Lender hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt by Lender or the officer making the sale or the proceeds of such sale shall be a sufficient discharge to the purchaser or purchasers of the Rate Cap Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Lender or such officer or be answerable in any way for the misapplication or non-application thereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.6.11&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Replacement Interest Rate Cap Agreement.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, in connection with Borrower&#8217;s exercise of any Extension Option pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, Borrower delivers a Replacement Interest Rate Cap Agreement, all the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> applicable to the Interest Rate Cap Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Extension Options.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.7.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Extension Options.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Subject to the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall have the option (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">First Extension Option</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), by written notice (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">First Extension Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) delivered to Lender no later than fifteen (15) days prior to the Stated Maturity Date, to extend the Maturity Date to March 11, 2018 (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">First Extended Maturity Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; In the event Borrower shall have exercised the First Extension Option, Borrower shall have the option (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Second Extension Option</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), by written notice (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Second Extension Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) delivered to Lender no later than fifteen (15) days prior to the First Extended Maturity Date, to extend the First Extended Maturity Date to March 11, 2019 (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Second Extended Maturity Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; In the event Borrower shall have exercised the Second Extension Option, Borrower shall have the option (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Third Extension Option</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), by written notice (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Third Extension Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) delivered to Lender no later than fifteen (15) days prior to the Second Extended Maturity Date, to extend the Second Extended Maturity Date to March 11, 2020 (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Third Extended Maturity Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; In the event Borrower shall have exercised the Third Extension Option, Borrower shall have the option (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fourth Extension Option</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), by written notice (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fourth Extension Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) delivered to Lender no later than fifteen (15) days prior to the Third Extended Maturity Date, to extend the Third Extended Maturity Date to March 11, 2021 (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fourth Extended Maturity Date</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Any Extension Notice may be revoked by Borrower at any time, and Borrower shall reimburse Lender for any reasonable out-of-pocket costs and expenses, including reasonable attorney&#8217;s fees and disbursements, incurred directly in conjunction with preparing for the applicable extension.&nbsp; Borrower&#8217;s right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each extension hereunder:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i) no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice, the Second Extension Notice, the Third Extension Notice or the Fourth Extension Notice, as applicable, and (ii) no Event of Default shall have occurred and be continuing on the Stated Maturity Date, the First Extended Maturity Date, the Second Extended Maturity Date and the Third Extended Maturity Date, as applicable;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall (i) obtain and deliver to Lender one or more Replacement Interest Rate Cap Agreements from an Approved Counterparty, in a notional amount equal to the</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Outstanding Principal Balance, which Replacement Interest Rate Cap Agreement(s) shall be (A) effective for the period commencing on the day immediately following the then applicable Maturity Date (prior to giving effect to the applicable Extension Option) and ending on the last day of the Interest Period in which the applicable extended Maturity Date occurs and (B) otherwise on same terms set forth in </FONT><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.6</FONT></U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and (ii) execute and deliver an Acknowledgement with respect to each such Replacement Interest Rate Cap Agreement;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall deliver a Counterparty Opinion with respect to the Replacement Interest Rate Cap Agreement and the related Acknowledgment; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the Stated Maturity Date, the First Extended Maturity Date, the Second Extended Maturity Date or the Third Extended Maturity Date, as applicable, and all reasonable out-of-pocket costs and expenses of Lender, including reasonable out-of-pocket fees and expenses of Lender&#8217;s counsel, in connection with the applicable extension of the Term shall have been paid in full. Neither Lender, nor any other Person, shall have the right to charge an extension fee to Borrower.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have no obligation to extend the Stated Maturity Date hereunder.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.7.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Extension Documentation.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; As soon as practicable following an extension of the Maturity Date pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall, if reasonably requested by Lender, execute and deliver such amendments to the related Loan Documents as may be necessary or appropriate to evidence the extension of the Maturity Date as provided in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">; provided, however, that no failure by Borrower to enter into any such amendments and/or restatements shall affect the rights or obligations of Borrower or Lender with respect to the extension of the Maturity Date.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Spread Maintenance Premium.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise provided herein, upon any repayment or prepayment of the Loan (including in connection with an acceleration of the Loan) made during the Spread Maintenance Period, Borrower shall pay to Lender on the date of such repayment or prepayment (or acceleration of the Loan) the Spread Maintenance Premium applicable thereto.&nbsp; All Spread Maintenance Premium payments hereunder (to the extent payable by Borrower hereunder) shall be deemed to be earned by Lender upon the funding of the Loan.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.9.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Regulatory Change; Taxes.</FONT></U></B></P>

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<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Increased Costs.</FONT></U></B></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If as a result of any Regulatory Change or compliance of Lender therewith, Lender or the company that Controls Lender shall be subject to (i) Special Taxes (other than (A) Indemnified Taxes, which shall be solely covered by </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, (B) Other Taxes, which shall be solely covered by </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.3</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, (C) Connection Income Taxes and (D) Special Taxes described in clauses (b) through (e) of the definition of Excluded Taxes); (ii) any reserve, special deposit or similar requirements relating to any extensions of credit or other assets of, or any deposits with or other liabilities, of Lender or any company that Controls Lender is imposed, modified or deemed applicable; or (iii) any other condition affecting loans to borrowers </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subject to LIBOR-based interest rates is imposed on Lender or any company that Controls Lender and Lender determines that, by reason thereof, the cost to Lender or any company that Controls Lender of making, maintaining or extending the Loan to Borrower is increased, or any amount receivable by Lender or any company that Controls Lender hereunder in respect of any portion of the Loan to Borrower is reduced, in each case by an amount deemed by Lender in good faith to be material (such increases in cost and reductions in amounts receivable being herein called &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Increased Costs</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), then Lender shall provide notice thereof to Borrower and Borrower agrees that it will pay to Lender upon Lender&#8217;s written request such additional amount or amounts as will compensate Lender or any company that Controls Lender for such Increased Costs to the extent Lender determines that such Increased Costs are allocable to the Loan.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Any amount payable by Borrower pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall be paid to Lender within thirty (30) days after Lender&#8217;s delivery to Borrower of a certificate from Lender setting forth the amount due and Lender&#8217;s basis for the determination of such amount, which statement shall be conclusive and binding upon Borrower absent manifest error.&nbsp; Lender shall endeavor to promptly inform Borrower of the occurrence of any of the events referred to in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> which shall result in Borrower being required to make any payments to Lender pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">; provided, however, that the failure of Lender to provide such notice shall not excuse Borrower from its obligations pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> or provide Borrower or any other Person the right to claim any damages or to exercise any other rights or remedies against Lender; and provided, further that the failure on the part of Lender to demand payment from Borrower for any such amount attributable to any particular period shall not constitute a waiver of Lender&#8217;s right to demand payment of such amount for any subsequent or prior period.&nbsp; Notwithstanding anything contained herein to the contrary, Borrower shall not be required to compensate Lender pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> for any Increased Costs actually paid by Lender more than one hundred eighty (180) days prior to the date that Lender notifies Borrower of the change in any applicable Regulatory Change giving rise to such Increased Costs and of Lender&#8217;s intention to claim compensation or reimbursement therefor; provided, however, that the foregoing shall not prohibit Lender from delivering such certificate to Borrower prior to Lender&#8217;s actual payment of such Increased Costs.&nbsp; Notwithstanding anything contained in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> to the contrary, Lender shall not be permitted to make a claim against Borrower under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> unless Lender is making similar claims against other borrowers of Lender to the extent such borrowers are similarly situated as Borrower after consideration of such factors as Lender then reasonably determines to be relevant.&nbsp; Notwithstanding anything contained herein to the contrary, if pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Increased Costs are payable, or will be payable, by Borrower, Borrower may, at its option and upon not less than fifteen (15) days&#8217; prior notice to Lender (which notice shall be delivered to Lender no later than fifteen (15) days after Lender&#8217;s delivery to Borrower of the above-referenced certificate regarding the payment of such Increased Costs), prepay the Loan in whole, together with the amount of any such Increased Costs that have at such time already been incurred by or paid by Lender, any applicable Spread Maintenance Premium (if such prepayment occurs during the Spread Maintenance Period), and all other amounts due and payable under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.4.5</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> in connection with such prepayment.&nbsp; Notwithstanding anything to the contrary herein (including for the avoidance of doubt, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">), no amount shall be payable to a Lender under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> during the period in which the Loan is included in a Securitization.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Special Taxes.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall make all payments hereunder free and clear of and without deduction for Special Taxes, except as required by applicable law.&nbsp; If Borrower </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">shall be required by law to deduct any Special Taxes that are Indemnified Taxes from or in respect of any sum payable hereunder or under any other Loan Document to Lender, the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) Lender receives an amount equal to the sum it would have received had no such deductions for Special Taxes that are Indemnified Taxes been made.&nbsp; Borrower shall make any deductions for Special Taxes required by applicable law and shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.&nbsp; Notwithstanding anything contained herein to the contrary, if pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower is, or will be, required to increase any payment to Lender on account of Indemnified Taxes, Borrower may, at its option and upon not less than fifteen (15) days&#8217; prior notice to Lender (which notice shall be delivered to Lender no later than fifteen (15) days after Lender&#8217;s delivery to Borrower of written notice regarding the increase of payments to Lender on account of Indemnified Taxes), prepay the Loan in whole, together with the amount of any such Indemnified Taxes that have at such time already been incurred by or paid by Lender, any applicable Spread Maintenance Premium (if such prepayment occurs during the Spread Maintenance Period), and all other amounts due and payable under </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.4.5</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> in connection with such prepayment.&nbsp; Notwithstanding anything to the contrary herein (including for the avoidance of doubt, </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.9.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), no amount shall be payable to a Lender under this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> during the period in which the Loan is included in a Securitization.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Taxes.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;Borrower agrees to pay any present or future stamp or documentary taxes or other excise or property taxes, charges, or similar levies which arise from any payment made hereunder, or from the execution, delivery or registration of, or otherwise with respect to, this Agreement, the other Loan Documents, or the Loan, other than such taxes, charges or levies arising solely from any transfer by Lender of the Loan or an interest therein pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article IX</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or arising solely as a result of any Securitization (hereinafter referred to as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Taxes</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; For the avoidance of doubt, Borrower shall pay any mortgage recording taxes owed with respect to the funding of the Loan by Lender on the Closing Date or other similar taxes required to be paid by any Person under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of the Mortgage or any of the Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tax Refund.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; If Lender has actual knowledge it has received or has actual knowledge that it is entitled to receive, a refund, credit or offset in respect of amounts paid by Borrower pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.9.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (whether against U.S. taxes or non-U.S. taxes) which refund, credit or offset in the good faith judgment of Lender is allocable to such payment, it shall promptly notify Borrower of the availability of such refund, credit or offset and shall, within thirty (30) days after the receipt of a request by Borrower, apply for such refund, credit or offset. If Lender receives such a refund, credit or offset, it shall pay Borrower the refund net of any reasonable out-of-pocket expenses of Lender and without interest (other than any interest paid by the relevant taxation authority with respect to such refund, credit or offset). This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.5&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Change of Office.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent that changing the jurisdiction of Lender&#8217;s applicable office would have the effect of minimizing Indemnified Taxes, Other Taxes or </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Increased Costs, Lender shall at the request of Borrower use commercially reasonable efforts to make such a change, provided that same would not otherwise be disadvantageous (as reasonably determined by Lender) or involve any unreimbursed expense to Lender.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.9.6&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Survival.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Each party&#8217;s obligations under this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.9</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall survive any assignment of rights by, or the replacement of , a Lender and the repayment, satisfaction or discharge of all Obligations under any Loan Document.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">III.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>REPRESENTATIONS AND WARRANTIES</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower Representations.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;Borrower represents and warrants to Lender that, except to the extent (if any) disclosed on </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto with reference to a specific subsection of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Organization; Special Purpose.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;Borrower has been duly organized and is validly existing and in good standing with full power and authority to own its assets and conduct its business, and is duly qualified and in good standing in the jurisdiction in which the Property is located, and Borrower has taken all necessary limited liability company action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents by it, and has the power and authority to execute and deliver, and perform its respective obligations, under this Agreement and the other Loan Documents.&nbsp; Borrower complies with the definition of Special Purpose Bankruptcy Remote Entity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Proceedings; Enforceability.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the other Loan Documents have been duly authorized, executed and delivered by Borrower and constitute a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#8217; rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.&nbsp; The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by Borrower or Guarantor including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, and neither Borrower nor Guarantor has asserted any right of rescission, set-off, counterclaim or defense with respect thereto.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No Conflicts.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; The execution and delivery of this Agreement and the other Loan Documents by Borrower and the performance of its Obligations hereunder and thereunder will not conflict with any material provision of any law or regulation to which Borrower is subject, or conflict with, result in a material breach of, or constitute a material default under, any of the terms, conditions or provisions of any of Borrower&#8217;s organizational documents or any material agreement or instrument to which Borrower is a party or by which it is bound, or any order or decree applicable to Borrower, or result in the creation or imposition of any Lien on any of Borrower&#8217;s assets or property (other than pursuant to the Loan Documents).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Litigation.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; There is no action, suit, proceeding or investigation pending or, to Borrower&#8217;s knowledge, threatened against Borrower, Manager or the Property in any court</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">or by or before any other Governmental Authority which, if adversely determined, would reasonably be expected to result in a Material Adverse Effect.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.5&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Agreements.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Borrower is not a party to any agreement or instrument or subject to any restriction which would reasonably be expected to result in, or does result in, a Material Adverse Effect.&nbsp; Borrower is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or the Property is bound, except where such default would not reasonably be expected to result in, and does not result in, a Material Adverse Effect.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.6&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Consents.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; No consent, approval, authorization or order of any court or Governmental Authority is required for the execution, delivery and performance by Borrower of, or compliance by Borrower with, this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby, other than those which have been obtained by Borrower.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.7&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property; Title.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Property and good title to the balance of the Property owned by it, free and clear of all Liens whatsoever except the Liens permitted hereunder (including Permitted Encumbrances).&nbsp; The Mortgage, when properly recorded in the appropriate records (and all appropriate recording costs, taxes and fees (if any) are paid), together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (i) a valid, first priority, perfected Lien on Borrower&#8217;s interest in the Property, subject only to Permitted Encumbrances, and (ii) perfected security interests in and to, and perfected collateral assignments of, all personalty owned by Borrower (including the Leases), all in accordance with the terms thereof, in each case subject only to the Liens permitted hereunder (including the Permitted Encumbrances).&nbsp; There are no mechanics&#8217;, materialman&#8217;s or other similar Liens or claims which have been filed for work, labor or materials affecting the Property which are or may be Liens prior to, or equal priority with, the Lien of the Mortgage, except for such Liens as are permitted hereunder (including the Permitted Encumbrances).&nbsp; None of the Permitted Encumbrances, individually or in the aggregate, materially and adversely affect or interfere with the value, or current or contemplated use or operation, of the Property, or the security intended to be provided by the Mortgage, or the ability of the Property to generate net cash flow sufficient to service the Loan, or Borrower&#8217;s ability to pay its obligations as and when they come due, including its ability to repay the Debt in accordance with the terms of the Loan Documents.&nbsp; </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid under applicable Legal Requirements in connection with the transfer of the Property to Borrower have been paid or are being paid simultaneously herewith.&nbsp; All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including the Mortgage, have been paid or are being paid simultaneously herewith.&nbsp; All Taxes and Other Charges due and owing in respect of the Property have been paid, or an escrow of funds in an amount sufficient to cover such payments has been established hereunder or are insured against by the Title Insurance Policy.</FONT></H4>

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<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Property is comprised of one (1) or more parcels which constitute separate tax lots and do not constitute a portion of any other tax lot not a part of the Property.</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">No Condemnation has been commenced or, to Borrower&#8217;s knowledge, is contemplated with respect to all or any portion of the Property or for the relocation of roadways providing access to the Property.</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">To Borrower&#8217;s knowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments. </FONT></H4>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.8&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ERISA; No Plan Assets.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">As of the date hereof and throughout the Term (i) neither Borrower nor Guarantor is or will be an &#8220;employee benefit plan,&#8221; as defined in Section 3(3) of ERISA, or a &#8220;plan&#8221; within the meaning of Section 4975 of the Code, (ii) none of the assets of Borrower or Guarantor constitute or will constitute &#8220;plan assets&#8221; of one or more such employee benefit plans or plans within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, (iii) neither Borrower nor Guarantor is or will be a &#8220;governmental plan&#8221; within the meaning of Section 3(32) of ERISA, and (iv) transactions by or with Borrower and Guarantor are not and will not be subject to state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Except for obligations with respect to any Multiemployer Plan maintained by any ERISA Affiliate, neither Borrower nor any ERISA Affiliate (i) maintains or contributes to, or is or has, within the past six years, been required to maintain or contribute to, any &#8220;employee benefit plan,&#8221; as defined in Section 3(3) of ERISA, that is subject to Title IV or Section 302 of ERISA or Section 412 of the Code or (ii) has incurred any unsatisfied liability under Title IV or Section 302 of ERISA or Section 412 of the Code or could be subjected to any such liability.&nbsp; </FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.9&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Compliance.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Except as described in the PZR Report or the Property Condition Report, Borrower and the Property (including, but not limited to the Improvements) and the use thereof comply in all respects with all applicable Legal Requirements, including parking, building and zoning and land use laws, ordinances, regulations and codes the noncompliance of which would reasonably be expected to result in, or does result in, a Material Adverse Effect.&nbsp; Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority, the violation of which would reasonably be expected to result in, or does result in, a Material Adverse Effect.&nbsp; Borrower has not committed any act which may give any Governmental Authority the right to cause Borrower to forfeit the Property or any part thereof or any monies paid in performance of Borrower&#8217;s Obligations under any of the Loan Documents or cause the withdrawal of the Property from the Condominium.&nbsp; The Property is used exclusively for office, storage and other appurtenant and related uses.&nbsp; Except as described in the PZR Report, in the event that all or any part of the Improvements are destroyed or damaged, said Improvements can be legally reconstructed to their condition prior to such damage or destruction, and thereafter exist for the same use without violating any zoning or other ordinances applicable thereto and without the necessity of obtaining any variances or special permits.&nbsp; To Borrower&#8217;s knowledge and except as described in the PZR Report or the Property Condition Report, no legal proceedings are pending or threatened with respect to the zoning of </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the Property and neither the zoning nor any other right to use or operate the Property is in any way dependent upon or related to any property other than the Property.&nbsp; All certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits required of Borrower for the legal use, occupancy and operation of the Property for its current use (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Licenses</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), have been obtained and are in full force and effect, except to the extent the failure to have such Licenses would not reasonably be expected to result in, and does not result in, a Material Adverse Effect.&nbsp; To Borrower&#8217;s knowledge, the use being made of the Property is in conformity with the certificate of occupancy issued for the Property and all other restrictions, covenants and conditions affecting the Property, except for such non-compliance that would not reasonably be expected to result in, or does not result in, a Material Adverse Effect.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.10</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Financial Information.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; All financial data, including the statements of cash flow and operations, that have been delivered to Lender in connection with the Loan (i) are true, complete and correct in all material respects, (ii) accurately represent the financial condition of the Property as of the date of such reports in all material respects, and (iii) have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein.&nbsp; Borrower has no contingent liabilities, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower.&nbsp; Since the date of the financial statements, there has been no material adverse change in the financial condition, operations or business of Borrower or the Property from that set forth in said financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.11&nbsp; &nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Easements; Utilities and Public Access.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; To Borrower&#8217;s knowledge, all easements, cross easements, licenses, air rights and rights-of-way or other similar property interests (collectively, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Easements</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), if any, necessary for the utilization of the Improvements for their intended purposes have been obtained and are in full force and effect without default thereunder, except to the extent the failure to obtain such Easements or a default in respect of same would not reasonably be expected to have, and does not have, a Material Adverse Effect.&nbsp; The Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the Property for its intended uses.&nbsp; All public utilities necessary or convenient to the existing use of the Property are located in the public right-of-way abutting the Property or in recorded Easements serving the Property, which Easements are set forth in the Title Insurance Policy.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.12&nbsp; &nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignment of Leases.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Assignment of Leases creates a valid assignment of, or a valid security interest in, Borrower&#8217;s rights under the Leases, subject only to a license granted to Borrower to exercise certain rights and to perform certain obligations of the lessor under the Leases, including the right to operate the Property.&nbsp; Borrower has not assigned the Leases or any portion of the Rents due and payable or to become due and payable thereunder to any Person other than Lender, except for the assignment of leases and rents being terminated as of the Closing Date.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.13</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insurance.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower has obtained and has delivered to Lender certificates of insurance evidencing all of the Policies, with all premiums that are due and payable paid thereunder, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement.&nbsp; Neither Borrower nor, to Borrower&#8217;s knowledge, any other Person, has done, by act or omission, anything which would impair the coverage of any of the Policies.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.14&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Flood Zone.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; None of the Improvements on the Property are located in an area identified by the Federal Emergency Management Agency as a special flood hazard area.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.15&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Physical Condition.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; To Borrower&#8217;s knowledge and except as may be expressly set forth in the Physical Conditions Report:&nbsp; (i) the Property, including all buildings, improvements, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; and (ii) there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would reasonably be expected to materially and adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.16&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Intentionally Omitted.</FONT></U></B></P>

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<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.17&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Leases.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;The Property is not subject to any Leases other than the Leases described on the rent roll certified to Lender on the Closing Date as true, complete and correct in all material respects (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rent Roll</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Borrower is the owner and lessor of landlord&#8217;s interest in the Leases (excluding any subleases or sub-subleasese).&nbsp; No Person has any possessory interest in the Property or right to occupy the same except under and pursuant to the provisions of the Leases.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan, the Leases identified on the Rent Roll are in full force and effect and there are no material defaults thereunder by either party beyond any applicable notice or cure period, and there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder.&nbsp; The copies of the Leases delivered to Lender are true and complete, and there are no oral agreements with respect thereto.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan, no Rent (including security deposits) has been paid more than one (1) month in advance of its due date.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan, to Borrower&#8217;s knowledge, all work to be performed by Borrower under each Lease has been performed as required and has been accepted by the applicable Tenant.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule II</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan, any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to any Tenant under a Lease has already been received by such Tenant.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule II</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan, each Tenant under each Lease have accepted possession of and is in occupancy of all of its respective space demised under its Lease and has commenced the payment of full, unabated rent under its Lease.&nbsp; Borrower has delivered to Lender a true, correct and complete list of all security deposits made by Tenants at the Property which have not been applied (including accrued interest thereon), all of which are held by Borrower in accordance with the terms of the applicable Lease and applicable Legal Requirements.&nbsp; To Borrower&#8217;s knowledge, no Tenant under a Lease is the subject of bankruptcy or reorganization proceedings.&nbsp; Except as set forth on </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto, no Tenant under any Lease (or any sublease) is an Affiliate of Borrower.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan, there are no brokerage fees or commissions due and payable by Borrower in connection with the leasing of space at the Property, except as has been previously disclosed to Lender in writing, and no such fees or commissions will become due and payable in the future in connection with the Leases, including by reason of any extension of such Lease or expansion of the space leased thereunder, except as has previously been disclosed to Lender in writing.&nbsp; Borrower has not sold, transferred, assigned, hypothecated or pledged any Lease or the Rents received therefrom, except for those which are no longer in effect and except to Lender pursuant to the Loan Documents.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan, to Borrower&#8217;s knowledge, no Tenant under any Lease has assigned its Lease or sublet all or any portion of the premises demised thereby and no such Tenant holds its leased premises under assignment or sublease.&nbsp; Except as set forth on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule IV</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto and except as disclosed on the Rent Roll or on the estoppel certificates delivered to Lender in connection with the closing of the Loan and except for the rights of Bloomberg described in Section 40 of the Original Bloomberg Lease in event of a Proposed Competitor Asset Transfer (as defined in the Original Bloomberg Lease) or a Proposed Competitor Equity Transfer (as defined in&nbsp; the Original Bloomberg Lease) , no Tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.18&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tax Filings.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; To the extent required, Borrower has filed (or has obtained effective extensions for filing) all material federal, state, commonwealth, district and local tax returns required to be filed and has paid or made adequate provision for the payment of all material federal, state, commonwealth, district and local taxes, charges and assessments payable by Borrower.&nbsp; Borrower&#8217;s tax returns (if any) properly reflect the income and taxes of Borrower for the periods covered thereby, subject only to reasonable adjustments permitted by the Internal Revenue Service or other applicable tax authority upon audit.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.19&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No Fraudulent Transfer.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Borrower (i) has not entered into the transaction or any Loan Document with the actual intent to hinder, delay, or defraud any creditor, and (ii) received reasonably equivalent value in exchange for its Obligations under the Loan Documents.&nbsp; After giving effect to the Loan, the fair saleable value of Borrower&#8217;s assets exceeds and will, immediately following the making of the Loan, exceed Borrower&#8217;s total liabilities, including subordinated, unliquidated, disputed and contingent liabilities.&nbsp; The fair saleable value of Borrower&#8217;s assets is, and immediately following the making of the Loan, will be, greater than Borrower&#8217;s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured.&nbsp; Borrower&#8217;s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted.&nbsp; Borrower does not intend to, and does not believe that it will, incur Indebtedness and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of the obligations of Borrower).&nbsp; No petition in bankruptcy has been filed by Borrower and Borrower has not ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors.&nbsp; Borrower is not contemplating either the filing of a petition by it under any state or federal bankruptcy or </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">insolvency laws or the liquidation of all or a major portion of Borrower&#8217;s assets or properties, and Borrower has no knowledge of any Person contemplating the filing of any such petition against it.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.20&nbsp; &nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Federal Reserve Regulations.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No part of the proceeds of the Loan will be used by Borrower for the purpose of purchasing or acquiring any &#8220;margin stock&#8221; within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, or for any other purpose, that would violate Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.21&nbsp; &nbsp; &nbsp;</FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Organizational Chart.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; The organizational chart attached as </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule III</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, relating to Borrower and certain Affiliates and other parties, is true, complete and correct on and as of the date hereof (except as otherwise indicated thereon).&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.22&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Organizational Status.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower&#8217;s exact legal name is as set forth in the introductory paragraph to this Agreement.&nbsp; Borrower is a limited liability company, and the jurisdiction in which Borrower is organized is: Delaware.&nbsp; Borrower&#8217;s Tax I.D. number is as follows:&nbsp; 06-1716800.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.23&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bank Holding Company.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Borrower is not&nbsp; a &#8220;bank holding company&#8221; or a direct or indirect subsidiary of a &#8220;bank holding company&#8221; as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.24&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No Casualty.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Improvements have suffered no material casualty or damage which has not been fully repaired and the cost thereof fully paid.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.25&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Purchase Options.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Neither Borrower nor, to Borrower&#8217;s knowledge, any other Person, has granted any purchase option, right of first refusal, right of first offer or other similar right in favor of third parties with respect to the Property. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.26&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FIRPTA.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower is not a &#8220;foreign person&#8221; within the meaning of Sections 1445 or 7701 of the Code.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.27&nbsp;&nbsp;&nbsp; &nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Investment Company Act.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; Borrower is not (i) an &#8220;investment company&#8221; or a company &#8220;controlled&#8221; by an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other United States federal or state law or regulation which purports to restrict or regulate its ability to borrow money.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.28&nbsp;&nbsp;&nbsp; &nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Fiscal Year.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; Each fiscal year of Borrower commences on January 1.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.29&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Other Debt.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Borrower has no Indebtedness, other than Permitted Encumbrances and Permitted Indebtedness.</FONT></P>

<P style="TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.30&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Intentionally Omitted.</FONT></U></B></P>

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<P style="TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.31&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Full and Accurate Disclosure.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No statement of fact made by Borrower in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">therein not misleading, except that the foregoing statement shall be qualified by &#8220;to Borrower&#8217;s knowledge&#8221; to the extent any statements herein are so qualified.&nbsp; There is no material fact presently known to Borrower which has not been disclosed to Lender which would reasonably be expected to result in, or has resulted in, a Material Adverse Effect.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.32&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Representations.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower has delivered to Lender true, correct and complete copies of each of the Condominium Documents, and there are no other agreements, instruments or other documents to which Borrower is a party or by which Borrower may be bound relating to the creation and/or governance of the Condominium.&nbsp; The Condominium Documents are in full force and effect. </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Neither Borrower, nor, to Borrower&#8217;s knowledge, any other party to the Condominium Declaration or the Bylaws is in default thereunder, except to the extent that such default would not reasonably be expected to result in, and has not resulted in, a Material Adverse Effect.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All Condominium Charges payable by Borrower through the date immediately preceding the Closing Date have been paid, and to Borrower&#8217;s knowledge, the Condominium Board has not levied any special assessments that are due and payable on or after the date hereof.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Mortgage is a &#8220;Permitted Mortgage&#8221; and Lender is a &#8220;Permitted Mortgagee&#8221; within the meaning of, and for all purposes under, the Condominium Documents, and is entitled to all of the rights and remedies granted to Permitted Mortgagees thereunder.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Condominium Board consists of five (5) members.&nbsp; As of the date hereof, the members of the Condominium Board are as follows: Martin Dresner, Thomas Sanelli, Chris Thompson, Barry Langer and Michael Kim.&nbsp; All of such members (other than Michael Kim and Chris Thompson) were appointed by Borrower and are employees of Guarantor, VRT, VRLP and/or one their respective subsidiaries.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.33&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bloomberg Lease.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; &nbsp; The Upper Option Space (as defined in the Original Bloomberg Lease) is entirely located within the Property.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.1.34&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Illegal Activity.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No portion of the purchase price for the Property has been or will be paid with proceeds of any illegal activity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Survival of Representations.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The representations and warranties set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> and elsewhere in this Agreement and the other Loan Documents shall (i) survive until the Obligations have been paid and performed in full and (ii) be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf.</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">IV.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>BORROWER COVENANTS</FONT></U></B></H1>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Until the end of the Term, Borrower hereby covenants and agrees with Lender that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Payment and Performance of Obligations.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower shall pay and otherwise perform the Obligations in accordance with the terms of this Agreement and the other Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Due on Sale and Encumbrance; Transfers of Interests.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower acknowledges that Lender has examined and relied on the experience of Borrower and its Controlling owners, as applicable, and principals of Borrower in owning and operating properties such as the Property in agreeing to make the Loan, and will continue to rely on Borrower&#8217;s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations.&nbsp; Borrower acknowledges that Lender has a valid interest in maintaining the value of the Property so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a sale of the Property.&nbsp; Therefore, except as permitted in this Agreement or the other Loan Documents, without the prior written consent of Lender, neither Borrower nor any other Person having a direct or indirect ownership or beneficial interest in Borrower shall sell, convey, mortgage, grant, bargain, encumber, pledge, assign or transfer the Property or any part thereof, or any interest, direct or indirect, in Borrower, whether voluntarily or involuntarily (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Transfer</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; A Transfer within the meaning of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall be deemed to include (i) an installment sales agreement wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower for the leasing of all or a substantial part of the Property for any purpose other than the actual occupancy by a space Tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower&#8217;s right, title and interest in and to any Leases or any Rents; (iii) if Borrower or any general partner, managing member or controlling shareholder of Borrower is a corporation, the voluntary or involuntary sale, conveyance or transfer of such corporation&#8217;s stock (or the stock of any corporation directly or indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance of new stock; (iv) if Borrower or any general partner, managing member or controlling shareholder of Borrower is a limited or general partnership, joint venture or limited liability company, the change, removal, resignation or addition of a general partner, managing partner, limited partner, joint venturer or member or the transfer of the partnership interest of any general partner, managing partner or limited partner or the transfer of the interest of any joint venturer or member; and (v) any pledge, hypothecation, assignment, transfer or other encumbrance of any direct or indirect ownership interest in Borrower.&nbsp; Nothing herein shall restrict Borrower from entering into a purchase and sale agreement for the Property in anticipation of a Transfer and Assumption or prepayment that is permitted hereunder or otherwise approved by Lender, provided that in connection with an anticipated Transfer and Assumption, Borrower&#8217;s obligations under such purchase and sale agreement are expressly subject to compliance with the terms and provisions of this Agreement with respect to a Transfer and Assumption.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Liens.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Subject to Borrower&#8217;s contest rights as set forth in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall discharge any Lien on any portion of the Property, except for the Permitted Encumbrances and except as otherwise permitted in this Agreement or the other Loan </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Documents, within sixty (60) days after Borrower receives written notice of the filing of such Lien.&nbsp; Notwithstanding the foregoing, Borrower, at its own expense, may contest by appropriate legal proceeding, conducted in good faith and with due diligence, the amount or validity of any Liens, provided that (i) no Event of Default has occurred and is continuing; (ii) such proceeding shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein will be in reasonable danger of being sold, forfeited, terminated, canceled or lost; (iv) Borrower shall, as required upon final determination thereof, pay the amount of any such Liens, together with all costs, interest and penalties which may be payable in connection therewith; (v) only if collateral is not required to be posted in connection with such proceeding, in the case of Liens in excess of $10,000,000, individually or in the aggregate (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Contest Threshold</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), to insure the payment of such Liens during the term of such contest, Borrower shall deliver to Lender, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, either (A) cash, cash equivalents, a Letter of Credit or a guaranty from a Qualified Guarantor, or other security reasonably acceptable to Lender, in an amount equal to one hundred ten percent (110%) of the contested amount over the Contest Threshold plus any deferred fines thereon, or (B) a payment and performance bond in an amount equal to one hundred percent (100%) of the contested amount from a surety acceptable to Lender in its reasonable discretion, (vi) failure to pay such Liens will not subject Lender to any civil liability (other than fines which Borrower promptly pays in full when due, except to the extent the contest defers such payment) or criminal liability, (vii) such contest shall not materially adversely affect the ownership, use or occupancy of the Property, and (viii) Borrower shall keep Lender informed of the status of such proceedings at reasonable intervals and, if requested by Lender, confirm to Lender the continuing satisfaction of the conditions set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clauses (i)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> through </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(vii)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; After five (5) Business Days&#8217; notice to Borrower, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is finally established by the Governmental Authority authorized to make such determination or the Property (or any part thereof or interest therein) shall be in immediate danger of being sold, forfeited, terminated, cancelled or lost or there shall be any immediate danger of the Lien of the Mortgage being primed by any related Lien.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Special Purpose.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;ithout in any way limiting the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall at all times comply with the requirements set forth in the definition of &#8220;Special Purpose Bankruptcy Remote Entity&#8221;.&nbsp; Borrower shall not (i) directly or indirectly make any change, amendment or modification to any of the &#8220;Special Purpose Provisions&#8221; as defined in and set forth in its organizational documents without the prior written consent of Lender and the receipt of Rating Agency Confirmation, or (ii) otherwise take any action which would result in Borrower not being a Special Purpose Bankruptcy Remote Entity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Existence; Compliance with Legal Requirements.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence and all rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property, except for such failure or noncompliance as would not reasonably be expected to, and does not, result in a Material Adverse Effect.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Taxes and Other Charges.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Subject to Borrower&#8217;s contest rights as set forth in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall pay all Taxes and Other Charges now or hereafter levied, assessed or imposed prior to the date the same shall become delinquent and shall </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">promptly furnish to Lender receipts for the payment of the Taxes and the Other Charges (provided, however, that Borrower need not pay Taxes directly nor furnish such receipts for payment of Taxes to the extent that funds to pay for such Taxes have been deposited into the Tax Account pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">).&nbsp; Notwithstanding the foregoing, Borrower, at its own expense, may contest by appropriate legal proceeding, conducted in good faith and with due diligence, the amount or validity of any Taxes or Other Charges, provided that (i) no Event of Default has occurred and is continuing; (ii) such proceeding shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein will be in reasonable danger of being sold, forfeited, terminated, canceled or lost; (iv) Borrower shall, as required upon final determination thereof, pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding shall suspend the collection of Taxes or Other Charges from the Property; (vi) in the case of Taxes or Other Charges above the Contest Threshold, Borrower shall, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, deposit with Lender cash, cash equivalents, a Letter of Credit or a guaranty from a Qualified Guarantor or other security reasonably acceptable to Lender, in an amount equal to one hundred ten percent (110%) of the contested amount (together with all interest and penalties thereon) over the Contest Threshold plus any deferred fines thereon, to insure the payment of any such Taxes or Other Charges during such contest, (vii) failure to pay such Taxes or Other Charges will not subject Lender to any civil liability (other than fines which Borrower promptly pays in full when due, except to the extent the contest defers such payment) or criminal liability, (viii) such contest shall not materially adversely affect the ownership, use or occupancy of the Property, and (ix) Borrower shall keep Lender informed of the status of such proceedings at reasonable intervals and, if requested by Lender, confirm to Lender the continuing satisfaction of the conditions set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clauses (i)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> through </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(vii)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; After five (5) Business Days&#8217; notice to Borrower, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is finally established by the Governmental Authority authorized to make such determination or the Property (or any part thereof or interest therein) shall be in immediate danger of being sold, forfeited, terminated cancelled or lost or there shall be any immediate danger of the Lien of the Mortgage being primed by any related Lien.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.7. &nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Litigation.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall give prompt notice to Lender of any litigation or governmental proceedings pending or, to Borrower&#8217;s knowledge, threatened against the Property or Borrower which would, if adversely determined, reasonably be expected to result in a Material Adverse Effect.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.8.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Title to the Property.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;&nbsp; Borrower shall warrant and defend (a) its title to the Property and every part thereof, subject only to Permitted Encumbrances and (b) the validity and priority of the Liens of the Mortgage, the Assignment of Leases and this Agreement on the Property, subject only to Permitted Encumbrances and other Liens expressly permitted pursuant to the terms of the Loan Documents, in each case against the claims of all Persons whomsoever.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.9.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Financial Reporting.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.9.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Generally.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall keep and maintain, or will cause to be kept and maintained, on an annual basis, proper and accurate books and records, in accordance with GAAP, reflecting the business and financial affairs of Borrower.&nbsp; Lender shall have the right at </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">reasonable times during normal business hours upon reasonable advance notice to Borrower to examine such books and records at the office of Borrower or other Person maintaining such books and records and to make such copies or extracts thereof as Lender may reasonably request.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.9.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Quarterly Reports.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Not later than forty-five (45) days following the end of each calendar quarter (commencing with the first (1<SUP>st</SUP>) quarter of 2014), Borrower shall deliver to Lender:</FONT></P>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">unaudited financial statements, internally prepared in accordance with GAAP including a balance sheet and statement of operations (and a separate calculation of Gross Income and Operating Expenses) as of the end of such quarter and year-to-date, together with (commencing with the financial statements for the first quarter of 2015) the results for the same periods of the previous year.&nbsp; Such statements for each quarter shall be accompanied by an Officer&#8217;s Certificate certifying to the best of the signer&#8217;s knowledge, (A) that such statements fairly represent the financial condition and results of operations of Borrower in all material respects, (B) that as of the date of such Officer&#8217;s Certificate, no Event of Default exists under this Agreement, the Note or any other Loan Document or, if so, specifying the nature and status of each such Event of Default and the action then being taken by Borrower or proposed to be taken to remedy such Event of Default and (C) that as of the date of each Officer&#8217;s Certificate, no litigation exists involving Borrower or the Property that would reasonably be expected to result in a Material Adverse Effect.&nbsp; Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a rent roll for the Property, dated as of the last month of such calendar quarter, showing the current annualized rent for the Property (as of the date of such rent roll), and the expiration date of each Lease.&nbsp; Such rent roll shall be accompanied by an Officer&#8217;s Certificate certifying to the best of the signer&#8217;s knowledge that such rent roll is true, correct and complete in all material respects as of its date and stating whether Borrower, within the past three (3) months, has issued a notice of default with respect to any Lease which has not been cured and the nature of such default; and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">copies of any Lease, or any Lease renewal, modification, amendment or modification executed during such calendar quarter.</FONT></H5>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.9.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Annual Reports.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not later than one hundred five (105) days after the end of each Fiscal Year of Borrower&#8217;s operations (commencing on the Fiscal Year ending December 31, 2014), Borrower shall deliver to Lender:</FONT></P>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">financial statements for Borrower audited by an Independent Accountant in accordance with GAAP, including a balance sheet as of the end of such Fiscal Year, and a statement of operations for the year ended&nbsp; and figures for the previous Fiscal Year.&nbsp; Such annual financial statements shall be accompanied by an Officer&#8217;s Certificate in the form required pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.2(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">an annual summary of any and all Capital Expenditures made at the </FONT></H5>

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<H5 style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 71.65pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Property during&nbsp; such Fiscal Year; and </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">calculations of Gross Income and Operating Expenses for such Fiscal Year, which calculations shall be accompanied by an Officer&#8217;s Certificate in the form required pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.2(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above. </FONT></H5>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.9.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Other Reports. </FONT></U></B></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall, within ten (10) Business Days after written request by Lender or such longer period as reasonably required to produce the same, furnish or cause to be furnished to Lender and, if applicable, the Rating Agencies in such manner and in such detail as may be reasonably requested by Lender or, if all or part of the Loan is being or has been included in a Securitization, the Rating Agencies, such reasonable additional information as may be reasonably requested with respect to the Property.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall submit to Lender the financial data and financial statements required, and within the time periods, under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clauses (f)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, if and when available.</FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.9.5&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Annual Budget.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp; &nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Prior to the Closing Date, Borrower has provided to Lender, for informational purposes, an Annual Budget for the 2014 Fiscal Year.&nbsp; Provided no Trigger Period has occurred and is continuing, Borrower shall provide to Lender, for informational purposes, no later than thirty (30) days following the end of the prior Fiscal Year (commencing with the Fiscal Year ending December 31, 2014) the Annual Budget for the current Fiscal Year; provided, however, that, if any Trigger Period commences, Borrower shall deliver to Lender an Annual Budget for Lender&#8217;s review and approval (which approval shall not be unreasonably withheld, conditioned or delayed, subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.5(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">) within thirty (30) days of the commencement of such Trigger Period.&nbsp; During the continuance of a Trigger Period, Lender shall have the right to approve each Annual Budget, including extraordinary operating expenses and Capital Expenditures (which approval shall not be unreasonably withheld, conditioned or delayed, subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.5(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">).&nbsp; Annual Budgets delivered to Lender (other than during the continuance of a Trigger Period) or approved by Lender during the continuance of a Trigger Period shall hereinafter be referred to as an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Approved Annual Budget</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, and any such extraordinary operating expenses approved by Lender during any Trigger Period pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.5(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall hereinafter be referred to as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Approved Extraordinary Expenses</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;.&nbsp; During the continuance of a Trigger Period, until such time that any Annual Budget has been approved by Lender, the prior Approved Annual Budget shall apply for all purposes hereunder (with such adjustments as necessary to reflect actual increases in Taxes, Insurance Premiums, utilities expenses and other non-discretionary items).&nbsp; During the continuance of a Trigger Period, subject to the immediately previous sentence, neither Borrower nor Manager shall change or modify the Annual Budget that has been approved by Lender without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed, subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.5(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">).&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary contained in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.5</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, whenever Lender&#8217;s approval or consent is required pursuant to the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9.5</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Lender&#8217;s consent and approval shall be deemed given if:</FONT></H4>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the first correspondence from Borrower to Lender requesting such approval or consent contains a bold-faced, conspicuous legend at the top of the first page thereof stating that &#8220;</FONT><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">FIRST NOTICE:&nbsp; THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY LENDER TO 731 OFFICE ONE LLC.&nbsp; FAILURE TO RESPOND TO THIS REQUEST WITHIN FIVE (5) BUSINESS DAYS MAY RESULT IN THE REQUEST BEING DEEMED GRANTED</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, and is accompanied by such information and documents as Borrower believes in good faith are reasonably required for Lender to adequately evaluate such request and as requested by Lender in writing prior to the expiration of such five (5) Business Day period; and </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Lender fails to respond to or to deny such request for approval or consent in writing within such five (5) Business Day period, a second notice requesting approval is delivered to Lender from Borrower containing a bold-faced, conspicuous legend at the top of the first page thereof stating that &#8220;</FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">SECOND AND FINAL NOTICE</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">:&nbsp; THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY LENDER TO 731 OFFICE ONE LLC.&nbsp; FAILURE TO APPROVE OR DENY THIS REQUEST IN WRITING WITHIN FIVE (5) BUSINESS DAYS WILL RESULT IN YOUR APPROVAL BEING DEEMED GRANTED</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, and is accompanied by such information and documents as Borrower believes in good faith are reasonably required for Lender to adequately evaluate such request and as requested by Lender in writing prior to the expiration of such five (5) Business Day period, and Lender fails to either approve or deny (and, in the case of a denial, stating the grounds therefor in reasonable detail) such request for approval or consent within such second five (5) Business Day period.</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.10.&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Access to Property.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp; Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any part thereof during normal business hours upon reasonable advance notice (which may be given by email or telephonically), subject to the rights of Tenants under Leases and Borrower&#8217;s usual and customary safety requirements and accompanied by a representative of Borrower.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Leases.</FONT></U></B></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.11.1&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Generally.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon reasonable request, Borrower shall furnish Lender with executed copies of all Leases then in effect.</FONT></H4>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.11.2&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Approvals.</FONT></U></B></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Any Major Lease and any renewals, material amendments or material modifications of a Major Lease (other than those which are expressly permitted under such Lease pursuant to a right of the Tenant thereunder not requiring the consent of Borrower) shall be subject to Lender&#8217;s approval (which approval shall not be unreasonably withheld, delayed or conditioned, subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2(d)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">), provided, that no consent of Lender shall be required in connection with any modification or amendment to any Bloomberg Lease for the purpose of extending the term of the Bloomberg Citibank Lease and/or the Bloomberg Metrovest Lease provided that (x) such amendment or modification extends the term of the Bloomberg Citibank Lease and/or Bloomberg Metrovest Lease, as applicable, for a period which </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">expires no later than the expiration of the term of the Original Bloomberg Lease, (y) the rent (on a per square foot basis) payable during such extension period shall be no less than the rent (on a per square foot basis) payable under Bloomberg Citibank Lease and/or Bloomberg Metrovest Lease, as applicable (and if such Lease provided for escalated rent payments over the term of such Lease, then the rent (on a per square foot basis) payable under such Lease following the last escalation of rents), provided that such extension period may contain free rent periods on market terms, and (z) any other material amendments or modifications to the Bloomberg Citibank Lease or the Bloomberg Metrovest Lease (other than amendments and modifications relating to the extension of the term of such Lease or amendments or modifications conforming the terms of the Bloomberg Citibank Lease or the Bloomberg Metrovest Lease to the terms of the Original Bloomberg Lease) shall be subject to Lender&#8217;s approval (which approval shall not be unreasonably withheld, delayed or conditioned, subject to the provisions of Section 4.11.2(d)), it being understood that no extension of the Bloomberg Citibank Lease or the Bloomberg Metrovest Lease expressly permitted in any such Lease pursuant to a right of the Tenant thereunder without the consent of Borrower shall be subject to the approval of Lender hereunder.&nbsp; Any Lease and any renewals, amendments or modifications of a Lease (other than any Major Lease and any renewal, amendment or material modification to a Major Lease) that meets the following requirements may be entered into by Borrower without Lender&#8217;s prior consent: (i) provides for prevailing market-rate terms, (ii) unless a subordination, non-disturbance and attornment agreement is delivered pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, provides that such Lease is subordinate to the Mortgage and that the Tenant thereunder will attorn to Lender and any successor landlord, and (iii) is either (A) written on a form substantially similar to the form of the Original Bloomberg Lease (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Standard Form of Lease</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), with any replacements, modifications or amendments reflecting commercially reasonable changes necessary to account for the then-current state of the market or such alternative form lease as has been reasonably approved by Lender pursuant to the terms of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> (which alternative form may be used by Borrower thereafter without seeking Lender&#8217;s approval therefor if Lender approves in writing its use as a form), subject, in each case, to any commercially reasonable changes made in the course of negotiations with the applicable Tenant or (B) in the case of storage leases, written on a lease with commercially reasonable terms.&nbsp; All other Leases (including Major Leases) and all renewals, material amendments and material modifications thereof executed after the date hereof shall be subject to Lender&#8217;s prior approval (which approval shall not be unreasonably withheld, delayed or conditioned, subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2(d)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">).&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall not permit or consent to any assignment or sublease of any Major Lease that has the effect of releasing the assigning or subletting Tenant from its obligations under the Lease, without Lender&#8217;s prior written approval (other than assignments or subleases expressly permitted under any Major Lease pursuant to a right of the Tenant thereunder not requiring the consent of Borrower).&nbsp; Lender shall enter into, and, if required by applicable law in order to provide constructive notice or if requested by any Tenant, record in the county where the Property is located, a subordination, non-disturbance and attornment agreement, in form and substance substantially similar to the form attached hereto as </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Exhibit F</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> or in form and substance substantially similar to the subordination, non-disturbance and attornment agreement delivered to Lender at the Closing Date (in either case, with such changes to such form as are commercially reasonable and as otherwise reasonably approved by Lender pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Non-Disturbance Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), with any Tenant entering into a New Lease or a modification of a Lease for which Lender&#8217;s prior written consent has been obtained or deemed obtained, or for which Lender&#8217;s prior written consent was not required, within ten (10) </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Business Days after written request therefor by Borrower.&nbsp; All reasonable third party costs and expenses incurred by Lender in connection with the negotiation, preparation, execution, delivery and recordation of any Non-Disturbance Agreement, including, without limitation, reasonable attorneys&#8217; fees and disbursements, shall be paid by Borrower.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall have the right, without the consent or approval of Lender, to terminate or accept a surrender of any Lease so long as such termination or surrender is (i) by reason of a Tenant default beyond any applicable notice and grace periods, or (ii) Borrower is simultaneously replacing such terminated or surrendered Lease with one or more Leases that are either (A) approved or deemed approved by Lender (such approval not to be unreasonably withheld, delayed or conditioned and to be subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2(d)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">) and/or (B) complies in all respects with the requirements forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2(a) </FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">above and Lender&#8217;s approval thereof is not required thereunder; provided, however, in no event shall Borrower terminate or accept a surrender of any Bloomberg Lease without the prior written approval (or deemed approval) of Lender, not to be unreasonably withheld or delayed.&nbsp; Except as expressly set forth in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2(c)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Borrower shall not have the right to terminate any Lease without the express written consent of the Lender.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary contained in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, whenever Lender&#8217;s approval or consent is required pursuant to the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Lender&#8217;s consent and approval shall be deemed given if:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the first correspondence from Borrower to Lender requesting such approval or consent contains a bold-faced, conspicuous legend at the top of the first page thereof stating that &#8220;</FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">FIRST NOTICE</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">:&nbsp; THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY LENDER TO 731 OFFICE ONE LLC.&nbsp; FAILURE TO RESPOND TO THIS REQUEST WITHIN FIVE (5) BUSINESS DAYS MAY RESULT IN THE REQUEST BEING DEEMED GRANTED</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, and is accompanied by such information and documents as Borrower believes in good faith are reasonably required for Lender to adequately evaluate such request and as requested by Lender in writing prior to the expiration of such five (5) Business Day period; and </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Lender fails to respond to or to deny such request for approval or consent in writing within such five (5) Business Day period, a second notice requesting approval is delivered to Lender from Borrower containing a bold-faced, conspicuous&nbsp; legend at the top of the first page thereof stating that &#8220;</FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">SECOND AND FINAL NOTICE</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">:&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY LENDER TO 731 OFFICE ONE LLC.&nbsp; FAILURE TO APPROVE OR DENY THIS REQUEST IN WRITING WITHIN FIVE (5) BUSINESS DAYS WILL RESULT IN YOUR APPROVAL BEING DEEMED GRANTED</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, and is accompanied by such information and documents as Borrower believes in good faith are reasonably required for Lender to adequately evaluate such request and as requested by Lender in writing prior to the expiration of such five (5) Business Day period, and Lender fails to either approve or deny (and, in the case of a denial, stating the grounds therefor in reasonable detail) such request for approval or consent within such second five (5) Business Day period.</FONT></H5>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.11.3&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Covenants.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower (i) shall observe and perform the material obligations imposed upon the lessor under the Leases (subject to commercially reasonable </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">deviations therefrom which would not be reasonably expected to result in a termination of a Lease or have a Material Adverse Effect); (ii) shall enforce the material terms, covenants and conditions contained in the Leases upon the part of the Tenants thereunder to be observed or performed in a commercially reasonable manner; (iii) shall not collect any of the Rents more than one (1) month in advance (other than security deposits); and (iv) shall not execute any assignment of lessor&#8217;s interest in the Leases or the Rents (except as contemplated or permitted by the Loan Documents).&nbsp; Borrower shall promptly notify Lender of any default by Borrower under the Leases that would reasonably be expected to result in a Material Adverse Effect and of which Borrower has actual knowledge.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.11.4&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Security Deposits.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All security deposits of Tenants, whether held in cash or any other form, shall be held in compliance with all Legal Requirements and shall not be commingled with any other funds of Borrower to the extent required by applicable law.&nbsp; Upon the foreclosure of the Lien of the Mortgage, Borrower shall, in accordance with applicable Legal Requirements, cause all cash security deposits (and any interest theretofore earned thereon) to be transferred to the transferee of the Property following the foreclosure sale or, in the case of a letter of credit, cause physical possession thereof to be delivered to such transferee.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.12.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Repairs; Maintenance and Compliance; Alterations. </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.12.1&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Repairs; Maintenance and Compliance.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower shall at all times&nbsp; cause the Property to be maintained in a good and safe condition and repair (in accordance with reasonable market practice for properties of similar type and size), subject to ordinary wear and tear, and shall not remove, demolish or alter the Improvements or Equipment (except for alterations performed in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.12.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> below and as permitted in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">).&nbsp; Borrower shall comply with all Legal Requirements and cure properly any violation of a Legal Requirement to the extent that such noncompliance or violation as would reasonably be expected to result in, or does result in, a Material Adverse Effect.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.12.2&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alterations.</FONT></U></B></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall not, without Lender&#8217;s consent (such consent not to be unreasonably withheld, conditioned or delayed), perform alterations to the Improvements and Equipment which constitute a Material Alteration or would reasonably be expected to result in a Material Adverse Effect.&nbsp; At any time the outstanding costs of all alterations then being performed at the Property exceeds the Alteration Threshold, Borrower shall deliver to Lender security for payment of the cost of such alterations in excess of the Alteration Threshold, as additional security for Borrower&#8217;s Obligations under the Loan Documents, which security may be any of the following: (i) cash or cash equivalents, (ii) subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, a Letter of Credit, (iii) subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, an Alteration Deficiency Guaranty or (iv) such other security as may be reasonably approved by Lender (subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.12.2(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">).&nbsp; Such security shall be in an amount equal to the excess of the total unpaid amounts incurred and to be incurred in order to complete such alterations to the Improvements (other than such amounts to be paid or reimbursed by Tenants under the Leases) over the Alteration Threshold (the amount of such excess, an &#8220;</FONT><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Alteration Deficiency</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) and Lender may apply such security from time to time at the option of Lender to pay for such alterations if any unpaid amounts are required to be paid pursuant to the Loan Documents and Borrower has not made the applicable payments (subject to Borrower&#8217;s right to contest such payments in good faith).&nbsp; Borrower shall be entitled to a reduction or </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">release, as the case may be, of such security being held by Lender from time to time (but not more than once per calendar month) as the unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements are reduced due to partial completion.&nbsp; Upon substantial completion of any Material Alteration, Borrower shall provide a certificate of substantial completion in form and substance reasonably acceptable to Lender or other evidence reasonably satisfactory to Lender that (i) the Material Alteration was constructed in accordance with applicable Legal Requirements, (ii) all contractors, subcontractors, materialmen and professionals who provided work, materials or services in connection with the Material Alteration have been paid in full and have delivered unconditional releases of liens (or such liens have otherwise been&nbsp; fully bonded over to the reasonable satisfaction of Lender or fully insured by the title company issuing the Title Insurance Policy), and (iii) all material licenses and permits necessary for the use, operation and occupancy of the Material Alteration (other than those which depend on the performance of Tenant improvement work) have been issued.&nbsp; If Borrower has provided cash security, as provided above, such cash shall be released by Lender to fund such Material Alterations, and if Borrower has provided non-cash security, as provided above, Lender shall, on a ratable basis as the Material Alterations are completed and in full upon substantial completion, release and return such security (or in the case of an Alteration Deficiency Guaranty, terminate such Alteration Deficiency Guaranty), provided that the amount of such security held by Lender shall at no time be less than the then remaining Alteration Deficiency, as the same may be reduced due to partial completion.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary contained in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.12.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, whenever Lender&#8217;s approval or consent is required pursuant to the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.12.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Lender&#8217;s consent shall be deemed given if:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the first correspondence from Borrower to Lender requesting such approval or consent contains a bold-faced, conspicuous legend at the top of the first page thereof stating that &#8220;</FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">FIRST NOTICE</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">:&nbsp; THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY LENDER TO 731 OFFICE ONE LLC.&nbsp; FAILURE TO RESPOND TO THIS REQUEST WITHIN FIVE (5) BUSINESS DAYS MAY RESULT IN THE REQUEST BEING DEEMED GRANTED</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, and is accompanied by such information and documents as Borrower believes in good faith are reasonably required for Lender to adequately evaluate such request and as requested by Lender in writing prior to the expiration of such five (5) Business Day period; and </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Lender fails to respond to or to deny such request for approval or consent in writing within such five (5) Business Day period, a second notice requesting approval is delivered to Lender from Borrower containing a bold-faced, conspicuous legend at the top of the first page thereof stating that &#8220;</FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">SECOND AND FINAL NOTICE</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">:&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY LENDER 731 OFFICE ONE LLC.&nbsp; FAILURE TO APPROVE OR DENY THIS REQUEST IN WRITING WITHIN FIVE (5) BUSINESS DAYS WILL RESULT IN YOUR APPROVAL BEING DEEMED GIVEN</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, and is accompanied by such information and documents as Borrower believes in good faith are reasonably required for Lender to adequately evaluate such request and as requested by Lender in writing prior to the expiration of such five (5) Business Day period, Lender fails to approve or deny (and, in the case of a denial, stating the grounds therefor in reasonable detail) such request for approval or consent within such second five (5) Business Day period.</FONT></H5>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.13.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insolvency Opinion.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Borrower shall conduct its business so that the assumptions made with respect to Borrower in the Insolvency Opinion shall be true and correct in all material respects. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.14.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property Management.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.14.1</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Management Agreement/Leasing Agreement.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Borrower shall (i) promptly perform and/or observe all of the material covenants and agreements required to be performed and observed by it under the Management Agreements and the Leasing Agreement, except where the same would not reasonably be expected to have a Material Adverse Effect; (ii) promptly notify Lender of any &#8220;event of default&#8221; under any Management Agreement and the Leasing Agreement of which it is aware, except where the same would not reasonably be expected to have a Material Adverse Effect; and (iii) enforce in a commercially reasonable manner the performance and observance of the material covenants and agreements required to be performed and/or observed by the Manager under the Management Agreements and the Leasing Agreement, except where the same is would not reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.14.2&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prohibition Against Termination or Modification.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall not (i) surrender, terminate or cancel (unless being replaced with a Qualified Manager and a new Management Agreement) or modify in any material respect, renew or extend (unless the renewal or extension is on substantially the same terms as the previous Management Agreement) any Management Agreement, (ii) surrender, terminate or cancel (unless being replaced with a Qualified Manager and a new Leasing Agreement) or materially modify, renew or extend (unless the renewal or extension is on substantially the same terms as the previous Leasing Agreement) the Leasing Agreement, (iii) enter into any other agreement relating to the management or operation of the Property with Manager, Leasing Agent or any other Person (other than the Management Agreements or the Leasing Agreement or pursuant to the express terms of the Management Agreement and the Leasing Agreement), provided, that (a) Manager may sub-contract to a Qualified Manager the management responsibilities of Manager under a Management Agreement pursuant to a sub-management agreement, provided, that (1) the fees and charges payable under any such sub-management agreement do not exceed the management fees and charges payable to Manager under such Management Agreement and are the sole obligation of Manager, (2) any sub-management agreement terminates in the event of a termination of the Management Agreement, and (3) Borrower shall have no obligations or liabilities under any such sub-management agreement and (b) Leasing Agent may sub-contract to a Qualified Manager the management responsibilities of Leasing Agent under a Leasing Agreement pursuant to a sub-leasing agreement, provided, that (1) the fees, charges and commissions payable under any such sub-leasing agreement do not exceed the fees, charges and commissions payable to the Leasing Agent under such Leasing Agreement and are the sole obligation of the Leasing Agent, (2) any sub-leasing agreement terminates in the event of a termination of the Leasing Agreement, and (3) Borrower shall have no obligations or liabilities under any such sub-leasing agreement, (iv) consent to the assignment by the Manager of its interest under any Management Agreement or by Leasing Agent of its interest under any Leasing Agreement other than, in each case, to a Qualified Manager, or (v) waive or release any of its rights and remedies under any Management Agreement or the Leasing Agreement, except where the same is would not reasonably be expected to have a Material Adverse Effect, in each case without the express consent of Lender, which consent shall not be unreasonably withheld, </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">conditioned or delayed; provided, however, for the appointment by Borrower of a new property manager or leasing agent (other than a Qualified Manager) such consent may also, if all or part of the Loan is being or has been included in a Securitization, be conditioned upon Borrower delivering a Rating Agency Confirmation from each applicable Rating Agency as to such new property manager and its management agreement.&nbsp; Notwithstanding the foregoing, however, provided no Event of Default is continuing, neither the approval of Lender nor a Rating Agency Confirmation shall be required with respect to the appointment of a Qualified Manager.&nbsp; If at any time Lender consents to the appointment of (x) a new property manager or a Qualified Manager is appointed, such new property manager (including a Qualified Manager) and Borrower shall execute (i) a management agreement in form and substance substantially similar to the form and substance of the Management Agreements in effect on the Closing Date or as otherwise reasonably acceptable to Lender, and (ii) a subordination of management agreement in a form substantially similar to the Assignment of Management Agreement entered into on the Closing Date or such other form as is reasonably acceptable to Lender or (y) a new leasing agent, such new leasing agent (including a Qualified Manager) and Borrower shall execute (i) a leasing agreement in, if such new leasing agent is an Affiliate of Borrower, form and substance substantially similar to the form and substance of the Leasing Agreement in effect on the Closing Date or as otherwise on customary market terms, and (ii) an assignment of leasing agreement in, if such new leasing agent is an Affiliate of Borrower, a form substantially similar to the Assignment of Leasing Agreement entered into on the Closing Date or otherwise such other form as is reasonably acceptable to Lender.&nbsp; The management fee payable to Manager under the Management Agreements shall be subordinate to the Mortgage and the other Loan Documents and to all payments then due and payable under the Loan Documents (including, without limitation, all payments of Debt Service and all required deposits of Reserve Funds) and shall not exceed at any time during the term of the Loan two percent (2.0%) of Operating Income on an annual basis in the aggregate.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.14.3&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Replacement of Manager.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Lender shall have the right to require Borrower to replace the Manager with (x) an Unaffiliated Qualified Manager (or another Affiliate of the Interstate Parties, VRLP or VRT in the case of clause (ii) below) selected by Borrower or (y) another property manager chosen by Borrower and reasonably approved by Lender (provided, that such approval may, if all or part of the Loan is being or has been included in a Securitization, be conditioned upon Borrower delivering a Rating Agency Confirmation as to such new property manager and management agreement) under any of the following circumstances: (i) at any time following the occurrence of an Event of Default and an acceleration of the Loan, (ii)&nbsp; if the Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, or (iii) if at any time the Manager has engaged in gross negligence, fraud, willful misconduct or misappropriation of funds unless Lender receives evidence reasonably acceptable to Lender that the person or persons responsible for such acts or omissions have been permanently removed from working on matters related to the Property and Manager has paid to Lender any out-of-pocket losses actually incurred by Lender as a direct result of such acts or omissions; provided, however, that prior to Borrower&#8217;s becoming so obligated under clause (ii) above, Borrower shall have ten (10) Business Days, from and after the date of such request, within which to provide evidence reasonably satisfactory to Lender that Manager is no longer insolvent or such proceeding has been dismissed, as applicable, in which case Borrower shall not become so obligated.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.14.4&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Termination of Leasing Agreement.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender shall have the right to require Borrower to replace the Leasing Agent with (x) an Unaffiliated Qualified Manager (or another Affiliate of the Interstate Parties, VRLP or VRT in the case of clause (ii) below) selected by Borrower or (y) another leasing agent chosen by Borrower and reasonably approved by Lender (provided, that such approval may, if all or part of the Loan is being or has been included in a Securitization, be conditioned upon Borrower delivering a Rating Agency Confirmation as to such new leasing agent and leasing agreement) under any of the following circumstances: (i) at any time following the occurrence of an Event of Default and an acceleration of the Loan, (ii)&nbsp; if the Leasing Agent shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, or (iii) if at any time the Leasing Agent has engaged in gross negligence, fraud, willful misconduct or misappropriation of funds unless Lender receives evidence reasonably acceptable to Lender that the person or persons responsible for such acts or omissions have been permanently removed from working on matters related to the Property and the Leasing Agent has paid to Lender any out-of-pocket losses actually incurred by Lender as a direct result of such acts or omissions; provided, however, that prior to Borrower&#8217;s becoming so obligated under clause (ii) above, Borrower shall have ten (10) Business Days, from and after the date of such request, within which to provide evidence reasonably satisfactory to Lender that the Leasing Agent is no longer insolvent or such proceeding has been dismissed, as applicable, in which case Borrower shall not become so obligated.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.15.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Performance by Borrower.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and provision of each Loan Document required to be performed, observed or fulfilled by Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.16.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Licenses.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall keep and maintain all Licenses necessary for the operation of the Property as an office and storage property, to the extent the failure to do so would reasonably be expected to or does result in a Material Adverse Effect.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.17.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Further Assurances.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall, at Borrower&#8217;s sole cost and expense:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">cure any defects in the execution and delivery of the Loan Documents and execute and deliver, or cause to be executed and delivered, to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary to correct the Loan Documents (without in any way increasing the obligations of Borrower (other than to a de minimis extent) or reducing Borrower&#8217;s rights under the Loan Documents (other than to a de minimis extent)), to evidence, preserve and/or protect the collateral at any time securing or intended to secure the Obligations, as Lender may reasonably require; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">do and execute all and such further lawful and reasonable acts, conveyances and assurances necessary to carry out the intents and purposes of this Agreement and the other Loan Documents, as Lender may reasonably require from time to time, provided that in no event shall Borrower be required to do or execute any act, conveyance or assurance that impose greater obligations or liabilities on Borrower (other than to a de minimis extent) or reduce Borrower&#8217;s rights under the Loan Documents&nbsp; from those otherwise provided for therein (other than to a de minimis extent).</FONT></H4>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.18.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Estoppel Statement.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">After written request by Lender, Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified, stating (i) the Outstanding Principal Balance of the Note, (ii) the Interest Rate, (iii) the date installments of interest and/or principal were last paid, (iv) any offsets or defenses to the payment and performance of the Obligations, if any, and (v) that this Agreement and the other Loan Documents have not been modified or if modified, giving particulars of such modification.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall use commercially reasonable efforts to deliver to Lender, within thirty (30) days following Lender&#8217;s written request, an estoppel certificate from each Tenant under any Lease in the form required pursuant to its Lease or otherwise in form and substance reasonably satisfactory to Lender; provided, that Borrower shall not be required to deliver such certificates more frequently than one (1) time in any six (6) month period.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall use commercially reasonable efforts to deliver to Lender, within thirty (30) days following Lender&#8217;s written request, an estoppel certificate from the Condominium Board in the form required pursuant to the Condominium Declaration or otherwise in form and substance reasonably satisfactory to Lender; provided, that Borrower shall not be required to deliver such certificate more than one (1) time in any six (6) month period.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.19.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Notice of Default.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall promptly advise Lender of the occurrence of any Default or Event of Default of which Borrower has knowledge.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.20.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cooperate in Legal Proceedings.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall cooperate in a commercially reasonable manner with Lender with respect to any proceedings before any court, board or other Governmental Authority which would, if adversely determined, reasonably be expected to have a Material Adverse Effect and, in connection therewith, permit Lender, at its election, to participate in any such proceedings (other than those proceedings in which Borrower and any Lender are adverse parties).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.21.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indebtedness.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower shall not directly or indirectly create, incur or assume any Indebtedness other than (i) the Debt and the other Obligations and liabilities specifically provided for in the Loan Documents, (ii) unsecured trade payables incurred in the ordinary course of business relating to the ownership and operation of the Property, which in the case of such unsecured trade payables (A) are not evidenced by a note, (B) do not exceed, at any time, a maximum aggregate amount of four percent (4%) of the Loan Amount and (C) are paid within sixty (60) days of the date billed, (iii) accrued tenant improvement costs and leasing commissions due pursuant to the terms of any Lease approved or deemed approved hereunder, and (iv) amounts due under equipment leases, so long as such amounts, together the amounts due under clause (ii) do not exceed four percent (4%) of the Loan Amount (collectively, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Permitted Indebtedness</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; For avoidance of doubt, and without limiting any other provisions of this Agreement, the immediately preceding sentence shall not restrict the creation, incurrence or assumption of any Indebtedness by any Person owning any direct or indirect interest in Borrower.&nbsp; Nothing contained herein shall be deemed to require Borrower to pay any amount, so long as Borrower is in good faith, and by proper legal proceedings, diligently contesting the validity, amount or application thereof, provided that in each case, at the time of the commencement of any such action or proceeding, and during the pendency of such action or proceeding (1) no Event of Default shall exist and be continuing, (2) adequate reserves with respect thereto are maintained on the books of Borrower in accordance with GAAP, and (3) such contest operates to suspend collection or enforcement, as the case may be, of the contested </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">amount and such contest is maintained and prosecuted continuously and with diligence.&nbsp; Notwithstanding anything set forth herein, in no event shall Borrower be permitted under this provision to enter into a note (other than the Note and the other Loan Documents) or other instrument for borrowed money.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.22.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Business and Operations.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower will continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property.&nbsp; Borrower will qualify to do business and will remain in good standing under the laws of the state in which the real property comprising the Property is located and to the extent the same are required for the ownership, maintenance, management and operation of the Property.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.23.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Dissolution.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower shall not (i) cause, permit or suffer the taking of any action, or omitting to take any action, which results in Borrower being dissolved, wound up or liquidated in whole or in part, in each case without obtaining the prior consent of Lender or (ii) dissolve, wind up, liquidate or merge with any other Person, in each case without obtaining the prior consent of Lender.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.24.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Debt Cancellation.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall not cancel or otherwise forgive or release any material claim or debt (other than the termination of Leases in accordance herewith and the settlement of claims against Tenants and/or service providers in connection with such Persons&#8217; defaults) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower&#8217;s business.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.25.&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Affiliate Transactions.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower shall not enter into, or be a party to, any transaction with a Borrower Affiliate or any of the partners, members or shareholders, as applicable, of Borrower except in the ordinary course of business upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arm&#8217;s-length basis with third parties other than such affiliated party.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.26.&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No Joint Assessment.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall not suffer, permit or initiate the joint assessment of the portion of the Property which constitutes real property (i) with any other real property constituting a tax lot separate from the Property or (ii) with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to the portion of the Property which constitutes real property.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.27.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Covenants.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall (i) perform all of its obligations under the Condominium Documents, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect and (ii) subject to its right to contest, if any, under the Condominium Documents, pay, when due and payable, all Condominium Charges.&nbsp; </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If Borrower shall default in the performance or observance of any term, covenant or condition of any of the Condominium Documents on the part of Borrower to be performed or observed and the same would reasonably be expected to have a Material Adverse Effect, then, after the expiration of any applicable notice and cure periods provided for herein and without limiting the generality of the other provisions of the Mortgage and this Agreement </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">and without waiving or releasing Borrower from any of its obligations hereunder, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions of the Condominium Documents on the part of Borrower, to be performed or observed or to be promptly performed or observed on behalf of Borrower.&nbsp; Lender and any person designated as Lender&#8217;s agent by Lender shall have, and are hereby granted, the right to enter upon the Property at any reasonable time, upon reasonable notice and from time to time for the purpose of taking any such action, and any such amounts so paid by Lender, and the reasonable out-of-pocket cost of such actions by Lender, shall be reimbursed by Borrower within five (5) Business Days of written notice to Borrower from Lender and if not so reimbursed shall be added to the Debt and shall bear interest at the Default Rate until reimbursed.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Without Lender&#8217;s prior consent (which shall not be unreasonably withheld, conditioned or delayed), Borrower shall not vote at any meeting of owners of Units or permit its representatives on the Condominium Board to vote, or take any action whatsoever, respecting (i) any material modification, change, supplement, alteration or amendment to any of the Condominium Documents, (ii) the removal of a Unit from the Condominium, (iii) any partition of all or a part of the property subject to the Condominium Declaration, (iv) any waiver or release of any material rights of Borrower under the Condominium Documents or any material increase in the obligations of Borrower thereunder, (v) any adverse change in the nature of or decrease in the amount of any insurance covering all or a part of the Property and/or the Common Elements and the disposition of any proceeds thereof which would cause a violation of this Agreement or the other Loan Documents, including, without limitation, resulting in any failure to satisfy any of the requirements set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof, (vi) the disposition of any excess insurance or Condemnation proceeds, (vii) a response to or action upon any Casualty, Condemnation, Material Alteration or any other matter which requires Lender&#8217;s approval hereunder or the other Loan Documents or is, in each case, prohibited hereunder or the other Loan Documents unless Borrower satisfies the relevant conditions under the Loan Documents applicable to the matter for which Lender&#8217;s approval is required hereunder or the other Loan Documents, or (viii) the assessment or levy of any special assessment.&nbsp; </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall not take (or cause to be taken) any action under the Condominium Documents that would be reasonably expected to result in the Mortgage not being &#8220;Permitted Mortgage&#8221; and/or Lender not being a &#8220;Permitted Mortgagee&#8221; of the Property within the meaning of the Condominium Declaration.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Subject to and in accordance with the terms and conditions of the Condominium Proxy, Borrower has appointed Lender as Borrower&#8217;s true and lawful attorney and proxy to vote, consent and otherwise act, on behalf of Borrower under the Condominium Documents, as a unit owner with respect to Borrower&#8217;s ownership of the Units, at all annual, special, and other meetings of the unit owners of the Condominium (or by written consent in lieu thereof) and at any other time Borrower is required to vote, consent or act as a unit owner, including without limitation, the right to designate, remove, or replace the members and officers of the Condominium Board that Borrower is entitled to designate, remove or replace.&nbsp; Prior to the occurrence of an Event of Default, Lender&#8217;s rights under the Condominium Proxy shall only be exercised in connection with (i)&nbsp;any amendment or modification to a material term or provision of the Condominium Documents which would reasonably be expected to have a Material Adverse Effect, (ii)&nbsp;any casualty and/or condemnation at the Property (including, </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">without limitation, pursuant to Section&nbsp;6.3.4 of the Bylaws and/or (iii)&nbsp;any vote to withdraw the Property from the provisions of the Condominium Act of the State of New York or any termination of the Condominium Documents.&nbsp; Borrower shall not revoke any Condominium Proxy so long as the Loan is outstanding.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower, for and on behalf of itself and its direct and indirect successors and assigns as the owner of the Units which comprise the Property (i) irrevocably waives, to the extent permitted by law, any applicable law which grants to the trustees, members or managers of the Condominium Board and/or the owners of the condominium units rights to Net Proceeds derived from the Condominium Unit(s) owned by Borrower in the event of a Casualty or a Condemnation which are inconsistent with the provisions of this Agreement and (ii) expressly agrees to the application of the Net Proceeds related to the Condominium Unit(s) owned by Borrower in accordance with the provisions of this Agreement.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">On the Closing Date, Borrower shall (or shall cause each member of the Condominium Board appointed by Borrower to) execute and deliver to Lender an undated conditional resignation (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Conditional Resignation</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), whereby Borrower (or the members of the Condominium Board appointed by Borrower) tenders its resignations from the Condominium Board and instructs the Condominium Board that the successor members shall be designated by Lender, effective upon written notice from Lender to the Condominium Board that an Event of Default has occurred and is continuing; it being understood and agreed that such notice from the Lender shall be conclusive evidence that an Event of Default has occurred and is continuing and the Condominium Board may rely on such notice from Lender without any further inquiry or investigation.&nbsp; Upon the occurrence of an Event of Default, Lender may, by notice to Borrower, tender any Conditional Resignation, now or hereafter delivered in connection with the Loan to the Condominium Board, whereupon the resignation of any such member shall become effective and successor members to the Condominium Board shall be designated by Lender for so long as an Event of Default is continuing, provided that upon the waiver or cure which is accepted by Lender of the Event of Default, the members of the Condominium Board appointed by Lender shall immediately resign from the Condominium Board and the members of the Condominium Board appointed by Borrower shall be reinstated. Upon the release of any Condominium Unit from the Lien of the Mortgage, Lender shall promptly return any Conditional Resignation with respect to any Condominium Board member applicable to such Condominium Unit to Borrower and any such member appointed by Lender shall immediately resign from the Condominium Board.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event of any removal or resignation of a member of the Condominium Board appointed by Borrower, Borrower shall promptly appoint a successor member to the Condominium Board who is either (i) approved in writing by Lender (such approval not to be unreasonably withheld, conditioned or delayed) or (ii) a Person employed or Controlled by Guarantor, VRT, VRLP or any of their respective subsidiaries, and concurrently with such successor&#8217;s appointment to the Condominium Board, Borrower shall deliver to Lender a Conditional Resignation executed by such successor member.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower will do all things reasonably necessary to preserve and to keep unimpaired its material rights, powers and privileges under the Condominium Documents and to prevent the termination or expiration of the Condominium Documents, or the withdrawal of the Property from a condominium form of ownership under applicable law, to the end that Borrower may enjoy all of the material rights granted to it as a party to the Condominium Documents.</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(j)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower will:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">promptly notify Lender of the receipt by Borrower of any notice from the Condominium Board or the owner of any other Unit not owned by Borrower, asserting or claiming a default by Borrower under the Condominium Documents or lack of compliance by Borrower with the Condominium Documents, in each case where such assertion or claim, or the alleged default or lack of compliance, would reasonably be expected to result in a Material Adverse Effect;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">promptly notify Lender of the receipt by Borrower of any notice or request from the Condominium Board or the owner of any other Condominium Unit not owned by Borrower of the termination or purported termination of the Condominium Documents or to withdraw the Property from the Condominium pursuant to applicable law or to seek any action for partition; and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">promptly cause a copy of each notice or request described in clauses (i) or (ii) above received by Borrower from the Condominium Board or the owner of any other Unit not owned by Borrower, or from a holder of any mortgage or deed of trust on such other Unit, to be delivered to Lender.&nbsp; Borrower will permit Lender to participate in any such partition or withdrawal proceeding to the extent permitted by law and the Condominium Documents (but Lender shall not be obligated so to do).&nbsp; Borrower will promptly deliver to Lender a copy of each notice, pleading, brief and preliminary, interim and final determination or decision and other papers received by it in each such partition or withdrawal proceeding.</FONT></H5>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.28.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Change of Name, Identity or Structure.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall not change Borrower&#8217;s name or convert from a Delaware limited liability company structure into any other organizational form (including changing to a different jurisdiction other than Delaware) without first obtaining the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned or delayed.&nbsp; Borrower shall execute and deliver to Lender, prior to or contemporaneously with the effective date of any such change, any financing statement or financing statement change reasonably required by Lender to establish or maintain the validity, perfection and priority of the security interest granted herein.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.29.&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Costs and Expenses.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Except as otherwise expressed herein or in any of the other Loan Documents, Borrower shall pay or, if Borrower fails to pay, reimburse Lender upon receipt of notice from Lender, for all reasonable out-of-pocket costs and expenses (including reasonable attorneys&#8217; fees and disbursements) incurred by Lender in accordance with the terms of this Agreement and the other Loan Documents in connection with (i) Lender&#8217;s ongoing performance of and compliance with all agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date (except to the extent expressly set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 10.21(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof); (ii) the negotiation, preparation, execution and delivery of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters, in each case requested by Borrower (including the fees of any Rating Agencies payable in connection therewith); (iii) filing and recording of any Loan Documents in connection with the origination </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">of the Loan; (iv) the creation, perfection or protection of Lender&#8217;s Liens in the Property and the Accounts (including intangibles taxes, personal property taxes, mortgage recording taxes, and costs of environmental reports contemplated in the Loan Documents); (v) during the continuance of an Event of Default and after and for so long as the Loan is specially serviced, inspections and appraisals (whether by or on behalf of Lender and/or Servicer); (vi) enforcing or preserving any rights in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, the Loan Documents, the Property, or any other security given for the Loan; (vii) fees charged by Servicer, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 10.21</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">; (viii) enforcing any Obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to the Property or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a &#8220;work-out&#8221; or of any insolvency or bankruptcy proceedings (but subject, with respect to the servicing fees, to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 10.21</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof); (ix) any losses, costs, damages or expenses (including reasonable attorneys&#8217; fees and court costs) incurred by Lender if an interest in the Property, other than as permitted hereunder, is claimed by another Person (other than any loss, damage or expense which constitutes a diminution in value of the Lender&#8217;s interest in the Loan); and (x) after the occurrence and during the continuance of an Event of Default, any costs incurred by Lender to examine such books, records and accounts as Lender shall determine to be reasonably necessary or appropriate in the protection of Lender&#8217;s interests; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses (A) to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender or any servicer of the Loan, (B) to the extent the same are the costs of the actual Securitization of the Loan, (C) to the extent the same arise by reason of Lender&#8217;s monitoring of Borrower&#8217;s ongoing performance and compliance of its agreements and covenants contained in the Loan Documents, including confirming compliance with the insurance, environmental and financial reporting covenants, (D) any costs incurred by Lender with respect to a claim or adjudication brought by Borrower or Guarantor pursuant to Section 10.12 hereof in which it is finally determined that Lender acted in bad faith or the relief sought by Borrower is granted pursuant to a final judgment and (E) in any other instance herein or in any other Loan Document that provides that the matter in question is to be &#8220;at Lender&#8217;s expense&#8221; or &#8220;at no cost to Borrower&#8221; or words of similar import.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In addition, in connection with any Rating Agency Confirmation, Review Waiver or other Rating Agency consent, approval or review requested by Borrower or required hereunder (other than the initial review of the Loan by the Rating Agencies in connection with a Securitization, and any ongoing monitoring of the Loan in connection with such Securitization), Borrower shall pay all of the reasonable out-of-pocket costs and expenses of Lender and each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by any Rating Agency in connection therewith.&nbsp; </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Any costs and expenses due and payable by Borrower hereunder which are not paid by Borrower within ten (10) Business Days after written demand therefor may be paid from any amounts in the Deposit Account, with notice thereof to Borrower.&nbsp; The obligations and liabilities of Borrower under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.29</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall (i) become part of the Obligations, (ii) be secured by the Loan Documents and (iii) survive the Term and the exercise by Lender of any of its rights or remedies under the Loan Documents, including the acquisition of the Property by foreclosure or a conveyance in lieu of foreclosure.</FONT></H4>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.30.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indemnity.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall indemnify, defend and hold harmless Lender from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs and expenses (including reasonable out-of-pocket attorneys&#8217; fees and expenses but specifically excluding any Lender or Servicer fees), imposed on, incurred by, or asserted against Lender in any manner relating to or arising out of (i) any breach by Borrower of its Obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents (other than any loss, damage or expense which constitutes a diminution in value of the Lender&#8217;s interest in the Loan); (ii) ownership of the Mortgage, the Property or any interest therein, or receipt of any Rents; (iii) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the Property or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (iv) any use, nonuse or condition in or of the Property; (v) performance of any labor or services or the furnishing of any materials or other property in respect of the Property; (vi) any failure of the Property to comply with any Legal Requirement; (vii) any claim by brokers, finders or similar persons claiming to be entitled to a commission in connection with any Lease or other transaction involving the Property or any part thereof, or any liability asserted against Lender with respect thereto (other than any broker or agent retained by or on behalf of Lender in connection with the Loan and other than any claim arising from Lender&#8217;s misrepresentation in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.19</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">); and (viii) the claims of any lessee of any portion of the Property or any Person acting through or under any lessee or otherwise arising under or as a consequence of any Lease (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indemnified Liabilities</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;); provided, however, that Borrower shall not have any obligation to Lender hereunder to the extent that such Indemnified Liabilities (x) arise from the gross negligence, illegal acts, fraud or willful misconduct of Lender, (y) relate to the period subsequent to (1) the acceptance by Lender or its designee of a deed-in-lieu of foreclosure with respect to the Property or (2) the foreclosure of the Mortgage, or (z) from any claims and/or actions by, between or among holders of the Note and/or any servicer hereunder.&nbsp; To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay under applicable law toward the Indemnified Liabilities.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.31.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ERISA.</FONT></U></B></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Neither Borrower nor Guarantor shall engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Throughout the Term, (i) neither Borrower nor Guarantor shall be an &#8220;employee benefit plan,&#8221; as defined in Section 3(3) of ERISA, or a &#8220;plan&#8221; within the meaning of Section 4975 of the Code, (ii) none of the assets of Borrower or Guarantor will constitute &#8220;plan assets&#8221; of one or more such employee benefit plans or plans within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, and (iii) neither Borrower nor Guarantor will be a &#8220;governmental plan&#8221; within the meaning of Section 3(32) of ERISA.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the Term, as requested by Lender in its sole discretion, that one or more of the following circumstances is true with respect to each of </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower and Guarantor:&nbsp; (i) equity interests in Borrower or Guarantor, as applicable, are &#8220;publicly-offered securities,&#8221; within the meaning of 29 C.F.R. &#167;2510.3-101(b)(2); (ii) less than twenty-five percent (25%) of the value of each outstanding class of equity interests in Borrower or Guarantor, as applicable, is held by "benefit plan investors" within the meaning of 29 C.F.R. &#167;2510.3-101(f)(2), as modified by Section 3(42) of ERISA; or (iii) Borrower or Guarantor, as applicable, qualifies as an &#8220;operating company&#8221; or a &#8220;real estate operating company&#8221; within the meaning of 29 C.F.R. &#167;2510.3-101(c) or (e).</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Except for obligations to contribute to any Multiemployer Plan maintained by any ERISA Affiliate, Borrower shall not maintain or contribute to, or agree to maintain or contribute to, or permit any ERISA Affiliate to maintain or contribute to or agree to maintain or contribute to, any &#8220;employee benefit plan,&#8221; as defined in Section 3(3) of ERISA, that is subject to Title IV or Section 302 of ERISA or Section 412 of the Code.&nbsp; During the Term, Borrower shall not, without the Lender&#8217;s prior written consent, permit any ERISA Affiliate to take any action that would cause an ERISA Affiliate to incur &#8220;Withdrawal Liability&#8221; as defined in ERISA.&nbsp; </FONT></H4>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.32.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Patriot Act Compliance.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower will use its good faith and commercially reasonable efforts to comply with the Patriot Act and all applicable requirements of Governmental Authorities having jurisdiction over Borrower and/or the Property, except, with respect to any such requirements other than the Patriot Act and requirements related to anti-money laundering and terrorism, where such failure or noncompliance as would not reasonably be expected to result in a Material Adverse Effect.&nbsp; If required pursuant to the Patriot Act or any other Legal Requirement, Lender shall have the right to audit Borrower&#8217;s compliance with the Patriot Act and all applicable requirements of Governmental Authorities having jurisdiction over Borrower and/or the Property, including those relating to money laundering and terrorism.&nbsp; In the event that Borrower fails to comply with the Patriot Act or any such requirements of Governmental Authorities, then Lender may, at its option, cause Borrower to comply therewith and any and all reasonable out-of-pocket costs and expenses incurred by Lender in connection therewith shall be secured by the Mortgage and the other Loan Documents and shall be immediately due and payable.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Neither Borrower nor any owner of a direct or indirect interest of 5% or greater in Borrower (other than holders of interests in VRLP (other than VRT) and/or VRT) and/or ALX. (i) is listed on any Government Lists, (ii) is a person who has been determined by competent authority to be in violation of the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof, or (iii) has been previously indicted for or convicted for any Patriot Act Offense, in each case, with the result that the Loan made by Lender is in violation of applicable Legal Requirements.&nbsp; For purposes hereof, the term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Patriot Act Offense</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under (A) the criminal laws against terrorism, (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or (E) the Patriot Act, provided that &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Patriot Act Offense</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">For purposes hereof, the term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Government Lists</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; means (1) the Specially Designated Nationals and Blocked Persons Lists maintained by the Office of Foreign Assets Control (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">OFAC</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), (2) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the rules and regulations of OFAC that Lender notified Borrower in writing in advance is now included in &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Government Lists</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, or (3) any similar lists maintained by the United States Department of State, the United States Department of Commerce or any other Governmental Authority or pursuant to any Executive Order of the President of the United States of America that Lender notified Borrower in writing in advance is now included in &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Government Lists</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">At all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (i) none of the funds or other assets of Borrower shall constitute property of, or shall be beneficially owned, directly or, to Borrower&#8217;s knowledge, indirectly, by any Person subject to trade restrictions under United States law, including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. &#167;&#167; 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder, with the result that the investment in Borrower (whether directly or indirectly), would be prohibited by such laws (each, an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Embargoed Person</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), or the Loan made by Lender would be in violation of such laws, (ii) no Embargoed Person shall have any interest of any nature whatsoever in Borrower with the result that the investment in Borrower (whether directly or indirectly) would be prohibited by such laws or the Loan would be in violation of such laws, and (iii) none of the funds of Borrower shall be derived from any unlawful activity with the result that the investment in Borrower (whether directly or indirectly), would be prohibited by law or the Loan would be in violation of law, in all cases of clauses (i), (ii) and (iii), excluding the interests held in VRLP (other than VRT) or in VRT or in ALX and any interests held by a Person holding less than a 5% interest in Borrower.</FONT></H4>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">V.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR></FONT></U></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">INSURANCE, CASUALTY AND CONDEMNATION</FONT></U></B></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section &nbsp;5.1.&nbsp; <STRONG><U>Insurance.</U></STRONG></FONT></H1>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="Times New Roman">5.1.1</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance Policies.</FONT></U></B></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower, at its sole cost and expense, shall obtain and maintain during the entire Term, or cause to be maintained, with respect to the Property and the Condominium Property (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insured Property</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;)&nbsp; insurance policies providing at least the following coverages:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Property insurance against loss or damage by fire, lightning and such other perils as are included in a standard &#8220;special form of loss&#8221; policy, and against loss or damage by all other risks and hazards covered by a standard &#8220;special form of loss&#8221; property insurance policy, with no exclusion for damage or destruction caused by the acts of &#8220;Terrorists&#8221; (as defined by TRIPRA) (or, subject to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> below, standalone coverage with respect thereto) riot and civil commotion, vandalism, malicious mischief, burglary and theft (A) in an amount equal to one hundred percent (100%) of the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Full Replacement Cost</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; of the Insured Property, which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">utilities and footings) with a waiver of depreciation; (B) containing an agreed-amount endorsement with respect to the Improvements and personal property of Borrower or any personal property Borrower is required to insure under a Lease at the Insured Property waiving all co-insurance provisions; and (C) containing an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Ordinance or Law Coverage</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; or &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Enforcement</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; endorsement if any of the Improvements or the use of the Insured Property shall at any time constitute legal non-conforming structures or uses, and compensating for loss of value or property resulting from operation of law and the cost of demolition and the increased cost of construction in amounts as reasonably required by Lender and in a form&nbsp; comparable to that customarily utilized for other property similar to the Insured Property.&nbsp; In addition, Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a federally designated &#8220;special flood hazard area&#8221;, flood hazard insurance in an amount equal to the lesser of (1) $100,000,000 or (2) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, or such greater amount as Lender shall reasonably require (and in a form comparable to that customarily utilized for other property similar to the Insured Property) to the extent the same is commercially available; and (z) earthquake insurance in amounts and in form and substance reasonably satisfactory to Lender (</FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provided&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> that earthquake insurance shall not be required hereunder unless the Insured Property is located in an area with a high degree of seismic activity which is indicated by a Probable Maximum Loss (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">PML</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) of greater than twenty percent (20%)), provided that the insurance pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clauses (y)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(z)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof shall be on terms consistent with the property insurance policy required under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp; &nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">commercial general liability insurance providing coverages against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Insured Property, such insurance (A) to be on the so-called &#8220;occurrence&#8221; form and containing minimum limits per occurrence of $1,000,000.00, with an aggregate limit per policy year, excluding umbrella coverage, of not less than $2,000,000.00; (B) to continue at not less than the aforesaid limit until required to be changed by Lender (in Lender&#8217;s reasonable discretion after consultation with Lender&#8217;s insurance consultant) by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards:&nbsp; (1) premises and operations; (2) products and completed operations on an &#8220;if any&#8221; basis; (3) no exclusion for independent contractors; and (4) contractual liability for all insurable contracts as defined in the standard Insurance Service Office (ISO) policy form to the extent the same is commercially available;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">rental loss and/or business income interruption insurance (A) with dual-party endorsement; (B) covering all risks required to be covered by the insurance provided for in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(h)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> below; and (C) covering a period of restoration of twenty-four (24) months and containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 76.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; such insurance shall be in an amount equal to one hundred percent (100%) of the projected Gross Revenue (excluding Net Proceeds)&nbsp; from the Property for a period of twenty-four (24) months and shall be determined prior to the date hereof and at least once each year thereafter based on Borrower&#8217;s reasonable estimate of the Gross Revenue (excluding Net Proceeds) from the Property for the succeeding twenty-four (24)</FONT><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">month period.&nbsp; All proceeds payable to Lender pursuant to this subsection shall be held by Lender (or in a subaccount of the Deposit Account) and shall be applied to the Obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its Obligations to pay the Debt on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are available to be actually paid out of the proceeds of such business income or commercial rents insurance; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">during any period in which structural construction, structural repairs or structural restorations are being performed with respect to the Improvements, and only if the Property coverage form or Condominium Property coverage form, as applicable, does not otherwise apply, (A) owner&#8217;s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above-mentioned commercial general liability insurance policy; and (B) the insurance provided for in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above written in a so-called builder&#8217;s risk completed-value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above, (3) including permission to occupy the Property or Condominium Property (as applicable), and (4) with an agreed amount endorsement waiving co-insurance provisions;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">worker&#8217;s compensation and employer&#8217;s liability insurance for all employees employed by Borrower with limits required by the statutory limits of the state in which the&nbsp; Insured Property is located in respect of any work or operations on or about the Insured Property or in connection with the Insured Property or its operation (if applicable);</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably acceptable to Lender on terms consistent with the commercial property insurance policy required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">umbrella liability insurance in addition to primary coverage in an amount not less than $200,000,000.00 per occurrence on terms consistent with the commercial general liability insurance policy required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (ii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (viii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> below;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(viii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">motor vehicle liability coverage, if applicable, for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence, including umbrella coverage, with limits which are </FONT></H5>

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<H5 style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">reasonably acceptable to Lender from time to time;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ix)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if not covered under (i) above, windstorm insurance in an amount equal to the Outstanding Principal Balance or such lesser amount as reasonably acceptable to Lender in writing, but in no event greater than the sum of the Full Replacement Cost of the Insured Property and the required business income interruption insurance; and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">at Lender&#8217;s reasonable request, upon ninety (90) days&#8217; written notice, (A) such other insurance with respect to the Insured Property against loss or damage from time to time of the kinds customarily insured in such amounts as are generally required by institutional lenders on loans secured by similar properties as the Insured Property located in or around the region in which the Insured Property is located and (B) such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration changes in liability laws and changes in prudent customs and practices, and otherwise currently being required with respect to properties similar to the Insured Property with mortgage loans similar to the Loan and is commercially available at the time of request. </FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All insurance provided for in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall be obtained under valid and enforceable policies (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Policies</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; or in the singular, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Policy</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) and shall be subject to the reasonable approval of Lender as to form and substance, including amounts, deductibles, loss payees and insureds, subject to the express requirements of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and the other provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, it being agreed by the parties that the Policies covering the Insured Property as of the Closing Date satisfy the requirements contained herein.&nbsp; Not less than three (3) Business Days prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the&nbsp; renewal Policies (and, upon the written request of Lender, copies of such Policies to the extent such Policies have been received and approved by Borrower) accompanied, within thirty (30) days after the respective due dates therefor, by evidence reasonably satisfactory to Lender of payment of the premiums then due thereunder (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance Premiums</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), shall be delivered by Borrower to Lender (provided, however, that Borrower need not pay any Insurance Premiums directly nor furnish such evidence of payment of Insurance Premiums to the extent that funds to pay for such Insurance Premiums have been deposited into the Insurance Account pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">).&nbsp; &nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Any blanket insurance Policy shall provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> (any such blanket policy, an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Acceptable Blanket Policy</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;).&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All Policies of insurance provided for or contemplated by </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall name Borrower as a named insured and, with respect to liability policies, except for the Policy referenced in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 5.1.1(a)(v)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, shall name Lender and its successors and/or assigns as additional insureds, as its interests may appear, and in the case of property damage, boiler and machinery, terrorism, windstorm, flood and earthquake insurance (if any), shall contain a standard non-contributing mortgagee clause (or its equivalent) in favor of Lender providing that the loss thereunder shall be payable to Lender unless below the threshold for Borrower to handle such claim without Lender intervention as provided in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> below.&nbsp; Additionally, if Borrower obtains property insurance coverage in addition to or in excess of that </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">required by </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, then such insurance policies shall also contain a standard non-contributing mortgagee clause (or its reasonable equivalent) in favor of Lender providing that the loss thereunder shall be payable to Lender.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All Policies of insurance provided for in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, except for the Policies referenced in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)(v) and (a)(viii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, shall contain clauses or endorsements to the effect that:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">with respect to the coverages referred in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 5.1(a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)(B)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ix)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and, if applicable </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Policy shall not be canceled without at least thirty (30) days&#8217; written notice to Borrower or any other insured under the Policy (other than in the case of non-payment in which case only ten (10) days prior notice, or the shortest time allowed by applicable Legal Requirement (whichever is longer), will be required) and shall not be materially changed (other than to increase the coverage provided thereby) without such a thirty (30) day notice; provided such notice as to material change may be given either by the insurer or Borrower if such change would result in the coverage provided by such Policy not complying in all respects with the terms and conditions of this Agreement; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder; and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the issuers and/or Borrower thereof shall give notice to Lender if any Policy has not been renewed three (3) Business Days prior to its expiration (provided, that the issuers or Borrower may withdraw such notice if the applicable Policy is renewed prior to its expiration following the date upon which such notice is given to Lender). </FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right, on one (1) Business Days&#8217; written notice to Borrower to take such action as Lender deems reasonably necessary to protect its interest in the Insured Property, including the obtaining of the insurance coverage required hereunder or such comparable insurance coverage as Lender in its sole discretion deems appropriate (but in no event in excess of the insurance required to be maintained pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">), provided that Lender agrees to use commercially reasonable efforts to obtain such insurance pursuant to a cancellable policy, the premiums for which will be refundable for the portion of such policy that is terminated, and all premiums incurred by Lender in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and until paid shall be secured by the Mortgage and shall bear interest at the Default Rate.&nbsp; Lender shall provide prompt written notice to Borrower after obtaining such insurance coverage.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event of foreclosure of the Mortgage or other transfer of title to the Property in extinguishment in whole or in part of the Obligations, all right, title and interest of </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower in and to the Policies that are not blanket Policies then in force concerning the Insured Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The property insurance, general liability insurance and rental loss and/or business interruption insurance required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 5.1.1(a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above shall cover perils of terrorism and acts of terrorism, or, if excluded, Borrower shall maintain property insurance, general liability insurance and rental loss and/or business interruption insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 5.1.1(a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above (subject to the provisions of Section 5.1.1(i)) at all times during the term of the Loan as long as such coverage is commercially available in the area where the Insured Property is located.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(h)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above to the contrary, Borrower shall be required to obtain and maintain coverage in its property insurance Policy (or by a separate Policy) against loss or damage by terrorist acts in an amount equal to one hundred percent (100%) of the &#8220;Full Replacement Cost&#8221; of the Insured Property, plus the rental loss and/or business interruption coverage under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (a)(iii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above; provided that such coverage is commercially available.&nbsp; In the event that such coverage with respect to terrorist acts is not included as part of the property policy required by </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsection (a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above, Borrower shall, nevertheless be required to obtain (or cause to be obtained) coverage for terrorism (as standalone coverage) in an amount equal to one hundred percent (100%) of the &#8220;Full Replacement Cost&#8221; of the Insured Property plus the rental loss and/or business interruption coverage under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clause (a)(iii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above; provided that such coverage is commercially available.&nbsp; Borrower shall obtain the coverage required under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clause (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> from a carrier which otherwise satisfies the rating criteria specified in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> below (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Qualified Carrier</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) or in the event that such coverage is not available from a Qualified Carrier, Borrower shall, to the extent commercially feasible, obtain such coverage from the highest rated insurance company providing such coverage.&nbsp; Notwithstanding the foregoing, with respect to any terrorism coverage included in the property insurance policy or with respect to any such standalone policy covering terrorist acts, Borrower shall not be required to pay any Insurance Premiums solely with respect to such terrorism coverage in excess of the Terrorism Premium Cap (hereinafter defined); provided that if the Insurance Premiums payable with respect to such terrorism coverage exceeds the Terrorism Premium Cap, Lender may, at its option purchase such standalone terrorism Policy, with Borrower paying such portion of the Insurance Premiums with respect thereto equal to the Terrorism Premium Cap and the Lender paying such portion of the Insurance Premiums in excess of the Terrorism Premium Cap (without seeking reimbursement from Borrower).&nbsp; As used herein, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Terrorism Premium Cap</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; means an amount equal to the greater of (A) the product of the rate of $0.10 per $100 times the lesser of (1) the Outstanding Principal Balance and (2) the sum of one hundred percent (100%) of the Full Replacement Cost and the required amount of rental loss and/or business income interruption insurance and (B) two (2) times the amount of annual insurance premium that is payable at such time for the insurance coverage required pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)(iii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of this Agreement (without giving effect to the cost of terrorism coverage, named storm coverage to the extent the Property is located in Tier 1 or Tier 2 zones, or flood and earthquake coverage to the extent the Property is located in high risk zones as respects such perils).&nbsp; To the extent that insurance pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> is maintained pursuant to a blanket policy, if such blanket policy covers more than one property within a one thousand foot radius of the Property (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Radius</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), the limits of any such </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">policy shall be adequate to maintain the coverage set forth in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> for each property within the Radius that is covered by such blanket policy calculated on a total insured value basis, to the extent such coverage is commercially available.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.1.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insurance Company.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All Policies required pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.1.1(a) </FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">shall (i) be issued by companies eligible to do business in the state where the Insured Property is located, with a financial strength and claims paying ability rating of &#8220;A&#8221; or better by S&amp;P</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and, if the Loan is part of a Securitization, the equivalent by any other Rating Agency that rates the Securities and actually provides insurance ratings for such carriers and</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">,&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"> in all circumstances,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> satisfying the Two Agency Rating Test, provided, however for multi-layered policies (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Multi-Layered Policies</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;), (A) if four (4) or fewer insurance companies issue the Policies, then (x) at least seventy-five percent (75%) of the insurance coverage represented by the Policies (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">75% Coverage</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;) must be provided by insurance companies with a claims paying ability rating of &#8220;A&#8221; or better by S&amp;P</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"> (</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">and, if the Loan is part of a Securitization</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the equivalent by any other Rating Agency that rates the Securities and actually provides insurance ratings for such carriers), with no carriers below &#8220;BBB&#8221;&nbsp; by S&amp;P (and, if the Loan is part of a Securitization, the equivalent by any other Rating Agency that rates the Securities and actually provides insurance ratings for such carriers) and</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> (y)</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"> all carriers satisfy</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> the Two Agency Rating Test, or (B) if five (5) or more insurance companies issue the Policies, then (x) at least sixty percent (60%) of the insurance coverage represented by the Policies (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">60% Coverage</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;) must be provided by insurance companies with a claims paying ability rating of &#8220;A&#8221; or better by S&amp;P</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"> (</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">and, if the Loan is part of a Securitization, the equivalent by any other Rating Agency that rates the Securities and actually provides insurance ratings for such carriers) with no carriers below &#8220;BBB&#8221;&nbsp; by S&amp;P (and, if the Loan is part of a Securitization, the equivalent by any other Rating Agency that rates the Securities and actually provides insurance ratings for such carriers) and </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman">(y) all carriers satisfy</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> the Two Agency Rating Test, provided, that with respect to the Policy for umbrella liability insurance, Westchester Fire shall be shall be an acceptable insurance company in its current participation amount and position within the syndicate until the expiration of the current Policy provided such insurance company maintains a rating of &#8220;A2&#8221; or better from Moody&#8217;s and a rating of&nbsp; &#8220;A&#8221; or better from Fitch; (ii) contain such provisions as Lender deems reasonably necessary or desirable to protect its interest including endorsements providing (A) that neither Borrower, Lender nor any other party shall be a co-insurer under said Policies and (B) for a deductible per loss of an amount not more than that which is customarily maintained by prudent owners of properties with a standard of operation and maintenance comparable to and in the general vicinity of the Insured Property; and (iii) contain a waiver of subrogation against Lender.&nbsp; Notwithstanding the foregoing, in the event that the insurance required hereunder is maintained through a Multi-Layered Policy, Borrower shall be permitted to maintain the Policies required hereunder with insurance companies which do not meet the foregoing requirements, including, for the coverage required by Section 5.1.1(i) above, a licensed captive insurance company reasonably acceptable to Lender which is owned by Guarantor (an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Otherwise Rated Insurer</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), provided Borrower obtains a &#8220;cut-through&#8221; endorsement (that is, an endorsement which permits recovery against the provider of such endorsement if the insurer becomes insolvent), and reinsurance in the case of a captive insurance company, in each case reasonably acceptable to Lender with respect to any Otherwise Rated Insurer from an insurance company which meets the claims-paying ability ratings required above or such higher rating (not to exceed A+ by S&amp;P) as may be required by a Rating Agency.&nbsp; Copies of the Policies shall be delivered to Lender at the address below (or to such other address or Person as Lender shall designate from time to time by written notice to Borrower) on the date hereof with respect to the current Policies (or binders to </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">be followed by the Policies to the extent such Policies are newly bound and have not been issued as of the date hereof) and within ten (10) Business Days after the receipt and approval by Borrower thereof with respect to all renewal Policies:</FONT></P>

<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">60 Wall Street, 10th Floor</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">New York, NY 10005</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Attn: Mary Brundage</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower shall pay the Insurance Premiums in full as the same become due and payable and shall furnish to Lender evidence of the renewal of each of the Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to Lender (provided, however, that Borrower shall not be required to pay such Insurance Premiums nor furnish such evidence of payment to Lender in the event that the amounts required to pay such Insurance Premiums have been deposited into the Insurance Account pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.1.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium board Policies.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 12.5 of the Bylaws, Borrower shall cause the Condominium Board to designate Lender (or its nominee) as the &#8220;Insurance Trustee&#8221; (as defined in the Bylaws) to hold the insurance proceeds maintained by the Condominium Board in accordance with the terms of the Condominium Documents, provided that Lender shall (or shall cause its nominee to) comply with the obligations of the &#8220;Insurance Trustee&#8221; under the Condominium Declaration.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.1.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bloomberg Insurance Policies.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 9.2 of the Original Bloomberg Lease, Borrower shall (x) cause Bloomberg to name Lender as a mortgagee and loss payee under the Tenants Property Policy (as defined in the Original Bloomberg Lease), and (y) require that Lender (or its designee) be designated as the &#8220;Proceeds Depository&#8221; (as defined in the&nbsp; Original Bloomberg Lease) with respect to the insurance proceeds payable under Tenants Property Policy (as defined in the Original Bloomberg Lease), in each case, in accordance with the terms of the Original Bloomberg Lease, provided that Lender shall (or shall cause its designee to) comply with the obligations of the &#8220;Proceeds Depository&#8221; under the Original Bloomberg Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Casualty.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If the Property or the Condominium Property shall be damaged or destroyed, in whole or in part, by fire or other casualty resulting in damage exceeding $2,000,000 (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Casualty</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), Borrower shall give prompt notice thereof to Lender.&nbsp; Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall proceed to diligently restore, repair, replace or rebuild the Property and shall cause the Condominium Board to diligently restore, repair, replace or rebuild the Condominium Property in accordance with the Condominium Documents, in each case, in accordance with Legal Requirements to be of substantially equal quality and rentable square footage and of substantially the same character as prior to such damage or destruction, with such changes as may be reasonably approved by Lender.&nbsp; Borrower shall cause the Condominium Board to, in good faith and in a commercially reasonable manner, file and prosecute the adjustment, compromise or settlement of any claims with respect to the Condominium Property. Lender may, but shall not be obligated to, make a claim if not made by Borrower (or the Condominium Board with respect to the Condominium Property) within fifteen (15) Business Days after Borrower&#8217;s actual knowledge of the occurrence of such Casualty.&nbsp; In addition, Lender may participate in any </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">settlement discussions with any insurance companies, and any final settlement shall be subject to Lender&#8217;s prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed and shall be deemed given if Lender fails to approve or deny (stating the reason for such denial) such final settlement within five (5) Business Days after its approval is requested by Borrower, (i) if an Event of Default is continuing or (ii) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than $15,000,000, and Borrower shall deliver to Lender all instruments reasonably required by Lender to permit such participation.&nbsp; Except as set forth in the foregoing sentence or in the Condominium Documents, any Insurance Proceeds in connection with any Casualty (whether or not Lender elects to settle and adjust the claim (if permitted hereunder) or Borrower settles such claim) shall be due and payable to Lender and held and disbursed by Lender in accordance with the terms of this Agreement.&nbsp; In the event Borrower or any party other than Lender is a payee on any check representing Insurance Proceeds with respect to any Casualty, Borrower shall immediately endorse, and cause all such third parties to endorse, such check payable to the order of Lender.&nbsp; Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to, upon five (5) Business Days prior notice to Borrower or during the continuance of an Event of Default, endorse any such check payable to the order of Lender.&nbsp;&nbsp; Borrower hereby releases Lender from any and all liability with respect to the settlement and adjustment by Lender of any claims in respect of any Casualty.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.3.</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condemnation.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower shall give Lender&nbsp; ten (10) Business Days&#8217; notice of the actual or threatened commencement of any proceeding for the Condemnation of all or any portion of the Property or the Condominium Property of which Borrower has knowledge and shall deliver to Lender copies of any and all papers served in connection with such proceedings.&nbsp; Lender may participate in any such proceedings (i) if an Event of Default is continuing or (ii) with respect to any Condemnation in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than $10,000,000, and Borrower shall from time to time deliver to Lender all instruments reasonably requested by it to permit such participation.&nbsp; Borrower shall, at its expense, diligently prosecute any such proceedings, and, if Lender is permitted to participate in such proceedings pursuant to the foregoing sentence, shall consult with Lender, its attorneys and experts, and reasonably cooperate with them in the carrying on or defense of any such proceedings.&nbsp; Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the deduction of reasonable out-of-pocket expenses of collection, to the reduction or discharge of the Debt.&nbsp; Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note.&nbsp; If the Property or any portion thereof is taken by a condemning authority, Borrower shall commence and diligently prosecute the Restoration of the Property (and shall cause the Condominium Board to commence and diligently prosecute the Restoration of any Condominium Property affected by such Condemnation in accordance with the Condominium Documents) and, subject to the terms of the Condominium Documents (with respect to the Condominium Property), otherwise comply with the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, whether or not an Award is available to pay the costs of such Restoration.&nbsp; If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">denied, to receive the Award, or a portion thereof sufficient to pay the Debt.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Restoration.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;The following provisions shall apply in connection with the Restoration, subject to the requirements of the Condominium Documents (but subject to the rights of Lender under the Condominium Documents and the Condominium Proxy):</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If the Net Proceeds shall be $5,000,000 or less and provided no Event of Default is continuing, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to complete with due diligence the Restoration in accordance with the terms of this Agreement.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If the Net Proceeds are greater than $5,000,000, the Net Proceeds will be held by Lender and Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Net Proceeds</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; shall mean:&nbsp; (i) the net amount of all insurance proceeds received by Lender pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1 (a)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, (</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">iv)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ix)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xi)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> as a result of a Casualty, after deduction of Lender&#8217;s reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Insurance Proceeds</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), or (ii) the net amount of the Award, after deduction of Lender&#8217;s reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Condemnation Proceeds</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), whichever the case may be.</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Net Proceeds shall be made available to Borrower for Restoration upon the determination of Lender, in its reasonable discretion, that the following conditions are met:</FONT></H5>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">no Event of Default shall have occurred and be continuing;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the event the Net Proceeds are Insurance Proceeds, less than forty percent (40%) of the rentable square footage of the Improvements on the Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (2) in the event the Net Proceeds are Condemnation Proceeds, less than fifteen percent (15%) of the rentable area of the Property is taken, and such taken portion of the Property is located along the perimeter or periphery of the Property, and no portion of the Improvements is located on such taken portion of the Property;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leases demising in the aggregate a percentage amount equal to or greater than sixty-seven and one half percent (67.5%) of the total rentable space in the Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full force and effect during and after the completion of the Restoration without abatement of rent beyond the time required for Restoration;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall commence the preparation of plans and specifications for the Restoration and the filing of an application for required building permits as soon as reasonably practicable after such </FONT></H6>

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<H6 style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Casualty or Condemnation (but in no event later than sixty (60) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall thereafter diligently pursue the Restoration to completion.</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lender shall be reasonably satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)(iii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, if applicable, or (3) by other funds of Borrower or any collateral provided by Borrower or Guarantor;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) the date which is six (6) months prior to the Stated Maturity Date, (2) such time as may be required under applicable Legal Requirements or (3) if the insurance coverage referred to in Section 5.1.1(a)(iii) runs out prior to the completion of Restoration pursuant to its terms, three (3) months prior to the expiration of the insurance coverage referred to in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.1.1(a)(iii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">; provided, however, that if less than three (3) months remains prior to the expiration of such coverage, Borrower may satisfy this condition by depositing with Lender an amount equal to such insurance proceeds to be held and disbursed by Lender to Borrower in equal monthly installments over such three (3) month period;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable Legal Requirements to the extent that noncompliance would reasonably be expected to or does result in a Material Adverse Effect;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of a Condemnation, such Condemnation does not result in the loss of access to the Property or the related Improvements in a manner that would reasonably be expected to or does result in a Material Adverse Effect;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Restoration DSCR, after giving effect to the Restoration, shall be equal to or greater than 1.20:1.00;</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower&#8217;s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Lender; </FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Net Proceeds together with any cash, cash equivalents or other security deposited by Borrower with Lender are sufficient in Lender&#8217;s discretion to cover the cost of the Restoration; and</FONT></H6>

<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(11) &nbsp;&nbsp;&nbsp;&nbsp; the Condominium Documents shall remain in full </FONT></H6>

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<H6 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">force and effect during and after the completion of the Restoration, (2) the Condominium Board shall not have elected not to (or shall have elected to) restore the Condominium Property damaged or destroyed in connection with such Casualty and Lender shall be reasonably satisfied that sufficient funds exist from insurance proceeds or funds or other security reasonably acceptable to Lender has been deposited by the owners of the Units to restore the Condominium Property, and (3) the Condominium is not terminated as a result of such Casualty.</FONT></H6>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Net Proceeds shall be held by Lender in the Casualty and Condemnation Account and, until disbursed in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, shall constitute additional security for the Debt and the Other Obligations.&nbsp; The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic&#8217;s or materialman&#8217;s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property (other than Permitted Encumbrances) which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to the reasonable satisfaction of Lender by the title company issuing the Title Insurance Policy.</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All plans and specifications required in connection with a Restoration shall be subject to the prior reasonable approval of Lender, subject to review of an independent consulting engineer selected by Lender (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Casualty Consultant</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;).&nbsp; Lender shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration.&nbsp; All reasonable out-of-pocket costs and expenses incurred by Lender in connection with recovering, holding and advancing the Net Proceeds for the Restoration including, without limitation, reasonable attorneys&#8217; fees and disbursements and the Casualty Consultant&#8217;s reasonable fees and disbursements, shall be paid by Borrower.</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration less the Casualty Retainage.&nbsp; &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Casualty Retainage</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; shall mean, as to each contractor, subcontractor or materialman engaged in the Restoration, (A) an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration until such time as the Casualty Consultant certifies to Lender that Net Proceeds representing fifty percent (50%) of the required Restoration have been disbursed and (B) an amount equal to five percent (5%) of the costs actually incurred for work in place as part of the Restoration thereafter.&nbsp; The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, be less than the amount actually held back by Borrower from </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">contractors, subcontractors and materialmen engaged in the Restoration.&nbsp; The Casualty Retainage shall not be released until Borrower certifies to Lender in an Officer&#8217;s Certificate and Lender confirms and approves (Borrower acknowledges that Lender may rely on the Casualty Consultant in connection with such confirmation and approval) that the Restoration has been completed in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which (i) Borrower certifies to Lender in an Officer&#8217;s Certificate and Lender confirms and approves (Borrower acknowledges that Lender may rely on the Casualty Consultant in connection with such confirmation and approval) that such contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of such contractor&#8217;s, subcontractor&#8217;s or materialman&#8217;s contract, and (ii) the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy.&nbsp; If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman.</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration (policy deductible amounts being considered as Net Proceeds for the purposes of this clause (vi)), Borrower shall deposit the deficiency (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Net Proceeds Deficiency</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) with Lender (for deposit into the Casualty and Condemnation Account) before any further disbursement of the Net Proceeds shall be made.&nbsp; The Net Proceeds Deficiency deposited with Lender shall be deposited by Lender into the Casualty and Condemnation Account and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall constitute additional security for the Obligations.</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The excess, if any, of the Insurance Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after Borrower certifies to Lender in an Officer&#8217;s Certificate and Lender confirms and approves (Borrower acknowledges that Lender may rely on the Casualty Consultant in connection with such confirmation and approval) that the Restoration has been completed in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section &nbsp;</FONT></U></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">5.4(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, and the receipt by Lender of evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing.&nbsp; The excess, if any, of the Condemnation Proceeds after the Borrower certifies to Lender in an Officer&#8217;s Certificate and Lender confirms and approves (Borrower acknowledges that Lender may rely on the Casualty Consultant in connection with such confirmation and approval) that the Restoration has been completed in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, and the receipt by Lender of evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted to Lender to prepay the Note subject to and in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.4.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of this Agreement.</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary set forth above in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, in the event of any Casualty to the Landlord Restoration Items (as defined in the Original Bloomberg Lease), it shall be a condition to Lender disbursing any Net Proceeds to or on behalf of Borrower that either (I) a completion guaranty in favor of Lender in form substantially identical to the form of guaranty attached hereto as </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Exhibit H</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Completion Guaranty</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) has been executed and delivered to Lender, along with opinions of counsel from the law firms providing comparable opinions on the Closing Date (or their applicable successors) or one or more other nationally recognized law firms (x) regarding the due organization and authority of Guarantor and enforceability of the Completion Guaranty and (y) that the Completion Guaranty does not alter the conclusion reached in the Insolvency Opinion or a new non-consolidation opinion, in each case, in form and substance reasonably acceptable to Lender and acceptable to the Rating Agencies or (II) Borrower shall deliver a Letter of Credit or cash collateral in an amount equal to the difference between the amount necessary to pay in full the costs of completing the Restoration of the Landlord Restoration Items (as defined in the Original Bloomberg Lease), as reasonably determined by Lender, and the portion of the Net Proceeds allocable to the Restoration of the Landlord Restoration Items (but without duplication of any Net Proceeds Deficiency delivered to Lender pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)(vi)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above), provided, that in the case of a Letter of Credit, such Letter of Credit is accompanied by a contribution agreement in the form attached hereto as </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Exhibit D</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and the law firm providing the Insolvency Opinion on the Closing Date (or its successor) or any other nationally recognized law firm delivers an opinion that the Letter of Credit does not alter the conclusion reached in the Insolvency Opinion or a new non-consolidation opinion, in each case, in form and substance reasonably acceptable to Lender and acceptable to the Rating Agencies.&nbsp; Within five (5) Business Days after the earlier to occur of (i) any election by the Tenant under the Original Bloomberg Lease not to terminate the Original Bloomberg Lease in accordance with the terms of Section 10.1(B)(1) thereof (if the Tenant has the right to terminate the Original Bloomberg Lease) and (ii) the date Borrower delivers to the Tenant under the Original Bloomberg Lease a Casualty Statement (as defined in the Original Bloomberg Lease) pursuant to Section 10.1(B)(1) of the Original Bloomberg Lease, Borrower shall cause Guarantor to deliver to Lender a duly executed Completion Guaranty (or shall deliver a Letter of Credit or cash collateral in an amount necessary to pay the costs of completing the Landlord Restoration Items in lieu thereof), provided that in the event thirty-five percent (35%) or more of rentable square footage of the Property is subject to such Casualty, then in lieu of delivering such Completion Guaranty, Borrower may repay the Loan in full within such five (5) Business Day period, which repayment shall not be subject to any Spread Maintenance Premium.</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary set forth in this Agreement, including the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, or in the Condominium Documents, if the Loan is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Mortgage following a Casualty or Condemnation (but taking into account any proposed Restoration of the remaining Property), the ratio of the unpaid principal balance of the Loan to the value of the remaining Property is greater than one hundred twenty-five percent (125%) (such value to be determined by Lender in any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of personal property or going concern value, if any), the Outstanding Principal Balance must be paid down by an amount equal to the least of the following amounts:&nbsp; (i) the net Award (after payment of Lender&#8217;s costs and expenses and any other fees and expenses that have been approved by Lender) or the net Insurance Proceeds (after payment of Lender&#8217;s actual out-of-pocket costs and expenses and any other fees and expenses that have been reasonably approved by Lender), as the case may be, or (ii) a &#8220;qualified amount&#8221; as that term is defined in the IRS Revenue Procedure 2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that if such amount is not paid, the applicable Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of such portion of the Lien of the Mortgage.&nbsp; If and to the extent the preceding sentence applies, only such amount of the net Award or net Insurance Proceeds (as applicable), if any, in excess of the amount required to pay down the Outstanding Principal Balance may be released for purposes of Restoration or released to Borrower as otherwise expressly provided in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All Net Proceeds (i) not required to be made available for the Restoration hereunder or (ii) so long an Event of Default has occurred and is continuing, not required to be returned to Borrower as excess Net Proceeds pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(b)(vii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> may be retained and applied by Lender in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.4.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof toward the payment of the Debt whether or not then due and payable in such order, priority and proportions as Lender in its discretion shall deem proper, or, at the discretion of Lender, the same may be paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its reasonable discretion.&nbsp; Additionally, throughout the term of the Loan if an Event of Default is continuing, then Borrower shall pay to Lender, with respect to any payment of the Debt pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(e)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> made during the Spread Maintenance Period, an additional amount equal to the Spread Maintenance Premium; provided, however, that if an Event of Default is not continuing, then no Spread Maintenance Premium shall be payable.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company makes a payment under a property insurance Policy that Borrower proposes be treated as business or rental interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company as to the purpose of such payment, as between Lender and Borrower, such payment shall not be treated as business or rental interruption Insurance Proceeds unless Borrower has demonstrated to Lender&#8217;s reasonable satisfaction that the remaining Net Proceeds that have been received from the property insurance companies are sufficient to pay 100% of the cost of the Restoration or, if such Net Proceeds are to be applied to repay the Obligations in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy the Obligations in full.</FONT></H4>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">VI.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR></FONT></U></B></H1>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt" align=center><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman">CASH MANAGEMENT AND RESERVE FUNDS</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cash Management Arrangements.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Borrower shall cause all Rents to be transmitted directly by Tenants of the Property into a trust account (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Clearing Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) established and maintained by Borrower at the Clearing Bank as more fully described in the Clearing Account Agreement.&nbsp; The Clearing Bank shall at all times during the term of the Loan be an Eligible Institution.&nbsp; Without in any way limiting the foregoing, if Borrower or Manager receive any Gross Revenues from the Property (other than amounts released from the Deposit Account to Borrower or as designated by Borrower in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.9.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), then (i) such amounts shall be deemed to be collateral for the Obligations and shall be held in trust for the benefit, and as the property, of Lender, (ii) such amounts shall not be commingled with any other funds or property of Borrower or Manager, and (iii) Borrower or Manager shall deposit such amounts in the Clearing Account within one (1) Business Day of receipt.&nbsp; Funds deposited into the Clearing Account shall be swept by the Clearing Bank on each Business Day into the Deposit Account and applied and disbursed in accordance with this Agreement.&nbsp; Funds in the Deposit Account and the Accounts may only be invested in Permitted Investments as directed by Borrower (unless an Event of Default has occurred and is continuing), as more particularly set forth in the Cash Management Agreement.&nbsp; Lender shall also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Accounts</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), as contemplated herein and in the Cash Management Agreement.&nbsp; The Clearing Account, the Deposit Account and all Accounts will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom except as expressly provided herein.&nbsp; Borrower shall pay for all expenses of opening and maintaining the Clearing Account, the Deposit Account and all Accounts.&nbsp; Funds deposited into the Deposit Account shall be swept on each Business Day into an operating account as identified by Borrower, unless a Trigger Period is continuing, in which event such funds shall be held in the Deposit Account and applied and disbursed in accordance with this Agreement and the Cash Management Agreement.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Funds.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.2.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deposits of Condominium Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; During the continuance of a Trigger Period, Borrower shall, subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sections 6.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, and </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.2.3&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, deposit with Lender on each Monthly Payment Date an amount equal to one-twelfth (1/12<SUP>th</SUP>) of the Condominium Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months by Borrower for Condominium Common Charges and any special assessments and any other amounts which may become due and payable under the Condominium Documents for the Property (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Charges</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) in order to accumulate with Lender sufficient funds to pay all sums billed to Borrower by the Condominium or Condominium Board for Condominium Charges at least ten (10) Business Days prior to the dates due, which amounts shall be transferred into an Account established to hold such funds (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Amounts deposited from time to time into the Condominium Account pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> are referred to herein as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;.&nbsp; If at any time Lender reasonably determines that the Condominium Funds will not be sufficient to pay the Condominium Charges, Lender shall notify Borrower of such determination and the succeeding monthly deposits for Condominium Charges shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective dates that such Condominium Charges become delinquent; provided, that if Borrower </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">receives notice from Lender of any deficiency after the date that is ten (10) days prior to the date that Condominium Charges become delinquent, Borrower will deposit with or on behalf of Lender the amount of such deficiency within three (3) Business Days after its receipt of such notice (provided that, if the Condominium Charges will become delinquent in less than three (3) Business Days, Borrower will deposit the required amounts within one (1) Business Day).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.2.2&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Release of Condominium Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Provided no Event of Default shall exist and remain uncured, Lender shall apply Condominium Funds in the Condominium Account to the timely payment of Condominium Charges.&nbsp; In making any payment relating to Condominium Charges, Lender may do so according to any bill, statement or estimate procured from the Condominium Board or its agent.&nbsp; If the amount of the Condominium Funds shall exceed the amounts due for Condominium Charges, Lender shall return any excess to Borrower or credit such excess against future monthly payments of Condominium Funds to be made.&nbsp; Provided no Event of Default has occurred and remains uncured, any Condominium Funds remaining in the Condominium Account after the Obligations have been paid in full or at such time as there is no Trigger Period continuing, shall be returned, within five (5) Business Days, to Borrower (or, in connection with the repayment of the Obligations in full, at Borrower&#8217;s request, credited against the payoff amount of the outstanding Obligations on the payoff statement).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.2.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letter of Credit.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In lieu of depositing the full amount of Condominium Funds required hereunder in cash, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower may deliver to Lender a Letter of Credit for all or any portion of such Condominium Funds.&nbsp; The aggregate amount of any Letter of Credit and/or cash on deposit with respect to the Condominium Account shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit at such time in the Condominium Account pursuant to this Agreement.&nbsp; If Borrower delivers to Lender a Letter of Credit in lieu of depositing cash into the Condominium Account, Borrower shall be responsible for paying directly all Condominium Charges subject to and in accordance with this Agreement.&nbsp; If Borrower fails to provide evidence reasonably satisfactory to Lender that the Condominium Charges have been paid in accordance with and subject to the terms of this Agreement, Lender shall have the right without prior notice to Borrower to draw on the Letter of Credit in an amount sufficient to pay the Condominium Charges then due.&nbsp; Provided that no Event of Default has occurred and is continuing, the amount of any Letter of Credit delivered pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> may, at Borrower&#8217;s discretion, from time to time be decreased to an amount equal to the then outstanding amounts required to be on deposit in the Condominium Account, taking into account deposits and disbursements from the Condominium Account that would have been made subject to and in accordance with this Agreement if cash had been deposited into the Condominium Account under </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="Times New Roman">Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Tax Funds.</FONT></U></B></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.3.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deposits of Tax Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; During the continuance of a Trigger Period, Borrower shall, subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sections 6.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, and </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.3.3&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, deposit with Lender on each Monthly Payment Date an amount equal to one-twelfth (1/12<SUP>th</SUP>) of the Taxes that Lender reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate sufficient funds to pay all such Taxes at least ten (10) days prior to the respective dates the same shall become delinquent, which amounts shall be transferred into an Account established to hold such funds (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tax Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Amounts deposited from time to time into the Tax Account pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.3.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> are referred to herein as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tax Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;.&nbsp; If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Taxes (taking into </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">account the monthly deposits of Tax Funds to be made above), Lender shall notify Borrower of such determination and the succeeding monthly deposits for Taxes shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective dates that such Taxes become delinquent; provided, that if Borrower receives notice from Lender of any deficiency after the date that is ten (10) days prior to the date that Taxes become delinquent, Borrower will deposit with or on behalf of Lender the amount of such deficiency within three (3) Business Days after its receipt of such notice (provided that, if the Taxes will become delinquent in less than three (3) Business Days, Borrower will deposit the required amounts within one (1) Business Day).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.3.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Release of Tax Funds.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Provided no Event of Default shall exist and remain uncured, Lender shall apply Tax Funds in the Tax Account to the timely payment of Taxes.&nbsp; In making any payment relating to Taxes, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof.&nbsp; If the amount of the Tax Funds shall exceed the amounts due for Taxes, Lender shall return any excess to Borrower or credit such excess against future monthly payments of Tax Funds to be made.&nbsp; Provided no Event of Default has occurred and remains uncured, any Tax Funds remaining in the Tax Account after the Obligations have been paid in full or at such time as there is no Trigger Period continuing, shall be returned, within five (5) Business Days, to Borrower (or, in connection with the repayment of the Obligations in full, at Borrower&#8217;s request, credited against the payoff amount of the outstanding Obligations on the payoff statement).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.3.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letter of Credit.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; In lieu of depositing the full amount of Tax Funds required hereunder in cash, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower may deliver to Lender a Letter of Credit for all or any portion of such Tax Funds.&nbsp; The aggregate amount of any Letter of Credit and/or cash on deposit with respect to the Tax Account shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit at such time in the Tax Account pursuant to this Agreement.&nbsp; If Borrower delivers to Lender a Letter of Credit in lieu of depositing cash into the Tax Account, Borrower shall be responsible for paying directly all Taxes subject to and in accordance with this Agreement.&nbsp; If Borrower fails to provide evidence reasonably satisfactory to Lender that the Taxes have been paid in accordance with and subject to the terms of this Agreement, Lender shall have the right without prior notice to Borrower to draw on the Letter of Credit in an amount sufficient to pay the Taxes then due.&nbsp; Provided that no Event of Default has occurred and is continuing, the amount of any Letter of Credit delivered pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.3.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> may, at Borrower&#8217;s discretion, from time to time be decreased to an amount equal to the then outstanding amounts required to be on deposit in the Tax Account, taking into account deposits and disbursements from the Tax Account that would have been made subject to and in accordance with this Agreement if cash had been deposited into the Tax Account under </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.3.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insurance Funds.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.4.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deposits of Insurance Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the continuance of a Trigger Period, Borrower shall, subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sections 6.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, and </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.4.4&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, deposit with Lender on each Monthly Payment Date, an amount equal to one-twelfth (1/12<SUP>th</SUP>) of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof, in order to accumulate sufficient funds to pay all such </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insurance Premiums at least ten (10) days prior to the expiration of the Policies, which amounts shall be transferred into an Account established to hold such funds (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insurance Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Amounts deposited from time to time into the Insurance Account pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> are referred to herein as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Insurance Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;.&nbsp; If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums (taking into account the monthly deposits of Insurance Funds to be made above), Lender shall notify Borrower of such determination and the succeeding monthly deposits for Insurance Premiums shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least ten (10) days prior to expiration of the Policies.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.4.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Release of Insurance Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided no Event of Default shall exist and remain uncured, Lender shall apply Insurance Funds in the Insurance Account to the timely payment of Insurance Premiums, provided Borrower shall furnish Lender with all bills, invoices and statements for the Insurance Premiums for which such funds are required at least ten (10) Business Days prior to the date on which such charges first become payable.&nbsp; In making any payment relating to Insurance Premiums, Lender may do so according to any bill, statement or estimate provided by Borrower pursuant to the foregoing sentence.&nbsp; If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums, Lender shall return any excess to Borrower or credit such excess against future monthly payments&nbsp; of Insurance Funds to be made.&nbsp; Any Insurance Funds remaining in the Insurance Account after the Obligations have been paid in full or at such time as there is no Trigger Period continuing, shall be returned, within five (5) Business Days, to Borrower (or, in connection with the repayment of the Obligations in full, at Borrower&#8217;s request, credited against the payoff amount of the outstanding Obligations on the payoff statement).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.4.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Acceptable Blanket Policy.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, in the event that an Acceptable Blanket Policy is in effect with respect to any of the Policies required pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, deposits into the Insurance Account required for Insurance Premiums pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> above shall be suspended to the extent that Insurance Premiums relate to such Acceptable Blanket Policy.&nbsp; Lender acknowledges that, as of the Closing Date, an Acceptable Blanket Policy is in effect with respect to the Policies required as of the Closing Date pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.4.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letter of Credit.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; In lieu of depositing the full amount of Insurance Funds required hereunder in cash, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower may deliver to Lender a Letter of Credit for all or any portion of such Insurance Funds.&nbsp; The aggregate amount of any Letter of Credit and/or cash on deposit with respect to the Insurance Account shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit at such time in the Insurance Account pursuant to this Agreement.&nbsp; If Borrower delivers to Lender a Letter of Credit in lieu of depositing cash into the Insurance Account, Borrower shall be responsible for paying directly all Insurance Premiums subject to and in accordance with this Agreement.&nbsp; If Borrower fails to provide evidence reasonably satisfactory to Lender that the Insurance Premiums have been paid in accordance with and subject to the terms of this Agreement, Lender shall have the right without prior notice to Borrower to draw on the Letter of Credit in an amount sufficient to pay the Insurance Premiums then due.&nbsp; Provided that no Event of Default has occurred and is continuing, the amount of any Letter of Credit delivered pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> may, at Borrower&#8217;s discretion, from time to time be decreased to an amount equal to the then outstanding amounts required to be on </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">deposit in the Insurance Account, taking into account deposits and disbursements from the Insurance Account that would have been made subject to and in accordance with this Agreement if cash had been deposited into the Insurance Account under </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.5.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Capital Expenditure Funds.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.5.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deposits of Capital Expenditure Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; During the continuance of a Trigger Period, Borrower shall, subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sections 6.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.5.3 </FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">hereof, deposit with Lender on each Monthly Payment Date an amount equal to $23,000, for Capital Expenditures, which amounts shall be transferred into an Account established to hold such funds (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Capital Expenditure Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Amounts deposited from time to time into the Capital Expenditure Account pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.5.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> are referred to herein as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Capital Expenditure Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.5.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Release of Capital Expenditure Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provided no Event of Default shall exist and remain uncured, Lender shall disburse Capital Expenditure Funds to Borrower out of the Capital Expenditure Account, within five (5) Business Days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Capital Expenditure Account is less than $10,000, in which case only one (1) disbursement of the amount remaining in the account shall be made) provided that: (i) such disbursement is for an Approved Capital Expenditure; (ii) the request for disbursement is accompanied by (A) an Officer&#8217;s Certificate from Borrower (1) stating that the items to be funded by the requested disbursement are Approved Capital Expenditures, and a description thereof, (2) stating that all Capital Expenditures to be funded by the requested disbursement have been completed (or completed to the extent of the requested disbursement) in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (3) stating that the Capital Expenditures (or the relevant portions thereof) to be funded from the disbursement in question have not been the subject of a previous disbursement, and (4) stating that all previous disbursements of Capital Expenditure Funds have been used to pay previously identified Capital Expenditures, (B) a copy of any license, permit or other approval required by any Governmental Authority in connection with such Capital Expenditure, if any, and not previously delivered to Lender, (C) copies of appropriate lien waivers, conditional lien waivers, or other evidence of payment reasonably satisfactory to Lender, (D) for disbursements in the amount of $1,000,000 or more, at Lender&#8217;s option, a title search for the Property indicating that the Property is free from all Liens, claims and other encumbrances not permitted hereunder or under the other Loan Documents, and (E) such other evidence as Lender shall reasonably request to demonstrate that the Capital Expenditures to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower (or the portion thereof as to which such request for disbursement has been submitted has been completed and is paid for (other than any retention amount which is not a part of such disbursement request) or will be paid upon such disbursement to Borrower) and (iii) if such disbursement request is for $1,000,000 or more, Lender shall have (if it desires) verified (by an inspection conducted at Borrower&#8217;s reasonable out-of-pocket expense) performance of the work associated with such Capital Expenditure.&nbsp; Any Capital Expenditure Funds remaining in the Capital Expenditure Account after the Obligations have been paid in full or at such time as there is no Trigger Period continuing shall be returned, within five (5) Business Days, to Borrower (or, at Borrower&#8217;s request, credited against the payoff amount of the outstanding Obligations on the payoff statement).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.5.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letter of Credit.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; In lieu of depositing the full amount of Capital Expenditure Funds required hereunder in cash, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower may deliver to Lender a Letter of Credit for all or any portion of such Capital Expenditure Funds.&nbsp; The aggregate amount of any Letter of Credit and/or cash on deposit with respect to the Capital Expenditure Account shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit at such time in the Capital Expenditure Account pursuant to this Agreement.&nbsp; If Borrower delivers to Lender a Letter of Credit in lieu of depositing cash into the Capital Expenditure Account, Borrower shall be responsible for paying directly all Capital Expenditures (without limiting Borrower&#8217;s right to receive disbursements in accordance herewith from any cash reserves that are also held by Lender therefor) subject to and in accordance with this Agreement.&nbsp; If Borrower fails to provide evidence reasonably satisfactory to Lender of the payment of any Capital Expenditures subject to and in accordance with this Agreement, Lender shall have the right without prior notice to Borrower to draw on the Letter of Credit in an amount sufficient to pay the costs of such Capital Expenditures then due.&nbsp; Provided that no Event of Default has occurred and is continuing, the amount of any Letter of Credit delivered pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.5.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> may, at Borrower&#8217;s discretion, from time to time be decreased to an amount equal to the then outstanding amounts required to be on deposit in the Capital Expenditure Account, taking into account deposits and disbursements from the Capital Expenditure Account that would have been made subject to and in accordance with this Agreement if cash had been deposited into the Capital Expenditure Account under Section 6.5.1.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.6.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rollover Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.6.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deposits of Rollover Funds.</FONT></U></B></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">During the continuance of a Trigger Period, Borrower shall, subject to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 6.9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"><U>6.6.3</U>&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">hereof, deposit with Lender on each Monthly Payment Date an amount equal to $113,071.75,&nbsp; for Acceptable Leasing Expenses, which amounts shall be transferred into an Account established to hold such funds (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Rollover Account</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;).&nbsp; Amounts deposited from time to time into the Rollover Account pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.6.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> are referred to herein as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Rollover Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;.&nbsp; &nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In addition to the required monthly deposits set forth in subsection (a) above, the following items shall be deposited into the Rollover Account and held as Rollover Funds, and Borrower shall advise Lender at the time of receipt thereof of the nature of such receipt so that Lender shall have sufficient time to instruct the Deposit Bank to deposit and hold such amounts in the Rollover Account pursuant to the Cash Management Agreement: all sums paid with respect to (i) a modification of any Lease that materially reduces the Rent paid thereunder or the space demised thereunder, and (ii) any rejection, termination, surrender or cancellation of any Lease (including in any bankruptcy case) or any lease buy-out or surrender payment from any Tenant (including any payment relating to unamortized tenant improvements and/or leasing commissions) (collectively, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Lease Termination Payments</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;); provided, however, that, provided no Trigger Event has occurred or is continuing, any portion of any individual Lease Termination Payment remaining in the Rollover Account (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Remaining Lease Termination Payments</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) after (x) substantially all of the applicable space has been relet or such lesser amount of the applicable space has been relet for not less than the same amount of aggregate rent and recoveries as the terminating tenant and (y) all associated costs have been paid (including, without limitation, brokerage commissions, tenant allowances and improvements, and rent abatements) shall be disbursed promptly to Borrower.</FONT></H4>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.6.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Release of Rollover Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Provided no Event of Default shall exist and remain uncured, Lender shall disburse Rollover Funds to Borrower out of the Rollover Account, within five (5) Business Days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Rollover Account is less than $10,000, in which case only one (1) disbursement of the amount remaining in the account shall be made) provided that: (i) such disbursement is for an Acceptable Leasing Expense; and (ii) the request for disbursement is accompanied by (A) an Officer&#8217;s Certificate from Borrower (1) stating that the items to be funded by the requested disbursement are Acceptable Leasing Expenses, and a description thereof, (2) stating that any tenant improvements at the Property to be performed by Borrower and to be funded by the requested disbursement (or the relevant portion thereof as to which such request for funds relates) have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (3) stating that the Acceptable Leasing Expenses (or the relevant portions thereof) to be funded from the disbursement in question have not been the subject of a previous disbursement, and (4) stating that all previous disbursements of Rollover Funds have been used to pay previously identified Acceptable Leasing Expenses, (B) a copy of any license, permit or other approval by any Governmental Authority required in connection with the tenant improvements and not previously delivered to Lender; provided, however, that if Borrower is not performing the tenant improvements, then Borrower shall use commercially reasonable efforts to cause the Tenant to deliver the foregoing to the extent required under such Tenant&#8217;s Lease, (C) copies of appropriate lien waivers, conditional lien waivers or other evidence of payment reasonably satisfactory to Lender; provided, however, that if Borrower is not performing the tenant improvements, then Borrower shall use commercially reasonable efforts to cause the Tenant to deliver the foregoing to the extent required under such Tenant&#8217;s Lease, (D) for disbursements in the amount of $1,000,000 or more, at Lender&#8217;s option, a title search for the Property indicating that the Property is free from all Liens, claims and other encumbrances not permitted hereunder or under the other Loan Documents, (E) for tenant improvements with respect to a single demised premises under a Lease in an aggregate amount of $1,000,000 or more, if requested by Lender, with respect to the final disbursement from the Rollover Account for such tenant improvement costs, a current Tenant estoppel certificate in form and substance required under such Tenant&#8217;s Lease and otherwise reasonably acceptable to Lender and (F) such other evidence as Lender shall reasonably request to demonstrate that the Acceptable Leasing Expenses, to be funded by the requested disbursement have been paid for or will be paid upon such disbursement to Borrower (or the portion thereof as to which such request for disbursement has been submitted has been paid for (other than any retention amount which is not a part of such disbursement request) or will be paid upon such disbursement to Borrower).&nbsp; Any Rollover Funds remaining in the Rollover Account after the Obligations have been paid in full or at such time as there is no Trigger Period continuing shall be returned, within five (5) Business Days, to Borrower (or, at Borrower&#8217;s request, credited against the payoff amount of the outstanding Obligations on the payoff statement).&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 12pt 0in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.6.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letter of Credit.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; In lieu of depositing the full amount of Rollover Funds required hereunder in cash, subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower may deliver to Lender a Letter of Credit for all or any portion of such Rollover Funds.&nbsp; The aggregate amount of any Letter of Credit and/or cash on deposit with respect to the Rollover Account shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit at such time in the Rollover Account pursuant to this Agreement.&nbsp; If Borrower delivers to Lender a Letter of Credit in lieu of depositing cash into the Rollover Account, Borrower shall be </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 12pt 0in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">responsible for paying directly all tenant improvement costs, leasing commissions and other leasing costs (without limiting Borrower&#8217;s right to receive disbursements in accordance herewith from any cash reserves that are also held by Lender therefor) subject to and in accordance with this Agreement.&nbsp; If Borrower fails to provide evidence reasonably satisfactory to Lender of the payment of any tenant improvement costs, leasing commissions or other leasing costs in accordance with this Agreement or the applicable Lease, Lender shall have the right without prior notice to Borrower to draw on the Letter of Credit in an amount sufficient to pay such leasing costs.&nbsp; Provided that no Event of Default has occurred and is continuing, the amount of any Letter of Credit delivered pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.6.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> may, at Borrower&#8217;s discretion, from time to time be decreased to an amount equal to the then outstanding amounts required to be on deposit in the Rollover Account, taking into account deposits and disbursements from the Rollover Account that would have been made subject to and in accordance with this Agreement if cash had been deposited into the Rollover Account.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.7.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Casualty and Condemnation Account.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall, subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, pay, or cause to be paid, to Lender all Insurance Proceeds or Awards due to any Casualty or Condemnation in accordance with the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sections 5.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.3&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (but subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), which amounts shall be transferred into an Account established to hold such funds (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Casualty and Condemnation Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Amounts deposited from time to time into the Casualty and Condemnation Account pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> are referred to herein as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Casualty and Condemnation Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;.&nbsp; All Casualty and Condemnation Funds shall be held, disbursed and/or applied in accordance with the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sections 5.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.3&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.4&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.8.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cash Collateral Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Trigger Period shall be continuing, all Available Cash shall be paid to Lender, which amounts shall be transferred by Lender into an Account established to hold such amounts (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cash Collateral Account</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) to be held by Lender as cash collateral for the Debt.&nbsp; Amounts on deposit from time to time in the Cash Collateral Account pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.8</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> are referred to as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cash Collateral Funds</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;.&nbsp; Any Cash Collateral Funds on deposit in the Cash Collateral Account not previously disbursed or applied shall be disbursed to Borrower within five (5) Business Days of the termination of such Trigger Period.&nbsp; Notwithstanding the foregoing, during the continuance of an Event of Default Lender shall have the right, but not the obligation, at any time, in its sole and absolute discretion to (a) hold the Cash Collateral Funds as additional collateral for the Debt and (b) following the acceleration of all or any portion of the Debt or the occurrence of the Maturity Date, apply any and all Cash Collateral Funds then on deposit in the Cash Collateral Account to the Debt or the Obligations to the extent then due and payable, in such order and in such manner as Lender shall elect in its sole and absolute discretion (including, following the maturity or acceleration of the Loan, to make a repayment of principal (together with the applicable Spread Maintenance Premium, if any, applicable thereto)) or any other amounts due hereunder.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.9.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property Cash Flow Allocation.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.9.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Order of Priority of Funds in Deposit Account.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Provided no Trigger Event has occurred and is continuing, on each Business Day all funds deposited in the Deposit Account shall be disbursed to or as directed by Borrower by wire transfer.&nbsp; During the continuance of any Trigger Period, on each Monthly Payment Date during the Term, except upon the occurrence and during the continuance of an Event of Default, all funds on deposit in the Deposit Account shall be applied on such Monthly Payment Date in the following order of </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">priority (after the transfer to the Casualty and Condemnation Account of any Net Proceeds required to be deposited therein pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.7</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">):&nbsp;</FONT></P>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">First, to the Tax Account, to make the required payments of Tax Funds as required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.3</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Second, to the Insurance Account, to make any required payments of Insurance Funds as, and to the extent, required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Third, to Lender, funds sufficient to pay interest due on such Monthly Payment Date, together with any other amounts then due to Lender for late payment charges, including, without limitation, interest at the Default Rate (other than those required to be paid pursuant to the other clauses of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.9</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">);&nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Fourth, to the Condominium Account, to make the required payments of Condominium Funds as required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Fifth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.5</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sixth, to the Rollover Account, to make the required payments of Rollover Funds as required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">; &nbsp;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Seventh, to Lender, of any other amounts then due and payable under the Loan Documents;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(viii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Eighth, subject to the terms of the Cash Management Agreement, to Borrower, funds in an amount equal to the Monthly Operating Expense Budgeted Amount (excluding Taxes, Insurance Premiums and Condominium Charges);</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ix)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Ninth, to Borrower, payments for Approved Extraordinary Expenses, if any; and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lastly all amounts remaining after payment of the amounts set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clauses (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> through </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Available Cash</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) to the Cash Collateral Account to be held or disbursed in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.8</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, provided that Lender shall on each Monthly Payment Date use all Available Cash to make the required payments of Tax Funds, Insurance Funds, Capital Expenditure Funds, Rollover Funds and Condominium Funds as required under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 6.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">6.3</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">6.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">6.5&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">6.6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, as applicable, in the order of priority set forth in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> to the extent that funds then on deposit in the Deposit Account shall be insufficient to make such payments in accordance with the order of priority set forth in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp;</FONT></H5>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.9.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Failure to Make Payments.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, during the existence of a Trigger Period, but without limiting Borrower&#8217;s obligations under </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall have no further obligation to transfer or deposit any Reserve Funds pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.5&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.6&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof so long as adequate funds </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">are available in the Deposit Account or the Cash Collateral Account for such deposits.&nbsp; The failure by the Deposit Bank to allocate such funds into the appropriate Accounts shall not constitute an Event of Default.&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.9.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Application After Even of Default.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, upon the occurrence and during the continuance of an Event of Default and following the acceleration of all or any portion of the Debt or the occurrence of the Maturity Date, Lender, at its option, may apply any Gross Revenue then in the possession of Lender&nbsp; or Deposit Bank (including any Reserve Funds on deposit in any Cash Management Account) to the payment of the portions of the Debt that are then due and payable in such order, proportion and priority as Lender may determine in its sole and absolute discretion (including, following the maturity or acceleration of the Loan, toward a repayment of principal (which repayment shall be accompanied by the applicable Spread Maintenance Premium, if any, applicable thereto)).&nbsp; Lender&#8217;s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.10.&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Security Interest in Reserve Funds.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; As security for payment of the Debt and the performance by Borrower of all Other Obligations, Borrower hereby pledges and assigns to Lender, and grants to Lender a security interest in, all of Borrower&#8217;s right, title and interest in and to all payments to or monies held in the Clearing Account, the Deposit Account and Accounts (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cash Management Accounts</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Borrower hereby grants to Lender a continuing security interest in, and agrees to hold in trust for the benefit of Lender, all Rents in its possession prior to the (i) payment of such Rents to Lender or (ii) deposit of such Rents into the Deposit Account.&nbsp; Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any Cash Management Account, or permit any Lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto (other than the Liens created pursuant to the Loan Documents and the Permitted Encumbrances).&nbsp; This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC.&nbsp; Upon the occurrence and during the continuance of an Event of Default and following the acceleration of all or any portion of the Debt or the occurrence of the Maturity Date, Lender may apply any sums in any Cash Management Account to the payment of the portions of the Debt that are then due and payable in any order and in any manner as Lender shall elect in Lender&#8217;s discretion (including, following the maturity or acceleration of the Loan, to the repayment of principal (which repayment shall be accompanied by the applicable Spread Maintenance Premium, if any, applicable thereto)) without seeking the appointment of a receiver and without adversely affecting the rights of Lender to foreclose the Lien of the Mortgage or exercise its other rights under the Loan Documents.&nbsp; Cash Management Accounts shall not constitute trust funds and may be commingled with other monies held by Lender; provided however, that Reserve Funds shall not be commingled.&nbsp; Provided no Event of Default has occurred and is continuing, all interest which accrues on the funds in any Account shall accrue for the benefit of Borrower and shall be taxable to Borrower and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued.&nbsp; Notwithstanding anything to the contrary contained herein, upon repayment in full of the Debt, all remaining funds in the Accounts, if any, shall, within five (5) Business Days, be disbursed to Borrower (or, at Borrower&#8217;s request, credited against the payoff amount of the outstanding Obligations on the payoff statement).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 12pt 0in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Limitations on Letters of Credit/Guarantees.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate amount of all Letters of Credit, Alteration Deficiency Guaranties, and other guaranties provided by Borrower pursuant to this Agreement (excluding, however, the Completion Guaranty), shall not exceed ten percent (10%) of the Outstanding Principal Balance, in each case to the extent outstanding at the time of determination, unless (i)&nbsp; Borrower delivers to Lender an opinion of counsel to the effect that delivery of such Letter of Credit, Alteration Deficiency Guaranty, or other guaranty does not alter the conclusion reached in the Insolvency Opinion or a new non-consolidation opinion, in each case which opinion and any counsel delivering such opinion (if not counsel who delivered the Insolvency Opinion) shall be reasonably acceptable to Lender and to the Rating Agencies (as evidenced by receipt of Rating Agency Confirmation, provided that to the extent any Rating Agency refuses to review such matter, such Rating Agency Confirmation requirement shall be deemed waived with respect to such Rating Agency), or (ii) in the case of a Letter of Credit, Borrower shall have no reimbursement obligations with respect to such Letter of Credit and such Letter of Credit shall be a capital contribution to Borrower and shall be accompanied by the execution and delivery of a contribution agreement in the form attached hereto as </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit D</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">VII.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman">&nbsp;&nbsp;</FONT></B></H1>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt" align=center><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman">PERMITTED TRANSFERS</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">Section 7.1</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="Times New Roman Bold">.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold">Permitted Transfer of the Entire Property.</FONT></U></B></H2>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Borrower shall have, following the earlier to occur of (i) a Securitization of the Loan or (ii) the date that is six (6) months subsequent to the Closing Date (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Permitted Transfer Date</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), the right to (x) convey the entire Property in its entirety to any Person (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Transferee</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), and have such Transferee assume all of Borrower&#8217;s obligations under the Loan Documents (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Property Sale</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), or (y) transfer (but not pledge) direct or indirect equity interests in Borrower to a Transferee which would not be a Permitted Transfer hereunder (an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Equity Sale</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), subject to the terms and full satisfaction of all of the conditions precedent set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 7.1(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> (each, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Transfer and Assumption</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;).&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Each Transfer and Assumption shall be subject to the following conditions:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall have provided Lender with not less than thirty (30) days prior written notice, which notice shall contain sufficient detail to enable Lender to reasonably determine that the Transferee complies with the requirements set forth herein;&nbsp; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">no Event of Default shall have occurred and be continuing;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if such Transfer and Assumption is a Property Sale, the Transferee shall be a Special Purpose Bankruptcy Remote Entity in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, and if such Transfer and Assumption is an Equity Sale, Borrower will continue to be a Special Purpose Bankruptcy Remote Entity;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Transferee or Borrower, as the case may be, shall be Controlled by a </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 76.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Person (an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Eligible Control Person</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) who (x) is a Qualified Transferee owning, directly or indirectly, not less than fifty-one percent (51%) of the equity interests in Transferee or Borrower, as applicable, (y) prior to a Securitization, whose identity and experience is reasonably acceptable to Lender and (z) is a Confirmed Qualified Owner or an Eligible Qualified Owner;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Property shall be managed by (x) a Qualified Manager, (y) an Affiliate of the Transferee (in the case of a Property Sale) or Borrower (in the case of an Equity Sale) or (z) any other property manager acceptable to Lender; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">in the case of the a Property Sale, Transferee shall have executed and delivered to Lender an assumption agreement in form and substance reasonably acceptable to Lender; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;if, following the Transfer and Assumption, Guarantor no longer Controls or owns any direct or indirect interest in either Borrower (in the case of an Equity Sale) or the Transferee (in the case of a Property Sale) and is not under Common Control with a Person that Controls or owns a direct or indirect interest in either Borrower (in the case of an Equity Sale) or the Transferee (in the case of a Property Sale) one or more Approved Replacement Guarantor shall deliver to Lender a guaranty of recourse obligations (in substantially the same form as the Guaranty, but on a joint and several basis if there are multiple Approved Replacement Guarantors, and containing a representation and covenant that the guarantor maintains and will maintain, collectively with all other Approved Replacement Guarantors and any Guarantors that are not released from their obligations under the Guaranty in connection with such Transfer and Assumption, a Net Worth of not less than $250,000,000) and an environmental indemnity agreement (in substantially the same form as the Environmental Indemnity), pursuant to which, in each case, the Approved Replacement Guarantor(s) agree(s) to be liable under each such guaranty of recourse obligations and environmental indemnity agreement at least from and after the date of such Transfer and Assumption (whereupon the previous guarantor shall be released from all or any further liability, as applicable, under the guaranty of recourse obligations for acts that arise from and after the date of such Transfer and Assumption and such Approved Replacement Guarantor(s) shall be the &#8220;Guarantor&#8221; for all purposes set forth in this Agreement);</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(viii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if, following the Transfer and Assumption, Guarantor continues to Control or own a direct or indirect interest in either Borrower (in the case of an Equity Sale) or the Transferee (in the case of a Property Sale) or is under Common Control with a Person that Controls or owns a direct or indirect interest in either Borrower (in the case of an Equity Sale) or the Transferee (in the case of a Property Sale), Guarantor shall reaffirm its obligations and liabilities under the Guaranty and the Environmental Indemnity in form and substance reasonably acceptable to Lender;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ix)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Transferee or Borrower shall submit to Lender true, correct and complete copies of all documents reasonably requested by Lender concerning the organization and existence of Transferee or Borrower and each Approved </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Replacement Guarantor (if any);</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">satisfactory Patriot Act, OFAC and similar searches shall have been received by Lender with respect to (A) each Approved Replacement Guarantor (if any), (B) Transferee, (C) any Person that Controls Transferee or Borrower or owns an equity interest in Transferee or Borrower which equals or exceeds twenty percent (20%) and (D) any other Person reasonably required by Lender in order for Lender to fulfill Patriot Act compliance guidelines required by the Patriot Act in connection with such Transfer and Assumption;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender shall have received a Rating Agency Confirmation from each of the applicable Rating Agencies, provided that to the extent any Rating Agency refuses to review such matter, such Rating Agency Confirmation requirement shall be deemed waived with respect to such Rating Agency;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">counsel to Transferee or Borrower and each Approved Replacement Guarantor(s) shall deliver to Lender opinions, from the same law firms that provided similar opinions on the Closing Date (or their applicable successors) or other nationally recognized law firms, in form and substance reasonably satisfactory to Lender as to such matters as Lender shall reasonably require, which may include opinions as to substantially the same matters as were required in connection with the origination of the Loan (including a new substantive non-consolidation opinion);</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xiii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Transferee or Borrower shall deliver to Lender, upon such conveyance, a transfer fee equal to 0.15% of the Outstanding Principal Balance; provided that the transfer fee with respect to the first Assumption subject to and in accordance with this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 7.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall be $250,000; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xiv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">unless (x) in connection with a Property Sale, the Interest Rate Cap Agreement is novated to Transferee or (y) in connection with an Equity Sale, the Equity Sale does not breach or result in a default under the Interest Rate Cap Agreement (or the Equity Sale is consented to by the Counterparty), Transferee (in connection with a Property Sale) or Borrower (in connection with an Equity Sale) shall (A) deliver a Replacement Interest Rate Cap Agreement from an Approved Counterparty, in a notional amount equal to the Outstanding Principal Balance, which Replacement Interest Rate Cap Agreement shall be (1) effective for the period commencing on the day of such Transfer and Assumption and ending on the last day of the Interest Period in which the Maturity Date occurs and (2) otherwise on same terms set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and (B) execute and deliver an Acknowledgement with respect to each such Replacement Interest Rate Cap Agreement;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Transferee (in connection with a Property Sale) and Borrower (in connection with an Equity Sale) must be able to satisfy, at the time of consummation of the Transfer and Assumption, the representations and covenants set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 3.1.8</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.26</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.31&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.32</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">; and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xvi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Transferee and/or Borrower shall pay all of Lender&#8217;s reasonable out-</FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">of-pocket costs and expenses (including, without limitation, reasonable attorney&#8217;s fees and disbursements) in connection with the Transfer and Assumption (which amount shall be in addition to any Assumption fees payable hereunder).</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 7.2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Permitted Transfers.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp; Notwithstanding anything to the contrary contained in Section 4.2, the following Transfers (herein, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Permitted Transfers</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) shall be permitted hereunder without any consent or approval of Lender and without the requirement to satisfy any other conditions and without the payment of any fee:</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all Leases and all equipment leases that satisfy the requirements of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.21</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">any Transfer and Assumption entered into in compliance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 7.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all Permitted Encumbrances;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the transfer of publicly traded shares, units or other publicly traded interests in any indirect equity owner of Borrower, provided, that the Control and Ownership Condition is satisfied;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Following the Permitted Transfer Date, Transfers of (but not a mortgage, pledge, hypothecation, encumbrance or grant of a security interest in) the direct or indirect beneficial interests in Borrower, provided that: </FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender receives thirty (30) days&#8217; prior written notice thereof, unless such Transfer is between or among the direct or indirect beneficial owners of Borrower, and/or the Affiliates of the direct or indirect beneficial owners of Borrower, as of the Closing Date,</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsequent to such Transfer, not less than 51% of the equity interests in Borrower are owned (directly or indirectly) and Borrower is Controlled by ALX or its permitted successor pursuant to a prior merger, consolidation or sale in connection with a Guarantor/EQO Transfer or an Eligible Control Person pursuant to a prior Transfer and Assumption in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 7.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> above,</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">immediately prior to such Transfer, no Event of Default shall have occurred and be continuing, </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subsequent to such Transfer, Borrower will continue to be a Special Purpose Bankruptcy Remote Entity, </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">such Transfer does not result in a violation of any Legal Requirements, including, without limitation, ERISA and the Patriot Act,</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interest in Borrower and such Person did not own more than 49% of the direct or indirect equity interest in Borrower on the Closing Date, Borrower shall have delivered to Lender with respect to such Person a new non-consolidation opinion from the law firm that provided the Insolvency </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Opinion on the Closing Date (or its successor) or another nationally recognized law firm, in form and substance reasonably satisfactory to Lender that in Lender&#8217;s reasonable judgment satisfies the then-current criteria of the Rating Agencies; and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -1in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Property shall continue to be managed by a Qualified Manager or any other property manager&nbsp; in accordance with the requirements of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.14.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">;&nbsp;</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all Permitted 731 Transfers, provided, that if any Guarantor/EQO Transfer results in any Person (together with such Person&#8217;s Affiliates) acquiring more than 49% of the direct or indirect equity interest in Borrower and such Person (together with its Affiliates) did not own more than 49% of the direct or indirect equity interest in Borrower on the Closing Date, Borrower shall have delivered to Lender with respect to such Person a new non-consolidation opinion from the law firm that provided the Insolvency Opinion on the Closing Date (or its successor) or another nationally recognized law firm, in form and substance reasonably satisfactory to Lender that in Lender&#8217;s reasonable judgment satisfies the then-current criteria of the Rating Agencies;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Transfers or disposal of building equipment which is being replaced or which is no longer necessary in connection with the operation of the Property free from the Lien of the Mortgage, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provided&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> that such Transfer or disposal would not reasonably be expected to and does not have a Material Adverse Effect on the value of the Property taken as a whole, will not materially impair the utility or condition of the Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under any Lease, in any such case as a result thereof, and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">further</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, that any new building equipment acquired by Borrower shall be subject to the Lien of the Mortgage, it being agreed that Lender shall, from time to time, upon receipt of a written request from Borrower in which Borrower represents and warrants that the conditions set forth above are satisfied, execute a written instrument in form reasonably satisfactory to Lender to confirm that such building equipment which is to be, or has been, sold or disposed of is free from the Lien of the Mortgage.&nbsp; Borrower shall execute and deliver, or cause to be executed and delivered, to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect Lender&#8217;s security interest in any such new building equipment, as Lender may reasonably require; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a) immaterial Transfers of portions of the Property to Governmental Authorities for dedication and (b) granting of easements, restrictions, covenants, reservations and rights-of-way in the ordinary course of business for access, water and sewer lines, telephone or other fiber optic or other data transmission lines, electric lines or other utilities or for other similar purposes, </FONT><EM><U><FONT style="FONT-STYLE: normal; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provided</FONT></U></EM> <FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">in each case that no such grant shall materially impair the utility and operation of the Property, result in a breach or violation of the Condominium Documents or would reasonably be expected to or does result in a Material Adverse Effect, it being agreed that, in connection with any Transfer permitted pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clause (h)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Lender shall execute and deliver any instrument reasonably necessary or appropriate, in the case of the Transfers referred to in clause (a) above, to release the portion of the Property affected by such Transfer from the Lien of the Mortgage or, in the case of clause (b) above, to subordinate the Lien of the Mortgage to such easements, restrictions, covenants, reservations and rights-of-way or other similar grants upon receipt by Lender of:&nbsp; (A) thirty (30) days&#8217; prior written notice thereof; (B) a copy of the instrument or instruments of Transfer; (C) an Officer&#8217;s Certificate stating (I) with respect to any </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Transfer, the consideration, if any, being paid for the Transfer, (II) that such Transfer does not materially impair the utility, condition and operation of the applicable Individual Property or materially reduce the value of the Property, and (III) that such Transfer complies with all Legal Requirements and the Condominium Documents and would not reasonably be expected to, and does not result in, a Material Adverse Effect and (D) reimbursement of all of Lender&#8217;s reasonable out-of-pocket costs and expenses (including reasonable attorney&#8217;s fees and disbursements) incurred in connection with such Transfer.&nbsp; Notwithstanding the foregoing, if the Loan is included in a REMIC Trust and, immediately following a release of a portion of the Lien of the Mortgage pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 7.2(h)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, if the ratio of the unpaid principal balance of the Loan to the value of the remaining Property is greater than one hundred twenty-five percent (125%) (such value to be determined by Lender by any commercially reasonable method permitted to a REMIC Trust, and which shall exclude the value of personal property and going concern value, if any), the Outstanding Principal Balance must be paid down by a &#8220;qualified amount&#8221; as that term is defined in IRS Revenue Procedure 2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that if such amount is not paid, the applicable Securitization will not fail to maintain its status as a REMIC Trust as a result of such release.</FONT></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding anything to the contrary contained in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 7.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, if, as a result of any Permitted Transfer, Guarantor no longer either Controls or owns any direct or indirect interest in Borrower and is not under Common Control with a Person that Controls or owns a direct or indirect interest in Borrower, it shall also be a condition hereunder that one or more Approved Replacement Guarantors shall execute and deliver a guaranty of recourse obligations (in the same form as the Guaranty, but on a joint and several basis and containing a representation and covenant requiring that such Approved Replacement Guarantor maintains and will maintain collectively with all other Approved Replacement Guarantors and any Guarantors that are not released from their obligations under the Guaranty in connection with such Permitted Transfer, a Net Worth of not less than $250,000,000) on or prior to the date of such Permitted Transfer, pursuant to which, in each case, the Approved Replacement Guarantor(s) agree(s) to be liable under each such guaranty of recourse obligations and environmental indemnity agreement from and after the date of such Permitted Transfer on a joint and several basis with the other Guarantors (whereupon the previous guarantor shall be released from any further liability under the guaranty of recourse obligations from acts that arise from and after the date of such Permitted Transfer and such Approved Replacement Guarantor(s) shall be the &#8220;Guarantor&#8221; for all purposes set forth in this Agreement).&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 7.3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cost and Expenses; Searches; Copies</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; &nbsp;</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall pay all reasonable out-of-pocket costs and expenses of Lender in connection with any Transfer, whether or not such Transfer is deemed to be a Permitted Transfer, including, without limitation, all reasonable fees and expenses of Lender&#8217;s counsel, and the cost of any required counsel opinions related to REMIC or other securitization or tax issues and any Rating Agency fees, if applicable.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall provide Lender with copies of all revised and/or new organizational documents (if any) relating to any Permitted Transfer (excluding Transfers of interests in Guarantor, VRT or VRLP) and provide an updated, certified organizational chart.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In connection with any Permitted Transfer (excluding Transfers of </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">interests in Guarantor, VRT or VRLP), to the extent a transferee, together with its Affiliates, shall obtain Control of Borrower or own twenty percent (20%) or more of the direct or indirect ownership interests in Borrower immediately following such transfer (provided such transferee, together with its Affiliates, owned less than twenty percent (20%) of the direct or indirect ownership interests in Borrower as of the Closing Date), Borrower shall deliver (and Borrower shall be responsible for any reasonable out-of-pocket costs and expenses in connection therewith), customary searches reasonably requested by Lender in writing (such as, without limitation, credit, judgment, lien, litigation, bankruptcy, criminal and watch list) with respect to such transferee. </FONT></H4>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">VIII.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR>DEFAULTS</FONT></U></B><FONT style="DISPLAY: none" color=red face="times new roman"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=red face="times new roman"></FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Events of Default.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Each of the following events shall constitute an event of default hereunder (an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Event of Default</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;):&nbsp; &nbsp;</FONT></P>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if (A) the Obligations are not paid in full on the Maturity Date, (B) any regularly scheduled monthly payment of interest, and, if applicable, principal due under the Note is not paid in full on the applicable Monthly Payment Date, (C) any prepayment of principal due under this Agreement or the Note is not paid when due, except to the extent that aggregate sums are on deposit in the Clearing Account, Deposit Account and/or in the Cash Collateral Account sufficient to make any such payment and all other payments required to be made pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clauses (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and Lender&#8217;s access to such sums is not restricted or constrained in any manner, or (D) the Spread Maintenance Premium is not paid when due;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if any amount payable pursuant to this Agreement, the Note or any other Loan Document (other than as set forth in the foregoing </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clause (i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">) is not paid in full when due and payable in accordance with the provisions of the applicable Loan Document, with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower, except to the extent that either (x) sums sufficient to make such payments are on deposit in the Account established to hold funds for making such payment or (y) aggregate sums are on deposit in the Clearing Account, the Deposit Account and/or in the Cash Collateral Account sufficient to make such payment and all other payments required to be made in advance of such payment pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and, in either case, Lender&#8217;s access to such sums is not restricted or constrained in any manner;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subject to Borrower&#8217;s right to contest pursuant to the terms of this Agreement, if any of the Taxes or Other Charges are not paid when due, except to the extent that either (x) sums sufficient to make such payments are on deposit in the Tax Account or (y) aggregate sums are on deposit in the Clearing Account, the Deposit Account and/or in the Cash Collateral Account sufficient to make such payment and, in either case, Lender&#8217;s access to such sums is not restricted or constrained in any manner;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x) if the Policies are not kept in full force and effect,&nbsp; except to the </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">extent that such Policies lapse due to the nonpayment of Insurance Premiums and either (a) sums sufficient to make such payments are on deposit in the Insurance Account or (b) aggregate sums are on deposit in the Clearing Account, the Deposit Account and/or in the Cash Collateral Account sufficient to make such payment and the other payments required to be made pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clause (ii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 6.9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and, in either case, Lender&#8217;s access to such sums is not restricted or constrained in any manner; or (y) (A) if Lender has not received evidence of the insurance required hereunder being renewed at least three (3) Business Days prior to expiration of the Policies or (B) copies of the Policies (or other evidence of required insurance reasonably acceptable to Lender) are not delivered to Lender on or prior to the date the same are to be delivered hereunder and such failure specified in this clause (B) continues for ten (10) days following written notice from Lender to Borrower thereof;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if, except as permitted under this Agreement (including all Permitted Transfers), a Transfer occurs;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if any representation or warranty made by Borrower or any Guarantor herein or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material adverse respect as of the date such representation or warranty was made; provided, however, that with respect to any such breach which is susceptible of being cured, such breach shall not be deemed an Event of Default hereunder unless and until it shall remain uncured for thirty (30) days after Borrower receives notice of such breach and, if such breach cannot reasonably be cured within such thirty (30) day period and Borrower commences to cure such breach within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure same, Borrower shall have such additional time as is reasonably necessary to cure such breach, but not in excess of sixty (60) days from the date the original notice from Lender was received by Borrower plus time necessary for Excusable Delay; provided that Borrower acknowledges and agrees that the representations and warranties set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.5&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> (the last sentence only), </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.7(d)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.8</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">,&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.10</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.17</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.19</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.20</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.23</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.26</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.31</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.32(a)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.1.34&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> are not capable of being cured; provided, further, however, that in the case of a breach of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 3.1.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, such breach shall not constitute an Event of Default in the event that such breach shall be remedied within a timely manner and in any event within not more than thirty (30) days of Lender&#8217;s request and within thirty (30) days following the request of Lender, Borrower delivers to Lender a new non-consolidation opinion or an opinion of counsel to the effect that such breach does not impair, negate or adversely change the opinions rendered in the Insolvency Opinion, in each case, from the law firm that provided the Insolvency Opinion on the Closing Date (or its successor) or another nationally recognized law firm, in form and substance that in Lender&#8217;s reasonable judgment satisfies the then-current criteria of the Rating Agencies; 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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Borrower, or Guarantor shall make a general assignment for the benefit of creditors;</FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(viii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if a receiver, liquidator or trustee shall be appointed for Borrower, or Guarantor or if Borrower, or Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, or Guarantor, or if any proceeding for the dissolution or liquidation of Borrower, or Guarantor shall be instituted, or if Borrower is substantively consolidated with any other Person; provided, however, if such appointment, adjudication, petition, proceeding or consolidation was involuntary and not consented to by Borrower, or Guarantor, upon the same not being discharged, stayed or dismissed within ninety (90) days following its filing;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ix)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if any of the assumptions contained in the Insolvency Opinion, or in any other non-consolidation opinion delivered to Lender in connection with the Loan, is or shall become untrue unless such matter is cured in a timely manner and in a manner that would not cause an impairment or a material negative or adverse change in the Insolvency Opinion or such other non-consolidation opinion so delivered; provided, however, that in the case of a breach pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 8.1(x)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, such breach shall not constitute an Event of Default in the event that such breach shall be remedied within a timely manner and in any event within not more than thirty (30) days of Lender&#8217;s request and within thirty (30) days following the request of Lender, Borrower delivers to Lender a new non-consolidation opinion or an opinion of counsel to the effect that such breach does not impair, negate or adversely change in any material respect the opinions rendered in the Insolvency Opinion, in each case, from the law firm that provided the Insolvency Opinion on the Closing Date (or its successor) or another nationally recognized law firm, in form and substance that in Lender&#8217;s reasonable judgment satisfies the then-current criteria of the Rating Agencies; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a breach of the covenants set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Sections 4.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.23&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.31&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof; provided, however, that in the case of a breach of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, such breach shall not constitute an Event of Default in the event that such breach shall be remedied within a timely manner and in any event within not more than thirty (30) days of Lender&#8217;s request and within thirty (30) days following the request of Lender, Borrower delivers to Lender a new non-consolidation opinion or an opinion of counsel to the effect that such breach does not impair, negate or adversely change in any material respect the opinions rendered in the Insolvency Opinion, in each case, from the law firm that provided the Insolvency Opinion on the Closing Date (or its successor) or another nationally recognized law firm, in form and substance that in Lender&#8217;s reasonable judgment satisfies the then-current criteria of the Rating Agencies;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subject to Borrower&#8217;s right to contest set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.3</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of this Agreement, if the Property becomes subject to any mechanic&#8217;s, materialman&#8217;s or other Lien except a Permitted Encumbrance or a Lien for Taxes not then due and </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">payable and such liens are not discharged or bonded within sixty (60) days after Lender&#8217;s written notice to Borrower;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xiii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the alteration, improvement, demolition or removal of any of the Improvements without the prior consent of Lender, other than in accordance with this Agreement and the Leases at the Property entered into in accordance with the Loan Documents and such alteration, improvement, demolition or removal would be reasonably expected to or does have a Material Adverse Effect on Borrower&#8217;s use or operation of the Property; provided, however, that with respect to any such breach which is susceptible of being cured, such breach shall not be deemed an Event of Default hereunder unless and until it shall remain uncured for thirty (30) days after Borrower receives notice of such breach and, if such breach cannot reasonably be cured within such thirty (30) day period and Borrower commences to cure such breach within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure same, Borrower shall have such additional time as is reasonably necessary to cure such breach, but not in excess of one hundred twenty (120) days from the date the original notice from Lender was received by Borrower plus time necessary for Excusable Delay;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xiv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if (A) any Management Agreement is terminated and a Qualified Manager, or any other property manager reasonably approved by Lender, is not appointed as a replacement manager pursuant to the provisions of this Agreement within thirty (30) days following such termination, (B) Borrower has received notice that it is in material default under any Management Agreement and such default is not waived by Manager or cured by Borrower within sixty (60) days or (C) Borrower materially amends, modifies or otherwise changes without the prior written consent of Lender any Management Agreement in a manner materially adverse to Borrower and/or Lender such amendment is not revoked within ten (10) Business Days following notice from Lender to Borrower thereof; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Borrower or any Person owning a direct or indirect ownership interest in Borrower (other than any holders of publicly traded stock, units or other securities) shall be convicted of a Patriot Act Offense by a court of competent jurisdiction and such conviction subjects Lender to action and/or liability by any Governmental Authority; provided, however, that with respect to any such breach which is susceptible of being cured, such breach shall not be deemed an Event of Default hereunder unless and until it shall remain uncured for ten (10) days after Borrower receives notice of such breach; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xvi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Borrower breaches any covenant contained in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.9</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof and fails to cure such breach within ten (10) days after Lender&#8217;s written notice to Borrower; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xvii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">subject to Borrower&#8217;s contest rights in the Condominium Documents, if any, if any of the Condominium Charges to be paid by Borrower pursuant to the Condominium Documents are not paid by Borrower when the same are due and payable (after the expiration of any applicable notice and grace periods under the Condominium Documents), except to the extent that either (x) sums sufficient to make such payments are on deposit in the Condominium </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Account or (y) aggregate sums are on deposit in the Clearing Account, the Deposit Account and/or in the Cash Collateral Account sufficient to make such payment and, in either case, Lender&#8217;s access to such sums is not restricted or constrained in any manner; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xviii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(A) any material modification or amendment to any of the terms or provisions of the Condominium Documents, (B) the termination of the Condominium or the removal of any Unit from the Condominium, or (C) any partition of all or part of the Property subject to the Condominium Declaration, in each case, in violation of the terms of this Agreement, and, in the case of clause (A), such modification or amendment is not rescinded within ten (10)&nbsp;Business Days following written notice from Lender to Borrower; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xix)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if (A) any Bloomberg Lease is surrendered or terminated by Borrower, or (B) any of the terms, covenants or conditions of any Bloomberg Lease are materially amended or modified, in each case, in violation of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 4.11</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof, and, in the case of clause (B), such modification or amendment is not rescinded within ten (10)&nbsp;Business Days following written notice from Lender to Borrower;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xx)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Borrower fails to obtain or maintain an Interest Rate Cap Agreement or replacement thereof in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> and/or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof, provided that with respect to a failure under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> only, no Event of Default shall occur under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 8.1(xx)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> unless such failure continues for five (5) Business Days after Lender delivers notice to Borrower thereof (it being agreed that such period shall not apply with respect to Borrower&#8217;s delivery of a Replacement Interest Rate Cap Agreement in connection with the exercise of an Extension Option under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 2.7</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">); or</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xxi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Borrower fails to comply with the second sentence of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(c)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> within the time periods set forth therein; or</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xxii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Borrower or Guarantor shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement or any other Loan Document not specified in subsections (i) to (xxi) above, and such Default shall continue for ten (10) days after notice to Borrower from Lender, in the case of any such Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice to Borrower from Lender, in the case of any such other Default; provided, however, that if such Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such 30-day period shall and thereafter diligently and expeditiously proceed to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days plus time necessary for Excusable Delay.</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Remedies.</FONT></U></B></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">8.2.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Acceleration.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp; Unless waived in writing by Lender, upon the occurrence </FONT></H5>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and during the continuance of an Event of Default (other than an Event of Default described in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clauses (vii)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(viii)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 8.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> above), Lender may, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, take such action, without notice or demand (and Borrower hereby expressly waives any such notice or demand), that Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property, including declaring the Obligations to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and the Property, including all rights or remedies available at law or in equity; and upon any Event of Default described in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clauses (vii)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(viii)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 8.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> above, the Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable in full, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">8.2.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Remedies Cumulative.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless waived in writing by Lender, upon the occurrence and during the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to the Property.&nbsp; The rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise.&nbsp; Lender&#8217;s rights, powers and remedies may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents.&nbsp; Without limiting the generality of the foregoing, if an Event of Default is continuing (i) Lender shall not be subject to any &#8220;one action&#8221; or &#8220;election of remedies&#8221; law or rule, and (ii) all Liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Obligations or the Obligations have been paid in full.&nbsp; No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient.&nbsp; A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon.&nbsp; In addition to the covenants contained in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.29(a)(v)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, during the continuance of an Event of Default, Borrower shall pay for all reasonable out-of-pocket costs and expenses (including reasonable attorneys&#8217; fees and disbursements) incurred by Lender in connection with inspections and appraisals.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">8.2.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Severance.</FONT></U></B></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Upon the occurrence and during the continuance of an Event of Default, </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender shall have the right from time to time to partially foreclose the Mortgage in any manner and for any amounts secured by the Mortgage then due and payable as determined by Lender in its sole discretion, including the following circumstances:&nbsp; (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Mortgage to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire Outstanding Principal Balance, Lender may foreclose the Mortgage to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Mortgage as Lender may elect, provided, that any Spread Maintenance Premium incurred as a result of such acceleration shall only be due with respect to the portion of the Outstanding Principal Balance of the Loan as has been accelerated.&nbsp; Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Mortgage to secure payment of the sums secured by the Mortgage and not previously recovered.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Severed Loan Documents</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder.&nbsp; Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender, provided that no such agreement shall increase Borrower&#8217;s obligations or decrease Borrower&#8217;s rights under the Loan Documents.&nbsp; Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute such severance agreement to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such severance agreement under such power until five (5) Business Days after notice has been given to Borrower by Lender of Lender&#8217;s intent to exercise its rights under such power.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Any amounts recovered from the Property or any other collateral for the Loan following the acceleration of the Loan upon an Event of Default or an Event of Default arising as a result of the failure to pay the Obligations in full on the Maturity Date may be applied by Lender toward the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents, in such order, priority and proportions as Lender in its sole discretion shall determine.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">8.2.4&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender&#8217;s Right to Perform.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Upon the occurrence and during the continuance of an Event of Default only, if Borrower fails to perform any covenant or obligation contained herein and such failure shall continue for a period of ten (10) Business Days after Borrower&#8217;s receipt of written notice thereof from Lender, without in any way limiting Lender&#8217;s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate.&nbsp; Notwithstanding the foregoing, Lender shall have no obligation to </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">send notice to Borrower of any such failure except as otherwise expressly provided for herein, but such notice shall be a precondition to Lender exercising the rights set forth in the immediately preceding sentence.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">IX.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>SALE AND SECURITIZATION OF MORTGAGE</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sale of Mortgage and Securitization.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Lender shall have the right without notice to or consent from Borrower or any other Person (i) to sell or otherwise transfer the Loan or any portion thereof as a whole loan, (ii) to sell participation interests in the Loan, (iii) to securitize the Loan or any portion thereof in a single asset securitization or a pooled loan securitization and (iv) to otherwise assign, participate, assign or transfer the Loan, the Note, the Loan Documents and/or Lender&#8217;s rights, title, obligations and interests therein to any Person at any time in its sole and absolute discretion, in whole or in part, whether by operation of law (pursuant to a merger or other successor in interest) or otherwise, but subject to the terms set forth in that certain letter agreement between Lender and Borrower dated as of the date hereof. &nbsp;Upon such assignment, all references to Lender in this Agreement and in any Loan Document shall be deemed to refer to such assignee or successor in interest and such assignee or successor in interest shall thereafter stand in the place of Lender in all respects.&nbsp; The transactions referred to in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clauses (i), (ii), (iii) and (iv)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> are each hereinafter referred to as a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Secondary Market Transactions</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; and the transactions referred to in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clause (iii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall hereinafter be referred to as a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Securitization</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;.&nbsp; Any certificates, notes or other securities or similar instruments issued in connection with a Secondary Market Transaction are hereinafter referred to as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Securities</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;.&nbsp; At Lender&#8217;s election, each note and/or component comprising the Loan may be subject to one or more Secondary Market Transactions.&nbsp; </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If reasonably requested by Lender, Borrower shall (at no cost or expense to Borrower, except to the extent otherwise expressly provided for in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">) assist Lender in satisfying the market standards to which Lender customarily adheres or which may be reasonably required in the marketplace, by prospective investors, the Rating Agencies and/or by applicable Legal Requirements in connection with any Secondary Market Transactions, including to:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(A) provide reasonably requested, non-confidential financial and other information (other than projections) with respect to the Property, the business operated at the Property, Borrower and the Manager, including, without limitation, the information set forth on </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Exhibit B</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> attached hereto, in each case, to the extent reasonably available to Borrower or Manager, (B) provide budgets and rent rolls relating to the Property (including itemized percentage of floor area occupied and percentage of aggregate base rent for each Tenant), (C) provide such financial information and statements as are required pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.1(b)(i)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> (the information described in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">clauses (A)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> through </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(C)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Provided Information</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) and (D) cooperate with Lender in obtaining updated appraisals, market studies, environmental reviews and reports (Phase I&#8217;s and, if appropriate, Phase IIs), property condition reports and other due diligence investigations of the Property, subject to Borrower&#8217;s reasonable and customary safety requirements </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">and the rights of Tenants under Leases;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">use commercially reasonable efforts to provide customary updates or customary modifications to the opinions of counsel provided by Borrower at Closing, as may be reasonably requested by Lender in order to effect the related Securitization, including without limitation updates or modifications requested by or for the benefit of the Rating Agencies, underwriters, placement agents, the trustee or other customary Securitization parties (it being agreed that in no event shall Borrower be obligated to deliver an opinion of counsel with respect to &#8220;true sale&#8221;, &#8220;fraudulent conveyance&#8221; or &#8220;10b-5&#8221; matters); and</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provide updated, as of the closing date of any Secondary Market Transaction, representations and warranties made in the Loan Documents and such additional representations and warranties as the Rating Agencies may require (which, in each case, may be given subject to any additional exceptions thereto) and execute such amendments to the Loan Documents as may be reasonably requested by Lender in order to effect the related Securitization, provided that nothing in such amendments shall result in any economic or other change that is adverse in any respect to Borrower, Guarantor or any Affiliate thereof or result in any operational changes that are burdensome to Borrower or the Property in any material respect.</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If, at the time a Disclosure Document is being prepared for a Securitization, Lender reasonably expects that Borrower alone or Borrower and one or more Affiliates of Borrower, collectively, or the Property alone or the Property and Related Properties collectively, will be a Significant Obligor, Borrower shall furnish to Lender upon reasonable request the following financial information, in each case, to the extent reasonably available to Borrower or Manager:</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Lender reasonably expects that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such Securitization, may equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount of all mortgage loans included or expected to be included in the Securitization, net operating income for the Property and the Related Properties as required under Item 1112(b)(1) of Regulation AB (it being understood that such information shall be deemed &#8220;required&#8221; whether or not the Securities are being offered in a registered offering), or</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if Lender reasonably expects that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such Securitization, may equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included in the Securitization, the financial statements required under Item 1112(b)(2) of Regulation AB (it being understood that such information shall be deemed &#8220;required&#8221; whether or not the Securities are being offered in a registered offering).</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event all or a portion of the Loan is included in a securitization involving a registered public offering of Securities pursuant to the Securities Act (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Public Securitization</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), and if Lender determines that Borrower alone or Borrower and one or more </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Affiliates of Borrower collectively, or the Property alone or the Property and Related Properties collectively, are a Significant Obligor, then Borrower shall furnish to Lender, on an ongoing basis, selected financial data or financial statements meeting the requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, but only for so long as such entity or entities are a Significant Obligor and either (x) filings pursuant to the Exchange Act in connection with or relating to the Securitization (an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Exchange Act Filing</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) are required to be made under applicable Legal Requirements or (y) comparable information is required to otherwise be &#8220;available&#8221; to holders of the Securities under Regulation AB or applicable Legal Requirements.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Any financial data or financial statements provided pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall be furnished to Lender within the following time periods:</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 45.35pt; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with respect to information requested in connection with the preparation of Disclosure Documents for a Securitization, as promptly as reasonably practicable following notice from Lender; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 45.35pt; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with respect to ongoing information required under </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.1(d) </FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">above, (1) not later than forty-one (41) days after the end of each calendar quarter of Borrower and (2) not later than eighty-five (85) days after the end of each fiscal year of Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any reasonable incremental costs and expenses incurred by Borrower in connection with the delivery to Lender of any financial data or financial statements within the time periods set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.1(e)(ii)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> rather than the time periods provided in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.9</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> and/or in the form required pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.1(d)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> rather than in the form required in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.9</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, shall be paid by Lender. </FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If requested by Lender, Borrower shall provide Lender, as promptly as reasonably practicable following Lender&#8217;s request therefor, and in any event, within the time periods required to comply with Regulation AB or other Legal Requirements relating to a Securitization (but no earlier than three (3) Business Days following notice from Lender) with any other or additional financial statements, or financial, statistical or operating information, as Lender shall reasonably determine to be required pursuant to Regulation AB, or any amendment, modification or replacement thereto or other Legal Requirements relating to a Securitization or as shall otherwise be reasonably requested by the Lender.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">All financial statements provided by Borrower pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.1 </FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">shall be prepared in accordance with GAAP, and shall meet the requirements of Regulation S-K or Regulation S-X, as applicable, Regulation AB, and other applicable Legal Requirements.&nbsp; All annual financial statements shall be audited by Independent Accountants in accordance with GAAP, Regulation S-X or Regulation S-K, as applicable, Regulation AB, and all other applicable Legal Requirements and shall be accompanied by a manually executed written consent of the Independent Accountants, in form and substance reasonably acceptable to Lender and the Independent Accountants, to the inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such Independent Accountants and the reference to such Independent Accountants as &#8220;experts&#8221; in any Disclosure Document and Exchange Act Filing (or comparable information is required to otherwise be available to holders of the Securities under Regulation AB or applicable Legal Requirements), all of which shall be provided at the same time as the related financial statements are required to be</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provided.&nbsp; All other data and financial statements provided by Borrower pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall be accompanied by an Officers Certificate of&nbsp; Borrower stating that such financial statements meet the requirements set forth in the first sentence of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.1(g)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp;</FONT></H4>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">Section 9.2.</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="Times New Roman Bold">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold">Securitization Indemnification.</FONT></U></B></H2>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower understands that certain of the Provided Information may be included in preliminary and final disclosure documents in connection with any Secondary Market Transaction, including a Securitization, including an offering circular, a prospectus, prospectus supplement, private placement memorandum or other offering document (each, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Disclosure Document</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Securities Act</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), or the Securities and Exchange Act of 1934, as amended (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Exchange Act</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), and may be made available to investors or prospective investors in the Securities, investment banking firms, NRSROs, accounting firms, law firms and other third-party advisory and service providers relating to any Secondary Market Transaction, including a Securitization.&nbsp; Borrower also understands that the findings and conclusions of any third-party due diligence report obtained by the Lender, the Issuer or the Securitization placement agent or underwriter may be made publicly available if required, and in the manner prescribed, by Section 15E(s)(4)(A) of the Exchange Act and any rules promulgated thereunder.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In connection with each of (x) a preliminary and final private placement memorandum, or (y) a preliminary and final prospectus, as applicable, Borrower agrees to provide, at Lender&#8217;s reasonable request, an indemnification certificate (at no cost to Borrower&nbsp; except as provided in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">):&nbsp;</FONT></H4>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">certifying that Borrower has carefully examined those portions of such memorandum or prospectus, as applicable, reasonably designated in writing by Lender for Borrower&#8217;s review pertaining to Borrower, Manager, the Property and/or the Provided Information and insofar as such sections or portions thereof specifically pertain to Borrower, Guarantor, Manager, the Property or the Provided Information (such portions, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Relevant Portions</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), the Relevant Portions do not (except to the extent specified by Borrower if Borrower does not agree with the statements therein), as of the date of such certificate, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">indemnifying Lender (and for purposes of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Lender shall include the initial lender, its successors and assigns, and their respective officers and directors) and each Person who controls the Lender within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Lender Group</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), the issuer of the Securities (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Issuer</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; and for purposes of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, Issuer shall include its officers, directors and each Person who controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and any placement agent or underwriter with respect to the Securitization, each of their respective officers and directors and each Person who controls the placement agent or underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act </FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Underwriter Group</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) for any actual out-of-pocket losses, third-party claims, damages or liabilities arising out of third party claims (excluding lost profits, diminution in value and other consequential damages, collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Liabilities</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) to which Lender, the Underwriter Group, the Lender Group or the Issuer may become subject insofar as the Liabilities arise out of, or are based upon, (A) any untrue statement or alleged untrue statement of any material fact contained in the Relevant Portions or in the Provided Information provided to Lender by Borrower and its agents, counsel and representatives, except to the extent that such untrue statement is subsequently superseded or corrected prior to its inclusion in the Disclosure Document or (B) the omission or alleged omission to state in the Relevant Portion, a material fact required to be stated in such Relevant Portion or necessary in order to make the statements in such information, in light of the circumstances under which they were made, not misleading.&nbsp; Borrower also agrees to reimburse Lender, the Lender Group, the Issuer and/or the Underwriter Group for any legal or other out-of-pocket expenses reasonably incurred by Lender, the Lender Group, the Issuer and/or the Underwriter Group in connection with investigating or defending the Liabilities.&nbsp; Borrower&#8217;s liability under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2(b)(ii)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> will be limited to Liability that arises out of, or is based upon, an untrue statement or omission made in reasonable reliance upon, and in conformity with, information furnished to Lender by or on behalf of Borrower in connection with the preparation of the Disclosure Document or in connection with the Relevant Portions or the Provided Information and shall not include any Liability that arises out of the willful misconduct, gross negligence or fraud of the indemnified party.&nbsp; This indemnification provision will be in addition to any liability which Borrower may otherwise have.</FONT></H5>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower shall indemnify the Lender, the Underwriter Group, the Lender Group, and the Issuer for Liabilities to which any such indemnified party may become subject insofar as the Liabilities are in connection with any indemnification to the Rating Agencies in connection with the issuing, monitoring or maintaining ratings on the Securities insofar as the liabilities arise out of or are based upon any untrue statement of any material fact in any information provided by Borrower or Borrower&#8217;s agents or representatives (but expressly excluding Lender and its agents and representatives) to the Rating Agencies (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Covered Rating Agency Information</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) or arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be stated therein or necessary in order to make the statements in the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading.&nbsp; Notwithstanding anything to the contrary contained herein, (i) Borrower shall not be responsible for any Liabilities relating to untrue statements or omissions&nbsp; in any Covered Rating Agency Information which Borrower provided notice to Lender in writing prior to the pricing of any Securities; and (ii) Borrower shall not be liable for any misstatements or omissions in the Covered Rating Agency Information resulting from Lender&#8217;s failure to accurately transcribe written information by or on behalf of Borrower to Lender unless Borrower was provided a reasonable opportunity to review such Covered Rating Agency Information (or the applicable portions thereof) and failed to notify Lender of such misstatements or omissions. </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;</FONT></I></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Promptly after receipt by an indemnified party under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, notify the indemnifying party in writing of the commencement thereof, but the omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the indemnifying party.&nbsp; In the event that any action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party.&nbsp; After notice from the indemnifying party to such indemnified party under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> of its assumption of such defense, the indemnifying party shall not be liable for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or in conflict with those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assert such legal defenses available to it that are different from or additional to those available to the indemnifying party.&nbsp; Without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed), no indemnifying party shall settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any indemnified party is an actual or potential party to such claim, action, suit or proceeding) unless the indemnifying party shall have given Lender reasonable prior written notice thereof and shall have obtained an unconditional release of each indemnified party hereunder from all liability arising out of such claim, action, suit or proceedings with no admission of fault by or on behalf of any indemnified party.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In order to provide for just and equitable contribution in circumstances in which the indemnity provided for in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> is for any reason held to be unenforceable as to an indemnified party in respect of any Liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2(b)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Liabilities (or action in respect thereof); provided, however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.&nbsp; In determining the amount of contribution to which the respective parties are entitled, the following factors shall be considered: (i) the indemnified party&#8217;s and Borrower&#8217;s relative knowledge and access to information concerning the matter with respect to which the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission; (iii) the limited responsibilities and obligations of Borrower as specified herein; and (iv) any other equitable considerations appropriate in the circumstances.&nbsp; Lender and Borrower hereby agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The liabilities and obligations of both Borrower and Lender under this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.2</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall survive the termination of this Agreement and the satisfaction and discharge of </FONT></H4>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Severance.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9.3.1&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Severance Documentation</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender, without in any way limiting Lender&#8217;s other rights hereunder but subject to the other provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.3.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, in its sole and absolute discretion, shall have the right, at any time, by written notice to Borrower (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Componentization Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), to require Borrower (at no cost to Borrower, except as expressly set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) to execute and deliver &#8220;component&#8221; notes and/or modify the Loan in order to create one or more senior and subordinate notes (i.e., an A/B or A/B/C structure) and/or one or more additional components of the Note or Notes (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note Components</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), reduce the number of Note Components, revise the interest rate for each Note Component, reallocate the principal balances of the Notes and/or the Note Components, increase or decrease the monthly debt service payments for each Note Component or eliminate the component structure and/or the multiple note structure of the Loan (including the elimination of the related allocations of principal and interest payments), provided that (a) the Outstanding Principal Balance of all components immediately after the effective date of such modification equals the Outstanding Principal Balance immediately prior to such modification, (b) the weighted average of the interest rates for all components at all times from and after the effective date of such modification (including after the occurrence of an Event of Default and as the result of an application of Net Proceeds pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) shall equal the interest rate of the original Note immediately prior to such modification and (c) the other terms and provisions of each of the component notes shall be identical in substance to the terms and provisions of the Loan Documents.&nbsp; Borrower shall be treated as the obligor with respect to each of the Note Components, and Borrower acknowledges that each Note Component may be individually beneficially owned by a separate Person.&nbsp; The Note Components need not be represented by separate physical Notes, but if requested by Lender, each Note Component shall be represented by a separate physical Note, in which case Borrower shall execute and return to Lender each such Note promptly following Borrower&#8217;s receipt of an execution copy thereof.&nbsp; Prepayments of principal on the Loan, including as a result of an Event of Default or an application of Net Proceeds pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this Agreement, may not increase the weighted average interest rate of the Note Components.&nbsp; Notwithstanding the foregoing, in no event shall Lender be entitled to restructure the Loan in a manner that creates any mezzanine loans.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9.3.2&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Reserved.&nbsp;</FONT></U></B></P>

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<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9.3.3&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cooperation; Execution; Delivery.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Borrower shall</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">reasonably cooperate with all reasonable requests of Lender in connection with </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.3.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; If reasonably requested by Lender, Borrower shall execute and deliver such documents as shall be required by Lender and any Rating Agency in connection with any modification pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.3.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, all in form and substance reasonably satisfactory to Lender and satisfactory to any applicable Rating Agency rating Securities secured by the Loans in connection with a Securitization, including the severance of security documents if requested.&nbsp; It shall be an Event of Default under this Agreement, the Note, the Mortgage and the other Loan Documents if Borrower fails to comply with any of the terms, covenants or conditions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> after expiration of ten (10) Business Days after Borrower&#8217;s receipt of notice thereof, together with copies of all documents to be executed and comparison &#8220;blacklines&#8221; of such documents against the applicable documents executed by Borrower as of the Closing Date.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.4.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Costs and Expenses</U></FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>.</U>&nbsp;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> Article IX</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Borrower shall not be required to incur any taxes, reserves, adjustments or other costs or expenses in the performance of its obligations under this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article IX</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (excluding the indemnity obligations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 9.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) in excess of $25,000.&nbsp; Lender agrees that it shall promptly reimburse Borrower for any such actual out-of-pocket taxes, reserves, adjustments, reasonable costs and reasonable expenses incurred by Borrower in excess of such amount, except that Borrower and Guarantor shall pay their own respective legal costs and expenses.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="times new roman bold">X.</FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-STYLE: normal; FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>MISCELLANEOUS</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.1.&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Exculpation</U></FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>.</U>&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the Obligations contained in the Note, this Agreement, the Mortgage or the other Loan Documents by any action or proceeding wherein a money judgment or any deficiency judgment or other judgment establishing personal liability shall be sought against Borrower or any Affiliate of Borrower or any legal representatives, successors or assigns of Borrower or its Affiliate or any principals, directors, officers, employees, beneficiaries, shareholders, partners, members, trustees, agents, or Affiliates of any of the foregoing (collectively, but specifically excluding Guarantor to the extent of Guarantor&#8217;s liability under the Guaranty, any Alteration Deficiency Guaranty or any other guaranty provided in connection with the Loan, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exculpated Parties</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Mortgage and the other Loan Documents, or in the Property, the Rents or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower&#8217;s interest in the Property, in the Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Mortgage and the other Loan Documents, shall not sue for, seek or demand any deficiency judgment against any Exculpated Party in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Mortgage or the other Loan Documents.&nbsp; The provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall not, however, (a) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (b) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Mortgage; (c) affect the validity or enforceability of any of the Loan Documents, the Guaranty or any other guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder; (d) impair the right of Lender to obtain the appointment of a receiver; (e) impair the enforcement of the Assignment of Leases; (f) impair the enforcement of the Environmental Indemnity; (g) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order to fully realize the security granted by the Mortgage or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against the Property; or (h) constitute a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation reasonably incurred by Lender (including out-of-pocket attorneys&#8217; fees and costs reasonably incurred but excluding any consequential, special or punitive damages) arising out of or in connection with the following </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(all such liability and obligation of Borrower for any or all of the following being referred to herein as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower&#8217;s Recourse Liabilities</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;):&nbsp;</FONT></P>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">fraudulent acts, willful misconduct or material intentional misrepresentation by Borrower or any Borrower Affiliate in connection with the Loan; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the breach by Borrower of any representation, warranty, covenant or indemnification provision in the Environmental Indemnity;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the intentional misappropriation by Borrower of any Reserve Funds disbursed to Borrower, or any intentional failure to deposit rents into the Clearing Account to the extent in the control of Borrower, unless such rents are otherwise delivered to Lender; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">any intentional (other than, in each case, as part of or to facilitate any alteration that is permitted hereunder) material physical waste of the Property by Borrower or any Borrower Affiliate, or any intentional wrongful removal or destruction of a material portion of the Property or damage to a material portion of the Property caused by willful misconduct or gross negligence of Borrower or any Borrower Affiliate;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the commission of any criminal act by Borrower or any Borrower Affiliate which results in the forfeiture of the Property;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the intentional misappropriation by Borrower or any Borrower Affiliate of (A) any Insurance Proceeds actually received by Borrower or any Borrower Affiliate or (B) any Awards or other amounts received in connection with the Condemnation of all or a portion of the Property actually received by Borrower or any Borrower Affiliate; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">after the occurrence and during the continuance of an Event of Default, the intentional misappropriation by Borrower or any Borrower Affiliate of any Rents in violation of the Loan Documents;</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(viii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all or any material portion of the Property being encumbered by a Lien voluntarily granted by Borrower (</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">i.e.</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, not arising by operation of law) in violation of the Loan Documents, or&nbsp; Borrower&#8217;s failure to pay any charges (including, without limitation, charges for labor and materials) that create Liens on the Property, regardless of whether arising by operation of law, to the extent cash flow from the Property is sufficient to make such payments and, during a Trigger Period, funds are made available to Borrower for payment of such charges; </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ix)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower&#8217;s failure to pay Taxes or transfer taxes, maintain required Policies, pay insurance premiums for such Policies, or pay any Condominium Charges to the extent cash flow from the Property is sufficient to make such payments and all other payments required of Borrower and, during a Trigger Period, funds are made available to Borrower to make such payments;</FONT></H5>

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<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(x)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the voluntary incurrence by Borrower of any Indebtedness for borrowed money in violation of the provisions of this Agreement or any other Loan Document (other than Permitted Encumbrances); </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the failure by Borrower to deliver to Lender any security deposits, advance deposits or any other deposits collected with respect to the Property upon a foreclosure by Lender under the Loan Documents, unless previously applied (except to the extent that such deposits were applied in accordance with the applicable lease or other governing document or Borrower did not have the legal right, because of a bankruptcy, receivership or similar judicial proceeding, to direct disbursement of such deposits); </FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the termination of the Condominium or the removal of any Unit from the Condominium, in each case, in violation of the terms of this Agreement, which was voted for or consented to or approved by Borrower (or the members of the Condominium Board appointed by Borrower); and/or</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: -71.65pt; MARGIN: 0in 0in 12pt 71.65pt"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(xiii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i) the failure by Borrower, any Borrower Affiliate and/or any other owner of the Upper Option Space and/or the Lower Option Space (as defined in the Original Bloomberg Lease) (other than Lender or any Affiliate of Lender) to comply with the terms of Section 36 of the Original Bloomberg Lease (an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Expansion Space Default</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), (ii) the exercise of any rights that the Tenant under the Original Bloomberg Lease may have as a result of an Expansion Space Default (whether pursuant to the Original Bloomberg Lease, at law or in equity), including, without limitation, any rights to set off any payments required under the Original Bloomberg Lease and/or (iii) paying any amount or performing any obligation with respect to the Upper Option Space and/or the Lower Option Space after the occurrence of an Expansion Space Default. </FONT></H5>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, (A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing to Lender in accordance with the Loan Documents, and (B) the Obligations shall be fully recourse to Borrower in the event that any of the following occur (each, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Springing Recourse Event</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;):&nbsp; (i) a breach of the covenants set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule V</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof (other than those single purpose entity covenants that relate to solvency or adequacy of capital) or a breach of any of the certifications set forth in the &#8220;Recycled Entity Certificate&#8221;, in each case, that results in a substantive consolidation of the assets and liabilities of Borrower with any other Person in connection with a proceeding under the Bankruptcy Code or under federal, state or foreign insolvency law&nbsp; (other than on motion or pleading seeking a substantive consolidation brought or actively supported by Lender); (ii) Borrower or any Borrower Affiliate, officer, director or representative which Controls Borrower consents to or files a voluntary petition with respect to Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (iii) Borrower files an application for the appointment of a receiver, trustee or examiner for Borrower or any portion of the Property, except at the request of or with the consent of Lender, (iv) the filing of an involuntary petition against Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law by any other Person in which Borrower or a Borrower Affiliate that directly or indirectly Controls Borrower colludes </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with and/or Borrower or a Borrower Affiliate that directly or indirectly Controls Borrower solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower by any Person; (v) Borrower files an answer consenting to, or joining in, any involuntary petition filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (vi) Borrower makes an assignment for the benefit of creditors or admits, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due, which admission is used as evidence of Borrower&#8217;s insolvency in connection with an involuntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law by a Person other than Lender (except for (A) any admissions that Borrower believes in good faith are truthful when made and (B) any such admission to Lender or any servicer of the Loan that Borrower cannot pay its operating expenses (including Debt Service payments due in respect of the Loan) or that Borrower cannot refinance the Loan on the Maturity Date); or (vii) there is a voluntary Transfer of all or any material portion of the Property or any direct or indirect interest therein or any Transfer of any direct or indirect interest in Borrower, in either case, in violation of the Loan Documents. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.2.&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Survival; Successors and Assigns.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Obligations are outstanding and unpaid unless a longer period is expressly set forth herein or in the other Loan Documents.&nbsp; Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party.&nbsp; All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal successors and assigns of Lender.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender&#8217;s Discretion; Rating Agency Review Waiver.</FONT></U></B></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Whenever pursuant to this Agreement Lender exercises any right given to it to approve or disapprove any matter, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the reasonable discretion of Lender and shall be final and conclusive.&nbsp; Prior to all or any portion of the Loan being included in a Securitization, whenever pursuant to this Agreement the Rating Agencies are given any right to approve or disapprove any matter, or any arrangement or term is to be satisfactory to the Rating Agencies, the decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory or not satisfactory, based upon Lender&#8217;s determination of Rating Agency criteria, shall be substituted therefor.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Whenever, pursuant to this Agreement or any other Loan Documents, a Rating Agency Confirmation is required from each applicable Rating Agency, in the event that any applicable Rating Agency &#8220;declines review&#8221;, &#8220;waives review&#8221; or otherwise indicates in writing that no Rating Agency Confirmation will or needs to be issued with respect to the matter in question (each, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Review Waiver</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), then the Rating Agency Confirmation requirement shall be deemed to be satisfied with respect to such matter.&nbsp; It is expressly agreed and understood, however, that receipt of a Review Waiver (i) from any one Rating Agency shall not be binding or apply with respect to any other Rating Agency and (ii) with respect to one matter shall not apply or be deemed to apply to any subsequent matter for which Rating Agency Confirmation is </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">required.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 10.4.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Governing Law.</FONT></U></B></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA.&nbsp; TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT LENDER&#8217;S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.&nbsp; BORROWER DOES HEREBY AGREE DESIGNATE AND APPOINT:</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">VORNADO REALTY TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">888 SEVENTH AVENUE, 44<SUP>TH</SUP> FLOOR</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NEW YORK, NEW YORK 10106</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ATTENTION:&nbsp; CORPORATION COUNSEL</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">FACSIMILE NO.:&nbsp; (212) 894-7996</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND BORROWER AGREES THAT SERVICE OF PROCESS UPON&nbsp; SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.&nbsp; </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.&nbsp; NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY OTHER JURISDICTION.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.5.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Modification, Waiver in Writing</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement or of any other Loan Document, nor consent to any departure therefrom, shall in any event be effective unless the same shall be in a writing signed by the party or parties against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.&nbsp; Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.&nbsp; Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder or under any other Loan Document, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege.&nbsp; In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount.&nbsp; Lender shall have the right to waive or reduce any time periods that Lender is entitled to under the Loan Documents in its sole and absolute discretion.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.6.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notices.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) required or permitted to be given hereunder shall be given in writing and shall be (i) sent by facsimile (with answer back acknowledged), (ii) sent by registered or certified mail, postage prepaid, return receipt requested, or (iii) delivered by hand or by reputable overnight courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Any Notice shall be deemed to have been received: (a) three (3) days after the date such Notice is mailed, (b) on the date of sending by facsimile if sent prior to 5:00 P.M. (New York time) on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered prior to 5:00 P.M. (New York time) on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by a reputable courier for delivery on the next Business Day, in each case addressed to the parties as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Lender:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP> Floor<BR>New York, New York&nbsp; 10005<BR>Attention:&nbsp; Robert W. Pettinato, Jr. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP> Floor<BR>New York, New York&nbsp; 10005<BR>Attention:&nbsp; General Counsel</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sidley Austin LLP<BR>1 South Dearborn Street<BR>Chicago, Illinois 60603<BR>Attention:&nbsp; Charles E. Schrank, Esq.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Borrower:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 Office One LLC</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">c/o </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Vornado Realty L.P. <BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">210 Route 4 East</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paramus, New Jersey 07652<BR>Attention:&nbsp; Chief Financial Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty L.P.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">888 Seventh Avenue<BR>New York, New York 10106<BR>Attention:&nbsp; Executive Vice President &#8211; Co-Head Acquisitions </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 4.5pt; MARGIN: 0in 0in 0pt 2.75in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and Capital Markets </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty L.P. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">888 Seventh Avenue</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">New York, New York 10106</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Attention:&nbsp; Corporation Counsel </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sullivan &amp; Cromwell LLP<BR>125 Broad Street <BR>New York, New York&nbsp; 10004<BR>Attention:&nbsp; Arthur S. Adler, Esq.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any party may change the address to which any such Notice is to be delivered by furnishing ten (10) days written notice of such change to the other parties in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Notices shall be deemed to have been given on the date as set forth above, even if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given, or there is a rejection or refusal to accept any Notice offered for delivery.&nbsp; Notice for any party may be given by its respective counsel, provided that it is given in accordance with this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> as set forth above.&nbsp; Additionally, Notice from Lender may also be given by Servicer and Lender hereby acknowledges and agrees that Borrower shall be entitled to rely on any Notice given by Servicer as if it had been sent by Lender.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.7.&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Waiver of Trial by Jury.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BORROWER AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.&nbsp; THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.&nbsp; EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.8.&nbsp;&nbsp; &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Headings, Schedules and Exhibits.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.&nbsp; The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.9.&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Severability.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.10.&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Preferences</U></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>.</U>&nbsp;&nbsp;Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the Obligations of Borrower hereunder.&nbsp; To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the Obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.11. &nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Waiver of Notice</U></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>.</U>&nbsp;&nbsp; Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice.&nbsp; Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.12.&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Remedies of Borrower</U></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>.</U>&nbsp;&nbsp;&nbsp;&nbsp; In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where, by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, neither Lender nor its agents shall be liable for any monetary damages (unless it is determined pursuant to a final judgment that Lender acted in bad faith) and Borrower&#8217;s sole remedy shall be limited to commencing an action seeking injunctive relief or declaratory judgment.&nbsp; Any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.13. &nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Offsets, Counterclaims and Defenses.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Any assignee of Lender&#8217;s interest in and to this Agreement and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower.</FONT></P>

<P style="TEXT-INDENT: 76.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No Joint Venture or Partnership; No Third Party Beneficiaries.</FONT></U></B></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender.&nbsp; Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary or lender.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in any Loan Document shall be deemed to confer upon anyone other than the Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained therein.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.15.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Publicity</U></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>.</U>&nbsp;&nbsp;&nbsp;&nbsp;All news releases, publicity or advertising by any party hereto or their respective Affiliates through any media intended to reach the general public (but excluding, for clarity, any filings or news releases necessary or appropriate under applicable Legal Requirements, including securities laws and regulations) which refers to the Loan Documents or the financing evidenced by the Loan Documents shall be subject to the prior consultation between Borrower and Lender; provided, that no such news release, publicity or advertising by Borrower, Guarantor or any of their respective Affiliates, regardless of whether same is necessary or appropriate under applicable Legal Requirements, shall mention or refer to (i) any Securities or Securitization or to any prospective securitization or securities related to the Loan, or to any Affiliate of Lender that acts as depositor, initial purchaser or underwriter with respect to a Securitization of all or any portion of the Loan, or (ii) until the date occurring 90 days after the closing date of a Securitization, to Lender or any of its Affiliates</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided further that Borrower or its Affiliates may, to the extent necessary or appropriate under the applicable Legal Requirements, file a Form 8-K, Form 10-K or Form 10-Q which discloses the financing obtained pursuant to the Loan Documents and attaches the Loan Agreement and one or more other Loan Documents as an exhibit thereto so long as such filing does not disclose any of the information set forth in clause (i) (it being agreed that the inclusion of the Loan Agreement and one or more Loan Documents as exhibits to such filing alone shall not be deemed to disclose any information set forth in clause (i)).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.16. &nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Waiver of Marshalling of Assets</U></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>.</U>&nbsp;&nbsp;&nbsp; To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower&#8217;s members or partners, as applicable, and others with interests in Borrower, and of the Property, and shall not assert any right under any laws </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Obligations without any prior or different resort for collection, or of the right of Lender to the payment of the Obligations out of the net proceeds of the Property in preference to every other claimant whatsoever.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.17. &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certain Waivers.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents or otherwise to offset any obligations to make the payments required by the Loan Documents.&nbsp; No failure by Lender to perform any of its obligations hereunder shall be a valid defense to, or result in any offset against, any payments which Borrower is obligated to make under any of the Loan Documents.&nbsp; Without limiting any of the other provisions contained herein, each of Borrower and Lender hereby unconditionally and irrevocably waives, to the maximum extent not prohibited by applicable law, any rights it may have to claim or recover against the other party in any legal action or proceeding any special, exemplary, punitive or consequential damages.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.18. &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Conflict; Construction of Documents; Reliance.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; In the event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control.&nbsp; The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same.&nbsp; Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan, without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or affiliate of Lender.&nbsp; Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender&#8217;s exercise of any such rights or remedies.&nbsp; Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.19. &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Brokers and Financial Advisors.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Borrower and Lender each hereby represent to each other that they have not dealt with any brokers or finders in connection with the transactions contemplated by the Loan Documents or made any agreements or promises which will in any way create or give use to any obligation or liability for payment by it for any brokerage fee or commission or any other similar compensation to any other Person with respect to the transactions contemplated herein.&nbsp; Each of Lender and Borrower shall indemnify, defend and hold the other harmless from and against any and all claims, liabilities, losses, costs and expenses of any kind (including Lender&#8217;s attorneys&#8217; fees and expenses) in any way relating to or arising out of a claim by any Person that such Person acted on behalf of Borrower or Lender, as the case may be, in connection with the transactions contemplated herein.&nbsp; The provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.19</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall survive the expiration and termination of this Agreement and the payment of the Obligations.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.20. &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prior Agreements.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto and their respective affiliates in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, including any confidentiality agreements or any similar agreements between or among any such parties, whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.21. &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Servicer.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">At the option of Lender, the Loan may be serviced by a servicer and special servicer (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Servicer</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Servicing Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) between Lender and Servicer.&nbsp; Borrower shall not be responsible for any set-up fees or any other initial costs relating to or arising under the Servicing Agreement.&nbsp; Borrower shall not be responsible for payment of the initial set-up fees and the monthly master servicing fee due to the Servicer under the Servicing Agreement. </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Except as otherwise expressly set forth in this Agreement and subject to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 9.4</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> hereof, Borrower shall pay any customary fees, costs and expenses of the Servicer and any reasonable third-party fees and expenses incurred in each case in connection with a prepayment, release of the Property, approvals under the Loan Documents requested by Borrower, assumption of Borrower&#8217;s obligations or amendment or modification of the Loan requested by Borrower subject to and in accordance with any servicing agreement or similar agreement entered into in connection with a Securitization, as well as (i) any amounts payable in respect of advances (including protective advances, special servicer fee advances and advances of delinquent debt service payments), together with interest thereon, made pursuant to the servicing agreement, in each case, as a result of Borrower&#8217;s default hereunder beyond any applicable grace period (or, with respect to special servicer fee advances, as a result of the Loan becoming a specially serviced loan pursuant to the servicing agreement) to the extent late charges and default interest actually paid by Borrower in respect of such payments are insufficient to pay the same, (ii) &#8220;liquidation fees&#8221; related to the Loan in the amounts set forth in the servicing agreement, which amounts shall not exceed one-half percent (0.50%) of liquidation proceeds, (iii) &#8220;workout fees&#8221; in the amounts set forth in the servicing agreement, which amounts shall not exceed one-half percent (0.50%) of interest and principal collections on the Loan so long as the Loan is a &#8220;corrected&#8221; mortgage loan, and (iv) &#8220;special servicing fees&#8221; for the Loan upon the Loan becoming a specially serviced loan pursuant to the servicing agreement in the amounts set forth in the servicing agreement, which amounts shall not exceed one-quarter of one percent (0.25%) per annum.&nbsp; At no time shall Borrower be required to deal with or pay for more than one master servicer and one special servicer in connection with the Loan. </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 67.5pt; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 10.22. </FONT><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">No Fiduciary Duty.</FONT></U></B></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower acknowledges that, in connection with this Agreement, the other Loan Documents and the transaction described herein, Lender has relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, accounting, tax and other information provided to, discussed with or reviewed by Lender for such purposes, and Lender does not assume any liability therefor or responsibility for the accuracy, completeness or independent verification thereof.&nbsp; Lender, its affiliates and its and their respective equityholders </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and employees (for purposes of this Section, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lending Parties</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of Guarantor, Borrower or any other Person or any of their respective affiliates or to advise or opine on any related solvency or viability issues.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is understood and agreed that (i) the Lending Parties shall act under this Agreement and the other Loan Documents as an independent contractor, (ii) </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">the transaction described herein is an arm&#8217;s-length commercial transaction,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (iii) </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">each Lending Party is acting solely as principal and not as the agent or fiduciary of Borrower, Guarantor or their </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">respective affiliates, stockholders, employees or creditors</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> or any other Person </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and (iv) nothing in this Agreement, the other Loan Documents, the transaction described herein or otherwise shall be deemed to create (A) a fiduciary duty (or other implied duty) on the part of any Lending Party to Guarantor, Borrower, any of their respective affiliates, stockholders, employees or creditors, or any other Person or (B) a fiduciary or agency relationship between Guarantor, Borrower or any of their respective affiliates, stockholders, employees or creditors, on the one hand, and the Lending Parties, on the other.&nbsp; Borrower agrees that neither it nor Guarantor nor any of their respective affiliates shall make, and hereby waives, any claim against the Lending Parties based on an assertion </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">that any Lending Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Borrower, Guarantor or their respective </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">affiliates, stockholders, employees or creditors.&nbsp; Nothing in this Agreement or the other Loan Documents is intended to confer upon any other Person (including affiliates, stockholders, employees or creditors of Borrower and Guarantor) any rights or remedies by reason of any </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">fiduciary or similar duty</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower acknowledges that it has been advised that the Lending Parties are full service financial services firms engaged, either directly or through affiliates in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals.&nbsp; In the ordinary course of these activities, the Lending Parties may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments.&nbsp; Such investment and other activities may involve securities and instruments of affiliates of Borrower, including Guarantor, as well as of other Persons that may (i) be involved in transactions arising from or relating to the transaction described herein, (ii) be customers or competitors of Borrower, Guarantor and/or their respective affiliates, or (iii) have other relationships with Borrower, Guarantor and/or their respective affiliates.&nbsp; In addition, the Lending Parties may provide investment banking, underwriting and financial advisory services to such other Persons.&nbsp; The Lending Parties may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of affiliates of Borrower, including Guarantor or such other Persons.&nbsp; The transaction may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.&nbsp; Although the Lending Parties in the course of such other activities and relationships may acquire information about the transaction described herein or other Persons that may be the subject of such transaction, the Lending Parties shall have no obligation to disclose such information, or the </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">fact that the Lending Parties are in possession of such information, to Borrower, Guarantor or any of their respective affiliates or to use such information on behalf of Borrower, Guarantor or any of their respective affiliates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower acknowledges and agrees that Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to this Agreement, the other Loan Documents, the transaction described herein and the process leading thereto.&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.23. &nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Creation of Security Interest.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage and any other Loan Document (including the advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.24. &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignments and Participations.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; &nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Except as expressly permitted herein, Borrower may not assign its rights, title, interests or obligations under this Agreement or under any of the Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 10.25. &nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Counterparts.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.</FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and year first above written.</FONT></P>

<P style="PAGE-BREAK-AFTER: auto; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 3.75in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LENDER:</FONT></P>

<P style="PAGE-BREAK-AFTER: auto; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 3.75in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0.5in 0in 0in 3.75in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/David Goodman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name: David Goodman <BR>Title:&nbsp; Director</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0.5in 0in 0in 3.75in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;<U>/</U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>s/ Lisa Paterson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name: Lisa Paterson <BR>Title:&nbsp; Director</FONT></P>

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<P style="MARGIN: 0in 0in 24pt 3.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC, a Delaware limited liability company<BR><BR><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a Delaware&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; limited liability company, its sole member</FONT></P>

<P style="MARGIN: 0in 0in 24pt 4in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALEXANDER&#8217;S, INC., a Delaware&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;corporation, its sole member</FONT></P>

<P style="MARGIN: 0in 0in 24pt 328.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">:/s/Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>Name: Alan Rice<BR>Title: Secretary&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt">731 <FONT style="FONT-SIZE: 8pt">Lexington - Loan Agreement</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SCHEDULE I<BR><BR>Reserved</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SCHEDULE III<BR><BR>ORGANIZATIONAL CHART<BR><BR><BR></FONT></U></B></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: auto; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SCHEDULE IV<BR><BR>EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Leases with Tenants that are Affiliates of Borrower:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease, dated as of November 15, 2005, by and between Borrower, as landlord, and Residential Board of Managers of the Beacon Court Condominium, as tenant.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; License Agreement, dated as of November 1, 2004, by and between 731 Commercial LLC (predecessor-in-interest to Borrower) and SMB Administration LLC.</FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DEFINITION OF SPECIAL PURPOSE BANKRUPTCY REMOTE ENTITY</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower hereby represents and warrants to, and covenants with, Lender that since the date of its formation (except to the extent applicable only on and after the Closing Date as specified below) and at all times on and after the Closing Date and until such time as the Obligations shall be paid and performed in full:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower is organized under the laws of the State of Delaware and (i) has been, is, and will be organized solely for the purpose of acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and operating the Property, entering into and performing its obligations under the Loan Documents and the loan documents for the Prior Loan, financing and refinancing the Property, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing, and (b) has not owned, does not own, and will not own any asset or property other than (i) the Property and (ii) incidental personal property incident, necessary or advisable and appropriate to accomplish any of the foregoing.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has not engaged and will not engage in any business other than the business described in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clause (a)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> above.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Except for capital contributions and capital distributions permitted under the terms and conditions of its organizational documents and properly reflected in its books and records,&nbsp; Borrower has not and will not enter into any transaction, contract or agreement with any Borrower Affiliate, except upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arms-length basis with third parties other than such affiliated party.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">From and after the Closing Date, Borrower shall not have or incur any Indebtedness other than Permitted Indebtedness.&nbsp; Prior to the Closing Date, Borrower has not incurred any indebtedness other than the Prior Loan and the indebtedness permitted under the terms of the loan documents evidencing such loan, which indebtedness is no longer outstanding.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has not made and will not make any loans or advances to any third party (including any Borrower Affiliate or constituent party), except that Borrower may from time to time in the ordinary course of business agree with third-party Tenants to make certain tenant improvement allowances available to such Tenant, and has not and shall not acquire obligations or securities of any Borrower Affiliate.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has been, is, and intends to remain solvent and Borrower has paid and intends to pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets, provided that revenues from the operation of the Property are sufficient to enable it to do so; and provided, further, that the foregoing shall not require any direct or indirect member, partner or shareholder of Borrower or any other Person to make any additional capital contributions, loans or other equity infusions to Borrower.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has done or caused to be done, and will do, all things necessary to observe organizational formalities necessary to maintain its separate existence, and Borrower has not, will not (i) terminate or fail to comply with, or amend, modify or otherwise change, the &#8220;special purpose provisions&#8221; of its organizational documents relating to its status as a Special Purpose Bankruptcy Remote Entity, except as expressly permitted pursuant to the terms hereof and thereof, or (ii) unless (A) Lender has consented and (B) following a Securitization of the Loan, the applicable Rating Agencies have issued a Rating Agency Confirmation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(1) Borrower has maintained and will maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates and any other Person; (2) Borrower&#8217;s assets will not be listed as assets on the financial statement of any other Person, except that Borrower&#8217;s financial position, assets, results of operations and cash flows may be included in a consolidated financial statement of its Affiliates, provided that (i) any such consolidated financial statement contains a note indicating that Borrower and its Affiliates are separate legal entities (or a similar statement is contained in such Affiliates&#8217; Securities and Exchange Commission Form 10-K or 10-Q filings and it is such Affiliate&#8217;s practice to deliver its financial statements together with its filings), and (ii) such assets shall be listed on Borrower&#8217;s own separate balance sheet; and (3) Borrower will file its own tax returns (to the extent Borrower is required to file any tax returns) and will not file a consolidated federal income tax return with any other Person.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has held and will (i) hold itself out to the public as a legal entity, separate and distinct from any other entity (including any Borrower Affiliate or any constituent party of Borrower (recognizing that Borrower may be treated as a &#8220;disregarded entity&#8221; for tax purposes and is not required to file tax returns for tax purposes under applicable law)), (ii) has corrected and shall correct any known misunderstanding regarding its status as a separate entity, (iii) has conducted and shall conduct business in its own name, (iv) has&nbsp; identified and shall not identify itself or any Borrower Affiliate as a division or department or part of the other and has maintained and utilized and shall maintain and utilize, to the extent reasonably necessary for the operation of its business, separate stationery, invoices and checks bearing its own name (except for actions taken by any agent of Borrower, including the Manager, in which such agent identifies itself as an agent of Borrower).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(j)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has maintained and intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations, provided revenues from the Property are sufficient to enable it to do so; and provided, further, that the foregoing shall not require any direct or indirect member, partner or shareholder of Borrower or any other Person to make any additional capital contributions, loans or other equity infusions to Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(k)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower shall not, to the fullest extent permitted by law, engage in, seek or consent to its liquidation, dissolution, winding up, consolidation or merger.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(l)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower (i) has not and will not commingle the funds and other assets of Borrower with those of any Borrower Affiliate or any other Person and (ii) has held and will hold all of its assets in its own name, except that all amounts paid to Borrower may be deposited into deposit accounts (controlled by an Affiliate of the Borrower as an agent on behalf of the </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower), as and when received, pursuant to that certain Cash Management Agency Agreement, dated as of the date hereof, between Alexander&#8217;s, Inc. and Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(m)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(n)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has not and will not assume or guarantee or become obligated for the debts of any other Person and does not and will not hold itself or its credit out to be responsible for the debts or obligations of any other Person.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(o)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The organizational documents of Borrower shall provide that the business and affairs of Borrower shall be (A) managed by or under the direction of a board of one or more directors designated by Borrower&#8217;s sole member (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sole Member</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) or (B) a committee of managers designated by Sole Member (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Committee</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) or (C) by Sole Member, and at all times there shall be at least two (2) duly appointed Independent Directors or Independent Managers, which may also be &#8220;independent members&#8221; thereof.&nbsp; In addition, the organizational documents of Borrower shall provide that no Independent Director or Independent Manager (as applicable) of Borrower may be removed or replaced without Cause and unless Borrower provides Lender with not less than five (5) Business Days&#8217; prior written notice of (a) any proposed removal of an Independent Director or Independent Manager (as applicable), together with a statement as to the reasons for such removal, and (b) the identity of the proposed replacement Independent Director or Independent Manager, as applicable, together with a certification that such replacement satisfies the requirements set forth in the organizational documents for an Independent Director or Independent Manager (as applicable).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(p)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The organizational documents of Borrower shall also provide an express acknowledgment that Lender is an intended third-party beneficiary of the &#8220;special purpose&#8221; provisions&#8221; of such organizational documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(q)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The organizational documents of Borrower shall provide that Borrower will not and Borrower agrees that it will not, without the unanimous written consent of its board of directors, its Committee or its Sole Member (as applicable), including, or together with, the Independent Directors or Independent Managers (as applicable) (i) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (ii) seek or consent to the appointment of a receiver, liquidator or any similar official of Borrower or a substantial part of its business, (iii) take any action that would, in the reasonable judgment of its Sole Member, be reasonably likely to cause such entity to become insolvent, (iv) make an assignment for the benefit of creditors, (v) admit in writing its inability to pay debts generally as they become due (unless true), (vi) declare or effectuate a moratorium on the payment of any obligations, or (vii) take any action in furtherance of the foregoing.&nbsp; Borrower shall not take any of the foregoing actions without the unanimous written consent of its board of directors, its Committee or its Sole Member, as applicable, including (or together with) all Independent Directors or Independent Managers, as applicable.&nbsp; In addition, the organizational documents of Borrower shall provide that, when voting with respect to any matters set forth in the immediately preceding sentence of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clause (q)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Independent Directors or Independent Managers (as applicable) shall consider only the </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">interests of Borrower, including its creditors.&nbsp; Without limiting the generality of the foregoing, such documents shall expressly provide that, to the greatest extent permitted by law, except for duties to Borrower (including duties to the members of Borrower solely to the extent of their respective economic interest in Borrower and to Borrower&#8217;s creditors as set forth in the immediately preceding sentence), such Independent Directors or Independent Managers (as applicable) shall not owe any fiduciary duties to, and shall not consider, in acting or otherwise voting on any matter for which their approval is required, the interests of (i) the members of Borrower, (ii) other Borrower Affiliates, or (iii)&nbsp; any group of Affiliates of which Borrower is a part); provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(r)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The organizational documents of Borrower shall provide that, as long as any portion of the Obligations remains outstanding, upon the occurrence of any event that causes Sole Member to cease to be a member of Borrower (other than (i) upon an assignment by Sole Member of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the organizational documents of Borrower and the Loan Documents, or (ii) the resignation of Sole Member and the admission of an additional member of Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan Documents), each of the persons acting as an Independent Director or Independent Manager (as applicable) of Borrower shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member of Borrower, automatically be admitted as members of Borrower (in each case, individually, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Special Member</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; and collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Special Members</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), or in the event that any such Independent Director or Independent Member is already a non-economic member, shall continue as a member of Borrower, and, in each case, shall preserve and continue the existence of Borrower without dissolution.&nbsp; The organizational documents of Borrower shall further provide that for so long as any portion of the Obligations is outstanding, no Special Member may resign or transfer its rights as Special Member unless (i) a successor Special Member has been admitted to Borrower as a Special Member, and (ii) such successor Special Member has also accepted its appointment as an Independent Director or Independent Manager (as applicable).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(s)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The organizational documents of Borrower shall provide that, as long as any portion of the Obligations remains outstanding: (i) Borrower shall be dissolved, and its affairs shall be wound up, only upon the first to occur of the following: (A) the termination of the legal existence of the last remaining member of Borrower or the occurrence of any other event which terminates the continued membership of the last remaining member of Borrower in Borrower unless the business of Borrower is continued in a manner permitted by its operating agreement or the Delaware Limited Liability Company Act (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Act</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), or (B) the entry of a decree of judicial dissolution under Section 18-802 of the Act; (ii) upon the occurrence of any event that causes the last remaining member of Borrower to cease to be a member of Borrower or that causes Sole Member to cease to be a member of Borrower (other than (A) upon an assignment by Sole Member of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the organizational documents of Borrower and the Loan Documents, or (B) the resignation of Sole Member and the admission of an additional member of Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan Documents), to the fullest extent permitted by law, the personal representative of such last remaining member shall be authorized to, and shall, within ninety (90) </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">days after the occurrence of the event that terminated the continued membership of such member in Borrower, agree in writing (I) to continue the existence of Borrower, and (II) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of Borrower, effective as of the occurrence of the event that terminated the continued membership of such member in Borrower; (iii) the bankruptcy of Sole Member or a Special Member shall not cause such Sole Member or Special Member, respectively, to cease to be a member of Borrower and upon the occurrence of such an event, the business of Borrower shall continue without dissolution; (iv) in the event of the dissolution of Borrower, Borrower shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of Borrower in an orderly manner), and the assets of Borrower shall be applied in the manner, and in the order of priority, set forth in Section 18-804 of the Act; and (v) to the fullest extent permitted by law, each of Sole Member and the Special Members shall irrevocably waive any right or power that they might have to cause Borrower or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of Borrower, to compel any sale of all or any portion of the assets of Borrower pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(t)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Except pursuant to the Guaranty, the Alteration Deficiency Guaranty, the Completion Guaranty or any other guaranty which may be given pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this Agreement and subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this Agreement, Borrower has paid and intends to pay its own liabilities and expenses, including the salaries of its own employees (if any) from its own funds, and has maintained and shall maintain a sufficient number of employees (if any) in light of its contemplated business operations, provided, in each case, that revenues from the Property are sufficient to enable it to do so; and, provided, further, that the foregoing shall not require direct or indirect any member, partner or shareholder of Borrower or any other Person to make any additional capital contributions, loans or equity infusions to Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(u)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has not permitted and will not permit any Borrower Affiliate or constituent party independent access to its bank accounts other than Manager in its capacity as agent of Borrower, except as set forth in clause (l) above.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Borrower Affiliate, including shared office space.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(w)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has not pledged and will not pledge its assets to secure the obligations of any other Person.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(x)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has and will have no obligation to indemnify its officers, directors, members or Special Members, as the case may be, unless such obligation is fully subordinated to the Debt and will not constitute a claim against it if cash flow in excess of the amount required to pay the Debt is insufficient to pay such obligation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(y)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has not, does not, and will not have any of its obligations guaranteed by any Borrower Affiliate (other than from the Guarantor with respect to the Guaranty, any Alteration Deficiency Guaranty, the Completion Guaranty and any other guaranty </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">which may be given pursuant to Sections 4.3 or 4.6 of this Agreement and subject to the limitations set forth in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this Agreement); it being understood that Borrower Affiliates have provided guarantees, indemnities and environmental indemnities with respect to the Prior Loan, which Prior Loan has been paid in full.&nbsp;&nbsp; Borrower has not owned or formed and will not own or form any subsidiary and has not owned and will not own equity interests in any other entity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(z)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower has not owned or formed and will not own or form any subsidiary and has not owned and will not own equity interests in any other entity. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">As used herein:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Cause</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, with respect to an Independent Director or Independent Manager, (i) acts or omissions by such Independent Director or Independent Manager, as applicable, that constitute willful disregard of, or gross negligence with respect to, such Independent Director&#8217;s or Independent Manager&#8217;s, as applicable, duties, (ii) such Independent Director or Independent Manager, as applicable, has engaged in or has been charged with or has been indicted or convicted for any crime or crimes of fraud or other acts constituting a crime under any law applicable to such Independent Director or Independent Manager, as applicable, (iii) such Independent Director or Independent Manager, as applicable, has breached its fiduciary duties of loyalty and care as and to the extent of such duties in accordance with the terms of Borrower&#8217;s organizational documents, (iv) there is a material increase in the fees charged by such Independent Director or Independent Manager, as applicable, or a material change to such Independent Director&#8217;s or Independent Manager&#8217;s, as applicable, terms of service, (v) such Independent Director or Independent Manager, as applicable, is unable to perform his or her duties as Independent Director or Independent Manager, as applicable, due to death, disability or incapacity, or (vi) such Independent Director or Independent Manager, as applicable, no longer meets the definition of Independent Director or Independent Manager, as applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Independent Director</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; or &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Independent Manager</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean a natural person selected by Borrower (a) with prior experience as an independent director, independent manager or independent member, (b) with at least three (3) years of employment experience, (c) who is provided by a Nationally Recognized Service Company, (d) who is duly appointed as an Independent Director or Independent Manager and is not, will not be while serving as Independent Director or Independent Manager (except pursuant to an express provision in Borrower&#8217;s operating agreement providing for the appointment of such Independent Director or Independent Manager to become a &#8220;special member&#8221; upon the last remaining member of Borrower ceasing to be a member of Borrower) and shall not have been at any time during the preceding five (5) years, any of the following:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 1.2in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a stockholder, director (other than as an Independent Dir ector of Borrower or a Borrower Affiliate that is not in a direct chain of ownership of Borrower and that is required by a creditor to be a Special Purpose Bankruptcy Remote Entity), officer, employee, partner,&nbsp;attorney&nbsp;or counsel of Borrower, any Borrower Affiliate or any direct or indirect parent of Borrower; </FONT></P>

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<P style="MARGIN-LEFT: 1.2in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a customer, supplier or other Person who derives any of its purchases or revenues from its activities with Borrower or any Borrower Affiliate (other than as an Independent Director or Independent Manager);</FONT></P>

<P style="MARGIN-LEFT: 1.2in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a Person or other entity Controlling or under Common Control with any such stockholder, partner, customer, supplier or other Person described in clause (i) or clause (ii) above; or</FONT></P>

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<H5 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 1.2in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(iv)&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">a member of the immediate family of any such stockholder, director, officer, employee, partner, customer, supplier or other Person described in clause (i) or clause (ii) above.</FONT></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A natural person who otherwise satisfies the foregoing definition and satisfies clause (i) by reason of being the Independent Director or Independent Manager of a &#8220;special purpose entity&#8221; affiliated with Borrower shall be qualified to serve as an Independent Director or Independent Manager of Borrower, provided that (i) it is employed by a Nationally Registered Service Company and (ii) the fees that such individual earns from serving as Independent Director or Independent Manager of affiliates of Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual's annual income for that year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A natural person who satisfies the foregoing definition other than </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">clause (ii)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall not be disqualified from serving as an Independent Director or Independent Manager of Borrower if such individual is an independent director, independent manager or special manager provided by a Nationally Recognized Service Company that provides professional independent directors, independent managers and special managers and also provides other corporate services in the ordinary course of its business.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Nationally Recognized Service Company</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean any of CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company or such other nationally recognized company that provides independent director, independent manager or independent member services and is reasonably satisfactory to Lender, in each case that is not a Borrower Affiliate and that provides professional independent directors and other corporate services in the ordinary course of its business.</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SCHEDULE VI</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RECYCLED SPE CERTIFICATE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In connection with a loan (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) in the original principal amount of $300,000,000 made by </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), to </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware&nbsp; limited liability company having an address at c/o Alexander&#8217;s Inc., 210 Route 4 East, Paramus, New Jersey 07652&nbsp; (together with its permitted successors and assigns,&nbsp; &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and pursuant to that certain Loan Agreement, dated as of the date hereof (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), among the Lender, as lender, and Borrower, as borrower, the undersigned hereby certifies to the Lender as follows:</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower is and always has been duly formed and validly existing in the state in which it was formed and in any other jurisdictions where it is qualified to do business;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower has no judgments liens or liens of any nature against it except for the Permitted Encumbrances;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower is in compliance with all laws, regulations and orders applicable to Borrower and has received all permits necessary for Borrower to operate the Property, except, in each case, where the failure to so comply or possess would not reasonably be expected to result in a Material Adverse Effect;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower has never owned any real property other than the Property and personal property incidental to the Property and has never engaged in any business except the acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and operating the Property, entering into and performing its obligations under the Loan Documents and the loan documents for the Prior Loan, financing and refinancing the Property, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower has no contingent or actual obligations not related to the Property.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Certificate is delivered in connection with the Loan, and may be relied on by any Lender, including any co-lender or participant lender of the Loan, and their respective successors and assigns. Capitalized terms used herein but not otherwise defined shall have the respective meanings assigned to them in the Loan Agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the ____ day of __________, 2014.</FONT></P>

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<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BORROWER:<BR><BR>731 OFFICE ONE LLC, a Delaware limited liability company<BR><BR><BR>By:&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a Delaware limited&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liability company, its sole&nbsp;member</FONT></P>

<P style="MARGIN: 0in 0in 24pt 243pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp; ALEXANDER&#8217;S, INC., a Delaware&nbsp;corporation, its <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sole member</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT A<BR><BR>LEGAL DESCRIPTION</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Condominium Unit (in the Building located at and known as Beacon Court Condominium and by Street Number 151 East 58th Street, New York), designated and described as Office Unit 1 and Office Unit 2 (hereinafter called the "Units") in the Declaration (hereinafter called "Declaration") made by the Sponsor under the Condominium Act of The State of New York (Article 9-B of the Real Property Law of the State of New York), dated 12/4/2003 and recorded 2/3/2004 in the Office of the Register The City of New York, County of New York, as CRFN 2004000064392, as amended and restated by Amended and Restated Declaration dated 2/8/2005, recorded 3/9/2005 in CRFN 2005000139245, establishing a plan for Condominium ownership of said Building and the land upon which the same is erected (hereinafter sometimes collectively called the "Property") and also designated and described as Tax Lots No. 1002 and 1003, respectively, Block 1313 Section 5, Borough of Manhattan on the Tax Map of the Real property assessment department of the City of New York and on the floor plans of said Building certified by Peter Claman, Registered Architect on 1/30/2004 and filed as Condominium Plan No. 1350 on 2/3/2004 in the aforesaid Register's Office in CRFN 2004000064383, amended Floor Plans filed as Condominium Plan No. 1350-A on 3/9/2005 in CRFN 2005000139246.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The land upon which the Building containing the Unit is erected as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE LAND </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County, City and State of New York, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at the corner formed by the intersection of the southerly side of East 59th Street and the westerly side of Third Avenue; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE southerly along the westerly side of Third Avenue, 200 feet l0 inches to the northerly side of East 58th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly along the northerly side of East 58th Street 420 feet to the easterly side of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly along the easterly side of Lexington Avenue, 200 feet 10 inches to the southerly side of East 59th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly along the southerly side of East 59th Street, 420 feet to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with the benefits and SUBJECT to the burdens of the easements set forth in the deed made by Seven Thirty One Limited Partnership to 59th Street Corporation dated as of 8/1/2001 and recorded 8/8/2001 in Reel 3339 Page 1100.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE COMMERCIAL PREMISES: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County, City and State of New York, bounded and described as follows:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Ex.A-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at the corner formed by the intersection of the southerly side of East&nbsp; 59th Street and the westerly side of Third Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE southerly along the westerly side of Third Avenue, 200 feet l0&nbsp; inches to the northerly side of East 58th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly along the northerly side of East 58th Street, 420 feet to the&nbsp; easterly side of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly along the easterly side of Lexington Avenue, 200 feet 1 inches&nbsp; to the southerly side of East 59th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly, along the southerly side of East 59th Street, 420 feet to the&nbsp; point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with the benefits and SUBJECT to the burdens of the easements set forth&nbsp; in the deed made by Seven Thirty One Limited Partnership to 59th Street Corporation dated as of 8/1/2001 and recorded 8/8/2001 in Reel 3339 Page 1100.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LESS and EXCEPT:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that portion of the below described parcel lying between a lower horizontal plan drawn at elevation 512 feet 02 inches above the datum level used by the Topographical Bureau, Borough of Manhattan, which is 1 feet 9 inches above National Geodetic Survey Vertical Datum of 1929, mean sea level, Sandy Hook, New Jersey and an upper horizontal plan drawn at 809 feet 2 inches above such datum level, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at a point distant 48 feet 8 inches north of the northerly line of East 58th Street and 30 feet 9 inches east of easterly line of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 5 feet 10 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 78 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 5 feet 10 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 103 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6&nbsp; inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 88 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 103 feet 6 inches to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE RESIDENTIAL PREMISES</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All that portion of the below described parcel lying between a lower horizontal plane drawn at </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Ex.A-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">elevation 512 feet 2 inches above the datum level used by the Topographical Bureau, Borough of Manhattan, which is 2 feet 9 inches above National Geodetic Survey Vertical Datum of 1929, mean sea level, Sandy Hook, New Jersey and an upper horizontal plane drawn at 809 feet 2 inches above such datum level, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at a point distant 48 feet 8 inches north of the northerly line of East 58th Street and 30 feet 9 inches East of easterly line of Lexington Avenue:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE northerly parallel with easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 5 feet l0 feet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 78 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 5 feet l0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 103 feet 6 feet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 88 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 103 feet 6 inches to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with an undivided 49.0559% and 14.0095% interests, respectively, in the Common Elements of the Property as described in the Declaration (hereinafter called the "Common Elements") recorded as CRFN 2004000064392. </FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT B<BR><BR></FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Secondary Market Transaction Information</FONT></B></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any proposed program for the renovation, improvement or development of the Property, or any part thereof, including the estimated cost thereof and the method of financing to be used.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupancy rate expressed as a percentage for each of the last five (5) Fiscal Years.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Tenants occupying ten percent (10%) or more of the total rentable square footage of the Property and, to Borrower&#8217;s knowledge, the principal nature of business of such Tenant, and the principal provisions of the leases with those Tenants including, but not limited to: rental per annum, expiration date, and renewal options.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The average effective annual rental per square foot or unit for each of the last three years prior to the date of filing.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of the lease expirations for each of the ten years starting with the year in which the registration statement is filed (or the year in which the prospectus supplement is dated, as applicable), stating:</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The number of Tenants whose leases will expire.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The total area in square feet covered by such leases.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The annual rental represented by such leases.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The percentage of gross annual rental represented by such leases.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT C<BR><BR></FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Form of Alteration Deficiency Guaranty</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C&#8209;</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FORM OF ALTERATION DEFICIENCY GUARANTY</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALTERATION DEFICIENCY GUARANTY </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(this &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guaranty</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) is executed as of [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] by [</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">_______________]</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware corporation, having an address at 888 Seventh Avenue, New York, New York 10106 (together with their respective successors and/or assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), for the benefit of </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation, having an address at 60 Wall Street, 10<SUP>th</SUP>&nbsp;Floor, New York, New York 10005 (together with its successors and/or assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W I T N E S S E T H:</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to that certain Consolidated, Amended and Restated Promissory Note, dated as of [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] , executed by 731 OFFICE ONE LLC, a Delaware limited liability company (collectively, jointly and severally, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and payable to the order of Lender in the original principal amount of Three Hundred Million and No/100 Dollars ($300,000,000) (together with all renewals, modifications, increases and extensions thereof, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), Borrower has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) which is made pursuant to that certain Loan Agreement, dated as of [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">], between Borrower and Lender (as the same may be amended, modified, supplemented, replaced or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower wishes to undertake Alterations that under the Loan Agreement require the delivery of either cash and cash equivalents, a Letter of Credit and/or an Alteration Deficiency Guaranty and, in connection therewith, Guarantor has agreed to execute and deliver this Guaranty; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantor is the owner of direct or indirect interests in Borrower, and Guarantor will directly benefit from Lender&#8217;s making the Loan to Borrower and the provisions of the Loan Agreement that permit Borrower to undertake certain Alterations upon the provision of this Guaranty.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower and to extend such additional credit as Lender may from time to time agree to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:</FONT></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ARTICLE 1<BR></FONT></B><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NATURE AND SCOPE OF GUARANTY</FONT></B></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Guaranty of Obligation.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So long as the Loan shall be outstanding and Borrower is &#8220;borrower&#8221; thereunder, Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment of all costs in respect of the Project (as defined below) in a maximum amount equal to the lesser of (a)&nbsp;[$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,] which amount represents the Alteration Deficiency (as defined in the Loan Agreement) as of the date hereof with respect to the Project, and (b)&nbsp;the Alteration Deficiency with respect to the Project from time to time (the obligation pursuant to the above provisions of this sentence, the</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold"> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></FONT>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><I><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&#8220;Guaranteed Obligations&#8221;</FONT></I></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">).&nbsp; Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman Bold">Section 1.2&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold">The Project.</FONT></U></B></H2>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Attached hereto as Annex&nbsp;A is a description of the Alteration(s) that is the subject of this Guaranty (subject to Section&nbsp;1.2(b), the </FONT><B><I><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&#8220;Projec<FONT style="FONT-SIZE: 12pt" face="Times New Roman">t</FONT>&#8221;</FONT></I></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">The Alterations comprising the Project, and accordingly, the term &#8220;Project&#8221; as used herein, shall be deemed modified hereunder as Borrower modifies such Alterations (including any increase or decrease in the scope thereof) in accordance with the terms of the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 1.3&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Reduction or Termination of Guaranty.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;At Guarantor&#8217;s or Borrower&#8217;s request made from time to time, Lender shall execute and deliver acknowledgements of any reduction of the Alteration Deficiency (and consequently, the maximum amount of the Guaranteed Obligations) and/or the termination of this Guaranty, in each case in accordance with the terms of Section&nbsp;4.12.2 of the Loan Agreement, such acknowledgment to be in form and substance reasonably satisfactory to Guarantor, Borrower and Lender, provided that Lender&#8217;s failure to do so shall not adversely affect such reduction or termination, as applicable, in the manner provided for in the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Guarantor or Borrower may obtain the termination of this Guaranty with respect to the Project in exchange for the delivery by Guarantor or Borrower to Lender of collateral consisting of a Letter of Credit in the amount of the Alteration Deficiency at the time in question, and upon the delivery of such collateral, this Guaranty shall terminate, subject only to the provisions of Sections 1.9 hereof.&nbsp; In the event of any dispute between Lender and Guarantor concerning the required amount of such collateral, then either party may submit the matter to arbitration in accordance with the procedure described in Section&nbsp;1.3(c).&nbsp; Prior to the resolution of such arbitration, Guarantor or Borrower may (but shall not be obligated to) deliver (i)&nbsp;to Lender such collateral in the amount proposed by Guarantor and (ii)&nbsp;to a nationally recognized title company acting as escrow agent pursuant to an Alteration Escrow Agreement (as defined below) such collateral in the amount of the excess of the collateral proposed by the Lender over the amount proposed by Guarantor.&nbsp; The </FONT><B><I><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&#8220;Alteration Escrow Agreement&#8221;</FONT></I></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman"> shall be an escrow agreement in customary form and otherwise in form and substance reasonably acceptable to both Guarantor and Lender, pursuant to which the escrow agent shall deliver the escrowed amount in accordance with the joint instructions of Guarantor and Lender or the order of the Independent Expert (as defined below) pursuant to Section&nbsp;1.3(c).&nbsp; Upon delivery of the collateral and escrow in accordance with the immediately preceding sentence prior to the arbitration determination, or upon delivery of collateral in the amount ultimately determined by the arbitration, this Guaranty shall be deemed terminated, subject to Sections 1.9 hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">If Lender and Guarantor shall disagree regarding the amount of the Alteration Deficiency and related collateral under Section&nbsp;1.3(b), then either party may submit the matter to arbitration under this Section&nbsp;1.3(c), which the parties agree shall be the exclusive means of</FONT></P>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">resolving such dispute and binding upon the parties.&nbsp; Within fifteen (15)&nbsp;days after notice from either party, Lender and Guarantor shall jointly appoint an Independent Expert.&nbsp; In the event Lender and Guarantor are unable to agree upon the appointment of an Independent Expert within the time period described above, then either party may apply to the American Arbitration Association (or its successors) to make the appointment of an Independent Expert meeting the requirements hereinafter set forth.&nbsp; For purposes of this Guaranty </FONT><B><I><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman">&#8220;Independent Expert&#8221;</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman"> shall mean an expert jointly appointed by Lender and Guarantor or an expert appointed by the American Arbitration Association (or its successors), which Independent Expert shall have at least ten (10)&nbsp;years&#8217; experience in construction related matters in New York, New York, shall be impartial, shall not be an employee, agent, former employee, affiliate or employee of an affiliate, or officer, trustee, director, member or manager of any of Borrower, Guarantor, Lender or any of its affiliates, shall not be engaged in any litigation against Guarantor or Lender and shall not otherwise be aware of any conflict of interest between such expert and Guarantor or Lender.&nbsp; Within the ten (10)&nbsp;day period after the appointment of such Independent Expert, the Independent Expert shall hold a meeting with each of Lender and Guarantor in attendance at which each such party shall be permitted to present evidence with respect to, and its calculations of, the Alteration Deficiency according to rules and procedures established by the Independent Expert and which rules and procedures shall be designed to meet the time deadlines described herein, provided that in all events the Independent Expert may choose only between the Alteration Deficiency figure proposed by Lender and the Alteration Deficiency figure proposed by Guarantor.&nbsp; Within thirty (30)&nbsp;days of the appointment of such Independent Expert, the Independent Expert shall deliver to Lender and Guarantor at their respective addresses set forth below by prepaid postage sent registered or certified mail, return receipt requested its determination of the Alteration Deficiency (the </FONT><B><I><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman">&#8220;Independent Alteration Deficiency Amount&#8221;</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">).&nbsp; The Independent Alteration Deficiency Amount so determined by the Independent Expert shall be binding on Guarantor on the one hand and Lender on the other hand, and may be entered as a judgment.&nbsp; The Independent Expert shall be sworn to fairly and impartially perform its duties as such expert.&nbsp; The fees and expenses of the Independent Expert shall be the sole obligation of Borrower.&nbsp; Each party shall be responsible for the fees and expenses of its own experts, attorneys and other representatives.&nbsp; In rendering his decision, the Independent Expert shall have no power to modify or reform any of the provisions of this Guaranty or the other Loan Documents.</FONT></H2>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;To the extent any provision of Sections&nbsp;1.1, 1.2 and 1.3, on the one hand, is inconsistent with the Loan Agreement or the other provisions of this Guaranty, on the other hand, the former shall govern.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">Section 1.4&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman Bold">Nature of Guaranty</FONT></U></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">.&nbsp; &nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">This Guaranty is an irrevocable, absolute, continuing guaranty of payment and not a guaranty of collection.&nbsp; This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor&#8217;s death (in which event this Guaranty shall be binding upon Guarantor&#8217;s estate and Guarantor&#8217;s legal representatives and heirs).&nbsp; The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of Guarantor to Lender with respect to the Guaranteed Obligations.&nbsp; This Guaranty may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation of all or part of the Note.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">Section 1.5</FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">&nbsp;&nbsp; &nbsp;</FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman Bold">Guaranteed Obligations Not Reduced by Offset</FONT></U></B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman Bold">.&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">The Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower or any other party against Lender or against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">Section 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman Bold">Payment By Guarantor.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender and, other than as expressly provided in the Loan Documents, without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever, all such notices being hereby waived by Guarantor, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender&#8217;s address as set forth herein.&nbsp; Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed Obligations.&nbsp; Such demand shall be deemed made, given and received in accordance with the notice provisions hereof. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">Section 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman Bold">No Duty To Pursue Others.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold">&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">It shall not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (i)&nbsp;institute suit or exhaust its remedies against Borrower or others liable on the Loan or the Guaranteed Obligations or any other Person, (ii)&nbsp;enforce Lender&#8217;s rights against any collateral which shall ever have been given to secure the Loan, (iii)&nbsp;enforce Lender&#8217;s rights against any other guarantors of the Guaranteed Obligations, (iv)&nbsp;join Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v)&nbsp;exhaust any remedies available to Lender against any collateral which shall ever have been given to secure the Loan, or (vi)&nbsp;resort to any other means of obtaining payment of the Guaranteed Obligations.&nbsp; Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Waivers.&nbsp;</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantor agrees to the provisions of the Loan Documents and hereby waives notice of (i)&nbsp;any loans or advances made by Lender to Borrower, (ii)&nbsp;acceptance of this Guaranty, (iii)&nbsp;any amendment or extension of the Note, the Mortgage, the Loan Agreement or any other Loan Document, (iv)&nbsp;the execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower&#8217;s execution and delivery of any promissory note or other document arising under the Loan Documents or in connection with the Property, (v)&nbsp;the occurrence of (A)&nbsp;any breach by Borrower of any of the terms or conditions of the Loan Agreement or any of the other Loan Documents, or (B)&nbsp;an Event of Default, (vi)&nbsp;Lender&#8217;s transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii)&nbsp;the sale or foreclosure (or the posting or advertising for the sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii)&nbsp;protest, proof of non-payment or default by Borrower, or (ix)&nbsp;any other action at any time taken or omitted by Lender and, generally, except as expressly provided in the Loan Documents, all demands and notices of every kind in connection with this Guaranty, the</FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman Bold"> </FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and/or the obligations hereby guaranteed.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 1.9</FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Payment of Expenses.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, immediately within five (5)&nbsp;Business Days following demand by Lender, pay Lender all costs and expenses (including court costs and reasonable attorneys&#8217; fees) incurred by Lender in the enforcement hereof, together with interest thereon at the Default Rate from the date due, but without duplication of any such costs or expenses actually paid by Borrower.&nbsp; The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 1.10&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Effect of Bankruptcy.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder, Lender must rescind or restore any payment or any part thereof received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall remain (or shall be reinstated to be) in full force and effect.&nbsp; It is the intention of Borrower and Guarantor that Guarantor&#8217;s obligations hereunder shall not be discharged except by Guarantor&#8217;s performance of such obligations and then only to the extent of such performance.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 1.11&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Waiver of Subrogation, Reimbursements and Contribution.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman"> Notwithstanding anything to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other party liable for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty or otherwise (it being understood that any such right, claim, remedy or benefit of Guarantor shall be available to it following the repayment in full of the Loan).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 1.12&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Termination.&nbsp;</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp; This Guaranty shall terminate and be of no further force and effect upon the date which is ninety-one (91)&nbsp;days subsequent to the earlier of the date on which (x)&nbsp;the Loan has been paid and satisfied in full or (y)&nbsp;the Lien of the Mortgage has been released in accordance with the terms of the Loan Agreement and the other Loan Documents; provided, however, that Guarantor&#8217;s liability hereunder shall survive such termination with respect to any and all Guaranteed Obligations related to or arising from acts, events or circumstances which occurred prior to such date.&nbsp; Upon such termination, at the request of Guarantor, Lender shall deliver a written statement confirming the termination of this Guaranty, subject to and in accordance with this Paragraph 1.12.&nbsp; Notwithstanding anything to the contrary contained herein, Guarantor shall not have any liability hereunder with respect to any acts, events or circumstances first arising after the date on which Lender or its agent, representative, designee or purchaser acquires title to the Property, whether through foreclosure, private power of sale or the delivery of a deed-in-lieu of foreclosure.</FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ARTICLE 2<BR></FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EVENTS AND CIRCUMSTANCES NOT REDUCING<BR>OR DISCHARGING GUARANTOR&#8217;S OBLIGATIONS</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor hereby consents and agrees to each of the following and agrees that Guarantor&#8217;s obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without limitation, rights to notice) which Guarantor might otherwise have as a result of or in connection with any of the following:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Modifications.&nbsp;</FONT></U></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Mortgage, the Loan Agreement, the other Loan Documents or any other document, instrument, contract or understanding between Borrower and Lender or any other parties pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Adjustment.&nbsp;</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp; Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or Guarantor, except to the extent of such adjustment, indulgence, forbearance or compromise, as applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Condition of Borrower or Guarantor.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor or any sale, lease or transfer of any or all of the assets of Borrower or Guarantor or any changes in the direct or indirect shareholders, partners or members, as applicable, of Borrower or Guarantor; or any reorganization of Borrower or Guarantor.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.4</FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Invalidity of Guaranteed Obligations.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (i)&nbsp;the Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii)&nbsp;the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii)&nbsp;the officers or representatives executing the Note, the Mortgage, the Loan Agreement or the other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv)&nbsp;the Guaranteed Obligations violate applicable usury laws, (v)&nbsp;the Borrower had valid defenses, claims or offsets, whether at law, in equity or by agreement (other than the defense of payment of the Guaranteed Obligations), which render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi)&nbsp;the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii)&nbsp;the Note, the Mortgage, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations or any part thereof for any reason.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.5</FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Release of Obligors.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp; Any full or partial release of the liability of Borrower for the Guaranteed Obligations or any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support from any other Person, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other Persons (including Borrower) will be liable to pay or perform the Guaranteed Obligations or that Lender will look to other Persons (including Borrower) to pay or perform the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.6</FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman"><U>Other Collateral.</U>&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.7</FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Release of Collateral.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Care and Diligence.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;The failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to, any neglect, delay, omission, failure or refusal of Lender (i)&nbsp;to take or prosecute any action for the collection of any of the Guaranteed Obligations, or (ii)&nbsp;to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security therefor, or (iii)&nbsp;to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman"><U>Unenforceability.</U>&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any of the collateral for the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.10&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Offset.</FONT></U></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp; Any existing or future right of offset, claim or defense (other than the defense of payment of the Guaranteed Obligations) of Borrower against Lender, or any other party, or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">Section 2.11&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Merger.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">The reorganization, merger or consolidation of Borrower or Guarantor into or with any other Person.</FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-7</FONT></FONT> </P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=justify><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.12. &nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Preference.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any payment by Borrower to Lender is held to constitute a preference under bankruptcy laws or for any reason Lender is required to refund such payment or pay such amount to Borrower or to any other Person.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=justify><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.13&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>Other Actions Taken or Omitted.</U>&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations or the security and collateral therefor (other than actions or omissions expressly agreed to in writing by Lender), whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein (other than actions or omissions expressly agreed to in writing by Lender), which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">ARTICLE 3</FONT></B><I><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="Times New Roman"><BR></FONT></I><B><U><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">REPRESENTATIONS AND&nbsp; WARRANTIES</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To induce Lender to enter into the Loan Documents and to extend credit to Borrower, Guarantor represents and warrants to Lender as follows:</FONT></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=justify><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.1&nbsp;&nbsp; &nbsp;&nbsp;</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Benefit</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Guarantor is an Affiliate of Borrower, is the owner of a direct or indirect interest in Borrower and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 6pt" align=justify><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.2&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Familiarity and Reliance</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align=justify><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.3&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No Representation By Lender</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.4&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor&#8217;s Financial Condition</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor (a)&nbsp;is and will be solvent, (b)&nbsp;has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and (c)&nbsp;has and will have property and assets sufficient to satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Legality</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The execution, delivery and performance by Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the breach of, any indenture, mortgage, charge, lien, </FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-8</FONT></FONT> </P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor.&nbsp; This Guaranty is a legal and binding obligation of Guarantor and is enforceable against Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors&#8217; rights.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.6&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Litigation</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; There is no action, suit, proceeding or investigation pending or, to Guarantor&#8217;s knowledge, threatened against Guarantor in any court or by or before any other Governmental Authority, or labor controversy affecting Guarantor or any of its properties, businesses, assets or revenues, which would reasonably be expected to (i)&nbsp;materially and adversely affect the ability of Guarantor to pay and perform its obligations under this Guaranty or (ii)&nbsp;materially and adversely affect the financial condition of Guarantor.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.7&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Survival</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; All representations and warranties made by Guarantor herein shall survive the execution hereof.</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">ARTICLE 4<BR></FONT></B><B><U><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">SUBORDINATION OF CERTAIN INDEBTEDNESS</FONT></U></B></H1>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.1&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Subordination of All Guarantor Claims</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; As used herein, the term &#8220;Guarantor Claims&#8221; shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, and whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired by Guarantor.&nbsp; The Guarantor Claims shall include, without limitation, all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor&#8217;s payment of all or a portion of the Guaranteed Obligations.&nbsp; So long as an Event of Default shall have occurred and be continuing, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other Person any amount upon the Guarantor Claims.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.2&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Claims in Bankruptcy</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; In the event of any receivership, bankruptcy, reorganization, arrangement, debtor&#8217;s relief or other insolvency proceeding involving Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims.&nbsp; Guarantor hereby assigns such dividends and payments to Lender.&nbsp; Should Lender receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to Guarantor and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then, upon payment to Lender in full of the Obligations and the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims.</FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-9</FONT></FONT> </P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.3&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Payments Held in Trust</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Notwithstanding anything to the contrary contained in this Guaranty, in the event that Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and Guarantor covenants promptly to pay the same to Lender.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.4&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Liens Subordinate</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower&#8217;s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower&#8217;s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach.&nbsp; Without the prior written consent of Lender, Guarantor shall not (i)&nbsp;exercise or enforce any creditor&#8217;s rights it may have against Borrower, or (ii)&nbsp;foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor&#8217;s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on the assets of Borrower held by Guarantor.&nbsp; The foregoing shall in no manner vitiate or amend, nor be deemed to vitiate or amend, any prohibition in the Loan Documents against Borrower granting liens or security interests in any of its assets to any Person other than Lender.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">ARTICLE 5<BR>INTENTIONALLY OMITTED</FONT></B></H1>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">ARTICLE 6<BR>MISCELLANEOUS</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.1&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Waiver</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right.&nbsp; The rights of Lender hereunder shall be in addition to all other rights provided by law.&nbsp; No modification or waiver of any provision of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved.&nbsp; No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notices</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a </FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Notice&#8221;</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the</FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">10</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></FONT> </P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">provisions of this Section&nbsp;6.2.&nbsp; Any Notice shall be deemed to have been received:&nbsp; (a)&nbsp;three (3)&nbsp;days after the date such Notice is mailed, (b)&nbsp;on the date of sending by telefax if sent during business hours on a Business Day (otherwise on the next Business Day), (c)&nbsp;on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day), and (d)&nbsp;on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Lender:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP>&nbsp;Floor<BR>New York, New York&nbsp; 10005<BR>Attention:&nbsp; Robert W. Pettinato,&nbsp;Jr.<BR>Facsimile No.&nbsp;(212)&nbsp;797-4489</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP>&nbsp;Floor<BR>New York, New York &nbsp;10005<BR>Attention:&nbsp; General Counsel<BR>Facsimile No.&nbsp;(646)736-5721</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sidley Austin LLP<BR>1 South Dearborn Street<BR>Chicago, Illinois 60603<BR>Attention:&nbsp; Charles E. Schrank, Esq.<BR>Facsimile No.&nbsp;(312)&nbsp;853-7036</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Guarantor:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ___________________<BR>___________________<BR>___________________<BR>____________________<BR>Facsimile No.: [____________]</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust<BR>888 Seventh Avenue<BR>New York, New York&nbsp; 10106<BR>Attention:&nbsp; Corporation Counsel<BR>Facsimile No.:&nbsp; (212)&nbsp;894-7996</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust<BR>888 Seventh Avenue<BR>New York, New York&nbsp; 10106<BR>Attention:&nbsp; Executive Vice President:&nbsp; Capital Markets<BR>Facsimile No.:&nbsp; (212)&nbsp;894-7073</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">11</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sullivan &amp; Cromwell LLP<BR>125 Broad Street<BR>New York, New York&nbsp; 10004<BR>Attention:&nbsp; Arthur S. Adler, Esq.<BR>Facsimile No.:&nbsp; (212)&nbsp;291-9001</FONT></P>

<P style="MARGIN: 0in 0in 6pt" align=justify><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any party may change the address to which any such Notice is to be delivered by furnishing ten (10)&nbsp;days&#8217; written notice of such change to the other parties in accordance with the provisions of this Section&nbsp;6.2.&nbsp; Notices shall be deemed to have been given on the date set forth above, even if there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection or refusal to accept any Notice offered for delivery.&nbsp; Notice for any party may be given by its respective counsel.&nbsp; Additionally, Notice from Lender may also be given by Servicer.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.3&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Governing Law; Jurisdiction; Service of Process</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; (a) THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA.&nbsp; TO THE FULLEST EXTENT PERMITTED BY LAW, GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER LOAN DOCUMENTS, AND THIS GUARANTY AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.&nbsp; GUARANTOR AGREES THAT SERVICE OF PROCESS UPON GUARANTOR AT THE ADDRESS FOR GUARANTOR SET FORTH HEREIN AND</FONT></H4>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">12</FONT></FONT></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.&nbsp; GUARANTOR (I)&nbsp;SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS FOR GUARANTOR SET FORTH HEREIN, (II)&nbsp;MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT DESIGNATED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III)&nbsp;SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF GUARANTOR CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK.&nbsp; NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST GUARANTOR IN ANY OTHER JURISDICTION.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.4&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Invalid Provisions</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.5 </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Amendments</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought to be enforced.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.6&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Parties Bound; Assignment</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted assigns, heirs and legal representatives.&nbsp; Lender shall have the right to assign or transfer its rights under this Guaranty in connection with any assignment of the Loan and the Loan Documents that is permitted under the Loan Documents.&nbsp; Any permitted assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this Guaranty.&nbsp; Guarantor shall not have the right to assign or transfer its rights or obligations under this Guaranty without the prior written consent of Lender, and any attempted assignment without such consent shall be null and void.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Headings</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Recitals</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Counterparts</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required.&nbsp; It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="times new roman">party, appear on each counterpart.&nbsp; All counterparts shall collectively constitute a single instrument.&nbsp; It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.&nbsp; Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.10&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rights and Remedies</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor.&nbsp; The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.11&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Entirety</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR&#8217;S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF.&nbsp; THIS GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY.&nbsp; THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.12&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Waiver of Right To Trial By Jury</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE MORTGAGE, THE LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.&nbsp; THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.&nbsp; LENDER AND GUARANTOR ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY LENDER AND GUARANTOR, RESPECTIVELY.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.13&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Reinstatement in Certain Circumstances</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; If at any time any payment of the principal of or interest under the Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, </FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt">Exh. C-14</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">bankruptcy or reorganization of the Borrower or otherwise, Guarantor&#8217;s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.14&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Gender; Number; General Definitions</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a)&nbsp;words used in this Guaranty may be used interchangeably in the singular or plural form, (b)&nbsp;any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, (c)&nbsp;the word </FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Borrower&#8221;&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall mean &#8220;each Borrower and any subsequent owner or owners of the Property or any part thereof or interest therein&#8221;, (d)&nbsp;the word </FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Lender&#8221;&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall mean &#8220;Lender and any subsequent holder of the Note&#8221;, (e)&nbsp;the word </FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Note&#8221;&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall mean &#8220;the Note and any other evidence of indebtedness secured by the Loan Agreement&#8221;, (f)&nbsp;the word </FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Property&#8221;&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall include any portion of the Property and any interest therein, and (g)&nbsp;the phrases &#8220;attorneys&#8217; fees&#8221;, &#8220;legal fees&#8221; and &#8220;counsel fees&#8221; shall include any and all attorneys&#8217;, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by Lender in protecting its interest in the Property, the Leases and/or the Rents and/or in enforcing its rights hereunder.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.15&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Limitation of Liability</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> By accepting this Guaranty, Lender hereby waives and releases all liability, and no liability shall be enforceable, against the separate constituent owners of Guarantor or the assets of such constituent owners in respect of Guarantor&#8217;s obligations under this Guaranty.&nbsp; The foregoing waiver and release are part of the consideration for the execution and delivery of this Guaranty.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 24pt 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exh.&nbsp;C-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">15</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GUARANTOR:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR><BR></FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">_____________________</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">,<BR>a [_________________]<BR><BR><BR><BR>By:&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp; <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp;&nbsp; <BR><BR><BR><BR><BR></FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Annex A</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 24pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FORM OF CONTRIBUTION AGREEMENT</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONTRIBUTION AGREEMENT </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">made this [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]&nbsp;day of [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">], 20[</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] by 731 OFFICE ONE LLC (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Parent</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W I T N E S S E T H:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE:&nbsp; INSERT APPROPRIATE CHAIN OF OWNERSHIP BASED ON WHO IS THE APPLICANT UNDER THE LETTER OF CREDIT</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Parent owns a [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]% interest in [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] owns a [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] interest in [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">];&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] owns [ </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]%&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of the membership interest in Borrower, the owner of certain improved real property located at 731 Lexington Avenue, New York, New York (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, German American Capital Corporation (together with its successors and/or assigns, &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) has made a loan (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) to Borrower secured by a mortgage on the Property; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Borrower is permitted to cause one or more Letters of Credit to be delivered to Lender in lieu of reserve deposits as more particularly set forth in [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] of that certain Loan Agreement between Borrower and Lender dated as of [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">] (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, in consideration of the Property and the mutual covenants herein contained, Borrower and Parent acknowledge and agree that (i)&nbsp;Parent has delivered those certain letters of credit described on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;A&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereto to Lender and may, in the future, deliver additional letters of credit to lender as and to the extent permitted by the Loan Agreement (individually each a &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letter of Credit</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; and collectively, &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Letters of Credit</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) each as additional security for the Loan; and (ii)&nbsp;if at any time there is a draw on any or all of the Letters of Credit in accordance with the provisions of the documents evidencing and securing the Loan, such funds shall be deemed to be a capital contribution by Parent, to [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">], to [</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">], to Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the parties have executed this Contribution Agreement as of the date and year first above written.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">INSERT SIGNATURE BLOCKS FOR PARENT, BORROWER AND ALL INTERVENING ENTITIES RECITED ABOVE</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.]&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT F</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SUBORDINATION, NON-DISTURBANCE,<BR></FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ATTORNMENT AND ESTOPPEL</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS SUBORDINATION, ATTORNMENT, NON-DISTURBANCE, AND ESTOPPEL (this &#8220;Agreement&#8221;) made as of this _______ day of __________, ____, among GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, having an address at 60 Wall Street, New York, New York 10005 (hereinafter, together with its successors and/or assigns, called &#8220;Lender&#8221;), 731 OFFICE ONE LLC, a Delaware limited liability company (hereinafter, together with its successors and/or assigns, called &#8220;Landlord&#8221;), having an address at c/o&nbsp;Alexander&#8217;s Inc., 888 Seventh Avenue, New York, New York 10019 and BLOOMBERG L.P., a Delaware limited partnership, having an address at 731 Lexington Avenue, New York, New York 10022 (hereinafter, together with its successors and/or assigns, called &#8220;Tenant&#8221;).</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W I T N E S S E T H</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, by an Agreement to Lease (the &#8220;Original Lease&#8221;) dated April&nbsp;30, 2001 between Seven Thirty One Limited Partnership (as predecessor in interest to Landlord), as landlord, and Tenant, as tenant, as amended by (i)&nbsp;a letter agreement, dated December&nbsp;20, 2001, between Landlord and Tenant, (ii)&nbsp;a letter agreement, dated January&nbsp;30, 2002, between Landlord and Tenant, (iii)&nbsp;a First Amendment of Lease, dated April&nbsp;19, 2002, between Landlord and Tenant, (iv)&nbsp;a letter agreement, dated July&nbsp;3, 2002, between Landlord and Tenant, (v)&nbsp;a letter agreement, dated September&nbsp;30, 2002, between Landlord and Tenant, (vi)&nbsp;a letter agreement, dated February&nbsp;5, 2003, between Landlord and Tenant, (vii)&nbsp;a letter agreement, dated March&nbsp;14, 2003, between Landlord and Tenant, (viii)&nbsp;a letter agreement, dated May&nbsp;22, 2003, between Landlord and Tenant, (ix)&nbsp;a letter agreement, dated April&nbsp;14, 2003, between Landlord and Tenant, (x)&nbsp;a letter agreement, dated November&nbsp;4, 2003, between Landlord and Tenant, (xi) a letter agreement, dated September 29, 2004, between Landlord and Tenant, (xii) three (3) letter agreements, each dated February 7, 2005, between Landlord and Tenant, (xiii) a letter agreement, dated March 8, 2005, between Landlord and Tenant and (xiv) a letter agreement, dated December 31, 2009, between Landlord and Tenant (the Original Lease, as so amended, is hereinafter the &#8220;Lease&#8221;), a memorandum of the Original Lease is dated April&nbsp;30, 2001 and was recorded May&nbsp;14, 2001 in the New York County Real Estate Records in Reel 3287, Page&nbsp;1622, and a memorandum of the First Amendment of Lease is dated April&nbsp;30, 2002 and was recorded May&nbsp;29, 2002 in the New York County Real Estate Records in Reel 3527, Page&nbsp;269, Landlord leased to Tenant certain premises commonly know as Office Unit 1 of the Beacon Court Condominium located at 731 Lexington Avenue, New York, New York (the &#8220;Premises&#8221;) on the property described in </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Schedule&nbsp;A</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> annexed hereto and made a part hereof (the &#8220;Property&#8221;); </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, the Property is subject to that certain Amended and Restated Declaration of Beacon Court Condominium made under the Condominium Act, dated February 8, 2005 and recorded on March 9, 2005, in the Office of the Register, The City of New York, County of New York, in CRFN 2005000139245 (together with any permitted modifications, amendments, restatements or supplements, the &#8220;Condominium Declaration&#8221;);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Lender is about to make a loan to Landlord (the &#8220;Loan&#8221;), which loan shall be secured by, among other things, a mortgage or deed of trust (which mortgage or deed of trust, and all amendments, renewals, increases, modifications, replacements, substitutions, extensions, </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">spreaders and consolidations thereof and all re-advances thereunder and addictions thereto, is referred to as the &#8220;Security Instrument&#8221;) encumbering the Property and Landlord&#8217;s interest in the Lease;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Lender, Landlord and Tenant desire to confirm their understanding and agreement with respect to the Lease and the Security Instrument, all as more particularly set forth in Article&nbsp;I below;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Tenant desires to make certain certifications regarding the Lease, all as more particularly set forth in Article&nbsp;II below;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed thereto in the Lease; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, Lender, Landlord and Tenant hereby agree and covenant as follows:</FONT></P>

<H1 style="PAGE-BREAK-AFTER: auto; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp; </FONT><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">ARTICLE I: </FONT></B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;SUBORDINATION NON-DISTURBANCE AND ATTORNMENT.</FONT><I><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;</FONT></I></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 45.35pt; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">1.</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">Tenant agrees that so long as this Agreement is in full force and effect the Lease, and all of the terms, covenants, provisions and conditions thereof is, shall be and shall at all times remain and continue to be subject and subordinate in all respects to the lien, terms, covenants, provisions and conditions of the Security Instrument and to all advances and re&shy; advances made thereunder and all sums secured thereby.&nbsp; This provision shall be self-operative but Tenant shall execute and deliver any additional instruments which Lender may reasonably require to effect such subordination.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 45pt; MARGIN: 0in 0in 12pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">2.</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">So long as (i)&nbsp;Tenant is not in default (beyond any period given in the Lease to Tenant to cure such default) in the payment of rent or additional rent or in the performance or observance of any of the other terms, covenants, provisions or conditions of the Lease on Tenant&#8217;s part to be performed or observed, (ii)&nbsp;Tenant is not in default under this Agreement (beyond any applicable notice and cure period) and (iii)&nbsp;the Lease is in full force and effect:&nbsp; (a)&nbsp;Tenant&#8217;s possession of the Premises and Tenant&#8217;s rights and privileges under the Lease, or any extensions or renewals thereof which may be effected in accordance with any option therefor which is contained in the Lease, shall not be diminished or interfered with by Lender or a Successor-Landlord (as hereinafter defined), and Tenant&#8217;s occupancy of the Premises shall not be disturbed by Lender or a Successor-Landlord for any reason whatsoever during the term of the Lease or any such extensions or renewals thereof and (b)&nbsp;Lender will not join Tenant as a party defendant in any action or proceeding to foreclose the Security Instrument or to enforce any rights or remedies of Lender under the Security Instrument which would cut-off, destroy, impair, diminish, terminate or extinguish the Lease or Tenant&#8217;s interest and estate under the Lease (except to the extent required by laws, provided, however, such joinder shall not result in the termination of the Lease, disturb Tenant&#8217;s possession or use of the Premises or in any way diminish or otherwise affect the rights and privileges granted to, or inuring to the benefit of, Tenant under this Agreement).</FONT></H2>

<P style="TEXT-INDENT: 45pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(A)&nbsp; After notice is given by Lender to Tenant that the Security Instrument is in default and that the rentals under the Lease should be paid to Lender, Tenant will attorn to </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender and pay to Lender, or pay in accordance with the directions of Lender, all rentals and other monies due and to become due to Landlord under the Lease or otherwise in respect of the Premises and Landlord hereby agrees that Tenant may rely on such notice from Lender, without independent inquiry.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(B)&nbsp; In addition, if Lender (or a Successor-Landlord) shall succeed to the rights of Landlord under the Lease through possession or foreclosure action, delivery of a deed-in-lieu thereof or otherwise, or another person purchases the Property or the portion thereof containing the Premises upon or following foreclosure of the Security Instrument or in connection with any bankruptcy case commenced by or against Landlord, then at the request of Lender (or a Successor-Landlord) or such purchaser (Lender, its nominees and designees, and such purchaser, and their respective successors and assigns, each being a </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;<U>Successor-Landlord</U>&#8221;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), Tenant shall attorn to and recognize Successor-Landlord as Tenant&#8217;s landlord under the Lease and shall promptly execute and deliver any instrument that Successor-Landlord may reasonably request to evidence such attornment.&nbsp; Upon such attornment, the Lease shall continue in full force and effect as, or as if it were, a direct lease between Successor-Landlord and Tenant upon all terms, conditions and covenants as are set forth in the Lease.&nbsp; If the Lease shall have terminated by operation of law or otherwise as a result of or in connection with a bankruptcy case commenced by or against Landlord or a foreclosure action or proceeding or delivery of a deed in lieu, upon request of Successor-Landlord, Tenant shall promptly execute and deliver a direct lease with Successor-Landlord which direct lease shall be on the same terms and conditions as the Lease (subject, however, to the provisions of clauses&nbsp;(i)-(v) of this paragraph 3(B)) and shall be effective as of the day the Lease shall have terminated as aforesaid.&nbsp; Notwithstanding the continuation of the Lease, the attornment of Tenant thereunder or the execution of a direct lease between Successor-Landlord and Tenant as aforesaid, Successor-Landlord shall not:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">be liable for any previous act or omission of any prior Landlord under the Lease except to the extent that (a)&nbsp;such act or omission continues from and after the date that Successor-Landlord succeeds to the interest of the prior Landlord and (b)&nbsp;such act or omission is not a result of an Event of Default by Tenant under the Lease;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">be subject to any off-set, credit, defense or counterclaim which shall have theretofore accrued to Tenant against Landlord;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">be bound by (a)&nbsp;any modification of the Lease entered into without Lender&#8217;s consent after Tenant has, subject to the terms of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section&nbsp;6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, received written notice of Lender&#8217;s existence, address and relation to Landlord, or (b)&nbsp;any previous prepayment of rent or additional rent for more than one (1)&nbsp;month which Tenant might have paid to Landlord other than as required by the terms of the Lease;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">be bound by any obligation to make any payments to Tenant except to the extent that such obligation first arises under the Lease from and after the date that Successor-Landlord succeeds to the interest of the prior Landlord; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">be bound by any obligation to perform any work or to make improvements to the Premises, except for (i)&nbsp;repairs and maintenance pursuant to the provisions of Articles&nbsp;4, 5 and 6 of the Lease, the need for which repairs and maintenance first arises after the date upon</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">which Lender is entitled to possession of the Premises, (ii)&nbsp;repairs to the Premises or any part thereof as a result of damage by fire or other casualty pursuant to Article&nbsp;10 of the Lease, but only to the extent that such repairs can be reasonably made from the net proceeds of any insurance actually made available to Lender (with the understanding, however, that (I)&nbsp;nothing contained in clause&nbsp;(ii) of this paragraph limits Tenant&#8217;s rights to terminate the Lease after the occurrence of a fire or other casualty under Section&nbsp;10.1(B) of the Lease, and (II)&nbsp;Lender shall have the right to avoid being so bound by Landlord&#8217;s covenant to rebuild the Landlord Restoration Items after the occurrence of a fire or other casualty (regardless of the availability of insurance proceeds therefor) by giving notice to Tenant of the election of Lender not to so rebuild earlier than the later to occur of (X)&nbsp;the date that Lender is required to give the Casualty Statement for such fire or other casualty to Tenant, and (Y)&nbsp;the thirtieth (30<SUP>th</SUP>)&nbsp;day after the date that Lender succeeds to the interest of Landlord under the Lease), and (iii)&nbsp;repairs to the Premises as a result of a partial condemnation pursuant to Article&nbsp;11 of the Lease, but only to the extent that such repairs can be reasonably made from the net proceeds of any award made available to Lender (with the understanding that nothing contained in clause&nbsp;(iii) of this paragraph shall limit Tenant&#8217;s right to terminate the Lease after the occurrence of a complete or partial condemnation under Section&nbsp;11.1 of the Lease).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tenant agrees that without the prior written consent of Lender, it shall not (a)&nbsp;amend, modify, terminate or cancel the Lease or any extensions or renewals thereof, provided, that communications between Landlord and Tenant of an administrative nature relating to the ordinary course of operation or tenancy of the Premises that do not purport to be amendments or modifications of the Lease and do not materially adversely affect the rights of Landlord or Tenant, or in any way adversely affect the rights of Lender, shall not be deemed amendments or modifications for purposes of the foregoing, (b)&nbsp;tender a surrender of the Lease, (c)&nbsp;make a prepayment of any rent or additional rent more than one (1)&nbsp;month in advance of the due date thereof except if required by the Lease, or (d)&nbsp;subordinate or permit the subordination of the Lease to any lien subordinate to the Security Instrument.&nbsp; Any such purported action without such consent shall be void as against the holder of the Security Instrument.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(A)&nbsp; Tenant shall provide Lender with any default notices given by Tenant to Landlord.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(B)&nbsp; Tenant shall not seek to terminate this Lease by reason of any act or omission of Landlord until Tenant has given written notice of such act or omission to Lender, subject to the terms of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section&nbsp;6&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, at such address as shall have been furnished to Tenant by Lender and, if Lender has notified Tenant within ten (10)&nbsp;Business Days following receipt of such notice of its intention to remedy such act or omission, until a reasonable period of time has elapsed following the giving of such notice (including time reasonably necessary for Lender to obtain possession of the Property if required or reasonably necessary to remedy such act or omission), during which period Lender shall have the right, but not the obligation, to remedy such act or omission.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(C)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding the foregoing, Lender shall have no obligation hereunder to remedy such default, act or omission.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent that the Lease shall entitle Tenant to notice of the existence of any mortgage and the identity and notice address of any mortgagee or any ground lessor, this Agreement shall constitute such notice to Tenant with respect to the Security Instrument and Lender.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon and after the occurrence of a default under the Security Instrument, which is not cured after any applicable notice and/or cure periods, Lender shall be entitled, but not obligated, upon notice to Tenant to exercise the claims, rights, powers, privileges and remedies of Landlord under the Lease and shall be further entitled to the benefits of, and to receive and enforce performance of, all of the covenants to be performed by Tenant under the Lease as though Lender were named therein as Landlord.&nbsp; Landlord hereby agrees that Tenant may rely on Lender&#8217;s above notice, without independent inquiry.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anything herein or in the Lease to the contrary notwithstanding, in the event that a Successor-Landlord shall acquire title to the Property or the portion thereof containing the Premises, Successor-Landlord shall have no obligation, nor incur any liability, beyond Successor-Landlord&#8217;s then interest, if any, in the Property, and Tenant shall look exclusively to such interest, if any, of Successor-Landlord in the Property for the payment and discharge of any obligations imposed upon Successor-Landlord hereunder or under the Lease, and Successor&#8209;Landlord is hereby released or relieved of any other liability hereunder and under the Lease.&nbsp; Tenant agrees that, with respect to any money judgment which may be obtained or secured by Tenant against Successor-Landlord, Tenant shall look solely to the estate or interest owned by Successor-Landlord in the Property (the &#8220;731 Assets&#8221;), and Tenant will not collect or attempt to collect any such judgment out of any other assets of Successor-Landlord.&nbsp; The 731 Assets include, without limitation, any insurance proceeds, sale proceeds and/or condemnation awards, in each case deriving from the Property.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Lease provides that Tenant is entitled to expansion space, Successor Landlord shall have no obligation nor any liability for failure to provide such expansion space if the reason Successor Landlord has succeeded to the interest of such prior landlord under the Lease is a result of or arises out of an Event of Default by Tenant under the Lease.&nbsp; In any event following the date a Successor-Landlord succeeds to the interest of Landlord under the Lease, Lender agrees to reasonably cooperate with Tenant in exercising Tenant&#8217;s rights against any other owner of any portion of the Building containing expansion space to which Tenant is entitled to under the Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as specifically provided in this Agreement, Lender shall not, by virtue of this Agreement, the Security Instrument or any other instrument to which Lender may be a party, be or become subject to any liability or obligation to Tenant under the Lease or otherwise.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">11.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tenant acknowledges and agrees that this Agreement satisfies and complies in all respects with the provisions of Section&nbsp;7.1 of the Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant acknowledges and agrees that Lender is an &#8220;Institutional Lender&#8221;, and Tenant further acknowledges and agrees that pursuant to Section 9.2 of the Lease, Tenant shall require the issuer of Tenant&#8217;s Property Policy to pay any proceeds from Tenant&#8217;s Property Policy to a Proceeds Depository designated by Lender.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the avoidance of doubt, Tenant acknowledges and agrees that Tenant&#8217;s Option to lease the Upper Option Space and/or the Lower Option Space pursuant to the terms of Article 36 of the Lease does not apply to any space that is not owned by Landlord.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All notices or other communications required or permitted to be given to Landlord, to Tenant or to Lender pursuant to the provisions of this Agreement shall be in writing and shall be deemed given only if mailed by United States registered mail, postage prepaid, by nationally recognized overnight delivery service (such as Federal Express or United States Postal Service Express Mail), addressed as follows:&nbsp; to Tenant, at the address first set forth above, Attention:&nbsp; Peter Smith, with a copy to Willkie&nbsp; Farr &amp; Gallagher LLP, 787 Seventh Avenue, New York, NY 10019, Attention: Thomas J. Henry, Esq.; to Landlord, at the address first set forth above, Attention:&nbsp; Chief Financial Officer, with a copy to Sullivan &amp; Cromwell LLP, 125 Broad Street New York, NY 10004; and to Lender, at the address first set forth above, Attention:&nbsp; General Counsel, with a copy to Sidley Austin LLP, One South Dearborn Street, Chicago, Illinois 60603, Attention:&nbsp; Charles E. Schrank, Esq.; or to such other address or number as such party may hereafter designate by notice delivered in accordance herewith.&nbsp; Except as otherwise provided in this Agreement, all such notices shall be deemed given three (3)&nbsp;business days after delivery to the United States Post office registry clerk if given by registered mail, or on the next business day after delivery to an overnight delivery courier.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">&nbsp; ARTICLE II:</FONT></B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">TENANT ESTOPPEL</FONT><I><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp;</FONT></I></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant hereby represents, as of the date hereof, to Lender as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Lease is in full force and effect and the original document has not been amended, modified or supplemented in any way except as stated herein.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">There has been no assignment of the Lease by Tenant or subletting of any portion of the Premises by Tenant.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">There are no oral or written agreements or understandings between Landlord and Tenant relating to the Premises under the Lease except of an administrative nature or in notices sent pursuant to the Lease (e.g. Construction Notices and Pricing Agreements).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The execution of the Lease was duly authorized by Tenant and the Lease is in full force and effect.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">There has not been filed by or against nor to the best knowledge of Tenant (without having made any investigations) is there threatened against Tenant, any petition under the bankruptcy laws of the United States.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Commencement Date for each Deliverable Unit of the Initial Premises was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lower Level 3; Floors Lower Level 2, 3 through 15 &#8211; November&nbsp;14, 2003;&nbsp;<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floors 16 through 19 &#8211; December&nbsp;26, 2003;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Level 2 pit area &#8211; February&nbsp;1, 2004; and<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Level 2 pit area &#8211; February&nbsp;9, 2004.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Subject to Section&nbsp;10.1 of the Lease, the Rent Commencement Date for each Deliverable Unit of the Initial Premises was nine (9)&nbsp;months after the Commencement Date for such Deliverable Unit, subject to the terms of the Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Fixed Rent and square footage for the Initial Premises is as set forth in the Lease.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tenant is not entitled to any rent abatements, rent concessions, credits or free rent periods under the Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(j)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The amount of the monthly Tax Payment and the amount of the monthly Operating Payment due under the Lease are as set forth in Section&nbsp;26 of the Lease.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(k)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Subject to the terms of the Lease (including the Renewal Option), the term of the Lease expires on February 8, 2029 as set forth in the definition of Fixed Expiration Date in the Lease.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(l)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tenant has accepted delivery of all of the Deliverable Units.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(m)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Tenant has received all credits it is entitled to under Section&nbsp;22.2(C) of the Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(n)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">There are no existing defenses or offsets against the enforcement of the Lease by Tenant, or to the best of Tenant&#8217;s knowledge (without having made any investigations), there exists no default (beyond any applicable grace period) on the part of either Tenant or Landlord under the Lease and Tenant has no knowledge of any event which with the giving of notice, the passage of time or both would constitute a default under the Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(o)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No fixed rent (including expense reimbursements) has been paid in advance.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(p)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To the best of Tenant&#8217;s knowledge (without having made any investigation), except as set forth in the Lease, Tenant has no right to terminate the Lease nor any right or option to purchase all or any part of the Property.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All of the construction obligations of the Landlord under the Lease have been duly performed and completed in accordance with the terms of the Lease.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without limiting any of Tenant&#8217;s rights under the Lease in </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">connection with a financing other than the Loan, Tenant waives any right (if any) under the Lease to provide financing to Landlord.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The representations contained in this Article&nbsp;II, Paragraph 1 are binding upon Tenant and its successors and assigns and may be relied upon by Lender and its successors, participants, assigns and transferees, if any portion of the loan becomes the subject of a securitization, may also be relied upon by the credit rating agency, if any, rating the securities collateralized by any portion of the loan as well as any issuer of any such securities, and any servicer and/or trustee acting in respect of any such securitization.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F-7</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Whenever, from time to time, reasonably requested by Lender (but not more than three (3)&nbsp;times during any calendar year), Tenant shall execute and deliver to or at the direction of Lender, and without charge to Lender, one or more written certifications, of all of the matters set forth in Article&nbsp;II, Paragraph 1 above, and any other information the Lender may reasonably required to confirm the current status of the Lease.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; TEXT-INDENT: 1.25in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">ARTICLE III: </FONT></B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;&nbsp;&nbsp;LANDLORD ESTOPPEL STATEMENTS</FONT></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Landlord hereby certifies to Tenant and Lender that (i)&nbsp;the Lease is in full force and effect, (ii)&nbsp;the Lease has not been modified other than as set forth above, (iii)&nbsp;to the best of Landlord&#8217;s knowledge (but without having made any investigation), Tenant is not in default under the Lease and (iv)&nbsp;without limiting any of Landlord&#8217;s rights under the Lease in connection with a financing other than the current Loan, Landlord has no claim under the Lease.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; TEXT-INDENT: 1.25in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" face="Times New Roman">ARTICLE IV:&nbsp; &nbsp;&nbsp;</FONT></B><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">MISCELLANEOUS&nbsp;</FONT></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EACH OF LANDLORD, TENANT AND LENDER HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Agreement may be modified only by an agreement in writing signed by the parties hereto, or their respective successors-in-interest.&nbsp; This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and assigns.&nbsp; The term &#8220;Lender&#8221; shall mean the then holder of the Security Instrument.&nbsp; The term &#8220;Landlord&#8221; shall mean the then holder of the landlord&#8217;s interest in the Lease.&nbsp; The term &#8220;person&#8221; shall mean an individual, joint venture, corporation, partnership, trust, limited liability company, unincorporated association or other entity.&nbsp; All references herein to the Lease shall mean the Lease as modified by this Agreement and to any amendments or modifications to the Lease which are consented to in writing by Lender to the extent required hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Agreement shall be governed by and construed in accordance with the laws of the State in which the Property is located.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Landlord and Tenant agree that the Lease, as modified by the terms hereof, remains in full force and effect.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LENDER</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION,<BR>a Maryland corporation</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name:<BR>Title:</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name:<BR>Title:</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TENANT</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BLOOMBERG L.P.,<BR>a Delaware limited partnership</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp; BLOOMBERG INC., a Delaware corporation, its general partner</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name:<BR>Title:</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LANDLORD</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC, a Delaware limited liability company</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp; 731 OFFICE ONE HOLDING LLC, a Delaware limited liability company, its sole member </FONT></P>

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<a name="_bclHeader190"></a><DIV><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp; ALEXANDER&#8217;S INC., a Delaware<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corporation, its sole member</FONT></DIV>

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<P style="MARGIN: 0in 0in 24pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name:<BR>Title:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F-<FONT face="Times New Roman">10</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) ss.<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">COUNTY OF NEW YORK&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">On the ____ day of __________ in the year ___ before me, the undersigned, a notary public in and for said state, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public</FONT></P>

<P style="MARGIN: 0in 0in 60pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[Notary Seal]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My commission expires:</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) ss.<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">COUNTY OF NEW YORK&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">On the ____ day of __________ in the year ___ before me, the undersigned, a notary public in and for said state, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[Notary Seal]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My commission expires:</FONT></P>

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<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) ss.<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">COUNTY OF NEW YORK&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">On the ____ day of __________ in the year ___ before me, the undersigned, a notary public in and for said state, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public</FONT></P>

<P style="MARGIN: 0in 0in 60pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[Notary Seal]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My commission expires:</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) ss.<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">COUNTY OF NEW YORK&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">On the ____ day of __________ in the year ___ before me, the undersigned, a notary public in and for said state, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[Notary Seal]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My commission expires:</FONT></P>

<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">F-12</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT G<BR><BR></FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Reserved&nbsp;</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Ex. G-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT H<BR><BR></FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Form of Completion Guaranty</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Ex. H-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT H</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FORM OF COMPLETION GUARANTY</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GUARANTY OF COMPLETION</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This GUARANTY OF COMPLETION, is made as of _____________ __, 201 ] (this </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Agreement</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), by ALEXANDER&#8217;S INC., a Delaware corporation (</FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), having an address for notice purposes c/o&nbsp;210 Route 4 East, Paramus, New Jersey 07562, to and for the benefit of GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation (together with its successors and assigns, the </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), having an office at 60 Wall Street, New York, New York 10005.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W I T N E S S E T H:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, 731 Office One LLC (</FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) is the owner of a fee simple interest in the real property commonly known as Office Unit 1 and Office Unit 2 of the Beacon Court Condominium located at 731 Lexington Avenue, New York, New York;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, in accordance with the terms of a Loan Agreement, dated as of February __, 2014 (as the same may be amended and supplemented from time to time, the </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), between Lender, as lender, and Borrower, as borrower, Lender made a loan to Borrower in the principal amount of $300,000,000 (the </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), which Loan is evidenced by a certain promissory note, dated February __, 2014 (as the same may be replaced, exchanged, amended and supplemented from time to time, the </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), made by Borrower to Lender and secured by that certain Amended, Restated Mortgage, Assignment of Leases and Rents and Security Agreement, dated as of February __, 2014 (as the same may be amended and supplemented from time to time, the </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Mortgage&#8221;&nbsp;</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> by and between Borrower and Lender and the other Loan Documents (as defined in the Loan Agreement);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Guarantor is an affiliate of Borrower and has derived and will continue to derive substantial benefits from the Loan;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, after the occurrence of a Casualty to the Landlord Restoration Items (as defined in the Bloomberg Lease) (a &#8220;</FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Landlord Restoration Items Casualty</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) the provisions of the Loan Agreement require Guarantor to deliver this Agreement for the benefit of Lender prior to Lender&#8217;s making any Net Proceeds available to Borrower to restore the Property;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, on [_____________ __, 20___], a Landlord Restoration Items Casualty occurred;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, the foregoing recitals are intended to form an integral part of this Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">NOW, THEREFORE, in consideration of the foregoing premises, Ten Dollars ($10.00) paid in hand, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Guarantor agrees as follows:</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Definitions</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Capitalized terms used herein and not defined shall have the meaning provided in the Loan Agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guaranty</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Without in any way limiting or diminishing any of Guarantor&#8217;s obligations under the Guaranty, Guarantor hereby absolutely and unconditionally guarantees to Lender the prompt and unconditional payment and performance of the following (collectively, the </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guaranteed Obligations</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">):&nbsp; from and after the occurrence of a Landlord Restoration Items Casualty, all of Borrower&#8217;s obligations (or any obligations of the Condominium Board) to restore or cause to be restored all of the Landlord Restoration Items to the condition required by the terms of the Original Bloomberg Lease (collectively, the </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Restoration Work</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) as and when such restoration is required to be performed by Borrower (or the Condominium Board) in accordance with the terms of the Original Bloomberg Lease, provided that Lender shall make available to Guarantor the portion of the Net Proceeds allocable to the Restoration of the Landlord Restoration Items to pay or reimburse Guarantor for the Restoration Work (to the extent of the portion of the Net Proceeds allocable to the Landlord Restoration Items) (or, failing such payment or reimbursement, Lender shall credit against Guarantor&#8217;s obligations hereunder the portion of the Net Proceeds allocable to the Restoration of the Landlord Restoration Items).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guaranty of Payment and Performance</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; This Agreement is a guaranty of payment and performance and not merely a guaranty of collection and upon any failure of Guarantor to pay and/or perform the Guaranteed Obligations, Lender may, at its option, proceed directly and at once, without notice to Borrower, against Guarantor to collect and recover the full amount of the liability to pay the Guaranteed Obligations hereunder or any portion thereof, without proceeding against Borrower or any other Person, or foreclosing upon, selling, or otherwise disposing of or collecting or applying against any of the collateral that is security for the Loan.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Continuing Guaranty</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; This is a continuing guaranty and the obligations of Guarantor hereunder are and shall be absolute under any and all circumstances, without regard to the validity, regularity or enforceability of the Note, the Loan Agreement, the Mortgage or any other Loan Document, a true copy of each of said documents Guarantor hereby acknowledges having received and reviewed.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Obligations Deferred</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Any indebtedness of Borrower to Guarantor now or hereafter existing, including, without limitation, any rights to subrogation which Guarantor may have as a result of any payment by Guarantor under this Agreement, together with any interest thereon, shall be, and such indebtedness is, hereby deferred, postponed and subordinated to the prior payment in full of the Guaranteed Obligations.&nbsp; Until payment in full of the principal, interest and the Spread Maintenance Premium (if applicable) payable by Borrower pursuant to the terms of the Loan Agreement, including interest accruing on the Note after the commencement of a proceeding by or against Borrower under the Bankruptcy Code which interest the parties agree shall remain a claim that is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code generally, Guarantor agrees not to accept any payment or satisfaction of any kind of indebtedness of Borrower to Guarantor and hereby assigns such indebtedness to Lender, including the right to file proof of claim and to vote thereon in connection with any such </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">proceeding under the Bankruptcy Code, including the right to vote on any plan of reorganization.&nbsp; In no event shall &#8220;indebtedness&#8221; of the Borrower to Guarantor include normal and customary member distributions that Guarantor is entitled to receive pursuant to the terms of Borrower&#8217;s operating agreement provided such distributions are not evidenced by a note or similar debt document.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Expenses</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Guarantor agrees that, promptly after notice or demand, Guarantor will reimburse Lender, to the extent that such reimbursement is not made by Borrower, for all reasonable out of pocket expenses, including, without limitation, reasonable counsel fees and disbursements, incurred by Lender in connection with the collection of the Guaranteed Obligations or any portion thereof.</FONT></P>

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<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Waivers.</FONT></U></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt 27pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor hereby waives notice of the acceptance hereof, presentment, demand for payment, protest, notice of protest, or any and all notice of non-payment, non-performance or non-observance, or other proof, or notice or demand, except as otherwise required hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt 27pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor agrees that the validity of this Agreement and the obligations of Guarantor hereunder shall in no way be terminated, affected or impaired by reason of (i)&nbsp;the assertion by Lender of any rights or remedies which it may have under or with respect to any of the Note, the Loan Agreement, the Mortgage or any other Loan Documents against any Person obligated thereunder; (ii)&nbsp;any failure to file or record any of such instruments or to take or perfect any security intended to be provided thereby; (iii)&nbsp;the release or exchange of any property or interest covered by the Loan Agreement or the Mortgage or any other collateral for the Loan; (iv)&nbsp;Lender&#8217;s failure to exercise, or delay in exercising, any such right or remedy or any right or remedy which Lender may have hereunder or in respect to this Agreement; (v)&nbsp;the commencement of a case under the Bankruptcy Code by or against any Person obligated under the Note, Loan Agreement, the Mortgage or any other Loan Document; (vi)&nbsp;any payment made on the Guaranteed Obligations or any other indebtedness arising under the Note, the Loan Agreement, the Mortgage or any other Loan Document, whether made by Borrower or Guarantor or any other Person, which is required to be refunded pursuant to any bankruptcy or insolvency law; it being understood that no payment so refunded shall be considered as a payment of any portion of the Guaranteed Obligations, nor shall it have the effect of reducing the liability of Guarantor hereunder.&nbsp; It is further understood that if Borrower shall have taken advantage of, or be subject to the protection of, any provision in the Bankruptcy Code, the effect of which is to prevent or delay Lender from taking any remedial action against Borrower, including the exercise of any option Lender has to declare the Guaranteed Obligations due and payable on the happening of any default or event by which under the terms of the Note, the Loan Agreement the Mortgage or any other Loan Document, the Guaranteed Obligations shall become due and payable then Lender may, as against Guarantor, declare the Guaranteed Obligations to be due and payable and enforce any or all of its rights and remedies against Guarantor provided for herein.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 112.3pt; MARGIN: 0in 0in 12pt 27.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; (c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Agreement shall remain and continue in full force and effect as to any modification, extension or renewal of the Note, the Loan Agreement, the Mortgage or any other Loan Document and Lender shall not be under a duty to protect, secure or insure any security or lien provided by the Loan Agreement or the Mortgage or other such collateral, and that other indulgences or forbearance may be granted under any or all of such documents, all of which may be made, done or suffered without notice to, or further consent of, Guarantor.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 112.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor hereby waives the pleading of any statute of limitations as a defense to the obligation hereunder.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: auto; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Miscellaneous</FONT></U><FONT style="FONT-STYLE: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp;</FONT></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 121.5pt; MARGIN: 0in 0in 12pt 27pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Marshalling</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; GUARANTOR WAIVES ANY RIGHT OR CLAIM OF RIGHT TO CAUSE A MARSHALLING OF BORROWER&#8217;S ASSETS OR TO CAUSE LENDER TO PROCEED AGAINST ANY OF THE SECURITY FOR THE LOAN BEFORE PROCEEDING UNDER THIS AGREEMENT AGAINST BORROWER OR TO PROCEED AGAINST GUARANTOR IN ANY PARTICULAR ORDER.&nbsp; GUARANTOR AGREES THAT ANY PAYMENTS REQUIRED TO BE MADE HEREUNDER SHALL BECOME DUE AND PAYABLE TEN (10)&nbsp;DAYS AFTER DEMAND.&nbsp; EXCEPT AS PERMITTED PURSUANT TO SECTION 5 HEREOF, GUARANTOR EXPRESSLY WAIVES AND RELINQUISHES ALL RIGHTS AND REMEDIES (INCLUDING ANY RIGHTS OF SUBROGATION) ACCORDED BY APPLICABLE LAW TO GUARANTOR.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 121.5pt; MARGIN: 0in 0in 12pt 27pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Joint and Several Obligation</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; If Guarantor consists of more than one Person or entity, each shall be jointly and severally liable to perform the obligations of Guarantor hereunder.&nbsp; Any one of Borrower or one or more parties constituting Guarantor or any other party liable upon or in respect of this Agreement or the Loan may be released without affecting the liability of any party not so released.</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 121.5pt; MARGIN: 0in 0in 12pt 27pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Further Assurances</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; Guarantor shall execute and acknowledge (or cause to be executed and acknowledged) and deliver to Lender all documents, and take all actions, reasonably required by Lender from time to time to confirm the rights created or now or hereafter intended to be created under this Agreement, to protect and further the validity, priority and enforceability of this Agreement or otherwise carry out the purposes of this Agreement and the transactions contemplated thereunder.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 121.5pt; MARGIN: 0in 0in 12pt 27pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notices.</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp; All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a)&nbsp;certified or registered United States mail, postage prepaid, return receipt requested or (b)&nbsp;expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (c)&nbsp;by telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section and given at least twenty (20)&nbsp;days prior to the effective date of such change of address).</FONT></H4>

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<P style="TEXT-INDENT: -117pt; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Guarantor:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander&#8217;s Inc.<BR>888 Seventh Avenue<BR>New York, New York 10019<BR>Attention:&nbsp; [___________]<BR>Facsimile:&nbsp; [__________]<BR><BR></FONT></P>

<P style="TEXT-INDENT: -117pt; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sullivan &amp; Cromwell LLP<BR>125 Broad Street <BR>New York, New York&nbsp; 10004<BR>Attention:&nbsp; Arthur S. Adler, Esq.<BR>Facsimile No.:&nbsp; (212)&nbsp;291-9001</FONT></P>

<P style="TEXT-INDENT: -117pt; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Lender:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP> Floor<BR>New York, New York&nbsp; 10005<BR>Attention:&nbsp; Robert W. Pettinato, Jr. <BR>Facsimile No.:&nbsp; (212) 797-4489</FONT></P>

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<P style="TEXT-INDENT: -117pt; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and &nbsp;to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP> Floor<BR>New York, New York&nbsp; 10005<BR>Attention:&nbsp; General Counsel<BR>Facsimile No.:&nbsp; (646) 736-5721</FONT></P>

<P style="TEXT-INDENT: -117pt; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sidley Austin LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>One South Dearborn<BR>Chicago, Illinois 60603<BR>Attention:&nbsp; Charles E. Schrank Esq.<BR>Facsimile No.:&nbsp; (312) 853-7036</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All notices, elections, requests and demands required or permitted under this Agreement shall be in the English language.&nbsp; All notices, elections, requests and demands under this Agreement shall be effective and deemed received upon the earliest of (i)&nbsp;the actual receipt of the same by personal delivery or otherwise, (ii)&nbsp;one (1)&nbsp;Business Day after being deposited with a nationally recognized overnight courier service as required above, (iii)&nbsp;upon delivery or rejection of delivery after being deposited in the United States mail as required above, or (iv)&nbsp;on the day sent if sent by facsimile with confirmation on or before 5:00&nbsp;p.m. New York time on any Business Day or on the next Business Day if so delivered after 5:00&nbsp;p.m. New York time or on any day other than a Business Day.&nbsp; Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given as herein required shall be deemed to be receipt of the notice, election, request, or demand sent.</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 139.5pt; MARGIN: 0in 0in 12pt 4.5pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Entire Agreement</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; This Agreement constitutes the entire and final agreement between Guarantor and Lender with respect to the subject matter hereof and </FONT></H4>

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<P style="MARGIN: 0in 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">may only be changed, amended, modified or waived by an instrument in writing signed by Guarantor and Lender.</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">No Waiver</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; No waiver of any term or condition of this Agreement, whether by delay, omission or otherwise, shall be effective unless in writing and signed by the party sought to be charged, and then such waiver shall be effective only in the specific instance and for the purpose for which given.&nbsp; No delay on Lender&#8217;s part in exercising any right, power or privilege under this Agreement or any other Loan Document shall operate as a waiver of any privilege, power or right hereunder.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Successors and Assigns</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; This Agreement shall be binding upon Guarantor and its successors and assigns of this Agreement and shall inure to the benefit of Lender and its successors and permitted assigns of the Loan Documents.&nbsp; Guarantor, without the prior written consent of Lender in each instance, may assign, transfer or set over to another, in whole or in part, all or any part of its benefits, rights, duties and obligations hereunder, including, but not limited to, performance of and compliance with conditions hereof, provided that such assignment shall not release Guarantor of its obligations hereunder.</FONT></H4>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="times new roman">Captions</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">.&nbsp; All paragraph, section, exhibit and schedule headings and captions herein are used for reference only and in no way limit or describe the scope or intent of, or in any way affect, this Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="times new roman">Counterparts</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">.&nbsp; This Agreement may be executed in counterparts, each of which shall be an original and all of which, when taken together, shall constitute one binding Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="times new roman">Severability</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">.&nbsp; The provisions of this Agreement are severable, and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, and not any other clause or provision of this Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="times new roman">GOVERNING LAW</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">.&nbsp; THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WITHOUT REGARD TO CHOICE OF LAW RULES.&nbsp; BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON BORROWER IN THE MANNER AND AT THE ADDRESS SPECIFIED FOR NOTICES IN THE LOAN AGREEMENT.&nbsp; BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="times new roman">JURY TRIAL WAIVER</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">.&nbsp; GUARANTOR AND LENDER AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER THEM, HEREBY EXPRESSLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I)&nbsp;ARISING UNDER THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (II)&nbsp;IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF GUARANTOR OR LENDER WITH RESPECT TO THIS AGREEMENT (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND GUARANTOR AND LENDER HEREBY AGREE AND CONSENT THAT AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION MAY BE FILED WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT HERETO TO THE WAIVER OF ANY RIGHT TO TRIAL BY JURY.&nbsp; EACH OF GUARANTOR AND LENDER ACKNOWLEDGES THAT IT HAS CONSULTED WITH LEGAL COUNSEL REGARDING THE MEANING OF THIS WAIVER AND ACKNOWLEDGES THAT THIS WAIVER IS AN ESSENTIAL INDUCEMENT FOR THE MAKING OF THE LOAN.&nbsp; THIS WAIVER SHALL SURVIVE THE REPAYMENT OF THE LOAN.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 103.5pt; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">(m) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="times new roman">Counterclaims and Other Actions</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" face="times new roman">.&nbsp; Guarantor hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by Lender in connection with this Agreement, any and every right it may have to (i)&nbsp;interpose any counterclaim therein (other than a counterclaim which can only be asserted in the suit, action or proceeding brought by Lender on this Agreement and cannot be maintained in a separate action) and (ii)&nbsp;have any such suit, action or proceeding consolidated with any other or separate suit, action or proceeding.</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, Guarantor has executed this Guaranty of Completion as of the date first set forth above.</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GUARANTOR</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">:<BR><BR>ALEXANDER&#8217;S INC., a Delaware corporation<BR><BR>By:&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED PROMISSORY NOTE</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">$300,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York, New York<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 28, 2014</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FOR VALUE RECEIVED, </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company, as maker, having its principal place of business at c/o Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (together with its successors and assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), hereby unconditionally promises to pay to the order of </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation, having an address at 60 Wall Street, 10th&nbsp;Floor, New York, New York 10005 (collectively, together with its successors and/or assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), or at such other place as Lender may from time to time designate in writing, the principal sum of THREE HUNDRED MILLION AND NO/100 DOLLARS ($300,000,000.00), or so much thereof as&nbsp;is advanced pursuant to that certain Loan Agreement dated the date hereof between Borrower and Lender (as the same may be amended, modified, supplemented, replaced or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) in lawful money of the United States of America, with interest thereon to be computed from the date of this Consolidated, Amended and Restated Promissory Note (this &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) at the Interest Rate (as defined in the Loan Agreement), and to be paid in accordance with the terms of this Note and the Loan Agreement.&nbsp; All capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Note is intended to consolidate, amend and restate in their entirety those certain promissory notes (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Existing Notes</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) described on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;A</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> attached hereto and made a part hereof, which Existing Notes are now held by Lender.&nbsp; This Note is not intended to create any new indebtedness nor intended to constitute a novation as to Borrower&#8217;s obligations under the Existing Notes.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PAYMENT TERMS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower agrees to pay the principal sum of this Note and interest on the unpaid principal sum of this Note and all other amounts due under the Loan Agreement and the other Loan Documents from time to time outstanding, at the rates and at the times specified in the Loan Agreement, and the outstanding balance of the principal sum of this Note and all accrued and unpaid interest thereon and all other amounts due under the Loan Agreement and the other Loan Documents shall be due and payable on the Maturity Date.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DEFAULT AND ACCELERATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Debt shall without notice become immediately due and payable at the option of Lender upon the occurrence of any Event of Default.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LOAN DOCUMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Note is secured by the Mortgage and the other Loan Documents.&nbsp; All of the terms, covenants and conditions contained in the Loan Agreement, the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein.&nbsp; In the event of a conflict or inconsistency between the terms of</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SAVINGS CLAUSE</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding anything to the contrary contained herein, (a)&nbsp;all agreements and communications between Borrower and Lender are hereby and shall automatically be limited so that, after taking into account all amounts deemed to constitute interest, the interest contracted for, charged or received by Lender shall never exceed the Maximum Legal Rate, (b)&nbsp;in calculating whether any interest exceeds the Maximum Legal Rate, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness of Borrower to Lender, and (c)&nbsp;if through any contingency or event, Lender receives or is deemed to receive interest in excess of the Maximum Legal Rate, any such excess shall be deemed to have been applied toward the payment of the principal of any and all then outstanding indebtedness of Borrower to Lender, or if there is no such indebtedness, shall immediately be returned to Borrower.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NO ORAL CHANGE</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party(ies) against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WAIVERS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower and all others who may become liable for the payment of all or any part of the Debt do hereby jointly and severally waive presentment and demand for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and all other notices of any kind, except as may otherwise be required by the Loan Agreement.&nbsp; No release of any security for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan Documents made by agreement between Lender and any other Person shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower or any other Person who may become liable for the payment of all or any part of the Debt under this Note, the Loan Agreement or the other Loan Documents.&nbsp; No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action without further notice or demand as provided for in this Note, the Loan Agreement or the other Loan Documents.&nbsp; If Borrower is a partnership or limited liability company, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals or entities comprising the partnership or limited liability company, and the term &#8220;Borrower,&#8221; as used herein, shall include any alternate or successor partnership or limited liability company, but any predecessor partnership or limited liability company and its partners or members shall not thereby be released from any liability.&nbsp; If Borrower is a corporation, the agreements contained herein shall remain in full force and be applicable, notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Borrower,&#8221; as used herein, shall include any alternative or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder.&nbsp; (Nothing in the foregoing two sentences shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such partnership, limited liability company or corporation which may be set forth in the Loan Agreement, the Mortgage or any other Loan Document.)</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TRANSFER</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Upon the transfer of this Note by Lender in accordance with the Loan Agreement, Borrower hereby waiving notice of any such transfer, Lender may deliver all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee who shall thereupon become vested with all the rights herein or under applicable law given to Lender with respect thereto, and Lender shall thereafter forever be relieved and fully discharged from any liability or responsibility in the matter; but Lender shall retain all rights and obligations with respect to any liabilities and the collateral not so transferred.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXCULPATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section&nbsp;10.1</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of the Loan Agreement are hereby incorporated by reference into this Note to the same extent and with the same force as if fully set forth herein.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GOVERNING LAW; JURISDICTION; SERVICE OF PROCESS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY BORROWER AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THIS NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA.&nbsp; TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS NOTE MAY AT LENDER&#8217;S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND BORROWER WAIVES ANY</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.&nbsp; BORROWER AGREES THAT SERVICE OF PROCESS UPON BORROWER AT THE ADDRESS FOR BORROWER SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.&nbsp; BORROWER (I)&nbsp;SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS FOR BORROWER SET FORTH HEREIN, (II)&nbsp;MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III)&nbsp;SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF BORROWER CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK.&nbsp; NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY OTHER JURISDICTION.</FONT></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WAIVER OF JURY TRIAL</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST, WITH REGARD TO THIS NOTE, THE MORTGAGE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.&nbsp; THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.&nbsp; LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER.</FONT></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SUCCESSORS AND ASSIGNS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Note shall be binding upon, and shall inure to the benefit of, Borrower and Lender and their respective successors and permitted assigns.&nbsp; Lender shall have the right to assign or transfer its rights under this Note in connection with any assignment of the Loan and the Loan Documents in accordance with the terms of the Loan Agreement.&nbsp; Any assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this Note.&nbsp; Borrower shall not have the right to assign or transfer its rights or obligations under this Note without the prior written consent of Lender, except as provided in the Loan Agreement, and any attempted assignment without such consent shall be null and void.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All notices or other written communications hereunder shall be delivered in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section&nbsp;10.6</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">JOINT AND SEVERAL LIABILITY</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If more than one Person has executed this Note as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">,&#8221; the representations, covenants, warranties and obligations of all such Persons hereunder shall be joint and several.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, Lender has duly executed this Note as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BORROWER:<BR></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR></FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 OFFICE ONE HOLDING LLC, a Delaware limited liability company, its sole member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0pt 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware corporation, its sole member</FONT></P><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">c&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary&nbsp; </FONT>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211; Consolidated, Amended and Restated Promissory Note</FONT></P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LENDER:<BR></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation<BR></FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR><BR></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ David Goodman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">a&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: David Goodman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Director<BR><BR><BR>By:&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Lisa Paterson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">n&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Lisa Paterson<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Director</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211; Consolidated, Amended and Restated Promissory Note</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 24pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT A</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 24pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Existing Notes</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Amended and Restated Supplemental Loan Note (No. 3) in the original principal amount of $22,940,962, dated January 28, 2004, by 731 Commercial LLC and 731 Residential LLC in favor of Hypo Real Estate Capital Corporation, as assigned by that certain Allonge, dated February 13, 2004, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Amended and Restated Project Loan Note (No. 3) in the original principal amount of $15,587,546, dated January 28, 2004, by 731 Commercial LLC and 731 Residential LLC in favor of Hypo Real Estate Capital Corporation, as assigned by that certain Allonge Endorsement, dated February 13, 2004, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Substitute Mortgage Note C (No. 3) in the original principal amount of $236,471,492, dated January 28, 2004, by 731 Commercial LLC and 731 Residential LLC in favor of Hypo Real Estate Capital Corporation, as assigned by that certain Allonge Endorsement, dated February 13, 2004, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Substitute Subordinate Building Loan Note in the original principal amount of $125,000,000, dated February __, 2004, by 731 Commercial LLC and 731 Residential LLC in favor of Hypo Real Estate Capital Corporation, as assigned by that certain Allonge Endorsement, dated February 13, 2004, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amended, Restated and Consolidated Note in the original principal amount of $400,000,000, dated February 13, 2004, by 731 Office One LLC in favor of German American Capital Corporation.&nbsp; Consolidates Notes 1 &#8211; 4.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note Exchange Agreement, dated February 13, 2004, by and between 731 Office One LLC and German American Capital Corporation.&nbsp; Exchanges Note 5 for Notes 7 &#8211; 12.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-1 in the original principal amount of $90,000,000, dated February 13, 2004, by 731 Office One LLC in favor of German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-2 in the original principal amount of $95,000,000, dated February 13, 2004, by 731 Office One LLC in favor of German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-3 in the original principal amount of $35,000,000, dated February 13, 2004, by 731 Office One LLC in favor of German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-4 in the original principal amount of $94,000,000, dated February 13, 2004, by 731 Office One LLC in favor of German American Capital Corporation.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit A-</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note A-X in the original notional amount of $86,000,000, dated February 13, 2004, by 731 Office One LLC in favor of German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note B in the original principal amount of $86,000,000, dated February 13, 2004, by 731 Office One LLC in favor of German American Capital Corporation, as assigned by that certain Allonge, dated February 13, 2004, to 731 Funding LLC, as assigned by that certain Allonge to Promissory Note B, dated February 27, 2014, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-1 in the original principal amount of $125,000,000, dated June 3, 2004, by 731 Office One LLC in favor of German American Capital Corporation, as assigned by that certain Allonge, dated June 3, 2004, to Wells Fargo Bank, N.A., as Trustee for the registered holders of COMM 2004-LNB3 Commercial Mortgage Pass-Through Certificates, as assigned by that certain Allonge, dated February 24, 2014, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-2 in the original principal amount of $65,000,000, dated June 3, 2004, by 731 Office One LLC in favor of German American Capital Corporation, as assigned by that certain Allonge, dated June 3, 2004, to Wells Fargo Bank, N.A., as Trustee for the registered holders of GE Commercial Mortgage Corporation, Commercial Mortgage Pass-Through Certificates, Series 2004-C3, as assigned by that certain Allonge, dated February 25, 2014, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-3 in the original principal amount of $50,000,000, dated June 3, 2004, by 731 Office One LLC in favor of German American Capital Corporation, as assigned by that certain Allonge, dated June 3, 2004, to LaSalle Bank, N.A., as trustee for the registered holders of GMAC Commercial Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2004-C2, as assigned by that certain Allonge, dated February 25, 2014, from U.S. Bank N.A., as Trustee, as successor by merger to LaSalle Bank, N.A., as trustee for the registered holders of GMAC Commercial Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2004-C2 to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory Note A-4 in the original principal amount of $74,000,000, dated June 3, 2004, by 731 Office One LLC in favor of German American Capital Corporation, as assigned by that certain Allonge, dated June 3, 2004, to Wells Fargo Bank, N.A., as Trustee for the registered holders of COMM 2004-LNB4 Commercial Mortgage Pass-Through Certificates, as assigned by that certain Allonge, dated February 25, 2014, to German American Capital Corporation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notes 7 &#8211; 10 where exchanged and replaced by Notes 13 &#8211; 16. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG>EXHIBIT 10.3</STRONG></FONT></P></DIV>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">,<BR>a Delaware limited liability company, as mortgagor</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(Mortgagor)</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">to</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, as mortgagee</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(Mortgagee)</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AMENDED AND RESTATED<BR>MORTGAGE, ASSIGNMENT OF LEASES AND RENTS<BR>AND SECURITY AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 12pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated:&nbsp; As of February 28, 2014</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Location:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 Lexington Avenue</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York, New York</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condominium</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office Unit 1 and Office Unit 2</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lot:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002 and 1003</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York<BR><BR></FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PREPARED BY AND UPON<BR>RECORDATION RETURN TO:</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sidley Austin LLP<BR>One South Dearborn<BR>Chicago, Illinois 60603<BR>Attention:&nbsp; Charles E. Schrank, Esq.</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF<BR>LEASES AND RENTS AND SECURITY AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (this &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgage</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) is made as of this 28th&nbsp;day of February, 2014, by </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company, having its principal place of business at c/o Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652, as mortgagor (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgagor</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), for the benefit of&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation, having an address at 60 Wall Street, 10th&nbsp;Floor, New York, New York 10005, collectively, as mortgagee (collectively, together with its successors and/or assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgagee</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Mortgage amends and restates in its entirety the mortgage described on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;B</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> attached hereto and made a part hereof which is now held by Lender (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prior Mortgage</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), to form a single lien in the consolidated principal sum of $300,000,000.00.</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W I T N E S S E T H:</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Mortgage is given to secure a loan (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) in the principal sum of THREE HUNDRED MILLION AND NO/100 DOLLARS ($300,000,000.00) or so much thereof as may be advanced pursuant to that certain Loan Agreement dated as of the date hereof between Mortgagor and Mortgagee (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and evidenced by that certain Consolidated, Amended and Restated Promissory Note dated the date hereof made by Mortgagor to Mortgagee (such Note, together with all extensions, renewals, replacements, restatements or modifications thereof, being hereinafter referred to as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgagor desires to secure the payment of the outstanding principal amount of the Loan together with all interest accrued and unpaid thereon and all other sums (including the Prepayment Fee, if any) due to Mortgagee in respect of the Loan under the Loan Documents (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Debt</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and the performance of all other Obligations (as defined herein).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Mortgage is given pursuant to the Loan Agreement, and payment, fulfillment and performance by Mortgagor of its obligations thereunder and under the other Loan Documents are secured hereby, and each and every term and provision of the Loan Agreement, the Note, and that certain Assignment of Leases and Rents of even date herewith made by Mortgagor in favor of Mortgagee delivered in connection with this Mortgage (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignment of Leases</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), including the rights, remedies, obligations, covenants, conditions, agreements, indemnities, representations and warranties of the parties therein, are hereby incorporated by reference herein as though set forth in full and shall be considered a part of this Mortgage.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW THEREFORE, in consideration of the making of the Loan by Mortgagee and the covenants, agreements, representations and warranties set forth in this Mortgage:</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article I.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>GRANTS OF SECURITY</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 1.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Property Mortgaged</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Mortgagee and its successors and assigns, </FONT><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">WITH POWER OF SALE</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, all right, title, interest and estate of Mortgagor now owned, or hereafter acquired, in and to the following (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Property</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;):&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Office Units</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The real property described in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Exhibit&nbsp;A</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> attached hereto and made a part hereof (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Office Units</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;), including, but not limited to, the unit or units (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Unit</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) in the condominium (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Condominium</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) established pursuant to the instruments more particularly described on </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Exhibit A</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, together with the interest of the owner of the Unit in the common areas or elements of the Condominium (including without limitation, all common elements and appurtenant interests related thereto), all as more particularly described on </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Exhibit A</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> attached hereto and incorporated herein by this reference;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Additional Property</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All additional lands, estates and development rights hereafter acquired by Mortgagor for use in connection with the Office Units and the development of the Office Units and all additional lands and estates therein which may, from time to time, by supplemental mortgage or otherwise be expressly made subject to the lien of this Mortgage;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Improvements.&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp; The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the Office Units (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Improvements</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;);&nbsp;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Easements</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All easements, rights&#8209;of&#8209;way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Office Units and the Improvements and the reversion and reversions, remainder and remainders, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Office Units, to the center line thereof and all the estates, rights, titles, interests, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of Mortgagor of, in and to the Office Units and the Improvements and every part and parcel thereof, with the appurtenances thereto;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Equipment</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All &#8220;equipment,&#8221; as such term is defined in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;9</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of the Uniform Commercial Code (as hereinafter defined), now owned or hereafter acquired by Mortgagor, which is used at or in connection with the Improvements or the Office Units or is located thereon or therein (including, but not limited to, all machinery, equipment, furnishings, and electronic data&#8209;processing and other office equipment now owned or hereafter acquired by Mortgagor and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Equipment</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;).&nbsp; Notwithstanding the foregoing, Equipment shall</FONT></H3>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">not include any property belonging to Tenants under Leases except to the extent that Mortgagor shall have any right or interest therein;</FONT></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Fixtures</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All Equipment now owned, or the ownership of which is hereafter acquired, by Mortgagor which is so related to the Office Units and Improvements forming part of the Property that it is deemed fixtures or real property under the law of the particular state in which the Equipment is located, including, without limitation, all building or construction materials intended for construction, reconstruction, alteration or repair of or installation on the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items now or hereafter attached to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Office Units, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, cleaning, call and sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, plumbing, laundry, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others, and, if owned jointly, to the extent of Mortgagor&#8217;s interest therein) and all other utilities whether or not situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of the foregoing and the proceeds thereof (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Fixtures</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;).&nbsp; Notwithstanding the foregoing, &#8220;Fixtures&#8221; shall not include any property which Tenants are entitled to remove pursuant to Leases except to the extent that Mortgagor shall have any right or interest therein;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Personal Property</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All furniture, furnishings, objects of art, machinery, goods, tools, supplies, appliances, general intangibles, contract rights, accounts, accounts receivable, franchises, licenses, certificates and permits, and all other personal property of any kind or character whatsoever (as defined in and subject to the provisions of the Uniform Commercial Code), other than Fixtures, which are now or hereafter owned by Mortgagor and which are located within or about the Office Units and the Improvements, together with all accessories, replacements and substitutions thereto or therefor and the proceeds thereof (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Personal Property</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;), and the right, title and interest of Mortgagor in and to any of the Personal Property which may be subject to any security interests, as defined in the Uniform Commercial Code, as adopted and enacted by the state or states where the applicable portion of the Property is located (as amended and in effect from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Uniform Commercial Code</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;), superior in lien to the lien of this Mortgage, and all proceeds and products of any of the above;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Leases and Rents</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All leases, subleases or sub&#8209;subleases, lettings, licenses, concessions or other agreements (whether written or oral) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of the Office Units and the Improvements, and every modification, amendment or other agreement relating to such leases, subleases, sub&#8209;subleases, or other agreements entered into in connection with such leases, subleases, sub&#8209;subleases, or other agreements and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the </FONT></H3>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">other party thereto, heretofore or hereafter entered into, whether before or after the filing by or against Mortgagor of any petition for relief under 11&nbsp;U.S.C. &#167;101 et&nbsp;seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bankruptcy Code</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Leases</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and all right, title and interest of Mortgagor, its successors and assigns, therein and thereunder, including, without limitation, cash or securities deposited thereunder to secure the performance by the Tenants of their obligations thereunder and all rents, additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and bonuses) from the Office Units and the Improvements, whether paid or accruing before or after the filing by or against Mortgagor of any petition for relief under the Bankruptcy Code (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rents</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and all proceeds from the sale or other disposition of the Leases and the right to receive and apply the Rents to the payment and performance of the Obligations, including the payment of the Debt;</FONT></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Condemnation Awards</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Subject to the terms of the Loan Agreement, all awards or payments, including interest thereon, which may heretofore and hereafter be made with respect to the Property, whether from the exercise of the right of eminent domain (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such right), or for a change of grade, or for any other injury to or decrease in the value of the Property;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(j)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Insurance Proceeds</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Subject to the terms of the Loan Agreement, all proceeds in respect of the Property under any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments or settlements made in lieu thereof, for damage to the Property;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(k)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Tax Certiorari</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All refunds, rebates or credits in connection with any reduction in Taxes or Other Charges charged against the Property as a result of tax certiorari proceedings or any other applications or proceedings for reduction;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(l)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Rights</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The right, in the name and on behalf of Mortgagor, to appear in and defend any action or proceeding brought with respect to the Property and to commence any action or proceeding to protect the interest of Mortgagee in the Property;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(m)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agreements</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; To the extent the same may be encumbered or assigned by Mortgagor pursuant to the terms thereof without occurrence of a breach or default thereunder, and without impairment of the validity or enforceability thereof, all agreements, contracts, certificates, instruments, franchises, permits, licenses, plans, specifications and other documents, now or hereafter entered into, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Office Units and any part thereof and any Improvements or respecting any business or activity conducted on the Office Units and any part thereof and all right, title and interest of Mortgagor therein and thereunder, including, without limitation, the right, upon the happening of any default hereunder, to receive and collect any sums payable to Mortgagor thereunder;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(n)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Intellectual Property</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All tradenames, trademarks, servicemarks, logos, copyrights, goodwill, books and records and all other general intangibles relating to or used in connection with the operation of the Property;</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(o)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Accounts</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; (i)&nbsp;All accounts receivable and (ii)&nbsp;the Clearing Account, the Deposit Account and the Cash Management Accounts and all other reserves, escrows and deposit accounts maintained by Mortgagor with respect to the Property as required pursuant to the terms of the Loan Documents, together with all deposits or wire transfers made to such accounts, and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time, and all proceeds, products, distributions, dividends and/or substitutions thereon and thereof;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(p)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Uniform Commercial Code Property</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All documents, instruments, chattel paper and intangibles, as the foregoing terms are defined in the Uniform Commercial Code, and general intangibles relating to the Property;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(q)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Proceeds</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Subject to the terms of the Loan Agreement, all proceeds of any of the foregoing, including, without limitation, proceeds of insurance and condemnation awards, whether in cash or in liquidation or other claims, or otherwise; and</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(r)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Other Rights</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Any and all other rights of Mortgagor in and to the items set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Subsections&nbsp;(a)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> through </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(r)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp;above.&nbsp;</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AND, without limiting any of the other provisions of this Mortgage, to the extent permitted by applicable law, Mortgagor expressly grants to Mortgagee, as secured party, a security interest in the portion of the Property which is or may be subject to the provisions of the Uniform Commercial Code which are applicable to secured transactions; it being understood and agreed that the Improvements and Fixtures are part and parcel of the Office Units (the Office Units, the Improvements and the Fixtures collectively referred to as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Real Property</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) appropriated to the use thereof and, whether affixed or annexed to the Office Units or not, shall for the purposes of this Mortgage be deemed conclusively to be real estate and mortgaged hereby.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 1.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Assignment of Rents</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor hereby absolutely and unconditionally assigns to Mortgagee all of Mortgagor&#8217;s right, title and interest in and to all current and future Leases and Rents; it being intended by Mortgagor that this assignment constitutes a present, absolute assignment and not an assignment for additional security only.&nbsp; Notwithstanding the foregoing, subject to the terms of the Assignment of Leases, the Cash Management Agreement, and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;7.01(h)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of this Mortgage, Mortgagee grants to Mortgagor a revocable license to collect, receive, use and enjoy the Rents.&nbsp; Mortgagor shall hold the Rents, or a portion thereof sufficient to discharge all current sums due on the Debt, for use in the payment of such sums.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 1.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Security Agreement</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Mortgage is both a real property mortgage and a &#8220;security agreement&#8221; within the meaning of the Uniform Commercial Code.&nbsp; The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Property.&nbsp; By executing and delivering this Mortgage, Mortgagor hereby grants to Mortgagee, as security for the Obligations, a security interest in the Fixtures, the Equipment, the Personal Property and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Collateral</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;).&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=windowtext face="Times New Roman">Mortgagor authorizes Mortgagee to file or record financing statements with respect to the Collateral in such form and in such offices</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">as are necessary to perfect the security interests of the Mortgagee under this Mortgage. Without in any way increasing the collateral granted hereunder or under the other Loan Documents, &nbsp;Mortgagor authorizes Mortgagee to use collateral descriptions such as &#8220;all personal property&#8221; or &#8220;all assets&#8221;, in each case &#8220;whether now owned or hereafter acquired&#8221;, whether or not specifically describing good that are or are to become fixtures, or to use words of similar import in any such financing statements.&nbsp; If an Event of Default shall occur and be continuing, Mortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral.&nbsp; Upon request or demand of Mortgagee after the occurrence and during the continuance of an Event of Default, Mortgagor shall, at its expense, assemble the Collateral and make it available to Mortgagee at a convenient place (at the Office Units if tangible property) reasonably acceptable to Mortgagee.&nbsp; Mortgagor shall pay to Mortgagee on demand any and all reasonable out&#8209;of&#8209;pocket expenses, including reasonable attorneys&#8217; fees and costs, incurred or paid by Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default.&nbsp; Any notice of sale, disposition or other intended action by Mortgagee with respect to the Collateral sent to Mortgagor in accordance with the provisions hereof at least ten (10)&nbsp;Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Mortgagor.&nbsp; The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Mortgagee to the payment of the Debt in such priority and proportions as set forth in Loan Agreement.&nbsp; The principal place of business of Mortgagor (Debtor) is as set forth in the introductory paragraph hereof and the address of Mortgagee (Secured Party) is as set forth in the introductory paragraph hereof.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 1.04</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Fixture Filing</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Certain of the Property is or will become &#8220;fixtures&#8221; (as that term is defined in the Uniform Commercial Code) on the Office Units, described or referred to in this Mortgage, and this Mortgage, upon being filed for record in the real estate records of the city or county wherein such fixtures are situated, shall operate also as a financing statement naming Mortgagor as the Debtor and Mortgagee as the Secured Party filed as a fixture filing in accordance with the applicable provisions of said Uniform Commercial Code upon such of the Property that is or may become fixtures.</FONT></H2>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONDITIONS TO GRANT</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TO HAVE AND TO HOLD the above granted and described Property unto and to the use and benefit of Mortgagee and its successors and assigns, forever;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PROVIDED, HOWEVER, these presents are upon the express condition that, if Mortgagor shall well and truly pay and perform the Obligations (including the payment of the Debt) at the time and in the manner provided in this Mortgage, the Note, the Loan Agreement and the other Loan Documents, and shall well and truly abide by and comply with each and every Other Obligation set forth herein and in the Note, the Loan Agreement and the other Loan Documents, these presents and the estate hereby granted shall cease, terminate and be void;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided, however, that Mortgagor&#8217;s obligation to indemnify and hold harmless Mortgagee pursuant to the provisions hereof shall survive any such payment or release.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article II.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>DEBT AND OBLIGATIONS SECURED</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Obligations</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Mortgage and the grants, assignments and transfers made in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> are given for the purpose of securing the Obligations, including, but not limited to, the payment of the Debt.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other Obligations</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Mortgage and the grants, assignments and transfers made in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> are also given for the purpose of securing the following (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other Obligations</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;):&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">the performance of all other obligations of Mortgagor contained herein;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">the performance of each obligation of Mortgagor contained in the Loan Agreement and in each other Loan Document; and</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">the performance of each obligation of Mortgagor contained in any renewal, extension, amendment, modification, consolidation, change of, or substitution or replacement for, all or any part of the Note, the Loan Agreement or any other Loan Document.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Variable Interest Rate</FONT></U></B><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; </FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">The Loan secured by this Mortgage is a variable interest rate loan, as more particularly set forth in the Loan Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.04</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Debt and Other Obligations</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor&#8217;s obligations for the payment of the Debt and the performance of the Other Obligations shall be referred to collectively herein as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Obligations</FONT></I></B><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;&nbsp;</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.05</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Loan Repayment</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Mortgage will be satisfied and discharged of record by Mortgagee prior to the Maturity Date only in accordance with the terms and provisions set forth in the Loan Agreement.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article III.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>MORTGAGOR COVENANTS</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgagor covenants and agrees that throughout the term of the Loan:</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Payment of Debt</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor will pay the Debt at the time and in the manner provided in the Loan Agreement, the Note and this Mortgage.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Incorporation by Reference</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All the covenants, conditions and agreements contained in (a)&nbsp;the Loan Agreement, (b)&nbsp;the Note, and (c)&nbsp;all and any of the other Loan Documents, are hereby made a part of this Mortgage to the same extent and with the same force as if fully set forth herein.&nbsp; Without limiting the generality of the foregoing, Mortgagor</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i)&nbsp;agrees to insure, repair, maintain and restore damage to the Property, pay Taxes and Other Charges, and comply with Legal Requirements, in each case, to the extent required by and in accordance with the Loan Agreement, and (ii)&nbsp;agrees that the Insurance Proceeds and Awards shall be settled, held, applied and/or disbursed in accordance with the Loan Agreement.&nbsp; </FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Performance of Other Agreements</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor shall observe and perform each and every term, covenant and provision required to be observed or performed by Mortgagor pursuant to the Loan Agreement or any other Loan Document.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article IV.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>OBLIGATIONS AND RELIANCES</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 4.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Relationship of Mortgagor and Mortgagee</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The relationship between Mortgagor and Mortgagee is solely that of debtor and creditor, and Mortgagee has no fiduciary or other special relationship with Mortgagor, and no term or condition of any of the Loan Agreement, the Note, this Mortgage or the other Loan Documents shall be construed so as to deem the relationship between Mortgagor and Mortgagee to be other than that of debtor and creditor.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 4.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">No Reliance on Mortgagee</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The general partners, members, principals and (if Mortgagor is a trust) beneficial owners of Mortgagor, as applicable, are experienced in the ownership and operation of properties similar to the Property, and Mortgagor and Mortgagee are relying solely upon such expertise in connection with the ownership and operation of the Property.&nbsp; Mortgagor is not relying on Mortgagee&#8217;s expertise, business acumen or advice in connection with the Property.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 4.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">No Mortgagee Obligations</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Notwithstanding the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Subsections&nbsp;1.01(h)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(m)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;1.02</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, Mortgagee is not undertaking the performance of (i)&nbsp;any obligations under the Leases, or (ii)&nbsp;any obligations with respect to any other agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses or other documents described in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Subsection 1.01(h)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(m)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">By accepting or approving anything required to be observed, performed or fulfilled or to be given to Mortgagee pursuant to this Mortgage, the Loan Agreement, the Note or the other Loan Documents, including, without limitation, any officer&#8217;s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal or insurance policy, Mortgagee shall not be deemed to have warranted, consented to, or affirmed the sufficiency, legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto by Mortgagee.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 4.04</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Reliance</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor recognizes and acknowledges that in accepting the Loan Agreement, the Note, this Mortgage and the other Loan Documents, Mortgagee is expressly and primarily relying on the truth and accuracy of the warranties and representations set forth in Article&nbsp;3 of the Loan Agreement without any obligation to investigate the Property and notwithstanding any investigation of the Property by Mortgagee; that such reliance existed</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">on the part of Mortgagee prior to the date hereof; that such warranties and representations are a material inducement to Mortgagee in making the Loan; and that Mortgagee would not be willing to make the Loan and accept this Mortgage in the absence of the warranties and representations as set forth in Article&nbsp;3 of the Loan Agreement.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article V.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>FURTHER ASSURANCES</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Recording of Mortgage, Etc.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp; Mortgagor forthwith upon the execution and delivery of this Mortgage and thereafter, from time to time, will cause this Mortgage and any of the other Loan Documents creating a Lien or security interest or evidencing the Lien hereof upon the Property and each instrument of further assurance to be filed, registered or recorded in such manner and in such places as may be reasonably required by any present or future law in order to publish notice of and fully to protect and perfect the Lien or security interest hereof upon, and the interest of Mortgagee in, the Property.&nbsp; Mortgagor will pay all taxes, filing, registration or recording fees, and all expenses incident to the preparation, execution, acknowledgment and/or recording of the Note, this Mortgage, the other Loan Documents, any note, deed of trust or mortgage supplemental hereto, any security instrument with respect to the Property and any instrument of further assurance, and any modification or amendment of any of the foregoing documents, and all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of this Mortgage, any deed of trust or mortgage supplemental hereto, any security instrument with respect to the Property or any instrument of further assurance, and any modification or amendment of any of the foregoing documents, except where prohibited by law so to do.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Further Acts, Etc.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp; Mortgagor will, at the reasonable cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and deliver all and every such further acts, deeds, conveyances, deeds of trust, mortgages, assignments, notices of assignments, transfers and assurances as Mortgagee shall, from time to time, reasonably require, for the better assuring, conveying, assigning, transferring, and confirming unto Mortgagee the property and rights hereby mortgaged, deeded, granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred or intended now or hereafter so to be, or which Mortgagor may be or may hereafter become bound to convey or assign to Mortgagee pursuant to the terms of this Mortgage or any other Loan Document, or for carrying out the intention or facilitating the performance of the terms of this Mortgage or for filing, registering or recording this Mortgage; provided that in no event shall Mortgagor be required to execute, acknowledge or deliver any act, deed, conveyance, deed of trust, mortgage, assignment, notice of assignment, transfer or assurance that materially increases Mortgagor&#8217;s obligations or materially reduces Mortgagor&#8217;s rights under the Loan Documents except those in confirmation of the Loan Documents.&nbsp; Mortgagor, on demand, will execute and deliver, and in the event it shall fail to so execute and deliver, hereby authorizes Mortgagee to execute in the name of Mortgagor or without the signature of Mortgagor to the extent Mortgagee may lawfully do so, one or more financing statements to evidence more effectively the security interest of Mortgagee in the Property.&nbsp; Mortgagor grants to Mortgagee an irrevocable power of attorney coupled with an interest for the purpose of exercising and perfecting upon the occurrence and during the continuance of an Event</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">of Default any and all rights and remedies available to Mortgagee at law and in equity, including, without limitation, such rights and remedies available to Mortgagee pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section&nbsp;5.02</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Changes in Tax, Debt, Credit and Documentary Stamp Laws</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If any law is enacted or adopted or amended after the date of this Mortgage which deducts the Debt or any Taxes or Other Charges assessed against the Property from the value of the Property for the purpose of taxation or which imposes a tax (other than income taxes), either directly or indirectly, on the Debt or Mortgagee&#8217;s interest in the Property, Mortgagor will pay the tax, with interest and penalties thereon, if any.&nbsp; If Mortgagee is advised by counsel chosen by it that the payment of such tax by Mortgagor would be unlawful or taxable to Mortgagee (unless Mortgagee agrees to pay such tax) or unenforceable or provide the basis for a defense of usury, then Mortgagee shall have the option by written notice of not less than one hundred eighty (180)&nbsp;days to declare the Debt immediately due and payable, in which case, no yield maintenance or other prepayment premium or prepayment penalty shall be due in connection with any such prepayment.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Mortgagor will not claim or demand or be entitled to any credit or credits on account of the Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by reason of this Mortgage or the Debt.&nbsp; If such claim, credit or deduction shall be required by law, Mortgagee shall have the option, by written notice of not less than one hundred eighty (180)&nbsp;days, to declare the Debt immediately due and payable, in which case, no yield maintenance or other prepayment premium or prepayment penalty shall be due in connection with any such prepayment.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue or other stamps to be affixed to the Note, this Mortgage, or any of the other Loan Documents or shall impose any other tax or charge on the same, Mortgagor will pay for the same, with interest and penalties thereon, if any.</FONT></H3>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article VI.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>DUE ON SALE/ENCUMBRANCE</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 6.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Mortgagee Reliance</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor acknowledges that Mortgagee has examined and relied on the experience of Mortgagor and its general partners, members, principals and (if Mortgagor is a trust) beneficial owners in owning and operating properties such as the Property in agreeing to make the Loan, and will continue to rely on Mortgagor&#8217;s ownership of the Property as a means of maintaining the value of the Property as security for the payment and performance of the Obligations, including the repayment of the Debt.&nbsp; Mortgagor acknowledges that Mortgagee has a valid interest in maintaining the value of the Property so as to ensure that, should Mortgagor default in the payment and/or performance of the Obligations, including the repayment of the Debt, Mortgagee can recover the Debt by a sale of the Property.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 6.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">No Transfer</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor shall not permit or suffer any Transfer of all or any portion of the Property or any direct or indirect interest therein or any Transfer of any direct</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">or indirect interest in Mortgagor to occur except in accordance with the terms of the Loan Agreement or, otherwise, without the prior written consent of Mortgagee.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article VII.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>RIGHTS AND REMEDIES UPON DEFAULT</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 7.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Remedies</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Upon the occurrence and during the continuance of any Event of Default, Mortgagor agrees that Mortgagee may take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Mortgagor and in and to the Property, including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Mortgagee may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Mortgagee:</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">declare the entire unpaid Debt to be immediately due and payable;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">institute proceedings, judicial or otherwise, for the complete foreclosure of this Mortgage under any applicable provision of law, in which case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">with or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for the partial foreclosure of this Mortgage for the portion of the Debt then due and payable, subject to the continuing lien and security interest of this Mortgage for the balance of the Obligations not then due, unimpaired and without loss of priority;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">sell for cash or upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of Mortgagor therein and rights of redemption thereof, pursuant to power of sale or otherwise, at one or more sales, as an entirety or in parcels, at such time and place, upon such terms and after such notice thereof, all as may be required or permitted by law; and, without limiting the foregoing:</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">in connection with any sale or sales hereunder, Mortgagee shall be entitled to elect to treat any of the Property which consists of (x)&nbsp;a right in action, or (y)&nbsp;property that can be severed from the Real Property covered hereby, or (z)&nbsp;any improvements (without causing structural damage thereto), as if the same were personal property, and dispose of the same in accordance with applicable law, separate and apart from the sale of the Real Property.&nbsp; Where the Property consists of Real Property, Personal Property, Equipment or Fixtures, whether or not such Personal Property or Equipment is located on or within the Real Property, Mortgagee shall be entitled to elect to exercise its rights and remedies against any or all of the Real Property, Personal Property, Equipment and Fixtures in such order and manner as&nbsp;is now or hereafter permitted by applicable law;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Mortgagee shall be entitled to elect to proceed against any or all of the Real Property, Personal Property, Equipment and Fixtures in any manner permitted under applicable law; and if Mortgagee so elects pursuant to applicable law, the power of sale herein granted shall be exercisable with respect to all or any of the Real Property, Personal Property,</FONT></H4>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">11</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Equipment and Fixtures covered hereby, as designated by Mortgagee and Mortgagee is hereby authorized and empowered to conduct any such sale of any Real Property, Personal Property, Equipment and Fixtures in accordance with the procedures applicable to the Real Property;</FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">should Mortgagee elect to sell any portion of the Property which is Real Property or which is Personal Property, Equipment or Fixtures that the Mortgagee has elected under applicable law to sell together with Real Property in accordance with the laws governing a sale of the Real Property, Mortgagee shall give such notice of the occurrence of an Event of Default, if any, and its election to sell such Property, each as may then be required by law.&nbsp; Thereafter, upon the expiration of such time and the giving of such notice of sale as may then be required by law, subject to the terms hereof and of the other Loan Documents, and without the necessity of any demand on Mortgagor, Mortgagee at the time and place specified in the notice of sale, shall sell such Property or part thereof at public auction to the highest bidder for cash in lawful money of the United States.&nbsp; Mortgagee may from time to time postpone any sale hereunder by public announcement thereof at the time and place noticed for any such sale; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">if the Property consists of several lots, parcels or items of property, Mortgagee shall, subject to applicable law, (A)&nbsp;designate the order in which such lots, parcels or items shall be offered for sale or sold, or (B)&nbsp;elect to sell such lots, parcels or items through a single sale, or through two or more successive sales, or in any other manner Mortgagee designates.&nbsp; Any Person, including Mortgagor or Mortgagee, may purchase at any sale hereunder.&nbsp; Should Mortgagee desire that more than one sale or other disposition of the Property be conducted, Mortgagee shall, subject to applicable law, cause such sales or dispositions to be conducted simultaneously, or successively, on the same day, or at such different days or times and in such order as Mortgagee may designate, and no such sale shall terminate or otherwise affect the Lien of this Mortgage on any part of the Property not sold until all the Obligations have been satisfied in full.&nbsp; In the event Mortgagee elects to dispose of the Property through more than one sale, except as otherwise provided by applicable law, Mortgagor agrees to pay the reasonable costs and expenses of each such sale and of any judicial proceedings wherein such sale may be made;</FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein, in the Note, in the Loan Agreement or in the other Loan Documents;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">recover judgment on the Note either before, during or after any proceedings for the enforcement of this Mortgage or the other Loan Documents;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">apply for the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency of Mortgagor, any guarantor or indemnitor with respect to the Loan or any Person otherwise liable for the payment of the Debt or any part thereof;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">the license granted to Mortgagor under </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;1.02</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> hereof shall automatically be revoked and Mortgagee may, upon written notice to Mortgagor, enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess</FONT></H3>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgagor and its agents and servants therefrom, without liability for trespass, damages or otherwise and exclude Mortgagor and its agents or servants wholly therefrom, and take possession of all books, records and accounts relating thereto and Mortgagor agrees to surrender possession of the Property and of such books, records and accounts to Mortgagee upon demand, and thereupon Mortgagee may (i)&nbsp;use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Property and conduct the business thereat; (ii)&nbsp;complete any construction on the Property in such manner and form as Mortgagee deems advisable; (iii)&nbsp;make necessary alterations, additions, renewals, replacements and improvements to or on the Property; (iv)&nbsp;exercise all rights and powers of Mortgagor with respect to the Property, whether in the name of Mortgagor or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict Tenants and demand, sue for, collect and receive all Rents of the Property and every part thereof; (v)&nbsp;require Mortgagor to pay monthly in advance to Mortgagee, or any receiver appointed to collect the Rents, the fair and reasonable rental value for the use and occupation of such part of the Property as may be occupied by Mortgagor; (vi)&nbsp;require Mortgagor to vacate and surrender possession of the Property to Mortgagee or to such receiver and, in default thereof, Mortgagor may be evicted by summary proceedings or otherwise; and (vii)&nbsp;apply the receipts from the Property to the payment and performance of the Obligations (including, without limitation, the payment of the Debt), in such order, priority and proportions as set forth in this Mortgage after deducting therefrom all reasonable out&#8209;of&#8209;pocket expenses (including reasonable attorneys&#8217; fees and costs) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other Charges, Insurance Premiums and other expenses in connection with the Property;</FONT></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">exercise any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing:&nbsp; (i)&nbsp;the right to take possession of the Fixtures, the Equipment and/or the Personal Property, or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of the Fixtures, the Equipment and the Personal Property, and (ii)&nbsp;request Mortgagor, at its sole cost and expense, to assemble the Fixtures, the Equipment and/or the Personal Property and make it available to Mortgagee at a convenient place acceptable to Mortgagee.&nbsp; Any notice of sale, disposition or other intended action by Mortgagee with respect to the Fixtures, the Equipment and/or the Personal Property sent to Mortgagor in accordance with the provisions hereof at least ten (10)&nbsp;days prior to such action, shall constitute commercially reasonable notice to Mortgagor;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(j)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">apply any sums then deposited or held in escrow or otherwise by or on behalf of Mortgagee in accordance with the terms of the Loan Agreement, this Mortgage or any other Loan Document to the payment of the following items in the following order of priority:</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Taxes and Other Charges;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Insurance Premiums;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">interest on the unpaid principal balance of the Note;</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">all other sums payable pursuant to the Note, the Loan Agreement, this Mortgage and the other Loan Documents, including, without limitation, the Prepayment Fee, if applicable, and advances made by Mortgagee pursuant to the terms of this Mortgage; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">amortization of the unpaid principal balance of the Note;</FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(k)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">pursue such other remedies as may be available at law or in equity; and/or </FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(l)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">apply the undisbursed balance of any Net Proceeds Deficiency deposit, together with interest thereon, to the payment of the Debt in such order, priority and proportions as set forth herein.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In the event of a sale, by foreclosure, power of sale or otherwise, of less than all of the Property, this Mortgage shall continue as a Lien and security interest on the remaining portion of the Property unimpaired and without loss of priority.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 7.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Application of Proceeds</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The purchase money proceeds and avails of any disposition of the Property or any part thereof, or any other sums collected by Mortgagee pursuant to the Note, this Mortgage or the other Loan Documents, may be applied by Mortgagee to the payment of the Obligations in such priority and proportions as set forth herein, to the extent consistent with law.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 7.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Right to Cure Defaults</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Upon the occurrence and during the continuance of any Event of Default, Mortgagee may, but without any obligation to do so and without notice to or demand on Mortgagor and without releasing Mortgagor from any obligation hereunder, perform the obligations giving rise to such Event of Default in such manner and to such extent as Mortgagee may deem necessary to protect the security hereof.&nbsp; Mortgagee is authorized to enter upon the Property for such purposes or appear in, defend or bring any action or proceeding to protect its interest in the Property or to foreclose this Mortgage or collect the Debt, and the reasonable cost and expense thereof (including reasonable attorneys&#8217; fees and disbursements to the extent permitted by law), with interest thereon at the Default Rate for the period after notice from Mortgagee that such cost or expense was incurred to the date of payment to Mortgagee, shall constitute a portion of the Debt, shall be secured by this Mortgage and the other Loan Documents and shall be due and payable to Mortgagee upon demand.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 7.04</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other Rights, Etc.</FONT></U></B></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">The failure of Mortgagee to insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this Mortgage.&nbsp; Mortgagor shall not be relieved of Mortgagor&#8217;s obligations hereunder by reason of (i)&nbsp;the failure of Mortgagee to comply with any request of Mortgagor or any guarantor or indemnitor with respect to the Loan to take any action to foreclose this Mortgage or otherwise enforce any of the provisions hereof or of the Note or the other Loan Documents, (ii)&nbsp;the release, regardless of consideration, of the whole or any part of the Property, or of any Person liable for the Obligations or any portion thereof, or (iii)&nbsp;any agreement or stipulation by Mortgagee extending the time of payment or otherwise modifying or supplementing the terms of the Note, this Mortgage or the other Loan Documents.</FONT></H3>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">14</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">It is agreed that the risk of loss or damage to the Property is on Mortgagor, and Mortgagee shall have no liability whatsoever for any decline in value of the Property, for failure to maintain the Policies, or for failure to determine whether insurance in force is adequate as to the amount of risks insured.&nbsp; Possession by Mortgagee shall not be deemed an election of judicial relief, if any such possession is requested or obtained, with respect to any Property or collateral not in Mortgagee&#8217;s possession.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Upon the occurrence and during the continuance of an Event of Default, Mortgagee may resort for the payment and performance of the Obligations (including, but not limited to, the payment of the Debt) to any other security held by Mortgagee in such order and manner as Mortgagee, in its discretion, may elect.&nbsp; Mortgagee may take action to recover the Debt, or any portion thereof, or to enforce the Other Obligations, without prejudice to the right of Mortgagee thereafter to foreclose this Mortgage.&nbsp; The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others.&nbsp; No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision.&nbsp; Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 7.05</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Right to Release Any Portion of the Property</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Subject to the terms of Section&nbsp;7.2 and 7.4 of the Loan Agreement, Mortgagee may release any portion of the Property for such consideration as Mortgagee may require without, as to the remainder of the Property, in any way impairing or affecting the Lien or priority of this Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the Debt shall have been reduced by the actual monetary consideration, if any, received by Mortgagee for such release, and Mortgagee may accept by assignment, pledge or otherwise any other property in place thereof as Mortgagee may require without being accountable for so doing to any other lienholder.&nbsp; This Mortgage shall continue as a Lien and security interest in the remaining portion of the Property.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 7.06</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Right of Entry</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagee and its agents shall have the right to enter and inspect the Property on the terms set forth in Section&nbsp;4.10 of the Loan Agreement.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article VIII.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>INDEMNIFICATION</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 8.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Mortgage and/or Intangible Tax</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless Mortgagee and any Person claiming by or through Mortgagee (collectively with Mortgagee, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Indemnified Parties</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs and expenses (including reasonable out&#8209;of&#8209;pocket attorneys&#8217; fees and expenses) but excluding lost profits, diminution in value and other consequential, punitive or special damages, collectively, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Losses</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) imposed upon or incurred by or asserted against any Indemnified Party and directly or indirectly arising out of or in any way relating to any mortgage, recording, stamp, intangible or other similar taxes required to be paid by any Person under applicable Legal Requirements in connection with the execution, delivery, recordation, </FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">filing, registration, perfection or enforcement of this Mortgage or any of the Loan Documents (but excluding any income, franchise or other similar taxes).</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 8.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Duty to Defend; Attorneys&#8217; Fees and Other Fees and Expenses</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If any of the Indemnified Parties claims indemnification hereunder, such Indemnified Party shall promptly notify Mortgagor in writing of the nature and basis of the claim or legal or administrative proceeding giving rise to such claim for indemnification (each, an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Indemnified Claim</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;).&nbsp; Upon written request by any Indemnified Party, Mortgagor shall defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals reasonably approved by the Indemnified Parties and shall have the right to negotiate and enter into and/or consent to any settlement, subject to the prior approval of the Indemnified Party (which approval shall not be unreasonably withheld), provided that (x)&nbsp;such approval shall not be required in connection with any settlement which includes any unconditional release of the Indemnified Party and all related actions for all liability for which the Indemnified Party is seeking indemnification and (y)&nbsp;there is no admission of wrongdoing on the part of the Indemnified Party.&nbsp; If Mortgagor has assumed the defense of any action brought against the Indemnified Parties, then the Indemnified Parties shall not settle such action without the consent of Mortgagor (which consent shall not be unreasonably withheld), provided that (x)&nbsp;such consent shall not be required in connection with any settlement which includes any unconditional release of the Indemnified Party and all related actions for all liability for which the Indemnified Party is seeking indemnification and (y)&nbsp;there is no admission of wrongdoing on the part of the Indemnified Party.&nbsp; Notwithstanding the foregoing, if the defendants in any such claim or proceeding include both Mortgagor and any Indemnified Party and Mortgagor and such Indemnified Party shall have reasonably concluded that there are any legal defenses available to it and/or other Indemnified Parties that are different from or in addition to those available to Mortgagor, such Indemnified Party shall have the right to reasonably select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Party; provided that Mortgagor shall not be liable for the expenses of more than one such separate counsel unless an Indemnified Party shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to or in conflict with those available to another Indemnified Party.&nbsp; Upon demand and subject to the limitations set forth in this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;8.02</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, Mortgagor shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of the reasonable out&#8209;of&#8209;pocket fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article IX.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>WAIVERS</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 9.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Waiver of Counterclaim</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; To the extent permitted by applicable law, Mortgagor hereby waives the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Mortgagee arising out of or in any way connected with this Mortgage, the Loan Agreement, the Note, any of the other Loan Documents or the Obligations.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 9.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Marshalling and Other Matters</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; To the extent permitted by applicable law, Mortgagor hereby waives the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Property or any part thereof or any interest therein.&nbsp; Further, to the extent permitted by applicable law, Mortgagor hereby expressly waives any and all rights of redemption from sale under any order or decree of foreclosure of this Mortgage on behalf of Mortgagor, and on behalf of each and every Person acquiring any interest in or title to the Property subsequent to the date of this Mortgage.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 9.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Waiver of Notice</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; To the extent permitted by applicable law, Mortgagor shall not be entitled to any notices of any nature whatsoever from Mortgagee, except with respect to matters for which this Mortgage or the other Loan Documents specifically and expressly provide for the giving of notice by Mortgagee to Mortgagor, and except with respect to matters for which Mortgagee is required by applicable law to give notice, and Mortgagor hereby expressly waives the right to receive any notice from Mortgagee with respect to any matter for which the Loan Documents do not specifically and expressly provide for, and applicable law does not otherwise require, the giving of notice by Mortgagee to Mortgagor.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 9.04</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Waiver of Statute of Limitations</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; To the extent permitted by applicable law, Mortgagor hereby expressly waives and releases its right to plead any statute of limitations as a defense to the payment and performance of the Obligations (including, without limitation, the payment of the Debt).</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 9.05</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Waiver of Jury Trial</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">.&nbsp; MORTGAGOR AND MORTGAGEE EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND EACH FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST, WITH REGARD TO THE NOTE, THIS MORTGAGE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.&nbsp; THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY MORTGAGOR AND MORTGAGEE AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.&nbsp; MORTGAGEE AND MORTGAGOR ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY MORTGAGOR AND MORTGAGEE.</FONT></B></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 9.06</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Survival</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The indemnifications made pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;8</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> hereof shall continue indefinitely in full force and effect and shall survive and shall in no way be impaired by any satisfaction, release or other termination of this Mortgage or any other Loan Document, any assignment or other transfer of all or any portion of this Mortgage or any other Loan Document or Mortgagee&#8217;s interest in the Property (but, in such case, such indemnifications shall benefit both the Indemnified Parties and any such assignee or transferee), (c)&nbsp;any exercise of Mortgagee&#8217;s rights and remedies pursuant hereto, including, but not limited to, foreclosure or acceptance of a deed&#8209;in&#8209;lieu of foreclosure, any exercise of any rights and remedies pursuant to the Loan Agreement, the Note or any of the other Loan Documents, any transfer of all or any </FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">portion of the Property (whether by Mortgagor or by Mortgagee following foreclosure or acceptance of a deed&#8209;in&#8209;lieu of foreclosure or at any other time), (d)&nbsp;any amendment to this Mortgage, the Loan Agreement, the Note or any other Loan Document, and/or (e)&nbsp;any act or omission that might otherwise be construed as a release or discharge of Mortgagor from the Obligations or any portion thereof.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article X.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>EXCULPATION</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The provisions of Section&nbsp;10.1 of the Loan Agreement are hereby incorporated by reference into this Mortgage to the same extent and with the same force as if fully set forth herein.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article XI.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>NOTICES</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All notices or other written communications hereunder shall be delivered in accordance with Section&nbsp;10.6 of the Loan Agreement.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article XII.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>APPLICABLE LAW</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 12.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Governing Law; Jurisdiction; Service of Process</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">.&nbsp; THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, SHALL GOVERN ALL MATTERS RELATING TO THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS AND ALL OF THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER OR THEREUNDER.&nbsp; ALL PROVISIONS OF THE LOAN AGREEMENT INCORPORATED HEREIN BY REFERENCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, AS SET FORTH IN SECTION 10.4 OF THE LOAN AGREEMENT.</FONT></B></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 12.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Usury Laws</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Notwithstanding anything to the contrary, (a)&nbsp;all agreements and communications between Mortgagor and Mortgagee are hereby and shall automatically be limited so that, after taking into account all amounts deemed to constitute interest, the interest contracted for, charged or received by Mortgagee shall never exceed the Maximum Legal Rate, (b)&nbsp;in calculating whether any interest exceeds the Maximum Legal Rate, all such interest shall be amortized, prorated, allocated and spread over the full amount and term of all principal indebtedness of Mortgagor to Mortgagee, and (c)&nbsp;if through any contingency or event, Mortgagee receives or is deemed to receive interest in excess of the Maximum Legal Rate, any such excess shall be deemed to have been applied toward payment of the principal of any and all then outstanding indebtedness of Mortgagor to Mortgagee, or if there is no such indebtedness, shall immediately be returned to Mortgagor.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 12.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Provisions Subject to Applicable Law</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All rights, powers and remedies provided in this Mortgage may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent necessary so that they will not render this Mortgage invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any applicable law.&nbsp; If any term of this Mortgage or any application thereof shall be invalid or unenforceable, the remainder of this Mortgage and any other application of the term shall not be affected thereby.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article XIII.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>DEFINITIONS</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Mortgage may be used interchangeably in the singular or plural form and the word &#8220;Mortgagor&#8221; shall mean &#8220;each Mortgagor, their successors and/or assigns&#8221; the word &#8220;Mortgagee&#8221; shall mean &#8220;Mortgagee and any subsequent holder of the Note,&#8221; the word &#8220;Note&#8221; shall mean &#8220;the Note and any other evidence of indebtedness secured by this Mortgage,&#8221; the word &#8220;Property&#8221; shall include any portion of the Property and any interest therein, and the phrases &#8220;attorneys&#8217; fees&#8221;, &#8220;legal fees&#8221; and &#8220;counsel fees&#8221; shall include any and all reasonable out&#8209;of&#8209;pocket attorneys&#8217;, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre&#8209;trial, trial and appellate levels, incurred or paid by Mortgagee in protecting its interest in the Property, the Leases and/or the Rents and/or in enforcing its rights hereunder.&nbsp; Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article XIV.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>MISCELLANEOUS PROVISIONS</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">No Oral Change</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Mortgage, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Mortgagor or Mortgagee, but only by an agreement in writing signed by the party(ies) against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Successors and Assigns</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Mortgage shall be binding upon, and shall inure to the benefit of, Mortgagor and Mortgagee and their respective successors and permitted assigns, as set forth in the Loan Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Inapplicable Provisions</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If any provision of this Mortgage is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Mortgage, such provision shall be fully severable and this Mortgage shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Mortgage, and the remaining provisions of this Mortgage shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Mortgage, unless such continued effectiveness of this Mortgage, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.04</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Headings, Etc.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp; The headings and captions of the various Sections of this Mortgage are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.05</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Subrogation</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If any or all of the proceeds of the Note have been used to extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Mortgagee shall be subrogated to all of the rights, claims, liens, titles and interests existing against the Property heretofore held by, or in favor of, the holder of such indebtedness and such former rights, claims, liens, titles and interests, if any, are not waived, but rather are continued in full force and effect in favor of Mortgagee and are merged with the Lien and security interest created herein as cumulative security for the payment, performance and discharge of the Obligations (including, but not limited to, the payment of the Debt).</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.06</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Entire Agreement</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The Note, the Loan Agreement, this Mortgage and the other Loan Documents constitute the entire understanding and agreement between Mortgagor and Mortgagee with respect to the transactions arising in connection with the Obligations which are the subject of this Mortgage and the other Loan Documents and supersede all prior written or oral understandings and agreements between Mortgagor and Mortgagee with respect thereto.&nbsp; Mortgagor hereby acknowledges that, except as incorporated in writing in the Note, the Loan Agreement, this Mortgage and the other Loan Documents, there are not, and were not, and no Persons are or were authorized by Mortgagee to make, any representations, understandings, stipulations, agreements or promises, oral or written, with respect to the transactions which are the subject of the Note, the Loan Agreement, this Mortgage and the other Loan Documents.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.07</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Limitation on Mortgagee&#8217;s Responsibility</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; No provision of this Mortgage shall operate to place any obligation or liability for the control, care, management or repair of the Property upon Mortgagee, nor shall it operate to make Mortgagee responsible or liable for any waste committed on the Property by the Tenants or any other Person, or for any dangerous or defective condition of the Property, or for any negligence in the management, upkeep, repair or control of the Property resulting in loss or injury or death to any Tenant, licensee, employee or stranger.&nbsp; Nothing herein contained shall be construed as constituting Mortgagee a &#8220;mortgagee in possession.&#8221;</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.08</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Joint and Several Liability</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If more than one Person has executed this Agreement as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">,&#8221; the representations, covenants, warranties and obligations of all such Persons hereunder shall be joint and several.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 14.09</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Recitals</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The recitals hereof are a part hereof, form a basis for this Mortgage and shall be considered prima facie evidence of the facts and documents referred to therein.</FONT></H2>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article XV.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>STATE&#8209;SPECIFIC PROVISIONS</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Principles of Construction</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; In the event of any inconsistencies between the terms and conditions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;15</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> and the other terms and conditions of this Mortgage, the terms and conditions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;15</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> shall control and be binding.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.02</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Commercial Property</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor represents that this Mortgage does not encumber real property principally improved or to be improved by one or more structures containing in the aggregate not more than six (6)&nbsp;residential dwelling units, each having its own separate cooking facilities.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.03</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">MAXIMUM PRINCIPAL SUM.</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">&nbsp; NOTWITHSTANDING ANYTHING CONTAINED HEREIN, THE MAXIMUM PRINCIPAL AMOUNT OF INDEBTEDNESS WHICH IS OR UNDER ANY CONTINGENCY MAY BE SECURED AT THE DATE OF EXECUTION HEREOF OR AT ANY TIME THEREAFTER BY THIS MORTGAGE IS THREE HUNDRED MILLION AND NO/100 DOLLARS ($300,000,000.00), PLUS ALL AMOUNTS EXPENDED BY MORTGAGEE UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT TO PRESERVE, PROTECT AND ENFORCE THE LIEN OF THIS MORTGAGE OR TO PROTECT THE PROPERTY, OR THE VALUE THEREOF, INCLUDING, WITHOUT LIMITATION, ALL AMOUNTS IN RESPECT OF INSURANCE PREMIUMS AND ALL REAL ESTATE TAXES, CHARGES OR ASSESSMENTS IMPOSED BY LAW UPON THE PROPERTY, OR ANY OTHER AMOUNT, COST OR CHARGE TO WHICH MORTGAGEE MAY BECOME SUBROGATED UPON PAYMENT AS A RESULT OF MORTGAGOR&#8217;S FAILURE TO PAY AS REQUIRED BY THE TERMS OF THIS MORTGAGE, PLUS ALL ACCRUED BUT UNPAID INTEREST ON THE OBLIGATIONS SECURED HEREBY.</FONT></B></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.04</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Trust Fund for Advances</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Pursuant to Section&nbsp;13 of the New York Lien Law, Mortgagor will receive the advances secured by this Mortgage and shall hold the right to receive such advances as a trust fund to be applied first for the purpose of paying the cost of any improvements and shall apply such advances first to the payment of the cost of any such improvements before using any part of the total of the same for any other purpose.&nbsp; Mortgagor will indemnify and hold Mortgagee harmless against any loss, liability, cost or reasonable out&#8209;of&#8209;pocket expense, including any judgments, attorneys&#8217; fees, and costs of appeal bonds or printing costs, arising out of or relating to any proceedings instituted by any claimant alleging a violation by Mortgagor of Article&nbsp;3&#8209;A of the New York Lien Law.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.05</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">New York Real Property Law Article&nbsp;4&#8209;A</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If this Mortgage shall be deemed to constitute a &#8220;mortgage investment&#8221; as defined by Section&nbsp;125 of the New York Real Property Law, then this Mortgage shall and hereby does (i)&nbsp;confer upon the Mortgagee the powers and (ii)&nbsp;impose upon Mortgagee the duties of trustees set forth in Section&nbsp;126 of the New York Real Property Law.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.06</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Statement in Accordance with Section&nbsp;274&#8209;a of the New York Real Property Law</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The Mortgagee shall, within fifteen (15)&nbsp;days after written request, provide the Mortgagor with the statement required by Section&nbsp;274&#8209;a of the New York Real Property Law.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.07</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Section&nbsp;291&#8209;f of New York Real Property Law</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Mortgage is intended to be, and shall operate as, the agreement described in Section&nbsp;291&#8209;f of the New York Real Property Law and shall be entitled to the benefits afforded thereby.&nbsp; Mortgagor hereby covenants and agrees that Mortgagor shall not, without the consent of Mortgagee, (i)&nbsp;accept any surrender, or amend, modify or waive the provisions, of any Lease or terminate, reduce rents under or shorten the term of any Lease, except pursuant to and in accordance with the provisions of the Loan Agreement, or (ii)&nbsp;collect any Rents (exclusive of security deposits) more than thirty (30)&nbsp;days in advance of the time when the same shall become due.&nbsp; Mortgagor shall (unless such notice is contained in such tenant&#8217;s Lease) deliver notice of this Mortgage in form and substance reasonably acceptable to Mortgagee, to all present and future holders of any interest in any Lease, by assignment or otherwise, and shall take such other action as may now or hereafter be reasonably required to afford Mortgagee the full protections and benefits of Section&nbsp;291&#8209;f.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.08</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Sections&nbsp;254, 271, 272 and 291&#8209;f of New York Real Property Law</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All covenants of Mortgagor herein contained shall be construed as affording to Mortgagee rights additional to and not exclusive of the rights conferred under the provisions of Sections, 254, 271, 272 and 291&#8209;f of the New York Real Property Law.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.09</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Real Property Law</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; In the event of any conflict, inconsistency or ambiguity between the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;3.02</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> hereof and the provisions of subsection 4 of Section&nbsp;254 of the Real Property Law of New York covering the insurance of buildings against loss by fire, the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;3.02</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> shall control.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.10</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">RPAPL</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If an Event of Default shall occur and be continuing, Mortgagee may elect, with or without entry or taking possession of the Property as provided in this Mortgage or otherwise, personally or by its agents or attorneys, and without prejudice to the right to bring an action for foreclosure of this Mortgage, to sell (and, in the case of any default of any purchaser, resell) the Property or any part thereof pursuant to any procedures provided by applicable law, including, without limitation, exercise of the power of foreclosure granted to Mortgagee by Article&nbsp;13 of the New York Real Property Actions and Proceedings Law (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">RPAPL</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;).&nbsp; In such case, Mortgagee may commence a civil action to foreclose this Mortgage pursuant to Article&nbsp;13 of the RPAPL to satisfy the Debt and all other amounts secured hereby or exercise any other right and/or remedy provided under applicable law.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.11</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Reduction or Increase of the Mortgage Indebtedness</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The portion of the Debt secured by this Mortgage shall be reduced only by the last and final sums that Mortgagor repays with respect to the Loan and shall not be reduced by any intervening repayments of the Loan by Mortgagor, except as may otherwise be permitted or required herein or in the Loan Agreement.&nbsp; No increase in the Debt following the date hereof shall increase the maximum aggregate principal amount of indebtedness secured by this Mortgage, except to the extent provided in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;15.3</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> hereof.&nbsp; Without limiting the foregoing provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;15.11</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, amounts of the Debt repaid under the Loan Agreement shall be applied in accordance with the terms of the Loan Agreement.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 15.12</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Consolidation of Prior Mortgages</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Mortgagor, and by its execution hereof, Mortgagee, hereby agree that this Mortgage consolidates, amends and restates in their entirety the &#8220;Prior Mortgages&#8221;, to form a single lien in the consolidated principal sum of $300,000,000.00.&nbsp; The lien of each of the mortgages constituting this Mortgage which does not encumber the whole of the Property, including, without limitation, the Property as described in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Exhibit&nbsp;A</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> attached hereto, is hereby extended and spread to cover the whole of the Property and the Property is hereby mortgaged by Mortgagor to Mortgagee with the same force and effect as though the Property had been originally described in each of such mortgages.</FONT></H2>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Article XVI.</FONT></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR><BR>ASSIGNMENT OF CONDOMINIUM RIGHTS</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 16.01</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">Assignment of Condominium Rights. </FONT></U></B></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 16.01</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">constitutes a present, absolute, effective, irrevocable and completed assignment by Borrower to Lender of all of Borrower's right, title and interest in and to the Amended and Restated Declaration of Beacon Court Condominium made under the Condominium Act, dated February 8, 2005 and recorded on March 9, 2005, in the Office of the Register, The City of New York, County of New York, in CRFN 2005000139245 (the &#8220;Condominium Declaration&#8221;) and any and all rights, remedies and powers of Borrower thereunder, including, but not limited to the right to exercise any voting rights under the Condominium Declaration, the rights under Section 6.3.4 of the By-Laws of Beacon Court Condominium (the &#8220;By-Laws&#8221;) and the right to appoint members of the board of trustees (collectively, the &#8220;Condominium Rights&#8221;); it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only.&nbsp; Subject to the terms of Section 16.01( c) hereof, Lender hereby assumes all of Borrower's right, title and interest in and to the Condominium Declaration and the rights to exercise the Condominium Rights. Nevertheless, subject to the terms of the Proxy, Lender grants to Borrower a revocable license to exercise the Condominium Rights, subject, however, to compliance with the provisions of this Security Instrument and the other Loan Documents.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">During the continuance of an Event of Default, a casualty and/or condemnation, the license granted in Section 16.01(a) above shall, to the extent permitted by law, immediately cease and terminate, without waiver of such Event of Default, with or without notice, and without any action or proceeding or the intervention of a receiver appointed by a court, and Lender or an agent or receiver appointed by Lender may, to the extent permitted by law, without regard for the adequacy of the security for the Obligations, the commission of waste or the solvency of Borrower, without limiting any of the Lender's rights and remedies under any of the Loan Documents or otherwise available at law or in equity and subject to applicable statutory requirements, if any, immediately be entitled to exercise all of the Condominium Rights, whether or not Lender enters upon or takes control of the Property.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Until such time as Lender has taken actual possession and title of the Property, this Article shall not be construed to bind Lender to the performance of any of the covenants, conditions or provisions contained in the Condominium Declaration, the By-Laws or otherwise impose any obligation upon Lender. From and after the date Lender has taken actual possession and title of the Property, any liability imposed upon Lender with respect to the Condominium Declaration shall be limited in all respects to its then current interest in the Property. Nothing in this Article shall be construed as constituting Lender a "mortgagee in possession" in the absence of the taking of actual possession and title of the Property by Lender or any of its agents.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In addition to any other rights Lender may be granted pursuant to this Article and notwithstanding anything to the contrary contained in this Article, Lender shall be a Permitted Mortgagee (as such term is defined in the Condominium Declaration) for all purposes under the Condominium Declaration and By-Laws and shall be entitled to exercise any and all rights granted therein to a Permitted Mortgagee.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower hereby agrees and acknowledges that as such Permitted Mortgagee, and in accordance with Section 12.5 of the By-Laws, Lender shall have the right to be the Insurance Trustee and any and all Insurance Proceeds and Awards payable to the Insurance Trustee under the By-Laws shall be paid to Mortgagee. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding anything to the contrary contained herein, Borrower hereby grants to Lender an irrevocable proxy and power of attorney, coupled with an interest, to be used by Lender, in its sole and absolute discretion, in connection with any vote or solicitation of consents of the Unit Owners (as such term is defined in the Bloomberg Lease) for the purpose of resolving whether to proceed with the repair or restoration of the Building as provided in Section 6.3.4 of the By-Laws. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">g)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any term used in this Section 16.01 but not defined herein shall have the meaning ascribed to it in the By-Laws.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, THIS MORTGAGE has been executed by Mortgagor and Mortgagee as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGOR:<BR></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR></FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a Delaware limited liability company, its sole member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0pt 3.25in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware corporation, its sole member</FONT></P><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp; Secretary</FONT> </DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211;&nbsp;Amended and Restated Mortgage</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ACKNOWLEDGMENT (BORROWER) </FONT></U></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ss.:<BR>COUNTY OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 48pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">On the 24<SUP>th</SUP> day of February in the year 2014 before me, the undersigned, a Notary Public in and for said State, personally appeared Alan Rice, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.&nbsp; Witness my hand and official seal.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Katherine G Cornish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Katherine G Cornish</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public, State of New York</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No. 01CO6267931</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Qualified in New York County</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certificate Filed in New York County</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Commission Expires August 27, 2016</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211;&nbsp;Amended and Restated Mortgage</FONT></P></DIV></DIV>

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<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGEE:</FONT></B></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation<BR><BR><BR>By:</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ David Goodman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name: David Goodman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>Title: Director <BR><BR><BR>By:</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/Lisa Paterson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>Name: Lisa Paterson<BR>Title: Director&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211; Amended and Restated Mortgage</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ACKNOWLEDGMENT (GERMAN AMERICAN CAPITAL CORPORATION)</FONT></U></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ss.:<BR>COUNTY OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 48pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">On the 24<SUP>th</SUP> day of February in the year 2014 before me, the undersigned, a Notary Public in and for said State, personally appeared David Goodman and Lisa Paterson, each personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, each individual, or the person upon behalf of which the individual acted, executed the instrument.&nbsp; Witness my hand and official seal.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Theresa Ellel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Theresa Ellel</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public, State of New York </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No. 01EL6276003</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Qualified in Queens County</FONT></P>

<P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Commission Expires February 4, 2017</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211; Amended and Restated Mortgage</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT A</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LEGAL DESCRIPTION </FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Condominium Unit (in the Building located at and known as Beacon Court Condominium and by Street Number 151 East 58th Street, New York), designated and described as Office Unit 1 and Office Unit 2 (hereinafter called the "Units") in the Declaration (hereinafter called "Declaration") made by the Sponsor under the Condominium Act of The State of New York (Article 9-B of the Real Property Law of the State of New York), dated 12/4/2003 and recorded 2/3/2004 in the Office of the Register The City of New York, County of New York, as CRFN 2004000064392, as amended and restated by Amended and Restated Declaration dated 2/8/2005, recorded 3/9/2005 in CRFN 2005000139245, establishing a plan for Condominium ownership of said Building and the land upon which the same is erected (hereinafter sometimes collectively called the "Property") and also designated and described as Tax Lots No. 1002 and 1003, respectively, Block 1313 Section 5, Borough of Manhattan on the Tax Map of the Real property assessment department of the City of New York and on the floor plans of said Building certified by Peter Claman, Registered Architect on 1/30/2004 and filed as Condominium Plan No. 1350 on 2/3/2004 in the aforesaid Register's Office in CRFN 2004000064383, amended Floor Plans filed as Condominium Plan No. 1350-A on 3/9/2005 in CRFN 2005000139246.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The land upon which the Building containing the Unit is erected as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE LAND </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County, City and State of New York, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at the corner formed by the intersection of the southerly side of East 59th Street and the westerly side of Third Avenue; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE southerly along the westerly side of Third Avenue, 200 feet l0 inches to the northerly side of East 58th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly along the northerly side of East 58th Street 420 feet to the easterly side of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly along the easterly side of Lexington Avenue, 200 feet 10 inches to the southerly side of East 59th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly along the southerly side of East 59th Street, 420 feet to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with the benefits and SUBJECT to the burdens of the easements set forth in the deed made by Seven Thirty One Limited Partnership to 59th Street Corporation dated as of 8/1/2001 and recorded 8/8/2001 in Reel 3339 Page 1100.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE COMMERCIAL PREMISES: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County, City and State of New York, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at the corner formed by the intersection of the southerly side of East&nbsp; 59th Street and the westerly side of Third Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE southerly along the westerly side of Third Avenue, 200 feet l0&nbsp; inches to the northerly side of East 58th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly along the northerly side of East 58th Street, 420 feet to the&nbsp; easterly side of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly along the easterly side of Lexington Avenue, 200 feet 1 inches&nbsp; to the southerly side of East 59th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly, along the southerly side of East 59th Street, 420 feet to the&nbsp; point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with the benefits and SUBJECT to the burdens of the easements set forth&nbsp; in the deed made by Seven Thirty One Limited Partnership to 59th Street Corporation dated as of 8/1/2001 and recorded 8/8/2001 in Reel 3339 Page 1100.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LESS and EXCEPT:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that portion of the below described parcel lying between a lower horizontal plan drawn at elevation 512 feet 02 inches above the datum level used by the Topographical Bureau, Borough of Manhattan, which is 1 feet 9 inches above National Geodetic Survey Vertical Datum of 1929, mean sea level, Sandy Hook, New Jersey and an upper horizontal plan drawn at 809 feet 2 inches above such datum level, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at a point distant 48 feet 8 inches north of the northerly line of East 58th Street and 30 feet 9 inches east of easterly line of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 5 feet 10 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 78 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 5 feet 10 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 103 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6&nbsp; inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 88 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 103 feet 6 inches to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE RESIDENTIAL PREMISES</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All that portion of the below described parcel lying between a lower horizontal plane drawn at elevation 512 feet 2 inches above the datum level used by the Topographical Bureau, Borough of Manhattan, which is 2 feet 9 inches above National Geodetic Survey Vertical Datum of 1929, mean sea level, Sandy Hook, New Jersey and an upper horizontal plane drawn at 809 feet 2 inches above such datum level, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at a point distant 48 feet 8 inches north of the northerly line of East 58th Street and 30 feet 9 inches East of easterly line of Lexington Avenue:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE northerly parallel with easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 5 feet l0 feet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 78 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 5 feet l0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 103 feet 6 feet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 88 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 103 feet 6 inches to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with an undivided 49.0559% and 14.0095% interests, respectively, in the Common Elements of the Property as described in the Declaration (hereinafter called the "Common Elements") recorded as CRFN 2004000064392. </FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 24pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE SCHEDULE </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGES 5, 16, 17, 19, 20, 22, 23, 24 AND 25, AS CONSOLIDATED, AMENDED AND RESTATED, ENCUMBER OFFICE UNIT 1 AND OFFICE UNIT 2</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGES 1 THROUGH 4 ARE FOR INFORMATION ONLY AND SUBSEQUENTLY SPLIT AND SEVERED</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE 1 ORIGINALLY COVERED THE DESCRIBED PREMISES AND OTHER PREMISES, TO WIT:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Queens County, NY: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 2084, Lot 101</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 2080, Lot 101</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 2077, Lots 90 &amp; 98</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 2076, Lots 50 &amp; 63</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bronx County, NY: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 2362, Lots 44, 52, 53, 71 &amp; 72</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 3167, Lot 1</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 3175, Lot 26</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Bergen County, NJ: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 1201, Lot 1</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Kings County, NY: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block 8470 p/o Lot 55</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE: Mortgage 1 is also recorded in Reel 1310, Pgs. 1 and 68 in the Bronx County Register's Office; Reel 4088, Pgs. 569, 615 and 659 in the Queens County Register's Office; Mortgage Book 8953, Pg. 802 in the Bergen County, NJ Clerk's Office and Reel 3481, Pg. 1507 in the Kings County Register's Office.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(1) MORTGAGE, ASSIGNMENT OF LEASES, SECURITY AGREEMENT AND FIXTURE FILING made by Seven Thirty One Limited Partnership and Alexander's Department Store of Lexington Avenue, Inc. to First Fidelity Bank, National Association dated 3/15/1995, recorded 3/20/1995 in Reel 2192 Page 1291 to secure the sum of $30,000,100.00 and interest. (Mortgage tax paid: $ -0-)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">UNRECORDED MORTGAGE MODIFICATION AND SEVERANCE AGREEMENT, dated as of 3/15/1998 as disclosed below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE AND MORTGAGE MODIFICATION and SEVERANCE AGREEMENT made by and among Alexander's of Fordham Road, Inc., Alexander's of Third Avenue, Inc., Alexander's, Inc., Alexander's of Rego Park Center, Inc., Alexander's of Rego Park II, Inc., Alexander's Rego Park III, Inc., Seven Thirty One Limited Partnership, Alexander's Department Stores of Lexington Avenue, Inc., Alexander's of Brooklyn, Inc., Alexander's Department Stores of New Jersey, Inc. and First Union National Bank f/k/a First Fidelity Bank, National Association dated 6/18/1998, recorded 9/10/1998 in Reel 2703 Page 1797.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Severs Mortgage into two (2) separate liens as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) Lien in the amount of $10,000,000.00 to be secured by the "Kings Plaza Mortgage" in Reel 3481 Page 1507 in the Kings County Register's Office.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) Lien in the amount of $20,000,000.00 to be secured by Mortgage 1 herein and other mortgages, which do not affect premises described in Schedule A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION and EXTENSION AGREEMENT made by and among Seven Thirty One Limited Partnership and Alexander's Department Stores of Lexington Avenue, Inc. and First Union National Bank (f/k/a First Fidelity Bank, National Association) dated 3/15/1998, recorded 2/16/1999 in Reel 2819 Page 1988.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION and EXTENSION AGREEMENT made by and among Alexander's of Fordham Road, Inc., Alexander's of Third Avenue, Inc., Alexander's, Inc., Alexander's of Rego Park Center, Inc., Alexander's of Rego Park II, Inc., Alexander's of Rego Park III, Inc., Seven Thirty One Limited Partnership, Alexander's Department Stores of Lexington Avenue, Inc., Alexander's Department Stores of New Jersey, Inc. and First Union National Bank f/k/a First Fidelity Bank, National Association dated 3/29/1999, recorded 4/20/1999 in Reel 2859 Page 174.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION and EXTENSION AGREEMENT made by and among Alexander's of Fordham Road, Inc., Alexander's, Inc., Alexander's of Third Avenue, Inc., Alexander's of Rego Park II, Inc., Alexander's of Rego Park III, Inc., Seven Thirty One Limited Partnership, Alexander's Department Stores of Lexington Avenue, Inc., Alexander's Department Stores of New Jersey, Inc. and First Union National Bank dated as of 4/14/2000, recorded 4/3/2001 in Reel 3265 Page 1882. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION AND EXTENSION AGREEMENT made between Alexander's Department Stores of Lexington Avenue Inc., Alexander's Department Stores of New Jersey Inc., Seven Thirty One Limited Partnership, Alexander's of Rego Park II Inc., Alexander's of Rego Park III Inc., Alexander's of Third Avenue Inc. and Alexander's Inc. and First Union National Bank, dated 4/27/2001 recorded 5/21/2001 in Reel 3291 Page 1269.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION AND EXTENSION AGREEMENT made between Alexander's, Inc.; Alexander's of Third Avenue, Inc.; Alexander's of Rego Park II, Inc., Alexander's of Rego Park III, Inc.; Seven Thirty One Limited Partnership; Alexander's Department Stores of Lexington Avenue, Inc.; 59th Street Corporation and First Union National Bank, National Association dated as of 3/15/2002, recorded 6/24/2002 in Reel 3545 Page 2045.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by Wachovia Bank, National Association (f/k/a First Union National Bank, f/k/a First Fidelity Bank, National Association to Bayerische Hypo-Und Vereinsbank, AG, as agent for itself and other co-lenders, dated as of 6/24/2002, recorded 9/25/2002 in Reel 3617 Page 2001. Assigns Mortgage 1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RELEASE OF PART OF MORTGAGED PROPERTY made between First Union National Bank, f/k/a First Fidelity Bank, National Association and Alexander's Department Stores of New Jersey, Inc., dated 8/__/2001, recorded 8/23/2001 in Book 0959 Page 286 in the Bergen County, New Jersey Clerk's Office. Releases the Bergen County premises from the lien of Mortgage 1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RELEASE OF MORTGAGED PREMISES FROM MORTGAGE made by Wachovia Bank, National Association (f/k/a First Union National Bank, f/k/a First Fidelity Bank, National Association) to Alexander's of Third Avenue, Inc., dated as of 7/3/2002, recorded 8/1/2002 in Reel 2030 Page 1531, in the Bronx County Register's Office. Releases Block 2632 Lot 44 (f/k/a 44, 52 and 53) and 71 and 72 in Bronx County from the lien of Mortgage 1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SATISFACTION OF MORTGAGE made by First Union National Bank (f/k/a First Fidelity Bank National Association) recorded 5/16/2001 in Reel 1867 Page 1792. Discharges of record the Mortgage recorded in Reel 1310 Page 68 in the Bronx County Register's Office.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(2) MORTGAGE, ASSIGNMENT OF LEASES, SECURITY AGREEMENT AND FIXTURE FILING made by and among Seven Thirty One Limited Partnership, a New York limited partnership and Alexander's Department Stores of Lexington Avenue, Inc., a New York Corporation to Vornado Lending Corp., a New Jersey corporation dated 3/15/1995, recorded on 3/22/1995 in Reel 2193 Page 966 to secure the sum of $45,000,000.00 and interest. (Mortgage tax paid: $ -0-)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION and EXTENSION AGREEMENT made by and among Seven Thirty One Limited Partnership and Alexander's Department Stores of Lexington Avenue, Inc. and Vornado Lending, L.L.C. (f/k/a Vornado Lending Corp.) dated 3/15/1998, recorded 2/16/1999 in Reel 2819 Page 1998.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SECOND MODIFICATION and EXTENSION AGREEMENT made by and between Seven Thirty One Limited Partnership and Alexander's Department Stores of Lexington Avenue Inc. and Vornado Lending L.L.C. (formerly known as Vornado Lending Corp.) dated as of 3/29/1999, recorded 4/20/1999 in Reel 2859 Page 251.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIRD MORTGAGE MODIFICATION AND EXTENSION AGREEMENT made by and between Seven Thirty One Limited Partnership and Alexander's Department Stores of Lexington Avenue Inc., and Vornado Lending L.L.C. dated as of 3/15/2000, recorded 1/11/2001 in Reel 3220 Page 2176.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by Vornado Lending L.L.C. f/k/a Vornado Lending Corp. to Bayerische Hypo-Und Vereinsbank, AG, as agent for itself and other co-lenders, dated as of 7/3/2002, recorded on 9/25/2002 in Reel 3617 Page 2007. Assigns Mortgage 2.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(3) GAP MORTGAGE made by 731 Commercial LLC and 731 Residential LLC to Bayerische Hypo-Und Vereinsbank, AG, New York Branch, as agent for itself and other co-lenders as may</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">exist from time to time, dated 7/3/2002, recorded 9/25/2002 in Reel 3617 Page 2013 to secure the sum of $500,000.00 and interest. (Mortgage tax paid: $13,750.00)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED BUILDING LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (SERIES NO. 1) made between 731 Commercial LLC, 731 Residential LLC and Bayerische Hypo-Und Vereinsbank, AG, New York Branch, as agent for itself and other co-lenders that may exist from time to time, dated as of 7/3/2002, recorded 9/25/2002 in Reel 3617 Page 2024. Consolidates, amends and restates Mortgages in Reel 2192 Page 1291, Reel 2193 Page 966 and Reel 3617 Page 2013 (Mortgages 1, 2 and 3 respectively) into a single lien in the consolidated principal sum of $55,500,000.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(4) GAP MORTGAGE made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to BAYERISCHE HYPO-UND VEREINSBANK, AG, New York Branch, as agent for itself and other co-lenders dated 3/5/03, recorded 5/1/03 in CRFN 2003000112521 to secure the sum of $159,500,000.00 and interest. (Mortgage tax paid: $4,386,250.00)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED BUILDING LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT made between 731 Commercial LLC and 731 Residential LLC and Bayerische Hypo-Und Vereinsbank, AG, New York Branch, as agent for itself and other co-lenders that may exist from time to time, dated 3/5/2003 and recorded 5/1/2003 as CRFN 2003000112522. Consolidates prior mortgages into a single lien of $215,000,000.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF CONSOLIDATED, AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT made by BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH, AS AGENT AND AS LENDER to HYPO REAL ESTATE CAPITAL CORPORATION IN ITS CAPACITY AS SUCCESSOR AGENT FOR ITSELF AND SUCH OTHER CO-LENDERS AS MAY EXIST FROM TIME TO TIME dated as of 12/4/2003, recorded 3/16/2004 as CRFN 2004000158503. Assigns Mortgages 1 through 4, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SUBORDINATION OF MORTGAGE TO CONDOMINIUM DECLARATION made between Hypo Real Estate Capital Corporation, as agent for itself and other co-lenders as may exist from time to time, and 731 Residential LLC and 731 Commercial LLC, dated as of 2/13/2004, recorded 11/24/2004 in CRFN 2004000725910. Subordinates Mortgages 1 through 4, as consolidated, amended and restated, as well as other mortgages, to Declaration of Condominium recorded in CRFN 2004000064392. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE AND MORTGAGE MODIFICATION AND SEVERANCE AGREEMENT made between 731 Commercial LLC and 731 Residential LLC and Hypo Real Estate Capital Corporation, as agent for itself and other co-lenders as may exist from time to time, dated as of 2/13/2004 recorded 11/24/2004 in CRFN 2004000725900.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Splits and severs mortgages 1 through 4, as consolidated, into two (2) separate liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) $125,000,000.00 as evidenced by Substitute Building Loan Mortgage (Mortgage 25 herein)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) $90,000,000.00, as evidenced by Substitute Building Loan Mortgage from which described premises were released by Release recorded 11/24/2004 in CRFN 2004000725917.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(5) PROJECT LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT made between 731 Commercial LLC and 731 Residential LLC and Bayerische Hypo-Und Vereinsbank, AG, New York Branch, as agent for itself and other co-lenders that may exist from time to time, dated 3/5/2003 and recorded 5/1/2003 as CRFN 2003000112524 to secure the sum of $10,000,000.00 and interest. (Mortgage Tax paid: $275,000.00)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">**MORTGAGES 6 THROUGH 15, 18 AND 21 ARE PRESENTED FOR INFORMATION ONLY:**</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(6) MORTGAGE AND SECURITY AGREEMENT ON LEASEHOLD made by FOUR TIMES SQUARE&nbsp; CENTER PARTNERS, L.P. to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA dated 7/30/90, recorded 7/31/90 in Reel 1717 Page 2127 to secure the sum of $31,900,000.00 and interest. (Mortgage tax paid: $717,750.00)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by THE PRUDENTIAL INSURANCE COMPANY OF AMERICA to THE CHASE MANHATTAN BANK dated 3/26/99, recorded 9/20/99, in Reel 2956 page 945. Assigns Mortgage 6.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(7) MORTGAGE AND SECURITY AGREEMENT made by TWELVE TIMES SQUARE CENTER PARTNERS L.P. to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA dated 7/30/90, recorded 7/31/90 in Reel 1717 Page 2238 to secure the sum of $58,800,000.00 and interest. (Mortgage tax paid: $1,323,000.00)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE AND NOTE MODIFICATION AND SEVERANCE AGREEMENT made between TWELVE TIMES SQUARE CENTER PARTNERS L.P. and THE PRUDENTIAL INSURANCE COMPANY OF AMERICA dated as of 7/10/1996, recorded 7/29/1996 in Reel 2349 Page 1228. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Severs mortgage in Reel 1717 Page 2238 into 3 separate liens as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) "Original Mortgage" in the amount of $14,278,000.00 as evidenced by Mortgage 7.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) "Substitute Mortgage 1" in the amount of $20,000,000.00 as evidenced by mortgage dated 7/10/1996, recorded 7/29/1996 in Reel 2349 Page 1237.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iii) "Substitute Mortgage 2" in the amount of $24,522,000.00 as evidenced by mortgage dated 7/10/1996, recorded 7/29/1996 in Reel 2349 Page 1245 (now satisfied).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PARTIAL RELEASE OF MORTGAGED LEASEHOLD made between PRUDENTIAL INSURANCE COMPANY OF AMERICA and TWELVE TIMES SQUARE CENTER PARTNERS L.P. dated as of 7/10/1996, recorded 8/7/1996 in Reel 2353 Page 1756. Releases other premises not made a part hereof (Block 995 Lots 5, 12 &amp; 57) from Mortgage 7 herein as severed into the three aforementioned liens.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE SPREADER AGREEMENT made between ONE TIMES SQUARE CENTER PARTNERS L.P., THREE TIMES SQUARE CENTER PARTNERS L.P., FOUR TIMES SQUARE CENTER PARTNERS L.P., TWELVE TIMES SQUARE CENTER PARTNERS L.P. with PRUDENTIAL INSURANCE COMPANY OF AMERICA dated as of 7/10/1996, recorded 7/29/1996 in Reel 2349 Page 1253. Spreads the Original Mortgage to cover additional property known as Site 1 (p/o Block 994), Site 3 (p/o Bock 1014) and Site 4 (p/o Block 1013).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PARTIAL RELEASE OF MORTGAGED LEASEHOLD made between THE PRUDENTIAL INSURANCE COMPANY OF AMERICA and THREE TIMES SQUARE CENTER PARTNERS, L.P. dated 2/18/98, recorded 3/9/98 in Reel 2552 Page 247. Releases other property from lien of Mortgage 7.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE AND NOTE SEVERANCE AGREEMENT made between THE PRUDENTIAL INSURANCE COMPANY OF AMERICA and ONE TIMES SQUARE CENTER PARTNERS L.P. and FOUR TIMES SQUARE CENTER PARTNERS L.P. dated 3/26/1999, recorded 9/20/1999 in Reel 2956 page 885. Severs Mortgage 7 in the outstanding principal amount of $10,991,266.00 into two liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;(i) $5,851,317.00 which does not affect the premises described in Schedule `A'.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) $5,139,949.00 secured by Substitute Mortgage in Reel 2956 page 898.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(8) SUBSTITUTE MORTGAGE made by FOUR TIMES SQUARE CENTER PARTNERS L.P. to PRUDENTIAL INSURANCE COMPANY OF AMERICA dated 3/26/1999, recorded 9/20/1999 in Reel 2956 Page 898 to secure the sum of $5,139,949.00 and interest. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by PRUDENTIAL INSURANCE COMPANY OF AMERICA to THE CHASE MANHATTAN BANK dated 3/26/1999, recorded 9/20/1999, in Reel 2956 page 928. Assigns Mortgage 8.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AGREEMENT OF CONSOLIDATION and MODIFICATION made between FOUR TIMES SQUARE PARTNERS LP and THE CHASE MANHATTAN BANK dated 3/26/1999, recorded 9/20/1999 in Reel 2956 page 989. Consolidates Mortgages 6 and 8 to form a single lien of $37,039,949.00 covering Block 1013 Lot 29 and other premises.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by THE CHASE MANHATTAN BANK to ANGLE NINETY LLC dated 8/11/1999, recorded 9/20/1999, in Reel 2956 Page 1149. Assigns Mortgages 6 and 8, as consolidated. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by ANGLE NINETY LLC to THE BANK OF NEW YORK, as agent, dated 1/26/2000, recorded 3/13/2000, in Reel 3064 Page 203. Assigns Mortgages 6 and 8, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(9) ADDITIONAL LOAN MORTGAGE AND AGREEMENT OF CONSOLIDATION AND MODIFICATON OF ACQUISITION LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT&nbsp;made by NO. 5 TIMES SQUARE DEVELOPMENT LLC to THE BANK OF NEW YORK, as agent and&nbsp;NEW YORK STATE URBAN</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">10</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DEVELOPMENT CORPORATION, d/b/a EMPIRE STATE DEVELOPMENT&nbsp;CORPORATION, as collateral agent dated 1/26/2000, recorded 3/13/2000 in Reel&nbsp;3064 Page 213 to secure the sum of $85,008,340.39 and interest. By its terms,&nbsp;Mortgages 6 and 8 are consolidated to form a single lien of $122,048,289.39.&nbsp;(Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by NEW YORK STATE URBAN DEVELOPMENT CORPORATION,&nbsp;D/B/A EMPIRE STATE DEVELOPMENT CORPORATION to THE BANK OF NEW YORK dated as of&nbsp;1/26/2000, recorded 3/13/2000 in Reel 3064 Page 347. Assigns Mortgages 6, 8 and&nbsp;9, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION AGREEMENT made between THE BANK OF NEW YORK and NO. 5&nbsp;TIMES SQUARE DEVELOPMENT LLC dated as of 1/30/2001, recorded 5/14/2003 as CRFN 2003000129893.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by THE BANK OF NEW YORK to FLEET NATIONAL BANK dated 4/14/2003, recorded 5/14/2003 as CRFN 2003000129896. Assigns Mortgages 6, 8 and 9, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(10) BUILDING LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT made by NO. 5 TIMES SQUARE DEVELOPMENT LLC to THE BANK OF NEW YORK, as agent and NEW YORK STATE URBAN DEVELOPMENT CORPORATION, d/b/a EMPIRE STATE DEVELOPMENT CORPORATION, as collateral agent dated 1/26/2000, recorded 3/13/2000 in Reel 3064 Page 259 to secure the sum of $196,779,272.36 and interest. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by NEW YORK STATE URBAN DEVELOPMENT CORPORATION, d/b/a EMPIRE STATE DEVELOPMENT CORPORATION, as collateral agent to THE BANK OF NEW YORK, as administrative agent, dated 1/26/2000, recorded 3/13/2000, in Reel 3064 page 258. Assigns Mortgage 10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION AGREEMENT made between THE BANK OF NEW YORK, as agent and NO. 5 TIMES SQUARE DEVELOPMENT LLC dated 1/30/2001, recorded 5/14/2003 in CRFN 2003000129894.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF EXISTING BUILDING LOAN MORTGAGE made by THE BANK OF NEW YORK to FLEET NATIONAL BANK dated 4/14/2003, recorded 5/14/2003, in CRFN 2003000129897. Assigns Mortgage 10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BUILDING LOAN NOTES AND MORTGAGE SEVERANCE AGREEMENT made between NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK, as administrative agent dated 4/14/2003, recorded 5/14/2003 in CFRN 2003000129899. Severs Mortgage 10 into two liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) $17,614,659.78 secured by CRFN 2003000129900.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) $179,164,612.58 SECURED BY CRFN 2003000129901.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">11</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(11) SUBSTITUTE BUILDING LOAN `A' MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT made by NO. 5 TIMES SQUARE DEVELOPMENT LLC to FLEET NATIONAL BANK, as administrative agent dated 4/14/2003, recorded 5/14/2003 in CRFN 2003000129900 to secure the sum of $17,614.659.78 and interest. Created pursuant to severance agreement in CRFN 2003000129899. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE BUILDING LOAN MORTGAGE A made by FLEET NATIONAL BANK, as administrative agent to FLEET NATIONAL BANK, as managing Administrative Agent under the Revolving Credit Agreement, dated 4/14/2003, recorded 5/14/2003, in CRFN 2003000129902. Assigns Mortgage 11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE CONSOLIDATION and MODIFICATION AGREEMENT made between NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK, as managing Administrative Agent, dated 4/14/2003, recorded 5/14/2003 in CRFN 2003000129904. Consolidates Mortgages 6, 8, 9 and 11 to form a single lien of $139,662,949.17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF AMENDED AND RESTATED SECOND LEASEHOLD MORTGAGE made by FLEET NATIONAL BANK, as managing Administrative Agent under the Revolving Credit Agreement to FLEET NATIONAL BANK, as Administrative Agent, dated 5/30/2003, recorded 6/27/2003, in CRFN 2003000198788. Assigns Mortgages 6, 8, 9 and 11 as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(12) SUBSTITUTE BUILDING LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT `B' made by NO. 5 TIMES SQUARE DEVELOPMENT LLC to FLEET NATIONAL BANK, as Administrative Agent dated 4/14/2003, recorded 5/14/2003 in CRFN 2003000129901 to secure the sum of $179,164,612.58 and interest. Created&nbsp; pursuant to Severance Agreement in CRFN 2003000129899. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(13) PROJECT LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT MORTGAGE made by NO. 5 TIMES SQUARE DEVELOPMENT LLC to THE BANK OF NEW YORK, as agent and NEW YORK STATE URBAN DEVELOPMENT CORPORATION, d/b/a EMPIRE STATE DEVELOPMENT CORPORATION, as collateral agent dated 1/26/00, recorded 3/13/00 in Reel 3064 Page 304 to secure the sum of $101,172,438.25 and interest. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by NEW YORK STATE URBAN DEVELOPMENT CORPORATION, d/b/a EMPIRE STATE DEVELOPMENT CORPORATION, as collateral agent to THE BANK OF NEW YORK, as agent, dated 1/26/2000, recorded 3/13/2000, in Reel 3064 page 366. Assigns Mortgage 13.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MORTGAGE MODIFICATION AGREEMENT made between THE BANK OF NEW YORK, as agent and NO. 5 TIMES SQUARE DEVELOPMENT LLC dated 1/30/2001, recorded 5/14/03 in CRFN 2003000129895.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by THE BANK OF NEW YORK, as agent to FLEET NATIONAL BANK, as administrative agent, dated 4/14/2003, recorded 5/14/2003, in CRFN 2003000129898. Assigns Mortgage 13.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATION and MODIFICATION AGREEMENT made between NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK, as administrative agent, dated 4/14/2003, recorded 5/14/2003 in CRFN 2003000129903. Consolidates Mortgages 12 and 13 to form a single lien of $280,337,050.83.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATION and MODIFICATION AGREEMENT made between NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK, as administrative agent dated 5/30/2003, recorded 6/27/2003 in CRFN 2003000198789. Consolidates Mortgages 6, 8, 9, 11, 12 and 13 to form a single lien of $420,000,000.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE AND MORTGAGE SEVERANCE AGREEMENT made between NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK dated 6/6/2003, recorded 11/18/2003 in CRFN 2003000456396.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Severs consolidated Mortgages into two liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) $36,341,240.00 which does not affect the premises herein.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) $383,658,760.00 secured by Substitute Mortgage B which has been spread to cover the premises described in Schedule A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(14) SUBSTITUTE MORTGAGE `B' made by NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK, as administrative agent dated 6/6/2003, recorded 11/18/2003 in CRFN 2003000456398 to secure the sum of $383,658,760.00 and interest. Created pursuant to severance agreement recorded 11/18/2003 in CRFN 2003000456396. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE AND MORTGAGE MODIFICATION AND SEVERANCE AGREEMENT AND CONSOLIDATION OF NOTES made between NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK, as administrative agent, dated 6/20/2003, recorded 1/20/2004 in CRFN 2004000035698. Severs Substitute Mortgage B into two liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) $265,000,000.00 (Second Substitute Mortgage A) which has been subsequently spread to cover the premises described in Schedule `A'.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) $118,658,760.00 (Second Substitute Mortgage B) which does not affect the premises described herein.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(15) SECOND SUBSTITUTE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT A made by NO. 5 TIMES SQUARE DEVELOPMENT LLC and FLEET NATIONAL BANK, as administrative agent dated 6/20/03, recorded 1/20/04 in CRFN2004000035700 to secure the sum of $265,000,000.00 and interest. Mortgage created pursuant to severance agreement recorded 1/20/04 in CRFN 2004000035698. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SECOND MORTGAGE SPREADER AGREEMENT made between NO. 5 TIMES SQUARE DEVELOPMENT LLC, 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC and FLEET NATIONAL BANK, as administrative agent dated 6/20/2003, recorded 1/20/2004 in CRFN</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2004000035701. Spreads CRFN 2004000035700 to cover the premises described in Schedule `A'.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PARTIAL RELEASE OF LIEN OF MORTGAGED PREMISES made between FLEET NATIONAL BANK, as administrative agent and NO. 5 TIMES SQUARE DEVELOPMENT LLC dated 6/20/03, recorded 1/20/04 in CRFN 2004000035702. (Releases Block 1013 Lot 19)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SECOND SUBSTITUTE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT A made by FLEET NATIONAL BANK, as administrative agent to BAYERISCHE HYPO-UND VEREINSBANK AG, New York Branch, dated 6/20/2003, recorded 1/20/2004, in CRFN 2004000035703. Assigns Mortgage 15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AMENDED and RESTATED MORTGAGE made between 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC and BAYERISCHE HYPO-UND VEREINSBANK AG, New York Branch dated 6/20/2003, recorded 1/20/2004 in CRFN 2004000035704.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE AND MORTGAGE MODIFICATION AND SEVERANCE AGREEMENT (NO. 1) made between 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC and BAYERISCHE HYPO-UND VEREINSBANK AG, New York Branch dated as of 11/26/2003 recorded 3/16/2004 as CRFN 2004000158493. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgage 15 is hereby split into three separate liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) Substitute Supplemental Mortgage, Assignment of Leases and Rents and Security Agreement (No. 1) in the amount of $2,265,962.00, recorded 3/16/2004 as CRFN 2004000158494; (Mortgage 16, herein)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) Substitute Project Mortgage, Assignment of Leases and Rents and Security Agreement (No. 1) in the amount of $702,546.00, recorded 3/16/2004 as CRFN 2004000158495; (Mortgage 17, herein) and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iii) Substitute Mortgage, Assignment of Leases and Rents and Security Agreement C (No. 1) in the amount of $262,031,492.00, recorded 3/16/2004 as CRFN 2004000158496. (Mortgage 18, herein)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(16) SUBSTITUTE SUPPLEMENTAL MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 1) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC TO BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH dated 11/26/2003, recorded 3/16/2004 as CRFN 2004000158494 to secure the sum of $2,265,962.00 and interest. Mortgage created pursuant to Severance Agreement recorded 3/16/2004 as CRFN 2004000158493. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE SUPPLEMENTAL MORTGAGE (NO. 1) MORTGAGE made by BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH to BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH, in its capacity as agent for itself and such other co-lenders as may exist from time to time, dated as of 11/26/2003, recorded 3/16/2004 as CRFN 2004000158497. Assigns Mortgage 16.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AMENDED AND RESTATED SUPPLEMENTAL LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 1) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH, AS AGENT FOR ITSELF AND OTHER CO-LENDERS THAT MAY EXIST FROM TIME TO TIME dated as of 11/26/2003, recorded 3/16/2004 as CRFN 2004000158499. Amends and restates Mortgage 16 in its entirety.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF AMENDED AND RESTATED SUPPLEMENTAL LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 1) made by BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH, in its capacity of holder of the mortgage to HYPO REAL ESTATE CAPITAL CORPORATION, in its capacity as successor agent for itself and such other co-lenders as may exist from time to time, dated as of 12/4/2003, recorded 3/16/2004 as CRFN 2004000158504. Assigns Mortgage 16.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(17) SUBSTITUTE PROJECT MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 1) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH dated 11/26/2003, recorded 3/16/2004 as CRFN 2004000158495 to secure the sum of $702,546.00 and interest. Mortgage created pursuant to Severance Agreement recorded 3/16/2004 as CRFN 2004000158493. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE PROJECT MORTGAGE (NO. 1) made by BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH to BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH in its capacity as agent for itself and such other co-lenders as may exist from time to time, dated as of 11/26/2003, recorded 3/16/2004 as CRFN 2004000158498. Assigns Mortgage 17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED PROJECT LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 1) made between 731 COMMERCIAL LLC, 731 RESIDENTIAL LLC and BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH, AS AGENT FOR ITSELF AND OTHER CO-LENDERS THAT MAY EXIST FROM TIME TO TIME dated as of 11/26/2003, recorded 3/16/2004 as CRFN 2004000158500. Consolidates Mortgages 5 and 17 to form a single lien of $10,702,546.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF CONSOLIDATED, AMENDED AND RESTATED PROJECT LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 1) mde by BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH, as agent and as lender to HYPO REAL ESTATE CAPITAL CORPORATION in its capacity as successor agent for itself and such other co-lenders as may exist from time to time, dated as of 12/4/2003, recorded 3/16/2004 as CRFN 2004000158506. Assigns Mortgages 5 and 17, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(18) SUBSTITUTE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT C (NO. 1) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH dated 11/26/2003, recorded 3/16/2004 as CRFN 2004000158496 to secure the sum of</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">$262,031,492.00 and interest. Mortgage created pursuant to Severance Agreement recorded 3/16/2004 as CRFN 2004000158493. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT C (NO. 1) made by BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH to HYPO REAL ESTATE CAPITAL CORPORATION, dated as of 12/4/2003, recorded 3/16/2004 as CRFN 2004000158508. Assigns Mortgage 18.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE AND MORTGAGE MODIFICATION AND SEVERANCE AGREEMENT (NO. 2) made between 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC (mortgagors) and HYPO REAL ESTATE CAPITAL CORPORATION dated as of 12/29/2003, recorded 5/13/2004 as CRFN 2004000303539.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgage 18 is hereby split into three separate liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) Substitute Supplemental Mortgage, Assignment of Leases and Rents and Security agreement (No. 2) in the amount of $9,375,000.00, recorded as CRFN 2004000303540; (Mortgage 19, herein)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) Substitute Project Mortgage, Assignment of Leases and Rents and Security Agreement (No. 2) in the amount of $3,555,000.00, recorded as CRFN 2004000303541; (Mortgage 20, herein) and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iii) Substitute Mortgage, Assignment of Leases and Rents and Security Agreement C (No. 2) in the amount of $249,101,492.00, recorded as CRFN 2004000303542. (Mortgage 21, herein)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(19) SUBSTITUTE SUPPLEMENTAL MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 2) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to HYPO REAL ESTATE CAPITAL CORPORATION dated 12/29/2003, recorded 5/13/2004 as CRFN 2004000303540 to secure the sum of $9,375,000.00 and interest. Mortgage created pursuant to Severance Agreement recorded as CRFN 2004000303539. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE SUPPLEMENTAL MORTGAGE (NO. 2) made by HYPO REAL ESTATE CAPITAL CORPORATION, as lender to HYPO REAL ESTATE CAPITAL CORPORATION, in its capacity as agent for itself and such other co-lenders as may exist from time to time, dated as of 12/29/2003, recorded 5/13/2004 as CRFN 2004000303543. Assigns Mortgage 19.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED SUPPLEMENTAL LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 2) made between 731 COMMERCIAL LLC, 731 RESIDENTIAL LLC and HYPO REAL ESTATE CAPITAL CORPORATION AS AGENT FOR ITSELF AND OTHER CO-LENDERS THAT MAY EXIST FROM TIME TO TIME dated 12/29/2003, recorded 5/13/2004 as CRFN 2004000303545. Consolidates Mortgages 16 and 19 to form a single lien of $11,640,962.00.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">16</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(20) SUBSTITUTE PROJECT MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 2) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to HYPO REAL ESTATE CAPITAL CORPORATION dated 12/29/2003, recorded 5/13/2004 as CRFN 2004000303541 to secure the sum of $3,555,000.00 and interest. Mortgage created pursuant to Severance Agreement recorded as CRFN 2004000303539. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE PROJECT MORTGAGE (NO. 2) made by HYPO REAL ESTATE CAPITAL CORPORATION, as lender, to HYPO REAL ESTATE CAPITAL CORPORATION, in its capacity as agent for itself and such other co-lenders as may exist from time to time by assignment dated 12/29/2003, recorded 5/13/2004 as CRFN 2004000303544.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED PROJECT LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 2) made between 731 COMMERCIAL LLC, 731 RESIDENTIAL LLC and HYPO REAL ESTATE CAPITAL CORPORATION, as agent for itself and other co-lenders that may exist from time to time, dated as of 12/29/2003, recorded 5/13/2004 as CRFN 2004000303546. Mortgages 5, 17 and 20 are hereby consolidated into a single lien of $14,257,546.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(21) SUBSTITUTE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT C (NO. 2) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to HYPO REAL ESTATE CAPITAL CORPORATION dated 12/29/2003, recorded 5/13/2004 as CRFN 2004000303542 to secure the sum of $249,101,492.00 and interest. Mortgage created pursuant to Severance Agreement recorded as CRFN 2004000303539. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOTE AND MORTGAGE MODIFICATION AND SEVERANCE AGREEMENT (No. 3) made between 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC (mortgagors) and HYPO REAL ESTATE CAPITAL CORPORATION dated 1/28/2004, recorded 7/4/2004 as CRFN 2004000396559.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgage 21 is hereby split into three separate liens:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) Substitute Supplemental Mortgage (No. 3) in the amount of $11,300,000.00, recorded as CRFN 2004000396560. (Mortgage 22, herein)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) Substitute Project Mortgage (No. 3) in the amount of $1,330,000.00, recorded as CRFN 2004000396561. (Mortgage 23, herein)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iii) Substitute Mortgage (No. 3) in the amount of $236,471,492.00, recorded as CRFN 2004000396562. (Mortgage 24, herein)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(22) SUBSTITUTE SUPPLEMENTAL MORTGAGE ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 3) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to HYPO REAL ESTATE CAPITAL CORPORATION dated 1/28/2004, recorded 7/4/2004 as CRFN 2004000396560 to secure the sum of $11,300,00.00 and interest. (Mortgage tax paid: $0)</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">17</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE SUPPLEMENTAL MORTGAGE (NO. 3) made by HYPO REAL ESTATE CAPITAL CORPORATION to HYPO REAL ESTATE CAPITAL CORPORATION, as agent, dated 1/28/2004, recorded 7/4/2004, as CRFN 2004000396563. Assigns Mortgage 22.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED SUPPLEMENTAL LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (No. 3) made between 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC and HYPO REAL ESTATE CAPITAL CORPORATION, as agent, dated 1/28/04, recorded 7/4/04 as CRFN 2004000396565. Consolidates Mortgages 16, 19, and 22 to form a single lien of $22,940,962.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SUBORDINATION OF MORTGAGE TO CONDOMINIUM DECLARATION made between Hypo Real Estate Capital Corporation, as agent for itself and other co-lenders as may exist from time to time, and 731 Residential LLC and 731 Commercial LLC dated as of 2/13/2004 recorded 11/24/2004 in CRFN 2004000725910. Subordinates Mortgages 16, 19 and 22, as consolidated, amended and restated, as well as other mortgages, to Declaration of Condominium recorded in CRFN 2004000064392.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF CONSOLIDATED, AMENDED AND RESTATED SUPPLEMENTAL LOAN MORTGAGE (NO. 3) made by Hypo Real Estate Capital Corporation to German American Capital Corporation dated 2/13/2004 recorded 11/24/2004 in CRFN 2004000725915. Assigns Mortgages 16, 19 and 22, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(23) SUBSTITUTE PROJECT MORTGAGE ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NO. 3) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to HYPO REAL ESTATE CAPITAL CORPORATION dated 1/28/2004, recorded 7/4/2004 as CRFN 2004000396561 to secure the sum of $1,300,000.00 and interest. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE PROJECT MORTGAGE (NO. 3) made by HYPO REAL ESTATE CAPITAL CORPORATION to HYPO REAL ESTATE CAPITAL CORPORATION, AS AGENT by assignment dated 1/28/2004, recorded 7/4/2004, as CRFN 2004000396564. Assigns Mortgage 23.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CONSOLIDATED, AMENDED AND RESTATED PROJECT LOAN MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (No. 3) made between 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC and HYPO REAL ESTATE CAPITAL CORPORATION, AS AGENT dated 1/28/2004, recorded 7/4/2004 as CRFN 2004000396566. Consolidates Mortgages 5, 17, 20 and 23 to form a single lien of $15,587,546.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SUBORDINATION OF MORTGAGE TO CONDOMINIUM DECLARATION made between Hypo Real Estate Capital Corporation, as agent for itself and other co-lenders as may exist from time to time, and 731 Residential LLC and 731 Commercial LLC dated as of 2/13/2004 recorded 11/24/2004 in CRFN 2004000725910. Subordinates Mortgages 5, 17, 20 and 23, as consolidated, amended and restated, as well as other mortgages, to Declaration of Condominium recorded in CRFN 2004000064392.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF CONSOLIDATED, AMENDED AND RESTATED PROJECT LOAN MORTGAGE (NO. 3) made by Hypo Real Estate Capital Corporation to German American Capital Corporation dated 2/13/2004 recorded 11/24/2004 in CRFN 2004000725914. Assigns Mortgages 5, 17, 20 and 23, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(24) SUBSTITUTE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT C (NO. 3) made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to HYPO REAL ESTATE CAPITAL CORPORATION dated 1/28/04, recorded 7/4/04 as CRFN 2004000396562 to secure the sum of $236,471,492.00 and interest. (Mortgage tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SUBORDINATION OF MORTGAGE TO CONDOMINIUM DECLARATION made between HYPO REAL ESTATE CAPITAL CORPORATION, as agent for itself and other co-lenders as may&nbsp; exist from time to time, and 731 RESIDENTIAL LLC and 731 COMMERCIAL LLC, dated as of 2/13/2004 recorded 11/24/2004 in CRFN 2004000725911. Subordinates Mortgage 24 to Declaration of Condominium recorded in CRFN 2004000064392.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBSTITUTE MORTGAGE C (NO. 3) made by HYPO REAL ESTATE CAPITAL CORPORATION to GERMAN AMERICAN CAPITAL CORPORATION, dated 2/13/2004 recorded 11/24/2004 in CRFN 2004000725916. Assigns Mortgage 24.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(25) SUBSTITUTE SUBORDINATE BUILDING LOAN MORTGAGE made by 731 COMMERCIAL LLC and 731 RESIDENTIAL LLC to HYPO REAL ESTATE CAPITAL CORPORATION, dated 2/13/2004 recorded 11/24/2004 in CRFN 2004000725903 to secure the sum of $125,000,000.00 and interest. This Mortgage created pursuant to Note and Mortgage Modification and Severance Agreement recorded in CRFN 2004000725900. (Mortgage Tax paid: $0)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF SUBORDINATE BUILDING LOAN MORTGAGE made by HYPO REAL ESTATE CAPITAL CORPORATION to GERMAN AMERICAN CAPITAL CORPORATION, dated 2/13/2004 recorded 11/24/2004 in CRFN 2004000725913. Assigns Mortgage 25.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AMENDED, RESTATED AND CONSOLIDATED MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF LEASES, RENTS AND SECURITY DEPOSITS made by and between 731 OFFICE ONE LLC and GERMAN AMERICAN CAPITAL CORPORATION dated as of 2/13/2004 recorded 11/24/2004 in CRFN 2004000725918. Consolidates Mortgages 5, 17, 20 and 23, as previously consolidated, Mortgages 16, 19 and 22, as previously consolidated, Mortgage 24 and Mortgage 25 to form a single lien of $400,000,000.00 and amends and restates the terms thereof.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by GERMAN AMERICAN CAPITAL CORPORATION to WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF COMM 2004-LNB3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, dated as of 7/12/2004 recorded 1/12/2005 in CRFN 2005000024689. Assigns Mortgages 5, 17, 20, 23, 16, 19, 22, 24 and 25, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF MORTGAGE made by WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF COMM 2004-LNB3 COMMERCIAL MORTGAGE</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PASS-THROUGH CERTIFICATES to GERMAN AMERICAN CAPITAL CORPORATION, dated as of 2/__/2014, to be recorded. Assigns Mortgages 5, 17, 20, 23, 16, 19, 22, 24 and 25, as consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(26) AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES, RENTS AND SECURITY AGREEMENT made by and between 731 OFFICE ONE LLC and GERMAN AMERICAN CAPITAL CORPORATION dated as of 2/__/2014, to be recorded. Amends and restates Mortgages 5, 16, 17, 19, 20, 22, 23, 24 and 25, as consolidated, in the reduced principal sum of $300,000,000.00, plus interest.</FONT></P>

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<P align=right><STRONG>EXHIBIT 10.4</STRONG></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">,&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">as assignor</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(Borrower)</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">as assignee</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 48pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(Lender)</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT<BR>OF LEASES AND RENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of February 28, 2014</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 2in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Location:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 Lexington Avenue, New York, New York </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Location:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 Lexington Avenue</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York, New York</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Condominium</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Unit: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office Unit 1 and Office Unit 2</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Block:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313<BR>Lot:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002 and 1003</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 2in" align=left><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">County:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York </FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PREPARED BY AND UPON <BR>RECORDATION RETURN TO:</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sidley Austin LLP<BR>One South Dearborn<BR>Chicago, Illinois 60603<BR>Attention:&nbsp; Charles E. Schrank, Esq.</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF LEASES AND RENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ASSIGNMENT OF LEASES AND RENTS </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(this &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Assignment</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) is made as of the 28&nbsp;day of February, 2014 by </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company, as assignor, having a principal place of business at c/o Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (together with its successors and assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), to </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation, having an address at 60 Wall Street, 10<SUP>th</SUP>&nbsp;Floor, New York, New York 10005, as assignee (collectively, together with its successors and assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">W I T N E S S E T H:</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Assignment is given in connection with a loan in the principal sum of THREE HUNDRED MILLION AND NO/100 DOLLARS ($300,000,000.00) (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) made by Lender to Borrower pursuant to that certain Loan Agreement dated as of the date hereof between Borrower and Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and evidenced by that certain Consolidated, Amended and Restated Promissory Note dated the date hereof made by Borrower to Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Loan is secured by that certain Amended and Restated Mortgage, Assignment of Leases and Rents and Security Agreement dated the date hereof made by Borrower for the benefit of Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mortgage</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), encumbering, as a first mortgage lien thereon, the office condominium units more particularly described on </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit&nbsp;A</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> annexed hereto and made a part hereof and the buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter located thereon (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower has agreed to execute and deliver this Assignment to further secure the payment and performance of all of the Obligations under the Note, the Loan Agreement and the other Loan Documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Assignment is given pursuant to the Loan Agreement, and payment, fulfillment, and performance by Borrower of its obligations thereunder and under the other Loan Documents is secured hereby, and each and every term and provision of the Loan Agreement and the Note, including the rights, remedies, obligations, covenants, conditions, agreements, indemnities, representations and warranties therein, are hereby incorporated by reference herein as though set forth in full and shall be considered a part of this Assignment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW THEREFORE, in consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in this Assignment:</FONT></P>

<H1 style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE 1</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR>ASSIGNMENT</FONT></U></B></H1>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 1.1</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Property Assigned</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Borrower hereby absolutely and unconditionally assigns and grants to Lender the following property, rights, interests and estates, now owned or hereafter acquired by Borrower:</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Leases</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All leases, subleases or subsubleases, lettings, licenses, concessions or other agreements (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of the Property, and every modification, amendment or other agreement relating to such leases, subleases, subsubleases, or other agreements entered into in connection with such leases, subleases, subsubleases, or other agreements and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto, heretofore or hereafter entered into, whether before or after the filing by or against Borrower of any petition for relief under 11&nbsp;U.S.C. &#167;101 et&nbsp;seq., as the same may be amended from time to time (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Bankruptcy Code</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Leases</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;), together with any extension, renewal or replacement of same.&nbsp; This Assignment of existing and future Leases and other agreements being effective without any further or supplemental assignment documents.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Rents</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All rents, &#8220;additional rent&#8221; (i.e. pass-throughs for operating expenses, real estate tax escalations and/or real estate tax pass-throughs, payments by Tenants on account of electrical consumption, porters&#8217; wage escalations, condenser water charges and tap-in fees, freight elevator and HVAC overtime charges, charges for excessive rubbish removal and other sundry charges), rent equivalents, monies payable as damages (including payments by reason of the rejection of a Lease in a bankruptcy proceeding) or in lieu of rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses), income, fees, receivables, receipts, revenues, deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other payment and consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower, Manager or any of their respective agents or employees from any and all sources arising from or attributable to the Property and the Improvements, including all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of the Property or rendering of services by or on behalf of Borrower, and Insurance Proceeds, if any, from business interruption or other loss of income insurance (collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Rents</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;).&nbsp;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Bankruptcy Claims</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All of Borrower&#8217;s claims and rights (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Bankruptcy Claims</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) to the payment of damages arising from any rejection by a lessee of any Lease under the Bankruptcy Code.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Lease Guaranties</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All of Borrower&#8217;s right, title and interest in, and claims under, any and all lease guaranties, letters of credit and any other credit support (individually, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Lease Guaranty</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;, and collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Lease Guaranties</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) given by any guarantor in connection with any of the Leases or leasing commissions (individually, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Lease Guarantor</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;, and collectively, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Lease Guarantors</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) to Borrower.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Proceeds</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All proceeds from the sale or other disposition of the Leases, the Rents, the Lease Guaranties and/or the Bankruptcy Claims.</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Other</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All rights, powers, privileges, options and other benefits of Borrower as the lessor under any of the Leases and the beneficiary under any of the Lease Guaranties, including, without limitation, the immediate and continuing right to make claims for, and to receive, collect and acknowledge receipt for all Rents payable or receivable under the Leases and all sums payable under the Lease Guaranties or pursuant thereto (and to apply the same to the payment of the Debt or the Other Obligations), and to do all other things which Borrower or any lessor is or may become entitled to do under any of the Leases or Lease Guaranties.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Entry</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The right, subject to the provisions of the Loan Agreement, at Lender&#8217;s option, upon revocation of the license granted herein, to enter upon the Property, subject to the rights of Tenants, in person, by agent or by court-appointed receiver, to collect the Rents.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Power Of Attorney</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Borrower&#8217;s irrevocable power of attorney, coupled with an interest, to take any and all of the actions set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;3.1&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of this Assignment, and any or all other actions designated by Lender for the proper management and preservation of the Property, in accordance with the terms set forth in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;3.1&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of this Assignment.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Other Rights And Agreements</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Any and all other rights of Borrower in and to the items set forth in subsections&nbsp;(a) through (h)&nbsp;above, and all amendments, modifications, replacements, renewals and substitutions thereof.</FONT></H3>

<H1 style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE 2</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR>TERMS OF ASSIGNMENT</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.1</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Present Assignment and License Back</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; It is intended by Borrower that this Assignment constitute a present, absolute assignment of the Leases, Rents, Lease Guaranties and Bankruptcy Claims, and not an assignment for additional security only.&nbsp; Nevertheless, subject to the terms of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;2.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> and the terms of the Loan Agreement and the Cash Management Agreement, Lender grants to Borrower a revocable license to collect, receive, use and enjoy the Rents, as well as any sums due under the Lease Guaranties.&nbsp; Borrower shall hold the Rents, as well as all sums received pursuant to any Lease Guaranty, or a portion thereof sufficient to discharge all current sums due on the Obligations (less the amount of any reserves or Letters of Credit in respect thereof), in trust for the benefit of Lender for use in the payment of such sums.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.2</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Notice to Lessees</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Borrower hereby authorizes and directs the lessees named in the Leases, any other future lessees or occupants of the Property and all Lease Guarantors to pay over to Lender or to such other party as Lender directs all Rents and all sums due under any Lease Guaranties, upon receipt from Lender of written notice to the effect that Lender is then the holder of this Assignment and that an Event of Default exists and is continuing, and to continue so to do until otherwise notified by Lender; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, Lender may only send such notices, and take such actions relative to such Rents and sums due under any Lease Guaranties, as are expressly permitted relative thereto pursuant to the terms of the Loan Agreement and the Cash Management Agreement.&nbsp; Such Rents shall be disbursed</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;and/or applied in accordance with the terms of the Loan Agreement and the Cash Management Agreement.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 2.3</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Incorporation by Reference</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All representations, warranties, covenants, conditions and agreements contained in the Loan Agreement and the other Loan Documents, as the same may be modified, renewed, substituted or extended from time to time, are hereby made a part of this Assignment to the same extent and with the same force as if fully set forth herein.</FONT></H2>

<H1 style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE 3</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR>REMEDIES</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.1</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Remedies of Lender</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Upon the occurrence of an Event of Default, the license granted to Borrower in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;2.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of this Assignment shall automatically be revoked and Lender shall immediately be entitled to possession of all Rents and all sums due under any Lease Guaranties, whether or not Lender enters upon or takes control of the Property; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that upon the waiver or cure which is accepted by Lender of the Event of Default, the license granted to Borrower in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;2.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of this Agreement will automatically be reinstated.&nbsp; In addition, Lender may, at its option, while an Event of Default is continuing, without waiving such Event of Default, without regard to the adequacy of the security for the Obligations, either in person or by agent, nominee or attorney, with or without bringing any action or proceeding, or by a receiver appointed by a court, dispossess Borrower and its agents and servants from the Property, without liability for trespass, damages or otherwise (other than liability arising as a direct result of the gross negligence or willful misconduct of Lender or its agents, employees or Affiliates) and exclude Borrower and its agents or servants wholly therefrom, and take possession of the Property and all books, records and accounts relating thereto, and have, hold, manage, lease and operate the Property on such terms and for such period of time as Lender may deem proper and, either with or without taking possession of the Property, in its own name, demand, sue for or otherwise collect and receive all Rents and all sums due under all Lease Guaranties, including, without limitation, those past due and unpaid (with all such Rents and all sums due under any Lease Guaranties to be deposited into the Clearing Account to the extent and as required by the terms of the Loan Agreement and the Clearing Account Agreement), with full power to make from time to time all alterations, renovations, repairs or replacements thereto or thereof as Lender may reasonably deem proper.&nbsp; In addition, upon the occurrence of an Event of Default, Lender, at its option, may (1)&nbsp;complete any construction on the Property in such manner and form as Lender reasonably deems advisable, (2)&nbsp;exercise all rights and powers of Borrower, including, without limitation, the right to negotiate, execute, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue for, collect and receive all Rents from the Property and all sums due under any Lease Guaranties (with all such Rents and all sums due under any Lease Guaranties to be deposited into the Clearing Account to the extent and as required by the terms of the Loan Agreement and the Clearing Account Agreement), and/or (3)&nbsp;either (i)&nbsp;require Borrower to pay monthly in advance to Lender or to any receiver appointed to collect the Rents the fair and reasonable rental value for the use and occupancy of such part of the Property as may be in the possession of Borrower, or (ii)&nbsp;require Borrower to vacate and surrender possession of the Property to Lender or to such receiver and, in default thereof, Borrower may be evicted by summary proceedings or otherwise.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.2</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other Remedies</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Nothing contained in this Assignment and no act done or omitted by Lender pursuant to the power and rights granted to Lender hereunder shall be deemed to be a waiver by Lender of its rights and remedies under the Loan Agreement, the Note, the Mortgage or the other Loan Documents, and this Assignment is made and accepted without prejudice to any of the rights and remedies possessed by Lender under the terms thereof.&nbsp; The right of Lender to collect the Obligations and to enforce any other security therefor held by it may be exercised by Lender either prior to, simultaneously with, or subsequent to any action taken by it hereunder.&nbsp; Borrower hereby absolutely, unconditionally and irrevocably waives any and all rights to assert any setoff, counterclaim or crossclaim of any nature whatsoever with respect to the Obligations of Borrower under this Assignment, the Loan Agreement, the Note, the other Loan Documents or otherwise with respect to the Loan in any action or proceeding brought by Lender to collect same, or any portion thereof, or to enforce and realize upon the lien and security interest created by this Assignment, the Loan Agreement, the Note, the Mortgage or any of the other Loan Documents (</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that the foregoing shall not be deemed a waiver of Borrower&#8217;s right to assert any compulsory counterclaim if such counterclaim is compelled under local law or rule of procedure, nor shall the foregoing be deemed a waiver of Borrower&#8217;s right to assert any claim which would constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever against Lender in any separate action or proceeding).</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.3</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Other Security</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Lender may (i)&nbsp;take or release other security for the payment and performance of the Obligations, (ii)&nbsp;release any party primarily or secondarily liable therefor, and/or (iii)&nbsp;apply any other security held by it to the payment and performance of the Obligations, in each instance, without prejudice to any of its rights under this Assignment.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.4</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Non-Waiver</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The exercise by Lender of the option granted it in </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;3.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of this Assignment and the collection of the Rents and the sums due under the Lease Guaranties and the application thereof as provided in the Loan Documents shall not be considered a waiver of any Default or Event of Default by Borrower under the Note, the Loan Agreement, the Mortgage, this Assignment or the other Loan Documents.&nbsp; The failure of Lender to insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this Assignment.&nbsp; Borrower shall not be relieved of Borrower&#8217;s obligations hereunder by reason of (a)&nbsp;the failure of Lender to comply with any request of Borrower or any other party to take any action to enforce any of the provisions hereof or of the Loan Agreement, the Note or the other Loan Documents, (b)&nbsp;the release, regardless of consideration, of the whole or any part of the Property, or (c)&nbsp;any agreement or stipulation by Lender extending the time of payment or otherwise modifying or supplementing the terms of this Assignment, the Loan Agreement, the Note or the other Loan Documents (except to the extent expressly provided in a written modification or supplement executed by Lender).&nbsp; Lender may resort for the payment and performance of the Obligations to any other security held by Lender in such order and manner as Lender, in its sole discretion, may elect.&nbsp; Lender may take any action to recover the Obligations, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of Lender thereafter to enforce its rights under this Assignment.&nbsp; The rights of Lender under this Assignment shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others.&nbsp; No act of Lender shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 3.5</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Bankruptcy</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right to proceed in its own name or in the name of Borrower in respect of any claim, suit, action or proceeding relating to the rejection of any Lease, including, without limitation, the right to file and prosecute, to the exclusion of Borrower, any proofs of claim, complaints, motions, applications, notices and other documents, in any case in respect of the lessee under such Lease under the Bankruptcy Code.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If there shall be filed by or against Borrower a petition under the Bankruptcy Code, and Borrower, as lessor under any Lease, shall determine to reject such Lease pursuant to Section&nbsp;365(a) of the Bankruptcy Code, then Borrower shall give Lender not less than ten (10)&nbsp;days&#8217; prior notice of the date on which Borrower shall apply to the bankruptcy court for authority to reject such Lease.&nbsp; Lender shall have the right, but not the obligation, to serve upon Borrower within such ten (10)&nbsp;day period a notice stating that (i)&nbsp;Lender demands that Borrower assume and assign the Lease to Lender pursuant to Section&nbsp;365 of the Bankruptcy Code, and (ii)&nbsp;Lender covenants to cure or provide adequate assurance of future performance under the Lease.&nbsp; If Lender serves upon Borrower the notice described in the preceding sentence, Borrower shall not seek to reject the Lease and shall comply with the demand provided for in clause&nbsp;(i) of the preceding sentence within thirty (30)&nbsp;days after Lender&#8217;s notice shall have been given, subject to the performance by Lender of the covenant provided for in clause&nbsp;(ii) of the preceding sentence.</FONT></H3>

<H1 style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE 4</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR>NO LIABILITY, FURTHER ASSURANCES</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 4.1</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">No Liability of Lender</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Assignment shall not be construed to bind Lender to the performance of any of the covenants, conditions or provisions contained in any Lease or Lease Guaranty or otherwise impose any obligation upon Lender.&nbsp; Lender shall not be liable for any loss sustained by Borrower resulting from Lender&#8217;s failure to let the Property during the continuance of an Event of Default or from any other act or omission of Lender in managing the Property during the continuance of an Event of Default unless such loss is caused by the gross negligence, willful misconduct or bad faith of Lender or its agents, employees or Affiliates.&nbsp; Lender shall not be obligated to perform or discharge any obligation, duty or liability under the Leases or any Lease Guaranties or under or by reason of this Assignment and Borrower shall indemnify Lender for, and hold Lender harmless, prior to the time that Lender or its Affiliate or designee shall become the owner of the Property, from, (a)&nbsp;any and all liability, loss or damage (excluding consequential or punitive damages) which may or might be incurred under the Leases, any Lease Guaranties or under or by reason of this Assignment, and (b)&nbsp;any and all claims and demands whatsoever, including the defense of any such claims or demands which may be asserted against Lender by reason of any alleged obligations and undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in the Leases or any Lease Guaranties, unless caused by the gross negligence, willful misconduct or bad faith of Lender or its agents, employees or Affiliates.&nbsp; Should Lender incur any such liability, the amount thereof, including costs, expenses and reasonable attorneys&#8217; fees and costs, shall be secured by this Assignment and by the Mortgage and the other Loan Documents and Borrower shall reimburse Lender therefor immediately upon demand and upon the failure of</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower so to do Lender may, at its option and upon ten (10)&nbsp;days&#8217; prior written notice, declare the Obligations to be immediately due and payable.&nbsp; Unless and until Lender or its Affiliate or designee shall become the owner of the Property, this Assignment shall not operate to place any obligation or liability for the control, care, management or repair of the Property upon Lender, nor for the carrying out of any of the terms and conditions of the Leases or any Lease Guaranties; nor shall it operate to make Lender responsible or liable for any waste committed on the Property by the tenants or any other parties, or for any dangerous or defective condition of the Property, including, without limitation, the presence of any Hazardous Substances (as defined in the Environmental Indemnity), or for any negligence in the management, upkeep, repair or control of the Property resulting in loss or injury or death to any tenant, licensee, employee or stranger, unless caused by the gross negligence, willful misconduct or bad faith of Lender or its agents, employees or Affiliates.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 4.2</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">No Mortgagee In Possession</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Nothing herein contained shall be construed as constituting Lender a &#8220;mortgagee in possession&#8221; in the absence of the taking of actual possession of the Property by Lender.&nbsp; In the exercise of the powers herein granted Lender, no liability shall be asserted or enforced against Lender, all such liability being expressly waived and released by Borrower, unless caused by the gross negligence, willful misconduct or bad faith of Lender or its agents, employees or Affiliates.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 4.3</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Further Assurances</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Borrower will, at the cost of Borrower, and without expense to Lender, do, execute, acknowledge and deliver all and every such further acts, conveyances, assignments, notices of assignments, transfers and assurances as Lender shall, from time to time, reasonably require for the better assuring, conveying, assigning, transferring and confirming unto Lender the property and rights hereby assigned or intended now or hereafter so to be, or which Borrower may be or may hereafter become bound to convey or assign to Lender, or for carrying out the intention or facilitating the performance of the terms of this Assignment or for filing, registering or recording this Assignment and, on demand, will execute and deliver, and hereby authorizes Lender to execute in the name of Borrower to the extent Lender may lawfully do so, one or more financing statements, chattel mortgages or comparable security instruments, to evidence more effectively the lien and security interest hereof in and upon the Leases.</FONT></H2>

<H1 style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE 5</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR>MISCELLANEOUS PROVISIONS</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.1</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Conflict of Terms</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; In case of any conflict between the terms of this Assignment and the terms of the Loan Agreement, the terms of the Loan Agreement shall prevail.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.2</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">No Oral Change</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Assignment and any provisions hereof may not be modified, amended, waived, extended, changed, discharged or terminated orally, or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party(ies) against whom the enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.3</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">General Definitions</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Assignment may be</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">used interchangeably in the singular or plural form and the word&nbsp;&nbsp;&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean &#8220;each Borrower and any subsequent owner or owners of the Property or any part thereof or interest therein,&#8221; the word &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean &#8220;Lender and any subsequent holder of the Note,&#8221; the word &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean &#8220;the Note and any other evidence of indebtedness secured by the Loan Agreement,&#8221; the word &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall include any portion of the Property and any interest therein, and the phrases &#8220;attorneys&#8217; fees&#8221;, &#8220;legal fees&#8221; and &#8220;counsel fees&#8221; shall include any and all reasonable, out-of-pocket attorneys&#8217;, paralegal and law clerk fees and disbursements, including, but not limited to, reasonable fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by Lender in protecting its interest in the Property, the Leases and/or the Rents and/or in enforcing its rights hereunder.&nbsp; Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.4</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Inapplicable Provisions</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If any provision of this Assignment is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Assignment, such provision shall be fully severable and this Assignment shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Assignment, and the remaining provisions of this Assignment shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Assignment, unless such continued effectiveness of this Assignment, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.5</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Governing Law; Jurisdiction; Service of Process</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; WITH RESPECT TO MATTERS RELATING TO THE CREATION, PERFECTION AND PROCEDURES RELATING TO THE ENFORCEMENT OF THIS ASSIGNMENT, THIS ASSIGNMENT SHALL BE GOVERNED BY, AND BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, EXCEPT AS EXPRESSLY SET FORTH ABOVE IN THIS PARAGRAPH AND TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES SHALL GOVERN ALL MATTERS RELATING TO THIS ASSIGNMENT AND THE OTHER LOAN DOCUMENTS AND ALL OF THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER OR THEREUNDER.&nbsp; ALL PROVISIONS OF THE LOAN AGREEMENT INCORPORATED HEREIN BY REFERENCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, AS SET FORTH IN THE GOVERNING LAW PROVISION OF THE LOAN AGREEMENT.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.6</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Termination of Assignment</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Upon the indefeasible payment in full of the Loan, this Assignment shall become and be void and of no effect.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.7</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Notices</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All notices or other written communications hereunder shall be delivered in accordance with </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;10.6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of the Loan Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.8</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">WAIVER OF TRIAL BY JURY</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">.&nbsp; BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, </FONT></B></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST, WITH REGARD TO THIS ASSIGNMENT, THE NOTE, THE MORTGAGE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.&nbsp; THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.&nbsp; LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.9</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Exculpation</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Section&nbsp;10.1</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of the Loan Agreement are hereby incorporated by reference into this Assignment to the same extent and with the same force as if fully set forth herein.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.10</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Successors and Assigns</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Assignment shall be binding upon and shall inure to the benefit of Borrower and Lender and their respective successors and permitted assigns forever.&nbsp; Lender shall have the right to assign or transfer its rights under this Assignment in connection with any assignment of the Loan and the Loan Documents in accordance with the terms of the Loan Agreement.&nbsp; Any such assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this Assignment.&nbsp; Borrower shall not have the right to assign or transfer its rights or obligations under this Assignment other than in accordance with the terms of the Loan Agreement, and any attempted assignment in contravention of the Loan Agreement shall be null and void.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.11</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Headings, Etc.</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp; The headings and captions of the various paragraphs of this Assignment are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.12</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Joint and Several Liability</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If more than one Person has executed this Agreement as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">,&#8221; the representations, covenants, warranties and obligations of all such Persons hereunder shall be joint and several.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 5.13</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Conflict</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; In the event of any conflict between the provisions of this Assignment and the Loan Agreement, the provisions of the Loan Agreement shall control.</FONT></H2>

<H1 style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE 6</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman"><BR>NEW YORK LAW PROVISIONS</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 6.1</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event of any inconsistencies between the terms and conditions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> and the other terms and conditions of this Assignment, the terms and conditions of this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Article&nbsp;6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> shall control and be binding.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 24pt 0pt"><B><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">Section 6.2</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Except as not prohibited under the Loan Agreement or any other Loan Document, Borrower hereby covenants and agrees with Lender that without the written consent of Lender first had and obtained, such consent not to be unreasonably withheld, conditioned or delayed and deemed given to the extent set forth in the Loan Agreement, Borrower will not</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">accept, surrender, terminate, cancel, abridge or modify any of the terms, covenants and conditions of any Lease and will not collect prepayments of installments of rent to become due thereunder for more than thirty (30)&nbsp;days in advance.&nbsp; The provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section&nbsp;6.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> shall be enforceable as provided in Section&nbsp;291-f of the Real Property Law of New York with respect to Leases covered by said section; as to Leases not covered by said section, Lender shall be entitled to enforce the foregoing in any manner permitted by law or equity.&nbsp; Borrower further agrees that upon demand of Lender, Borrower will enter into a similar agreement with Lender pursuant to Section&nbsp;291-f of the Real Property Law of New York providing for the above with Lender with respect to any Lease hereafter executed by Borrower relating to space in the Property; notwithstanding the provisions of this sentence, it is understood and agreed that the remaining provisions of this Section&nbsp;6.2 shall also apply to Leases hereafter executed.&nbsp; During the continuance of an Event of Default, Borrower hereby irrevocably appoints Lender the attorney in-fact of Borrower to execute any such agreement on behalf of Borrower and to deliver to the tenant to whose Lease such agreement relates the written notice referred to in Section&nbsp;291-f of the Real Property Law of New York whether or not such Lease is one to which such Section&nbsp;291-f is applicable.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, Borrower has executed this Assignment the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a Delaware limited liability company, its sole member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0pt 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s, Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware corporation, its sole member</FONT></P>

<P style="MARGIN: 0in 0in 0pt 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211; Assignment of Leases and Rents</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ACKNOWLEDGMENT</FONT></U></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ss.:<BR>COUNTY OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 48pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">On the 24<SUP>th</SUP> day of February in the year 2014 before me, the undersigned, a Notary Public in and for said State, personally appeared Alan Rice, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.&nbsp; Witness my hand and official seal.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Katherine G Cornish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Katherine G Cornish</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notary Public, State of New York</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No. 01CO6267931</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Qualified in New York County</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certificate Filed in New York County</FONT></P>

<P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Commission Expires August 27, 2016</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211; Assignment of Leases and Rents</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT A</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LEGAL DESCRIPTION OF PROPERTY</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Condominium Unit (in the Building located at and known as Beacon Court Condominium and by Street Number 151 East 58th Street, New York), designated and described as Office Unit 1 and Office Unit 2 (hereinafter called the "Units") in the Declaration (hereinafter called "Declaration") made by the Sponsor under the Condominium Act of The State of New York (Article 9-B of the Real Property Law of the State of New York), dated 12/4/2003 and recorded 2/3/2004 in the Office of the Register The City of New York, County of New York, as CRFN 2004000064392, as amended and restated by Amended and Restated Declaration dated 2/8/2005, recorded 3/9/2005 in CRFN 2005000139245, establishing a plan for Condominium ownership of said Building and the land upon which the same is erected (hereinafter sometimes collectively called the "Property") and also designated and described as Tax Lots No. 1002 and 1003, respectively, Block 1313 Section 5, Borough of Manhattan on the Tax Map of the Real property assessment department of the City of New York and on the floor plans of said Building certified by Peter Claman, Registered Architect on 1/30/2004 and filed as Condominium Plan No. 1350 on 2/3/2004 in the aforesaid Register's Office in CRFN 2004000064383, amended Floor Plans filed as Condominium Plan No. 1350-A on 3/9/2005 in CRFN 2005000139246.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The land upon which the Building containing the Unit is erected as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE LAND </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County, City and State of New York, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at the corner formed by the intersection of the southerly side of East 59th Street and the westerly side of Third Avenue; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE southerly along the westerly side of Third Avenue, 200 feet l0 inches to the northerly side of East 58th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly along the northerly side of East 58th Street 420 feet to the easterly side of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly along the easterly side of Lexington Avenue, 200 feet 10 inches to the southerly side of East 59th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly along the southerly side of East 59th Street, 420 feet to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with the benefits and SUBJECT to the burdens of the easements set forth in the deed made by Seven Thirty One Limited Partnership to 59th Street Corporation dated as of 8/1/2001 and recorded 8/8/2001 in Reel 3339 Page 1100.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE COMMERCIAL PREMISES: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County, City and State of New York, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at the corner formed by the intersection of the southerly side of East&nbsp; 59th Street and the westerly side of Third Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE southerly along the westerly side of Third Avenue, 200 feet l0&nbsp; inches to the northerly side of East 58th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly along the northerly side of East 58th Street, 420 feet to the&nbsp; easterly side of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly along the easterly side of Lexington Avenue, 200 feet 1 inches&nbsp; to the southerly side of East 59th Street;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly, along the southerly side of East 59th Street, 420 feet to the&nbsp; point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with the benefits and SUBJECT to the burdens of the easements set forth&nbsp; in the deed made by Seven Thirty One Limited Partnership to 59th Street Corporation dated as of 8/1/2001 and recorded 8/8/2001 in Reel 3339 Page 1100.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LESS and EXCEPT:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALL that portion of the below described parcel lying between a lower horizontal plan drawn at elevation 512 feet 02 inches above the datum level used by the Topographical Bureau, Borough of Manhattan, which is 1 feet 9 inches above National Geodetic Survey Vertical Datum of 1929, mean sea level, Sandy Hook, New Jersey and an upper horizontal plan drawn at 809 feet 2 inches above such datum level, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at a point distant 48 feet 8 inches north of the northerly line of East 58th Street and 30 feet 9 inches east of easterly line of Lexington Avenue;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 5 feet 10 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 78 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 5 feet 10 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 103 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6&nbsp; inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 88 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 103 feet 6 inches to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">DESCRIPTION OF THE RESIDENTIAL PREMISES</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All that portion of the below described parcel lying between a lower horizontal plane drawn at elevation 512 feet 2 inches above the datum level used by the Topographical Bureau, Borough of Manhattan, which is 2 feet 9 inches above National Geodetic Survey Vertical Datum of 1929, mean sea level, Sandy Hook, New Jersey and an upper horizontal plane drawn at 809 feet 2 inches above such datum level, bounded and described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BEGINNING at a point distant 48 feet 8 inches north of the northerly line of East 58th Street and 30 feet 9 inches East of easterly line of Lexington Avenue:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RUNNING THENCE northerly parallel with easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 5 feet l0 feet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 78 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 5 feet l0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE northerly parallel with the easterly line of Lexington Avenue, 12 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 103 feet 6 feet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE easterly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 88 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 35 feet 0 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE southerly parallel with the easterly line of Lexington Avenue, 7 feet 6 inches;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THENCE westerly parallel with the northerly line of East 58th Street, 103 feet 6 inches to the point or place of BEGINNING.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TOGETHER with an undivided 49.0559% and 14.0095% interests, respectively, in the Common Elements of the Property as described in the Declaration (hereinafter called the "Common Elements") recorded as CRFN 2004000064392. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG>EXHIBIT 10.5</STRONG></FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GUARANTY OF RECOURSE OBLIGATIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GUARANTY OF RECOURSE OBLIGATIONS</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (this &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guaranty</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) is executed as of February 28, 2014 by </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S INC.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware corporation, having an address at 210 Route 4 East, Paramus, New Jersey 07652 (together with&nbsp; successors and/or assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), for the benefit of </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (collectively, together with its successors and/or assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">W I T N E S S E T H:</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Pursuant to that certain Consolidated, Amended and Restated Promissory Note, dated of even date herewith, executed by 731 OFFICE ONE LLC, a Delaware limited liability company (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and payable to the order of Lender in the original principal amount of THREE HUNDRED MILLION and No/100 Dollars ($300,000,000.00) (together with all renewals, modifications, increases and extensions thereof, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), Borrower has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) which is made pursuant to that certain Loan Agreement, dated of even date herewith, between Borrower and Lender (as the same may be amended, modified, supplemented, replaced or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Loan Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp; Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees the payment and performance to Lender of the Guaranteed Obligations (as herein defined).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor is the owner of direct or indirect interests in Borrower, and Guarantor will directly benefit from Lender&#8217;s making the Loan to Borrower.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower and to extend such additional credit as Lender may from time to time agree to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman bold">ARTICLE 1</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" face="Times New Roman"><BR>NATURE AND SCOPE OF GUARANTY</FONT></U></B></H1>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Guaranty of Obligation</FONT></U></B></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&nbsp;Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment of the Guaranteed Obligations (as defined below) as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise.&nbsp; Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.&nbsp; </FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">As used herein, the term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Guaranteed Obligations</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; means (A)&nbsp; Borrower's Recourse Liabilities set forth in Section 10.1 of the Loan Agreement, and (B)&nbsp;from and after the date that any Springing Recourse Event occurs, payment of all of the Obligations.&nbsp; </FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall not be deemed to have waived any right which Lender may have against Borrower under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing to Lender in accordance with the Loan Documents.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Nature of Guaranty</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">.&nbsp; This</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;Guaranty is an irrevocable, absolute, continuing guaranty of payment and not a guaranty of collection.&nbsp; This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor&#8217;s death (in which event this Guaranty shall be binding upon Guarantor&#8217;s estate and Guarantor&#8217;s legal representatives and heirs).&nbsp; The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of Guarantor to Lender with respect to the Guaranteed Obligations.&nbsp; This Guaranty may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation of all or part of the Note.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 1.3&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guaranteed Obligations Not Reduced by Offset</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">.&nbsp; The Gu</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">aranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower or any other party against Lender or against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Payment By Guarantor</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">.&nbsp; If</FONT><FONT style="DISPLAY: none" color=red><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=red face="Times New Roman">&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender and, other than as expressly provided in the Loan Documents, without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever, all such notices being hereby waived by Guarantor, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to Lender at Lender&#8217;s address as set forth herein.&nbsp; Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations and may be made from time to time with respect to the same or different items of Guaranteed Obligations.&nbsp; Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No Duty To Pursue Others</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">.&nbsp; It shall</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (i)&nbsp;institute suit or exhaust its remedies against Borrower or others liable on the Loan or the Guaranteed Obligations or any other Person, (ii)&nbsp;enforce Lender&#8217;s rights against any collateral which shall ever have been given to secure the Loan, (iii)&nbsp;enforce Lender&#8217;s rights against any other guarantors of the Guaranteed Obligations,</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iv)&nbsp;join Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v)&nbsp;exhaust any remedies available to Lender against any collateral which shall ever have been given to secure the Loan, or (vi)&nbsp;resort to any other means of obtaining payment of the Guaranteed Obligations.&nbsp; Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed Obligations.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Waivers</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp; Guarantor agrees to the provisions of the&nbsp; Loan Documents and </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">hereby waives notice of (i)&nbsp;any loans or advances made by Lender to Borrower, (ii)&nbsp;acceptance of this Guaranty, (iii)&nbsp;any amendment or extension of the Note, the Mortgage, the Loan Agreement or any other Loan Document, (iv)&nbsp;the execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower&#8217;s execution and delivery of any promissory note or other document arising under the Loan Documents or in connection with the Property, (v)&nbsp;the occurrence of (A)&nbsp;any breach by Borrower of any of the terms or conditions of the Loan Agreement or any of the other Loan Documents, or (B)&nbsp;an Event of Default, (vi)&nbsp;Lender&#8217;s transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii)&nbsp;the sale or foreclosure (or the posting or advertising for the sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii)&nbsp;protest, proof of non-payment or default by Borrower, or (ix)&nbsp;any other action at any time taken or omitted by Lender and, generally, except as expressly provided in the Loan Documents, all demands and notices of every kind in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and/or the obligations hereby guaranteed.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Payment of Expenses</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;In the event that Guarantor&nbsp; shall breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, immediately within five (5) Business Days following demand by Lender, pay Lender all costs and expenses (including court costs and reasonable attorneys&#8217; fees) incurred by Lender in the enforcement hereof, together with interest thereon at the Default Rate from the date due, but without duplication of any such costs or expenses actually paid by Borrower.&nbsp; The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 1.8&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Effect of Bankruptcy</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder, Lender must rescind or restore any payment or any part thereof received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall remain (or shall be reinstated to be) in full force and effect.&nbsp; It is the intention of Borrower and Guarantor that Guarantor&#8217;s obligations hereunder shall not be discharged except by Guarantor&#8217;s performance of such obligations and then only to the extent of such performance.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 1.9&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Waiver of Subrogation, Reimbursement and Contribution</U></STRONG>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding anything to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other party liable for the payment of any or all of the Guaranteed Obligations for any payment made by Guarantor </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">under or in connection with this Guaranty or otherwise (it being understood that any such right, claim, remedy or benefit of Guarantor shall be available to it following the repayment in full of the Loan).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 1.10&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Termination</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">,&nbsp;&nbsp; This Guaranty shall terminate and be of no further force and effect upon the date which is ninety-one (91) days subsequent to the earlier of the date on which (x) the Loan has been paid and satisfied or defeased in full (exclusive of any indemnification or other obligations which pursuant to the terms of the Loan Documents survive satisfaction or defeasance of the Note) or (y) the Lien of the Mortgage has been released in accordance with the terms of the Loan Agreement and the other Loan Documents; provided, however, that Guarantor&#8217;s liability hereunder shall survive such termination with respect to any and all Guaranteed Obligations related to or arising from acts, events or circumstances which occurred prior to such date.&nbsp; Upon such termination, at the request of Guarantor, Lender shall deliver a written statement confirming the termination of this Guaranty, subject to and in accordance with this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Section 1.10</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">.&nbsp; Notwithstanding anything to the contrary contained herein, Guarantor shall not have any liability hereunder with respect to any acts, events or circumstances first arising after the date on which Lender or its agent, representative, designee or purchaser acquires title to the Property, whether through foreclosure, private power of sale or the delivery of a deed-in-lieu of foreclosure.&nbsp; In addition, in no event shall Guarantor have any liability hereunder with respect to any specific acts taken by any receiver, conservator, trustee or liquidator that is not an Affiliate of Guarantor and is appointed by or on behalf of Lender.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman bold">ARTICLE 2</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" face="Times New Roman"><BR>EVENTS AND CIRCUMSTANCES NOT REDUCING<BR>OR DISCHARGING GUARANTOR&#8217;S OBLIGATIONS</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor hereby consents and agrees to each of the following and agrees that Guarantor&#8217;s obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without limitation, rights to notice) which Guarantor might otherwise have as a result of or in connection with any of the following:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Modifications</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Mortgage, the Loan Agreement, the other Loan Documents or any other document, instrument, contract or understanding between Borrower and Lender or any other parties pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Adjustment</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to Borrower or Guarantor, except to the extent of such adjustment, indulgence, forbearance or compromise, as applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Condition of Borrower or Guarantor</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor or any sale, lease or transfer of any or all of the assets of Borrower or Guarantor or any changes in the direct or </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">indirect shareholders, partners or members, as applicable, of Borrower or Guarantor; or any reorganization of Borrower or Guarantor.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Invalidity of Guaranteed Obligations</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;The invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (i)&nbsp;the Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (ii)&nbsp;the act of creating the Guaranteed Obligations or any part thereof is </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ultra vires</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, (iii)&nbsp;the officers or representatives executing the Note, the Mortgage, the Loan Agreement or the other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv)&nbsp;the Guaranteed Obligations violate applicable usury laws, (v)&nbsp;the Borrower had valid defenses, claims or offsets, whether at law, in equity or by agreement (other than the defense of payment of the Guaranteed Obligations), which render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii)&nbsp;the Note, the Mortgage, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations or any part thereof for any reason.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Release of Obligors</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Any full or partial release of the liability of Borrower for the Guaranteed Obligations or any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support from any other Person, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other Persons (including Borrower) will be liable to pay or perform the Guaranteed Obligations or that Lender will look to other Persons (including Borrower) to pay or perform the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Other Collateral</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Release of Collateral</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including, without limitation, negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Care and Diligence</U></STRONG>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The failure of Lender or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to, </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">any neglect, delay, omission, failure or refusal of Lender (i)&nbsp;to take or prosecute any action for the collection of any of the Guaranteed Obligations, or (ii)&nbsp;to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security therefor, or (iii)&nbsp;to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Unenforceability</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any of the collateral for the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Offset</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Any existing or future right of offset, claim or defense (other than the defense of payment of the Guaranteed Obligations) of Borrower against Lender, or any other party, or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Merger</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; The reorganization, merger or consolidation of Borrower or Guarantor into or with any other Person.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Preference</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Any payment by Borrower to Lender is held to constitute a preference under bankruptcy laws or for any reason Lender is required to refund such payment or pay such amount to Borrower or to any other Person.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Other Actions Taken or Omitted</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Any other action taken or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations or the security and collateral therefor (other than actions or omissions expressly agreed to in writing by Lender), whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it being the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein (other than actions or omissions expressly agreed to in writing by Lender), which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman bold">ARTICLE 3</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" face="Times New Roman"><BR>REPRESENTATIONS AND WARRANTIES</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To induce Lender to enter into the Loan Documents and to extend credit to Borrower, Guarantor represents and warrants to Lender as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Benefit</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; Guarantor is an Affiliate of Borrower, is the owner of a direct or indirect interest in Borrower and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Familiarity and Reliance</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>No Representation By Lender</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Guarantor&#8217;s Financial Condition</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor (a)&nbsp;is and will be solvent, (b)&nbsp;has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and (c)&nbsp;has and will have property and assets sufficient to satisfy and repay its obligations and liabilities, including the Guaranteed Obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Legality</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; The execution, delivery and performance by Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not and will not contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor.&nbsp; This Guaranty is a legal and binding obligation of Guarantor and is enforceable against Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors&#8217; rights.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Litigation</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;There is no action, suit, proceeding or investigation pending or, to Guarantor&#8217;s knowledge, threatened against Guarantor</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">in any court or by or before any other Governmental Authority, or labor controversy affecting Guarantor or any of its properties, businesses, assets or revenues, which would reasonably be expected to (i)&nbsp;materially and adversely affect the ability of Guarantor to pay and perform its obligations under this Guaranty or (ii)&nbsp;materially and adversely affect the financial condition of Guarantor.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Survival</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;All representations and warranties made by Guarantor herein shall survive the execution hereof.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman bold">ARTICLE 4</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" face="Times New Roman"><BR>SUBORDINATION OF CERTAIN INDEBTEDNESS</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Subordination of All Guarantor Claims</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;As used herein, the term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor Claims</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, and whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">which they have been, or may hereafter be, acquired by Guarantor.&nbsp; The Guarantor Claims shall include, without limitation, all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor&#8217;s payment of all or a portion of the Guaranteed Obligations.&nbsp; So long as an Event of Default shall have occurred and be continuing, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any Affiliate of Borrower any amount upon the Guarantor Claims.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Claims in Bankruptcy</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;In the event of any receivership, bankruptcy, reorganization, arrangement, debtor&#8217;s relief or other insolvency proceeding involving Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims.&nbsp; Guarantor hereby assigns such dividends and payments to Lender.&nbsp; Should Lender receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to Guarantor and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then, upon payment to Lender in full of the Obligations and the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Payments Held in Trust</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary contained in this Guaranty, in the event that Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and Guarantor covenants promptly to pay the same to Lender.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Liens Subordinate</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower&#8217;s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower&#8217;s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach.&nbsp; Without the prior written consent of Lender, Guarantor shall not (i) exercise or enforce any creditor&#8217;s rights it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor&#8217;s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on the assets of Borrower held by Guarantor.&nbsp; The foregoing shall in no manner vitiate or amend, nor be deemed to vitiate or amend, any prohibition in the Loan Documents against Borrower granting liens or security interests in any of its assets to any Person other than Lender.</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman bold">ARTICLE 5</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" face="Times New Roman"><BR>COVENANTS</FONT></U></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman"> &nbsp;</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U><STRONG>Net Worth</STRONG></U>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; As used in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 5</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, &#8220;Net Worth&#8221; shall have the following meaning:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Net Worth</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall have the meaning set forth in the Loan Agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Covenants</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; Until all of the Obligations and the Guaranteed Obligations have been paid in full, Guarantor shall maintain a Net Worth excluding the Property of not less than $250,000,000 (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Net Worth Threshold</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Financial Statements.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor shall deliver to Lender</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">within 90 days after the end of each fiscal year of Guarantor, a complete copy of Guarantor&#8217;s annual financial statements audited by an Independent Accountant, prepared in accordance with GAAP, including statements of income and expense and cash flow and a balance sheet for Guarantor, together with a certificate of the chief financial officer of Guarantor (A) setting forth in reasonable detail Guarantor&#8217;s Net Worth as of the end of such prior calendar year and based on such annual financial statements, and (B) certifying that such annual financial statements are true, correct, accurate and complete and fairly present the financial condition and results of the operations of such person; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, that notwithstanding anything in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.3(a)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> to the contrary, the filing of Guarantor&#8217;s periodic reports on Form 10-Q and Form 10-K, as applicable, with the Securities and Exchange Commission, along with a certificate of the chief financial officer of Guarantor certifying as to Guarantor&#8217;s Net Worth as of the end of such prior calendar year shall be deemed to satisfy this obligations of Guarantor under this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.3(a)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Guarantor shall deliver to Lender</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">within 45 days after the end of each fiscal quarter of Guarantor (other than the fourth fiscal quarter), financial statements (including a balance sheet as of the end of such fiscal quarter and a statement of income and expense for such fiscal quarter) certified by the chief financial officer of Guarantor and in form, content, level of detail and scope reasonably satisfactory to Lender, together with a certificate of the chief financial officer of Guarantor (A) setting forth in reasonable detail Guarantor&#8217;s Net Worth as of the end of such prior calendar quarter and based on the foregoing quarterly financial statements, and (B) certifying that such quarterly financial statements are true, correct, accurate and complete and fairly present the financial condition and results of the operations of Guarantor in a manner consistent with GAAP; </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, that notwithstanding anything in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.3(b)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> to the contrary, the filing of Guarantor&#8217;s periodic reports on Form 10-Q and Form 10-K, as applicable, with the Securities and Exchange Commission, along with a certificate of the chief financial officer of Guarantor certifying as to Guarantor&#8217;s Net Worth as of the end of such prior calendar year shall be deemed to satisfy this obligations of Guarantor under this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.3(b)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">; and </FONT></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Guarantor shall deliver to Lender 20 days after request by Lender, such other financial information with respect to such Guarantor as Lender may reasonably request; </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">provided</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">, that for so long as Guarantor is making filing regular period reports on Form 10-Q and </FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Form 10-K, as applicable, with the Securities and Exchange Commission, this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Section 5.4(c)</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"> shall not apply.</FONT></H3>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Defaults:</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; A breach by Guarantor of the terms of this Article 5 shall constitute a Default hereunder.</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 12pt; TEXT-DECORATION: none" face="times new roman bold">ARTICLE 6</FONT></B><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" face="Times New Roman"><BR>MISCELLANEOUS</FONT></U></B></H1>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Waiver</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right.&nbsp; The rights of Lender hereunder shall be in addition to all other rights provided by law.&nbsp; No modification or waiver of any provision of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. &nbsp;No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notices</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notice</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Any Notice shall be deemed to have been received: (a)&nbsp;three (3) days after the date such Notice is mailed, (b)&nbsp;on the date of sending by telefax if sent during business hours on a Business Day (otherwise on the next Business Day), (c)&nbsp;on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day), and (d)&nbsp;on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows:</FONT></P>

<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Lender:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP> Floor<BR>New York, New York&nbsp; 10005<BR>Attention:&nbsp; Robert W. Pettinato, Jr. <BR>Facsimile No.:&nbsp; (212) 797-4489</FONT></P>

<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Capital Corporation<BR>60 Wall Street, 10<SUP>th</SUP> Floor<BR>New York, New York&nbsp; 10005<BR>Attention: &nbsp;General Counsel<BR>Facsimile No.:&nbsp; (646) 736-5721 </FONT></P>

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<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sidley Austin LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>One South Dearborn<BR>Chicago, Illinois 60603<BR>Attention:&nbsp; Charles E. Schrank Esq.<BR>Facsimile No.:&nbsp; (312) 853-7036</FONT></P>

<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If to Guarantor:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander&#8217;s, Inc.<BR>210 Route 4 East<BR>Paramus, New Jersey 07652<BR>Attention: Chief Financial Officer<BR>Facsimile No.: (212) 894-7073</FONT></P>

<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust</FONT></P>

<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 0pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888 Seventh Avenue<BR>New York, New York 10019<BR>Attention: Corporation Counsel</FONT></P>

<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facsimile No.: (212) 894-7996</FONT></P>

<P style="TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sullivan &amp; Cromwell LLP<BR>125 Broad Street <BR>New York, New York&nbsp; 10004<BR>Attention:&nbsp; Arthur S. Adler, Esq.<BR>Facsimile No.:&nbsp; (212)&nbsp;291-9001</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any party may change the address to which any such Notice is to be delivered by furnishing ten (10) days&#8217; written notice of such change to the other parties in accordance with the provisions of this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Section 6.2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; Notices shall be deemed to have been given on the date set forth above, even if there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection or refusal to accept any Notice offered for delivery.&nbsp; Notice for any party may be given by its respective counsel.&nbsp; Additionally, Notice from Lender may also be given by Servicer.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><U>Governing Law; Jurisdiction; Service of Process</U>.&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA.&nbsp; TO THE FULLEST EXTENT PERMITTED BY LAW, GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH </FONT></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY AND/OR THE OTHER LOAN DOCUMENTS, AND THIS GUARANTY AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION&nbsp;5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING, AND GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.&nbsp; GUARANTOR DOES HEREBY AGREE DESIGNATE AND APPOINT:</FONT></B></P>

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<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">888 SEVENTH AVENUE, 44<SUP>TH</SUP> FLOOR</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NEW YORK, NEW YORK 10106</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ATTENTION:&nbsp; CORPORATION COUNSEL</FONT></B></P>

<H4 style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 2in"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">FACSIMILE NO.:&nbsp; (212) 894-7996</FONT></B></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND GUARANTOR AGREES THAT SERVICE OF PROCESS UPON&nbsp; SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.&nbsp; GUARANTOR&nbsp; (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS FOR ITS AUTHORIZED AGENT SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL BE THE SAME AGENT DESIGNATED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE A SUBSTITUTE AUTHORIZED AGENT IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK.&nbsp; NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST GUARANTOR IN ANY OTHER JURISDICTION.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Invalid Provisions</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Amendments</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; This Guaranty may be amended only by an instrument in writing executed by the party(ies) against whom such amendment is sought to be enforced.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Parties Bound; Assignment</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; This Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted assigns, heirs and legal representatives.&nbsp; Lender shall have the right to assign or transfer its rights under this Guaranty in connection with any assignment of the Loan and the Loan Documents that is permitted under the Loan Documents.&nbsp; Any permitted assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this Guaranty.&nbsp; Guarantor shall not have the right to assign or transfer its rights or obligations under this Guaranty without the prior written consent of Lender, and any attempted assignment without such consent shall be null and void.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Headings</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Recitals</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">prima facie </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">evidence of the facts and documents referred to therein.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Counterparts</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required.&nbsp; It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.&nbsp; All counterparts shall collectively constitute a single instrument.&nbsp; It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.&nbsp; Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Rights and Remedies</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor.&nbsp; The exercise by Lender of any right or remedy hereunder or under any other</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Entirety</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR&#8217;S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF.&nbsp; THIS GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY.&nbsp; THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER.</FONT></B></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Section 6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Waiver of Right To Trial By Jury</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp; GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE MORTGAGE, THE LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.&nbsp; THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.&nbsp; LENDER AND GUARANTOR ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY LENDER AND GUARANTOR, RESPECTIVELY.</FONT></B></H2>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section&nbsp; 6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Intentionally Omitted</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"><STRONG>Section 6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG><U>Reinstatement in Certain Circumstances</U></STRONG>.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;If at any time any payment of the principal of or interest under the Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, Guarantor&#8217;s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Gender; Number; General Definitions</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, (a)&nbsp;words used in this Guaranty may be used interchangeably in the singular or plural form, (b)&nbsp;any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, (c)&nbsp;the word</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean &#8220;each Borrower and any subsequent owner or owners of the Property or any part thereof or interest therein&#8221;, (d)&nbsp;the word &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lender</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean &#8220;Lender and any subsequent holder of the Note&#8221;, (e)&nbsp;the word &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean &#8220;the Note and any other evidence of indebtedness secured by the Loan Agreement&#8221;, (f)&nbsp;the word &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Property</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall include any portion of the Property and any interest therein, and (g)&nbsp;the phrases &#8220;attorneys&#8217; fees&#8221;, &#8220;legal fees&#8221; and &#8220;counsel fees&#8221; shall include any and all attorneys&#8217;, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by Lender in protecting its interest in the Property, the Leases and/or the Rents and/or in enforcing its rights hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 6.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Limitation of Liability</FONT></U></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">.&nbsp;&nbsp;&nbsp; By accepting this Guaranty, Lender hereby waives and releases all liability, and no liability shall be enforceable, against the separate constituent owners of Guarantor or the assets of such constituent owners in respect of Guarantor&#8217;s obligations under this Guaranty.&nbsp; The foregoing waiver and release are part of the consideration for the execution and delivery of this Guaranty.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first above written.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 3.5in"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">GUARANTOR</FONT></B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">:&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 3.5in"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">ALEXANDER&#8217;S INC., a Delaware corporation</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 3.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">731 Lexington- Guaranty of Recourse Obligations</FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG>EXHIBIT 10.6</STRONG></FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ENVIRONMENTAL INDEMNITY AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ENVIRONMENTAL INDEMNITY AGREEMENT </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(this &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) is made as of the 28th&nbsp;day of February, 2014 by </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company, having its principal place of business at c/o Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Borrower</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; or &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indemnitor</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), in favor of </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GERMAN AMERICAN CAPITAL CORPORATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland corporation, having an address at 60 Wall Street, 10<SUP>th</SUP>&nbsp;Floor, New York, New York 10005 (collectively, together with its successors and assigns, &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indemnitee</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and the other Indemnified Parties (defined below).</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RECITALS</FONT></B></P>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnitee is prepared to make a loan (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Loan</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) to Borrower in the principal amount of $300,000,000.00 pursuant to a Loan Agreement of even date herewith between Borrower and Indemnitee (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Loan Agreement</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;), and a certain Amended and Restated Mortgage, Assignment of Leases and Rents and Security Agreement of even date herewith from Borrower for the benefit of Indemnitee (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Mortgage</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;), encumbering certain real property (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Property</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;) more particularly described therein.&nbsp; Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnitor acknowledges receipt and approval of copies of the Loan Documents.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnitee is unwilling to make the Loan unless Indemnitor agrees to provide the indemnification, representations, warranties, covenants and other matters described in this Agreement for the benefit of the Indemnified Parties.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnitor is entering into this Agreement to induce Indemnitee to make the Loan.</FONT></H1>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor hereby represents, warrants, covenants and agrees for the benefit of the Indemnified Parties as follows:</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 30pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Environmental Representations and Warranties</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Except as otherwise disclosed by that/those report(s) listed on </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Schedule&nbsp;I&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> attached hereto and made a part hereof in respect of the Property delivered to Indemnitee (referred to below as the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Environmental Report(s)</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;), a copy of which has been provided to Indemnitee, to Indemnitor&#8217;s knowledge, (a)&nbsp;there are no Hazardous Substances (defined below) or underground storage tanks in, on or under the Property, except those that are (i)&nbsp;in compliance with all Environmental Laws (defined below) and with any required permits issued pursuant thereto or (ii)&nbsp;fully disclosed to Indemnitee in writing pursuant to the Environmental Report(s) to the extent known; (b)&nbsp;there are no past, present or threatened Releases (defined below) of Hazardous Substances in, on, under or from the Property which are in violation of Environmental Law and have not been remediated as required by Environmental Law; (c)&nbsp;there is no known threat of any Release of Hazardous</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Substances migrating to the Property; (d)&nbsp;there is no past or present material non-compliance with Environmental Laws, or with permits issued pursuant thereto, in connection with the Property which has not been remediated as required by Environmental Law; (e)&nbsp;Indemnitor does not know of, and has not received, any written notice from any Person (including, but not limited to, any Governmental Authority) relating to (i)&nbsp;Hazardous Substances or Remediation (defined below) thereof, (ii)&nbsp;the possible liability of any Person pursuant to any Environmental Law in connection with the Property, (iii)&nbsp;any other environmental conditions in connection with the Property or (iv)&nbsp;any actual or potential administrative or judicial proceedings in connection with any of the foregoing; (f)&nbsp;no unlawful Toxic Mold (as defined below) is present in the indoor air of the Property at concentrations exceeding ambient air levels and no visible Toxic Mold is present on any building materials or surfaces at the Property for which the NYC Guidelines (as defined below) recommends or requires removal thereof by remediation professionals, and Indemnitor is not aware of any conditions at the Property that are likely to result in the presence of Toxic Mold in the indoor air at concentrations that materially exceed ambient air levels or on building materials or surfaces that would require such removal; and (g)&nbsp;Indemnitor has truthfully and fully provided to Indemnitee, in writing, any and all information relating to environmental conditions in, on, under or from the Property that is known to Indemnitor and that is contained in the files and records of Indemnitor, including, but not limited, to any reports relating to Hazardous Substances in, on, under or from the Property and/or to the environmental condition of the Property.&nbsp; </FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 30pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Environmental Covenants</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Indemnitor covenants and agrees that:&nbsp; (a)&nbsp;all uses and operations on or of the Property by Indemnitor shall be in compliance with all Environmental Laws and permits issued pursuant thereto, and Indemnitor shall use its commercially reasonable efforts to cause all other Persons to comply in their uses and operations at the Property with all Environmental Laws; (b)&nbsp;it shall not cause or permit any unlawful Releases of Hazardous Substances in, on, under or from the Property; (c)&nbsp;except as set forth in the Environmental Report, it shall not use or permit the use of and shall cause the Property to be free of Hazardous Substances (whether in, on or under the Property), except those that are (i)&nbsp;in compliance with all Environmental Laws and with any required permits issued pursuant thereto or (ii)&nbsp;in non&#8209;reportable or negligible amounts used in the ordinary course of business and in compliance with all Environmental Laws; (d)&nbsp;subject to Borrower&#8217;s right to contest same in accordance with this Agreement, Indemnitor shall keep the Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act or omission of Indemnitor or any other Person (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Environmental Liens</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;); (e)&nbsp;Indemnitor shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Paragraph 3</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> of this Agreement, including, but not limited to, providing all relevant information and making knowledgeable Persons available for interviews; (f)&nbsp;Indemnitor shall, at its sole cost and expense, perform any environmental site assessment or other investigation of environmental conditions with respect to the Property, pursuant to any reasonable written request of Indemnitee based upon Indemnitee&#8217;s reasonable belief that the Property is not in compliance with Environmental Laws in any material respect or that a material environmental hazard exists with respect to the Property (which shall, where appropriate, include, but not be limited to, related sampling, testing and analysis of soil, water, air, building materials and other materials and substances whether solid, liquid or gas), and share with Indemnitee the reports and other results thereof, and Indemnitee and the other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (g)&nbsp;Indemnitor shall, at its sole cost and expense, comply with all</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">reasonable written requests of Indemnitee to (i)&nbsp;effectuate Remediation of any condition as required by Environmental Laws (including, but not limited to, a Release of a Hazardous Substance) in, on, under or from the Property; and/or (ii)&nbsp;subject to Borrower&#8217;s right to contest same in accordance with this Agreement, comply with any Environmental Law (including any directive from any Governmental Authority); (h)&nbsp;Indemnitor shall use commercially reasonable efforts to cause any tenant or other user of the Property to comply with Environmental Laws; (i)&nbsp;if at any time hereafter, it is determined that the Property contains paint containing more than 0.5% lead by dry weight (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lead Based Paint</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), Borrower shall at its sole cost and expense and within twenty (20)&nbsp;days thereafter have prepared an assessment report describing the location and condition of the Lead Based Paint (a &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Lead Based Paint Report</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) prepared by an expert, and in form, scope and substance, acceptable to Indemnitee; (j)&nbsp;if prior to the date hereof, it was determined that the Property contains asbestos or asbestos-containing material (&#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Asbestos</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), Borrower shall have prepared an assessment report describing the location and condition of the Asbestos (an &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Asbestos Report</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), (k)&nbsp;if it has been, or if at any time hereafter it is, determined that the Property contains Lead Based Paint or Asbestos, on or before thirty (30)&nbsp;days following (i)&nbsp;the date hereof, if such determination was made prior to the date hereof, or (ii)&nbsp;the date of such determination, if such determination is hereafter made, as applicable, Indemnitor shall, at its sole cost and expense, develop and implement, and thereafter diligently and continuously carry out (or cause to be developed and implemented and thereafter diligently and continually to be carried out), an operations, abatement and maintenance plan for the Lead Based Paint and/or Asbestos, as applicable, on the Property, which plan shall be prepared by an expert, and be in form, scope and substance, acceptable to Indemnitee (together with any Lead Based Paint Report and/or Asbestos Report, as applicable, the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">O&amp;M Plan</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and if an O&amp;M Plan has been prepared prior to the date hereof, Indemnitor agrees to diligently and continually carry out (or cause to be carried out) the provisions thereof, it being understood and agreed that compliance with the O&amp;M Plan shall require or be deemed to require, without limitation, the proper preparation and maintenance of all records, papers and forms required under the Environmental Laws; (l)&nbsp;in the event that any inspection or audit reveals the presence of Toxic Mold in the indoor air of the Property at concentrations materially exceeding ambient air levels or visible Toxic Mold on any building materials or surfaces at the Property for which the NYC Guidelines recommends or requires removal thereof by remediation professionals, Indemnitor shall immediately remediate the Toxic Mold and perform post-remedial clearance sampling in accordance with the &#8220;Guidelines on Assessment and Remediation of Fungi in Indoor Environments&#8221; prepared by the New York City Department of Health (the &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NYC Guidelines</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), following which abatement of the Toxic Mold, Indemnitor shall prepare and implement an Operations and Maintenance Plan for Toxic Mold and Moisture acceptable to Indemnitee and in accordance with the guidelines issued by the National Multi Housing Council; and (m)&nbsp;Indemnitor shall immediately notify Indemnitee in writing of (A)&nbsp;any unpermitted presence or Release or threatened Release of Hazardous Substances in, on, under, from or migrating towards the Property; (B)&nbsp;any noncompliance with any Environmental Laws related to the Property; (C)&nbsp;any actual or threatened Environmental Lien; (D)&nbsp;any required or proposed Remediation of environmental conditions relating to the Property; and/or (E)&nbsp;any written or oral notice or other communication of which Indemnitor becomes aware from any source whatsoever (including, but not limited to, any Governmental Authority) relating to Hazardous Substances in, on or under the Property or the Remediation thereof.&nbsp; Notwithstanding the foregoing, to the extent that any breach of Indemnitor&#8217;s covenants contained in this </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> or </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of this Agreement arises</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">due to the action or inaction of any Tenant (that is not an Affiliate of Indemnitor), Indemnitor shall be deemed not to have breached such covenants </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> that Indemnitor promptly takes all commercially reasonable actions necessary to effectuate remediation of such breach.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnified Rights/Cooperation and Access</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; In the event the Indemnified Parties have a reasonable belief that Hazardous Substances exist on the Property that do not, in the reasonable discretion of the Indemnified Parties, (a)&nbsp;endanger any tenants or other occupants of the Property or their guests or the general public, or (b)&nbsp;materially and adversely affect the value of the Property, upon reasonable notice from Indemnitee containing a description of the Hazardous Substances, Indemnitor shall, at Indemnitor&#8217;s sole cost and expense, promptly cause an engineer or consultant selected by Indemnitor and reasonably satisfactory to the Indemnified Parties to conduct any environmental assessment or audit of the Hazardous Substances (the scope of which shall be determined in the reasonable discretion of the Indemnified Parties) and take any samples of soil, groundwater or other water, air or building materials or other invasive testing that is, in each case, reasonably requested by Indemnitee and related to the Hazardous Substances, and promptly deliver to Indemnitee the results of any such assessment, audit, sampling or other testing; </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided, however</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, if such results are not delivered to Indemnitee within a reasonable period or if the Indemnified Parties has a reasonable belief that Hazardous Substances exist on the Property that, in the reasonable judgment of the Indemnified Parties, endanger any tenant or other occupant of the Property or their guests or the general public or may imminently materially and adversely affect the value of the Property, upon reasonable written notice to Indemnitor, the Indemnified Parties and any other Person designated by the Indemnified Parties, including, but not limited to, any receiver and/or any environmental consultant, shall have the right, but not the obligation, to enter upon the Property following written notice at all reasonable times (subject to the rights of Tenants under their Leases and in a manner that does not unreasonably interfere with the use or operation of the Property) to assess any and all aspects of the environmental condition of the Property and its use, including, but not limited to, conducting any environmental assessment or audit of the condition (the scope of which shall be determined in the reasonable discretion of the Indemnified Parties) and taking samples of soil, groundwater or other water, air or building materials related to the condition and reasonably conducting other invasive testing related to the condition.&nbsp; Indemnitor shall cooperate with and provide the Indemnified Parties and any such Person designated by the Indemnified Parties with access to the Property.&nbsp; Notwithstanding the foregoing, no entry shall be made by the Indemnified Parties or any Person designated by the Indemnified Parties so long as Indemnitor conducts appropriate environmental assessments of the Property and promptly and diligently takes such further action as is reasonably required to cure or mitigate any Release of any Hazardous Substances.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnification</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Indemnitor covenants and agrees, at its sole cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties harmless from and against any and all Losses (defined below) imposed upon, or incurred by, or asserted against, any Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following:&nbsp; (a)&nbsp;any unlawful or unpermitted presence of any Hazardous Substances in, on, above or under the Property; (b)&nbsp;any past, present or threatened Release of Hazardous Substances in, on, above, under or from the Property; (c)&nbsp;any activity by any of Indemnitor, any Person affiliated with Indemnitor and/or any tenant or other user of the Property (other than the Indemnified Parties) in connection with any actual, proposed or threatened use, treatment,</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">storage, holding, existence, disposition or other Release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from the Property of any Hazardous Substances at any time located in, under, on or above the Property; (d)&nbsp;any activity by any of Indemnitor, any Person affiliated with Indemnitor and/or any tenant or other user of the Property (other than the Indemnified Parties) in connection with any actual or required Remediation of any Hazardous Substances at any time located in, under, on or above the Property, including, but not limited to, any removal, remedial or corrective action; (e)&nbsp;any past, present or threatened non-compliance or violation of any Environmental Law (or of any permit issued pursuant to any Environmental Law) in connection with the Property or operations thereon, including, but not limited to, any failure by Indemnitor, any Person affiliated with Indemnitor and/or any tenant or other user of the Property (other than the Indemnified Parties) to comply with any order of any Governmental Authority in connection with any Environmental Laws; (f)&nbsp;the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering the Property; (g)&nbsp;any administrative processes or proceedings or judicial proceedings connected with any matter addressed in this Agreement; (h)&nbsp;any past, present or threatened injury to, destruction of or loss of natural resources in any way connected with the Property, including, but not limited to, costs to investigate and assess such injury, destruction or loss; (i)&nbsp;any acts of Indemnitor, any Person affiliated with Indemnitor and/or any tenant or other user of the Property in arranging for the disposal or treatment, or arranging with a transporter for transport for the disposal or treatment, of Hazardous Substances at any facility or incineration vessel containing such or similar Hazardous Substances; (j)&nbsp;any acts of Indemnitor, any Person affiliated with Indemnitor and/or any tenant or other user of the Property in accepting any Hazardous Substances for transport to disposal or treatment facilities, incineration vessels or sites from which there is a Release or a threatened Release of any Hazardous Substance which causes the incurrence of costs for Remediation; (k)&nbsp;any personal injury, wrongful death or property or other damage arising as a result of any of the foregoing; and (l)&nbsp;any misrepresentation or inaccuracy in any representation or warranty or material breach or failure to perform any covenants or other obligations pursuant to this Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notwithstanding any other provision of this Agreement or any of the other Loan Documents, in no event shall Indemnitor be required to indemnify any Indemnified Party for (i)&nbsp;such Indemnified Party&#8217;s or any other Indemnified Party&#8217;s gross negligence or willful misconduct or (ii)&nbsp;the presence of Hazardous Materials on, in, under, about or from any Property which are Released during the time that any Indemnified Party or their respective successors or assigns (including a purchaser at a foreclosure sale), or their respective agents, takes possession of the Property (by foreclosure of the Mortgage or deed-in-lieu thereof). In addition, in no event shall Indemnitor have any liability hereunder (A) with respect to any specific acts taken by any receiver, conservator, trustee, or liquidator that is appointed by or on behalf of any Indemnified Party and is not caused by any Affiliate of Indemnitor; or (B) for the presence of Hazardous Materials on, in, under, about or from any Property which are Released after the date of a Transfer and Assumption, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided that</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, in connection with such Transfer and Assumption, a Replacement Guarantor provides a replacement environmental indemnity with respect to Releases occurring after the date of such Transfer and Assumption, in accordance with the Loan Agreement. </FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Right to Contest</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H2>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">After prior written notice to Indemnitee, Indemnitor may, at its sole cost and expense, contest any Environmental Liens or Environmental Laws, or perform any Remediation, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">that all of the following conditions are continuously satisfied at all times during the course of any such contest or Remediation:</FONT></P>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">no Event of Default (other than as related to the Hazardous Substances involved in such contest or Remediation) exists and is continuing under any of the Loan Documents;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">such proceeding shall be permitted under and be conducted in accordance with all&nbsp;applicable statutes, laws and ordinances;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">neither the Property nor any part thereof or interest therein will be in reasonable danger of&nbsp;being sold, forfeited, terminated, canceled or lost;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(iv)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnitee (and Indemnitee&#8217;s agents, officers, directors, servants, employees, contractors&nbsp;and shareholders) shall not be subject to any criminal or other penalties, fines, costs or&nbsp;expenses, by reason of such contest or Remediation or any delays in connection therewith,&nbsp;for which they are not indemnified by Indemnitor;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(v)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">only if collateral is not required to be posted in connection with such proceeding, in the&nbsp;case of Liens in excess of the Contest Threshold (as defined in the Loan Agreement), to&nbsp;insure the payment of such Environmental Liens during the term of such contest, Borrower&nbsp;shall deliver to Lender either (A)&nbsp;cash, cash equivalents, a Letter of Credit, a guaranty from&nbsp;a Qualified Guarantor or other security as may be reasonably approved by Lender, in an&nbsp;amount equal to one hundred ten percent (110%) of the contested amount over the Contest&nbsp;Threshold or (B)&nbsp;a payment and performance bond in an amount equal to one hundred&nbsp;percent (100%) of the contested amount over the Contest Threshold from a surety acceptable to Lender in its reasonable discretion;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(vi)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">such contest shall not be reasonably likely to result in a Material Adverse Effect; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(vii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">a contest shall be diligently prosecuted until a final judgment is obtained or final settlement&nbsp;or release is affected.</FONT></H4>

<H3 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">After ten (10)&nbsp;Business Days&#8217; notice to Borrower, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is established by the Governmental Authority authorized to make such determination or the Property (or any part thereof or interest therein) shall be in immediate danger of being sold, forfeited, terminated, cancelled or lost or there shall be any immediate danger of the Lien of the Mortgage being primed by any related Environmental Lien.</FONT></H3>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Unless a contest has been instituted as permitted hereunder with respect to any Remediation, Indemnitor shall commence the Remediation in accordance with Environmental Laws.&nbsp; In any event, except in the case of an emergency, at least fifteen (15)&nbsp;Business Days prior to commencement of such Remediation, Indemnitor shall submit to Indemnitee reasonably detailed plans for such Remediation complying with Environmental Laws.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If a contest has been instituted as permitted hereunder, Remediation shall be instituted promptly following an unsuccessful nonappealable completion of any contest and shall be diligently prosecuted until the Hazardous Substances involved in the contest are removed, relocated, encapsulated or disposed of as required by the Environmental Laws.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnitor shall notify Indemnitee within ten (10)&nbsp;days after commencement of such contest or Remediation and shall render to Indemnitee a written monthly report detailing the progress thereof including such information as Indemnitee shall reasonably request.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">So long as all of such conditions are continuously satisfied, Indemnitor may proceed with such contest; </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, Indemnitor shall not enter into any settlement agreement binding upon Indemnitee without its prior consent, which consent shall not be unreasonably withheld, conditioned or delayed.&nbsp; Any such settlement effected without Indemnitee&#8217;s prior consent shall not be binding on Indemnitee.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">6.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Duty to Defend and Attorneys&#8217; and Other Fees and Expenses</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Upon written request by any Indemnified Party, Indemnitor shall defend such Indemnified Party(ies) against any claim for which indemnification is required hereunder (if requested by any Indemnified Party, in the name of the Indemnified Party), by attorneys and other professionals reasonably approved by the Indemnified Parties.&nbsp; Indemnitor shall have the right to negotiate and enter into and/or consent to any settlement, subject to the prior approval of the Indemnified Party, which approval shall not be unreasonably withheld, conditioned or delayed, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided </FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">that such approval is not required in connection with any settlement which includes any unconditional release of the Indemnified Party involved in such action and all related actions for all liability for which such parties are seeking indemnification and there is no admission of wrongdoing on the part of the Indemnified Party.&nbsp; Notwithstanding the foregoing, any Indemnified Party may engage their own attorneys and other professionals to defend or assist them in the event any such Indemnified Party reasonably determines that the defense as conducted by Indemnitor is not proceeding or being conducted in a satisfactory manner, that there are any legal defenses available to it that are not being addressed or that a conflict of interest exists between any of the parties represented by Indemnitor&#8217; s counsel in such action or proceeding, and, at the option of Indemnified Party, their attorneys shall thereafter control the resolution of such claim or proceeding; </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, (x)&nbsp;that so long as no Event of Default exists and is continuing, Indemnified Party shall first provide Indemnitor with fifteen (15)&nbsp;Business Days&#8217; prior written notice of any determination pursuant to this </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Paragraph 6</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> (unless any Indemnified Party determines, in its sole discretion, that its interest may be adversely affected prior to the expiration of such notice period, in which case, Indemnified Party may take immediate action and send written notice to Indemnitor thereafter); and (y)&nbsp;Indemnified Party shall not enter into any settlement of such a proceeding without the consent of Indemnitor, which consent shall not be unreasonably withheld.&nbsp; Any Indemnified </FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Party shall have the right to negotiate and enter into and/or consent to any settlement, subject to the prior approval of Indemnitor, which approval shall not be unreasonably withheld, conditioned or delayed.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">7.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Definitions</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; As used in this Agreement, the following terms shall have the following meanings:</FONT></H2>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Environmental Laws</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, relating to liability for or costs of other actual or threatened danger to human health relating to Hazardous Substances or the environment.&nbsp; The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Environmental Law</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues:&nbsp; the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; those portions of the Occupational Safety and Health Act relating to Hazardous Substances; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the River and Harbors Appropriation Act.&nbsp; The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Environmental Law</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; also includes, but is not limited to, any present and future federal, state and local laws, statutes ordinances, rules, regulations and the like, as well as common law as it relates to Hazardous Substances:&nbsp; conditioning transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of the Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of the Property to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in property; imposing conditions or requirements in connection with permits or other authorization for lawful activity; relating to nuisance, trespass or other causes of action related to the Property; and relating to wrongful death, personal injury, or property or other damage in connection with any physical condition or use of the Property.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Hazardous Substances</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human health or the environment, including but not limited to petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives, mold, mycotoxins, microbial matter and air borne pathogens (naturally occurring or otherwise).&nbsp; Notwithstanding anything to the contrary contained herein, the term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Hazardous Substances</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily and customarily used or stored in similar properties, including, without limitation substances used for the purposes of cleaning, maintenance, or operations, substances typically used in construction, and typical products used in properties like the Property, and which are otherwise</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">8</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">in compliance with all Environmental Laws.&nbsp; Furthermore, the term &#8220;Hazardous Substances&#8221; will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily used in the construction, operation, maintenance and repair of similar buildings or customarily stocked and sold by tenants operating retail businesses of the types operated by the Tenants and which are otherwise in compliance with all Environmental Laws.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indemnified Parties</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means Indemnitee, any Person who is or will have been involved in the origination of the Loan, any Person who is or will have been involved with the servicing of the Loan, any Person in whose name the encumbrance created by the Mortgage is or will have been recorded, Persons who may hold or acquire or will have held a full or partial interest in the Loan (including custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including but not limited to any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan or the Property, whether during the term of the Loan or, subject to the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 4</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> hereof, as a part of or following a foreclosure of the Loan and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial portion of Indemnitee&#8217;s assets and business) (subject, however, to any provision in any Loan Document restricting ownership of interests in the Loan).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Legal Action</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means any claim, suit or proceeding, whether administrative or judicial in nature.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Losses</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means any losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including but not limited to strict liabilities), obligations, debts, fines, penalties, charges, costs of required Remediation, amounts paid in settlement, litigation costs, reasonable attorneys&#8217; fees and disbursements, engineers&#8217; fees, environmental consultants&#8217; fees, and investigation costs (including but not limited to costs for sampling, testing and analysis of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings, actions, claims, suits, judgments or awards.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Release</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; with respect to any Hazardous Substance means any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Remediation</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; includes, but is not limited to, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance (including, with respect to Toxic Mold, providing any moisture control systems at the Property); any action to comply with any Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment, audit, sampling and testing or laboratory or other analysis or evaluation relating to any Hazardous Substances or to anything referred to herein.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Toxic Mold</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; means fungi that reproduces through the release of spores or the splitting of cells or other means that may pose a risk to human health or the environment or negatively affect the value of the Property, including, but not limited to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial volatile organic compounds.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">8.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Unimpaired Liability</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The liability of Indemnitor under this Agreement shall in no way be limited or impaired by, and Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note, the Loan Agreement, the Mortgage or any other Loan Document to or with Indemnitee by Indemnitor or any Person who succeeds Indemnitor or any Person as owner of the Property.&nbsp; In addition, the liability of Indemnitor under this Agreement shall in no way be limited or impaired by (i)&nbsp;any extensions of time for performance required by the Note, the Loan Agreement, the Mortgage or any of the other Loan Documents, (ii)&nbsp;any sale or transfer of all or part of the Property other than to any Indemnitee or affiliate, (iii)&nbsp;except as provided herein, any exculpatory provision in the Note, the Loan Agreement, the Mortgage, or any of the other Loan Documents limiting Indemnitee&#8217;s recourse to the Property or to any other security for the Note, or limiting Indemnitee&#8217;s rights to a deficiency judgment against Indemnitor, (iv)&nbsp;the accuracy or inaccuracy of the representations and warranties made by Indemnitor under the Note, the Loan Agreement, the Mortgage or any of the other Loan Documents or herein, (v)&nbsp;the release of Indemnitor or any other Person from performance or observance of any of the agreements, covenants, terms or conditions contained in any of the other Loan Documents by operation of law, Indemnitee&#8217;s voluntary act, or otherwise, (vi)&nbsp;the release or substitution in whole or in part of any security for the Note, or (vii)&nbsp;Indemnitee&#8217;s failure to record the Mortgage or file any UCC financing statements (or Indemnitee&#8217;s improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Note; and, in any such case, whether with or without notice to Indemnitor and with or without consideration.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">9.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Enforcement</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The Indemnified Parties may enforce the obligations of Indemnitor without first resorting to or exhausting any security or collateral or without first having recourse to the Note, the Loan Agreement, the Mortgage or any other Loan Documents or any of the Property, through foreclosure proceedings or otherwise, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided, however</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that nothing herein shall inhibit or prevent Indemnitee from suing on the Note, foreclosing or exercising any power of sale under the Mortgage or exercising any other rights and remedies thereunder.&nbsp; This Agreement is not collateral or security for the Obligations of Borrower pursuant to the Loan Agreement, unless Indemnitee expressly elects in writing to make this Agreement additional collateral or security for such Obligations of Borrower pursuant to the Loan Agreement, which Indemnitee is entitled to do in its sole and absolute discretion.&nbsp; It is not necessary for an Event of Default to have occurred pursuant to and as defined in the Mortgage or the Loan Agreement for Indemnified Parties to exercise their rights pursuant to this Agreement.&nbsp; Notwithstanding any provision of the Loan Agreement to the contrary, the obligations of Indemnitor pursuant to this Agreement are exceptions to any non-recourse or exculpation provision of the Loan Agreement; and Indemnitor expressly acknowledges and agrees that it is fully and personally liable for such obligations, and such liability is not limited to the original or amortized principal balance of the Loan or the value of the Property.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">10.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Survival</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The obligations and liabilities of Indemnitor under this Agreement shall, unless expressly provided otherwise in this Agreement, fully survive any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of the Mortgage.&nbsp; Notwithstanding the foregoing, Indemnitor&#8217;s obligations and liabilities under this Agreement shall be deemed satisfied in full and fully discharged on the earlier of two (2)&nbsp;years following the date (a)&nbsp;on which Indemnitor delivers to Indemnitee a Phase I Environmental Report with respect to the Property, the form of which, and the consultant preparing such report who, have each been reasonably approved by Indemnitee, and (b)&nbsp;which is the earliest to occur of (1)&nbsp;the date of the repayment in full of the Debt and (2)&nbsp;the date on which Indemnitee (or its nominee or designee) or a purchaser at a foreclosure sale takes title to the Property, whether through a foreclosure sale, a deed in lieu thereof, or otherwise pursuant to an exercise of remedies under the Loan Documents; </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided, however</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that Indemnitor shall remain liable to the extent otherwise provided hereunder in respect of any Hazardous Substances located in or on the Property or violations of Environmental Law or required Remediation at the Property, as reflected in such Phase I Environmental Report; and </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">further</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, however, that the indemnification obligations of Indemnitor under this Agreement shall nonetheless survive as to any Legal Actions that are then pending or subject to further appeal as of the second anniversary of such repayment in full of the Debt or the taking of title (as applicable).</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">11.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Interest</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if not paid within ten (10)&nbsp;Business Days of such demand therefor, shall bear interest at the Default Rate.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">12.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Waivers</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Except as otherwise provided in the Loan Agreement, Indemnitor hereby waives and relinquishes (i)&nbsp;any right or claim of right to cause a marshaling of Indemnitor&#8217;s assets or to cause Indemnitee or any other Indemnified Party to proceed against any of the security for the Loan before proceeding under this Agreement against Indemnitor; (ii)&nbsp;all rights and remedies accorded by applicable law to indemnitors or guarantors generally, including any rights of subrogation which Indemnitor may have, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> that the indemnity provided for hereunder shall neither be contingent upon the existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights, including, without limitation, any claim that such subrogation rights were abrogated by any acts of Indemnitee or any other Indemnified Party; (iii)&nbsp;the right to assert a counterclaim, except when such counterclaim is against a third party, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by Indemnitee or any other Indemnified Party; (iv)&nbsp;notice of acceptance hereof and of any action taken or omitted in reliance hereon; (v)&nbsp;presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe, or other proof, or notice or demand; and (vi)&nbsp;all homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose.&nbsp; Notwithstanding anything to the contrary contained herein, Indemnitor hereby agrees to postpone the exercise of any rights of subrogation with respect to any collateral securing the Obligations until the Debt shall have been paid in full or its obligations under this Agreement have earlier terminated.</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">INDEMNITOR, INDEMNITEE AND EACH INDEMNIFIED PARTY EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE NOTE, THE MORTGAGE, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF ANY PARTY OR PARTIES IN CONNECTION THEREWITH.&nbsp; THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY INDEMNITOR, INDEMNITEE AND EACH INDEMNIFIED PARTY AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.&nbsp; THE INDEMNIFIED PARTIES ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY INDEMNITOR.</FONT></B></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">13.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Subrogation</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Indemnitor hereby agrees that it shall take any and all reasonable actions, including the institution of legal action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible for the presence of any Hazardous Substances at, in, on, under or near the Property or otherwise obligated by law to bear the cost.&nbsp; The Indemnified Parties shall be and hereby are subrogated to all of Indemnitor&#8217;s rights now or hereafter in such claims.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">14.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Indemnitors&#8217; Representations and Warranties.&nbsp; Indemnitor represents and warrants that:</FONT></U></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">it has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution, delivery and performance of this Agreement by such Indemnitor has been duly and validly authorized; and all requisite action has been taken by such Indemnitor to make this Agreement valid and binding upon such Indemnitor, enforceable in accordance with its terms;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">its execution of, and compliance with, this Agreement will not result in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement or other governing instrument of such Indemnitor or result in the breach of any term or provision of, or conflict with or constitute a material default under, or result in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which such Indemnitor or the Property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which such Indemnitor or the Property is subject;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">to the best of such Indemnitor&#8217;s knowledge, there is no action, suit, proceeding or investigation pending or threatened against it which, either in any one instance or in the aggregate, which would be likely to impair materially the ability of such Indemnitor to perform under the terms of this Agreement;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">it does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement;</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">to the best of such Indemnitor&#8217;s knowledge, no approval, authorization, order, license or consent of, or registration or filing with, any Governmental Authority or other Person, and no approval, authorization or consent of any other Person, is required in connection with this Agreement; and</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">this Agreement constitutes a valid, legal and binding obligation of such Indemnitor, enforceable against it in accordance with the terms hereof, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors&#8217; rights and to general equity principles.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">15.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">No Waiver</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate as a waiver of any such privilege, power or right.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">16.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Notice of Legal Actions</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Each party hereto shall, within five (5)&nbsp;business days of receipt thereof, give written notice to the other party hereto of (i)&nbsp;any notice, advice or other communication from any Governmental Authority or any source whatsoever with respect to Hazardous Substances on, from or affecting the Property, and (ii)&nbsp;any legal action brought against such party or related to the Property, with respect to which Indemnitor may have liability under this Agreement.&nbsp; Such notice shall comply with the provisions of </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Paragraph 17</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"> hereof.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">17.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Notices</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All notices or other written communications hereunder shall be made in accordance with Section&nbsp;10.6 of the Loan Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">18.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Duplicate Originals; Counterparts</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Agreement may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original.&nbsp; This Agreement may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement.&nbsp; The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">19.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">No Oral Change</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, but only by an agreement in writing signed by the party or parties against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">20.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Headings, Etc.</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp; The headings and captions of various paragraphs of this Agreement are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">21.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Number and Gender/Successors and Assigns</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the Person or Persons referred to may require.&nbsp; Without limiting the effect of specific references in any provision of this Agreement, the term &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Indemnitor</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221; shall be deemed to refer to each and every Person comprising an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors, administrators, legal representatives, successors and permitted assigns of Indemnitor, all of whom shall be bound by the provisions of this Agreement.&nbsp; Each reference herein to Indemnitee shall be deemed to include its successors</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and permitted assigns.&nbsp; This Agreement shall inure to the benefit of the Indemnified Parties and their respective successors, permitted assigns, heirs and legal representatives forever.&nbsp; The Indemnified Parties shall have the right to assign or transfer their rights under this Agreement in connection with any assignment of the Loan and the Loan Documents in accordance with the terms of the Loan Documents.&nbsp; Any permitted assignee or transferee of Indemnitee (and the other Indemnified Parties) shall be entitled to all the benefits afforded to Indemnitee (and the other Indemnified Parties) under this Agreement.&nbsp; Except as otherwise provided in the Loan Agreement, no Indemnitor shall have the right to assign or transfer its rights or obligations under this Agreement without the prior written consent of Indemnitee and any attempted assignment without such consent shall be null and void.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">22.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Release of Liability</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; Any one or more parties liable upon or in respect of this Agreement may be released without affecting the liability of any party not so released.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">23.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Rights Cumulative</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee has under the Note, the Mortgage, the Loan Agreement or the other Loan Documents or would otherwise have at law or in equity.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">24.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Inapplicable Provisions</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">25.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Governing Law; Jurisdiction; Service of Process</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H2>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE SECURED HEREBY WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA.&nbsp; TO THE FULLEST EXTENT PERMITTED BY LAW, INDEMNITOR AND INDEMNITEE EACH HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND INDEMNITOR AND INDEMNITEE EACH WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND INDEMNITOR AND INDEMNITEE EACH HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING AND INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.&nbsp; INDEMNITOR DOES HEREBY AGREE DESIGNATE AND APPOINT:</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">VORNADO REALTY TRUST</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">888 SEVENTH AVENUE, 44<SUP>TH</SUP> FLOOR</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NEW YORK, NEW YORK 10106</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 2in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ATTENTION:&nbsp; CORPORATION COUNSEL</FONT></B></P>

<H4 style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 2in" align=left><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">FACSIMILE NO.:&nbsp; (212) 894-7996</FONT></B></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND INDEMNITOR AGREES THAT SERVICE OF PROCESS UPON&nbsp; SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.&nbsp; INDEMNITOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.&nbsp; NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST INDEMNITOR IN ANY OTHER JURISDICTION.</FONT></B></H4>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">26.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Miscellaneous</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Wherever pursuant to this Agreement (i)&nbsp;Indemnitee (or any other Indemnified Party) exercises any right given to it to approve or disapprove any matter, (ii)&nbsp;any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or (iii)&nbsp;any other decision or determination is to be made by Indemnitee (or any other Indemnified Party), then, except as expressly provided otherwise in this Agreement, the decision of Indemnitee (or such other Indemnified Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory or not satisfactory to Indemnitee (or such other Indemnified Party) and all other decisions and determinations made by Indemnitee (or such other Indemnified Party), shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party) and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Wherever pursuant to this Agreement it is provided that Indemnitor pay any costs and expenses, such costs and expenses shall mean the reasonable, out-of-pocket, third party costs and expenses actually incurred by Indemnitee (including, but not limited to, reasonable external legal fees and disbursements).</FONT></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">27.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Joint and Several Liability</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; If more than one Person has executed this Agreement as &#8220;</FONT><B><I><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman">Indemnitor</FONT></I></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&#8221;, the representations, covenants, warranties and obligations of all such Persons hereunder shall be joint and several.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">28.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Recitals</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The recitals hereof are a part hereof, form a basis for this Agreement and shall be considered </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">prima facie </FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">evidence of the facts and documents referred to therein.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" color=#010000 face="Times New Roman">29.</FONT><FONT style="FONT-SIZE: 7pt" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Exculpation</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; The provisions of Section&nbsp;10.1 of the Loan Agreement regarding exculpation are hereby incorporated by reference with the full force and effect as though such provisions were fully set forth herein.</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF.&nbsp; this Agreement has been executed by Indemnitor and is effective as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">INDEMNITOR:<BR></FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR></FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;731 OFFICE ONE HOLDING LLC, a Delaware limited&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liability company, its sole member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0pt 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s, Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware corporation, its sole member</FONT></P>

<P style="MARGIN: 0in 0in 0pt 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">731 Lexington &#8211; Environmental Indemnity Agreement</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SCHEDULE I</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0.5in"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LIST OF ENVIRONMENTAL REPORTS</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phase I Environmental Site Assessment by IVI Assessment Services, Inc., dated as of February 10, 2014,&nbsp; Project No. PC40108256</FONT></P>

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<TYPE>EX-10
<SEQUENCE>8
<FILENAME>exhibit107.htm
<DESCRIPTION>EXHIBIT 10.7
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG>EXHIBIT 10.7</STRONG></FONT></P></DIV>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="times new roman">TERMINATION AGREEMENT</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By this Termination Agreement, dated as of February 28, 2014 (this &#8220;Agreement&#8221;), each of the parties hereto hereby agree that 731 Office One LLC, a Delaware limited liability company (&#8220;Office Owner&#8221;) will be removed as a party to that certain 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and among Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC, as the same was amended by that certain Letter Agreement Relating to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of July 6, 2005, by and among 731 Commercial LLC, 731 Retail One LLC and Vornado Realty L.P. and that certain Amendment to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of January 1, 2007, by and among 731 Retail One LLC, 731 Restaurant LLC, Office Owner, 731 Office Two LLC and Vornado Realty L.P. (as so amended, the &#8220;Retention Agreement&#8221;) and that the Retention Agreement shall be deemed terminated solely with respect to Office Owner and Office Owner shall have no further obligations under the Retention Agreement, provided that Office Owner and Alexander&#8217;s Management LLC, a New York limited liability company (&#8220;ALX Management&#8221;), enter into the Real Estate Retention Agreement attached hereto as </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit A</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> and ALX Management and Vornado Realty L.P. enter into the Real Estate Sub-Retention Agreement attached hereto as </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit B</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">This Agreement may be executed in original counterparts.&nbsp; This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">[Signature Page Follows]</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a&nbsp;Delaware limited<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability company, its sole&nbsp;member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sole member</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary </FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S MANAGEMENT LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a New York limited liability company</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware corporation, its&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sole member</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary </FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">VORNADO REALTY L.P.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited partnership</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Vornado Realty Trust</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Maryland real estate&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investment trust, its general partner</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 4in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan Rice<BR>Title: Senior Vice President</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -3in; MARGIN: 0in 0in 0in 3in" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[Signature Pages Continued on following page]</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE TWO LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE TWO HOLDING LLC, a&nbsp;Delaware limited&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability company, its sole&nbsp;member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By: </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sole member</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Alan Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary </FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 RESIDENTIAL LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 RESIDENTIAL HOLDING LLC, a&nbsp;Delaware limited&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability company, its sole&nbsp;member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sole member</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0in 4in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan Rice<BR>Title: Secretary </FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 COMMERCIAL LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 COMMERCIAL HOLDING LLC, a&nbsp;Delaware limited&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability company, its sole&nbsp;member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its<BR>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;sole member</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary </FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 RETAIL ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731&nbsp; COMMERCIAL LLC, a Delaware&nbsp;limited liability&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; company, its sole member</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 COMMERCIAL HOLDING&nbsp;LLC, a Delaware&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; limited&nbsp; liability&nbsp;company, its sole member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a&nbsp;Delaware<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corporation, its&nbsp;sole&nbsp;member</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;&nbsp;&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0in 4.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan Rice<BR>Title: Secretary </FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 RESTAURANT LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman Bold">EXHIBIT A</FONT></U></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman Bold">Real Estate Retention Agreement</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman Bold">A - 1</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="times new roman">&nbsp;REAL ESTATE</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN face="times new roman"><BR></FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="times new roman">RETENTION AGREEMENT</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By this Real Estate Retention Agreement, dated as of February 28, 2014 (this &#8220;Retention Agreement&#8221;), ALEXANDER&#8217;S MANAGEMENT LLC, a New York limited liability company having an office c/o&nbsp;Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;Agent&#8221;) agrees to act as special real estate consultant to 731 OFFICE ONE LLC, a Delaware limited liability company having an office c/o&nbsp;Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;Owner&#8221;), with respect to the leasing and disposition of Owner&#8217;s real property, as well as the sale of Owner&#8217;s right, title and interest in the fixtures and improvements thereat (which is disposed of with the real property), including, without limitation, the office condominium units more specifically described in the attached Schedule&nbsp;A (the &#8220;Asset(s)&#8221;), and the compensation Agent expects to receive.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Owner was party to that certain 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and among Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC, which is the predecessor owner of the Assets, as the same was amended by that certain Letter Agreement Relating to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of July 6, 2005, by and among 731 Commercial LLC, 731 Retail One LLC and Vornado Realty L.P. and that certain Amendment to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of January 1, 2007, by and among 731 Retail One LLC, 731 Restaurant LLC, Owner, 731 Office Two LLC and Vornado Realty L.P. (as so amended, the &#8220;Original Agreement&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, pursuant to that certain Termination Agreement, dated as of the date hereof, each of the parties to the Original Agreement agreed that the Original Agreement would be terminated with respect to Owner and that Owner would no longer have any obligations under the Original Agreement, provided that Owner and Agent enter into this Retention Agreement and Agent and Vornado Realty L.P. enter into that certain Sub-Retention Agreement being entered into concurrently herewith. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, the parties hereto hereby agree as follows:&nbsp; </FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN color=#010000 face="Times New Roman">I.</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">SUMMARY OF MARKETING SERVICES</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">Agent will provide those services that are reasonably necessary to market the Assets, as contemplated by this Retention Agreement.&nbsp; Such services may include, but are not necessarily limited to, those generally described below:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspecting the Assets to determine their physical condition.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creating a marketing program which may include newspapers, magazine or journal advertising, flyer solicitation and placement of signs, as appropriate.&nbsp; Preparing and disseminating all such marketing materials, all of which shall be approved by Owner and shall be at the sole cost and expense of Owner.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communicating with parties who have expressed an interest in the Assets and responding and providing information to, negotiating with, and soliciting offers from,</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">prospective purchasers, including landlords, and making recommendations to Owner as to the advisability of accepting particular offers and settlements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arranging for physical inspections of&nbsp; the Assets by prospective purchasers.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When requested, meeting periodically with Owner, their accountants and attorneys, in connection with the status of Owner&#8217;s efforts and recommending to Owner and its counsel the proper method of handling the particular problems encountered with respect to the disposition of the Assets.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If required, appearing in Court during the term of this retention, to testify or to consult with Owners in connection with the marketing or disposition of the Assets.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN color=#010000 face="Times New Roman">II.</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">BASIS OF RETENTION AND COMPENSATION</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">Agent will actively and diligently discharge its obligations under this Agreement.&nbsp; Agent shall be retained by Owner for the purpose of performing the services outlined above, upon the following terms and conditions:</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=windowtext face="Times New Roman">Exclusive Right</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman">:&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent shall have the sole and exclusive authority to offer each Asset for disposition and the &#8220;exclusive right to sell&#8221; and &#8220;exclusive right to lease&#8221; each Asset.&nbsp; All communications and inquiries regarding any Asset, whether directed to Owner (including but not limited to their officers, agents and employees), or Owners&#8217; counsel, accountants, or other professionals, shall be redirected to Agent.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Owner shall retain the complete discretion and authority to accept or reject any offer.&nbsp; Owner shall not have any liability whatsoever to Agent for exercising its discretion with respect to the acceptance or rejection of any offer.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Term</U>:&nbsp;&nbsp;&nbsp; The term of Agent's retention shall be from the date hereof and shall continue for one (1) year hereafter, and, thereafter, shall automatically renew on a year-to-year basis, terminable by either party at the end of each year on not less than sixty (60) days' prior notice.</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Fee</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agent's fee shall be computed and paid as follows:</P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When Owner disposes of an Asset, whether individually or as part of a package or as part of the disposition of Owner's business or a portion thereof, or as part of a plan of reorganization, by sale, assignment, lease, sublet or otherwise to a third party, or by assignment of a leasehold to the landlord or by termination of a leasehold for which Owner receives consideration (any of the foregoing, an "Asset Transaction"); or if in lieu of a disposition of the Assets, one or more third parties acquires control of Owner by merger, outright purchase, or otherwise in one or multiple transactions (any of the foregoing, an "In Lieu Asset Transaction"); then, (i) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, exceed $50,000,000, Owner shall pay an amount equal to one</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">percent (1%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, and (ii) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, are equal to or less than $50,000,000, Owner shall pay an amount equal to three (3%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, except in the event of a lease or sublease, in which event Owner shall pay an amount equal to:</FONT></H4>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; three (3%) percent of the total base rent Gross Proceeds payable during the first ten (10) years of the term, plus</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; two (2%) percent of the total base rent Gross Proceeds payable during the eleventh (11<SUP>th</SUP>) through the twentieth (20<SUP>th</SUP>) years of the term, plus</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one (1%) percent of the total base rent Gross Proceeds payable during the balance of the term, but in no event to exceed the thirtieth (30) year;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(In the event of a month-to-month tenancy, the fee shall be 50% of the first month's base rental,&nbsp; payable in four (4) equal monthly installments, but only for so long as such tenancy shall continue.&nbsp; Additional fees shall only become earned and payable (i) upon a tenant's exercise of Option(s) or Rights(s) of First Refusal, to Renew, Extend Lease or Occupy Additional Space or (ii) upon a month-to-month tenant entering into a new lease or sublease of an Asset.)</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agent's fee will be paid in full simultaneously with the closing, sale, assignment or other consummation of the transaction.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that Owner leases or subleases an Asset and the transferee, or any agent, officer, employee, or shareholder of the transferee, acquires fee-simple title to such property within five years, (i) if the Gross Proceeds from the acquisition exceed $50,000,000, Owner shall pay an amount equal to one percent (1%) of the Gross Proceeds from the acquisition, and (ii) if the Gross Proceeds from the acquisition are equal to or less than $50,000,000, Owner shall pay an amount equal to three (3%) of the Gross Proceeds from the acquisition payable in the same manner as described above; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that there shall be a credit against such subsequent fee in the amount of fees previously paid relating to that portion of the lease or sublease term which is cancelled by reason of such sale.&nbsp; In no event shall such credit exceed the amount of the latter fee</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Asset for which a fee is payable hereunder contains (i) an option(s) or right(s) of first refusal to renew or </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">extend</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, and a lease term(s) is renewed or extended whether strictly in accordance with the terms of such option(s) or right(s) or otherwise and/or (ii) an option(s) or right(s) of first refusal to expand, and a tenant occupies additional space whether strictly in accordance with the terms of such option(s) or right(s) or otherwise, with respect to space owned by, or leased to, the Owner, then Owner shall pay a leasing fee in accordance with the provisions of this agreement on the additional base rental to be paid, except that in the case of renewal or extension, the fee shall be calculated at the rate applicable hereunder as if such renewal or extension period were included in the initial term of the lease, and in the case of the tenant occupying additional space, the fee shall be calculated at the rate applicable hereunder as</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">if such expansion were a new lease.&nbsp; Such fee shall be earned and payable at the time the extended term commences or the additional space is occupied, as applicable.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a lease for which a fee is payable hereunder contains, as a primary component of the consideration to be paid by a tenant for the rent thereunder, a percentage rent clause, Owner shall pay a fee on the percentage rent payable by the tenant at the commission rate applicable to the period of the lease term for which the percentage rent is payable.&nbsp; Subject to paragraph II.C.1 of this Retention Agreement, the fee shall be payable within fifteen days after the tenant&#8217;s final payment and accounting of percentage rent for the preceding lease year.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any transaction whereby Owner leases or subleases an Asset, Agent shall have the right to receive all formal notifications required pursuant to the lease to the extent that any such notice may affect the rights of Agent hereunder or the timing or payment of any fees due hereunder.&nbsp; In furtherance of such rights, Owner shall insert within the terms of such lease or sublease a separate paragraph that states Agent&#8217;s right to notice, right to a fee as described in the above subparagraphs and Agent&#8217;s address and phone number shall be included in the &#8220;notice&#8221; provision of such lease or sublease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that a party other than Agent is a procuring broker who is entitled to a fee, in the event of a lease or sublease, the three-two-one (3-2-1) schedule set forth in paragraphs II.C.1(a)(i), (ii) and (iii) above shall be increased to four-three-two (4-3-2) and Agent shall pay the fee of the procuring broker.&nbsp; With respect to any sale, assignment or In Lieu Asset Transaction, the fees payable by Owner shall not be increased, and Agent shall pay any third party procuring broker's fee out of Agent&#8217;s fee payable pursuant to this Retention Agreement.&nbsp; For any given transaction, Owner shall be responsible for the payment of only one fee in the amounts set forth herein</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term &#8220;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">base&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> rent&#8221; means the base rent set forth in any lease and shall not include any additional </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">rent</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, whether for utilities, taxes or otherwise, and which is ordinarily not a component of base rent, which may be payable under such lease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without duplication of any amounts payable hereunder, Owner acknowledges and agrees that Agent shall entitled to collect any compensation that would have otherwise </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">been&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> due and payable to Vornado Realty L.P. under the Original Agreement with respect to the leases and </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">subleases&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> of the Assets in effect as of the date hereof.&nbsp; </FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">The term &#8220;Gross Proceeds&#8221; as used herein shall include the sum of:</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the total cash consideration transferred to or for the benefit of Owner; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the balance, if any, of any outstanding mortgage(s) to be transferred to or assumed by the transferee; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">any deferred payment obligation granted by Owner to the transferee; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the value of any waiver, relinquishment, transfer or assignment of any lien, and/or the value of any deposit, claim, or rights through which consideration is given whereby Owner shall receive compensation or a credit for payment; plus</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">in the case of an Acquisition Transaction, &#8220;Gross Proceeds&#8221; shall be the value of the consideration to be received by Owner, its creditors or its stockholders.</FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Except as provided in paragraph II.C.1.(b), the computation of Gross Proceeds as well as the computation of fees hereunder shall not be affected by the costs of advertising, Owners&#8217; legal fees, break-up fees, Agent&#8217;s expenses nor any closing costs and/or adjustments, including but not limited to adjustments and/or payments of whatever kind to landlords, lienholders, secured parties, mortgages or offerors.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Expenses and Disbursements</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">:&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent will not be responsible for any legal expenses incurred by Owner in connection with its retention of Agent, the disposition of the Assets and the preparation of legal motions and documents, including but not limited to the costs of preparing contracts and assignments as well as the costs of attending hearings and closing, among other things.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">All advertising, marketing, and other third party expenses shall be borne by Owner.&nbsp; Agent will prepare a marketing budget and, upon the retention of Agent and the approval of the budget by Owner, Owner agrees to pay all such costs and expenses to Agent immediately upon the proper presentation of invoices.&nbsp; Agent shall be under no obligation to incur such expenses until such time as Agent receives funds from Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">In the event Owner fails or is unable to pay the expenses as above described or such additional expenses as Owner may approve, and Agent shall have given Owner prior written notice of its intention to resign and the reason therefor and Owner shall not have cured such failure within fifteen (15) days after receipt of such notice by Owner, Agent shall have the right to so resign, individually, and pursue any claims that Agent might have.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN color=#010000 face="Times New Roman">E.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Survival</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">:&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">In the event Owner and any third party should enter into an agreement providing for the sale, assignment, lease or other disposition of an Asset, or providing for an Acquisition Transaction, before the expiration of this Retention Agreement, and the closing does not occur until after such expiration, then Agent shall be entitled to a fee in accordance with the terms of this Retention Agreement.&nbsp; If Owner, after the expiration of this Retention Agreement, arranges for the sale, assignment, lease or other disposition of an Asset, or arranges for an Acquisition Transaction of an Asset to a third party where Agent substantially contributed to the consummation of such sale, assignment, lease or other disposition of an Asset or Acquisition Transaction during the term of this Retention Agreement, or with whom Owner signed a letter of intent for such transaction during the term of this Retention Agreement and, in any such event, the contract signing or closing takes place within six (6) months after such expiration, then Agent shall be entitled to a fee in accordance with the terms of this Retention Agreement.&nbsp; Within thirty (30) days after the termination or expiration of this Retention Agreement, Agent will furnish Owner with a list of the parties with whom a transaction with respect to the Assets would, in</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent&#8217;s view, give rise to a claim for a fee by Agent under this paragraph.&nbsp; The receipt of such a list by Owner shall not be construed as consent by Owner to the names contained thereon.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent&#8217;s rights to fees from the future potential exercise by a tenant of option(s) or right(s) of first refusal, to renew, to extend the lease, and/or to occupy additional space, shall survive this Retention Agreement.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <U>Owner Responsibilities</U>:&nbsp;&nbsp; Owner shall inform Agent in writing immediately after Owner shall become aware, after the execution and delivery of this Retention Agreement, of any know or suspected risk of environmental hazard or contamination or of the receip by Owner of a citation for the violation of any federal, state or local environmental law or regulation. Owner shall have the continuing obligation to advise Agent in writing as soon as it becomes aware of any inaccuracy, inconsistency, incompleteness or change of circumstances and to correct any environmental report with respect to the Assets. Owner will use its best efforts to deliver to Agent all environmental reports in its possession. Additionally, Owner will provide, promptly upon receipt thereof, a copy of any environmental reports prepared after the date hereof to Agent and will authorize Agent to disseminate such report to prospects. Agent shall be the only entity entitled to rely on the covenants contained in this paragraph. Any damages for a breach or violation of the covenants contained in this paragraph shall be limited to Agent&#8217;s out-of-pocket expenses incurred in reliance on the covenants contained in this paragraph less any fees earned from the transaction related to the expenditure of such expenses.</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>General Provisions</U>:</P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent hereby indemnifies Owner for all costs, expenses, damages, losses, obligations and liabilities that may arise from the claim by a third party with whom Agent dealt in connection with the disposition of any Asset that such third party is entitled to a fee, broker&#8217;s commission or any other payment arising from the disposition of such Asset.&nbsp; The indemnity provided for in this paragraph shall be limited to the fees earned by Agent from the disposition of the Asset or Assets giving rise to the claim.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">The parties hereto, on behalf of themselves and their respective officers, directors, agents and employees, agree to deal with each other fairly and in good faith so as to allow each party to perform its services and obligations and to receive the anticipated benefits of this Retention Agreement.&nbsp; No party shall interfere, prevent or prohibit another party from carrying out its duties and obligations under this Retention Agreement.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">By executing or otherwise accepting this Retention Agreement, the parties hereto each acknowledge and represent that they are represented by and have consulted with legal counsel with respect to the terms and conditions contained herein.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS RETENTION AGREEMENT.</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">This Retention Agreement may be executed in original counterparts.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">6.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">This Retention Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></H3>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Retention Agreement as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PRINCIPAL:<BR><BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a&nbsp;Delaware limited<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liability company, its sole&nbsp;member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sole member</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0in 3.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary </FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AGENT:<BR><BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S MANAGEMENT LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a New York limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware corporation, its&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sole member</FONT></P><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Secretary </FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman Bold">Schedule A</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">Schedule of Assets<BR>Real Estate Retention Agreement</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">The Condominium Unit (in the Building located at and know as Beacon Court Condominium and by Street Number 151 East 58<SUP> </SUP>th Street, New York), designated and described as Office Unit 1 and Office Unit 2 (hereinafter called the &#8220;Units&#8221;) in the Declaration (hereinafter called &#8220;Declaration&#8221;) made by the Sponsor under the Condominium Act of The State of New York (Article 9-b of the Real Property Law of the State of New York), dated 12/4/2003 and recorded 2/3/2004 in the Office of the Register The City of New York, Count of New York, as CRFN 2004000064392, as amended and restated by Amended and Restated Declaration dated 2/8/2005, recorded 3/9/2005 in CRFN 2005000139245, establishing a plan for Condominium ownership of said Building and the land upon which the same is erected (hereinafter sometimes collectively called the &#8220;Property&#8221;) and also designated and described as Tax Lots No. 1002and 1003, respectively, Block 1313 Section 5, Borough of Manhattan on the Tax Map of the Real property assessment department of the City of New York and on the floor plans of said Building certified by Peter Claman, Registered Architect on 1/30/2004 and files as Condominium Plan No. 1350 on 2/3/2004 in the aforesaid Register&#8217;s Office in CRFN 2004000064383, amended Floor Plans filed as Condominium Plan No. 1350-A on 3/9/2005 in CRFN 2005000139246. </FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman Bold"><U>REAL ESTATE SUB-RETENTION AGREEMENT</U></FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS REAL ESTATE SUB-RETENTION AGREEMENT</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> dated as of the 28th day of February, 2014 (this &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Agreement</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) between </FONT><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="times new roman bold">Alexander&#8217;s&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> MANAGEMENT LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a New York limited liability company having an office c/o Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Agent</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">VORNADO REALTY L.P.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited partnership having an office at c/o Vornado Realty Trust, 888 Seventh Avenue, New York, New York 10019 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sub-Agent</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS,</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> 731 Office One LLC (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Owner</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and Agent are parties to that certain Real Estate Retention Agreement, dated as of the date hereof (a copy of which is attached hereto as Exhibit A, the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Over-Leasing Agreement</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;; all capitalized terms used, but not defined, herein shall have the meanings set forth in the Over-Leasing Agreement), pursuant to which Agent was appointed to act for Owner in connection with the leasing of those certain office condominium units located at 731 Lexington Avenue, New York, New York (as more fully identified in the Over-Leasing Agreement, the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Units</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS,</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> Agent wishes to enter into this Agreement with Sub-Agent to appoint Sub-Agent to perform the acts and duties of Agent under the Over-Leasing Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW THEREFORE,</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> in consideration of the mutual promises and covenants herein contained, Agent and Sub-Agent hereby agree as follows: </FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE I.</FONT></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman">&nbsp;&nbsp;</FONT></B></H1>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Appointment of Sub-Agent</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">Agent hereby appoints Sub-Agent, on the conditions and for the term hereinafter provided, to perform, on Agent&#8217;s behalf, all duties imposed on Agent under the Over-Leasing Agreement. Sub-Agent hereby accepts said appointment to the extent of, and subject to, the conditions set forth below. </FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE II.</FONT></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman">&nbsp;&nbsp;</FONT></B></H1>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Term</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Term</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">. The term of Sub-Agent's retention shall be from the date hereof and shall continue for one (1) year hereafter, and, thereafter, shall automatically renew on a year-to-year basis, terminable by either party at the end of each year on not less than sixty (60) days' prior notice. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Termination of Over-Leasing Agreement</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">.&nbsp; In the event the Over-Leasing Agreement is terminated for any reason, this Agreement shall immediately terminate. </FONT></H2>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE III.</FONT></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="Times New Roman">&nbsp;&nbsp;</FONT></B></H1>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Over-Leasing Agreement</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Generally. </FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">It is the intention of Sub-Agent and Agent that Sub-Agent shall perform all duties imposed on Agent under the Over-Leasing Agreement and shall be subject to all of the terms and provisions of the Over-Leasing Agreement.</FONT></H2>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0pt 12pt 0in"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Duties Imposed.</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman"> Sub-Agent agrees to perform all duties imposed on Agent pursuant to the Over-Leasing Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">C.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Scope of Authority. </FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">Sub-Agent shall have the same scope of authority and be subject to the same limitations on such authority as are set forth with respect to Agent in the Over-Leasing Agreement and as may be otherwise set forth in the Over-Leasing Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">D.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Audit Rights.</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman"> Agent shall have the same audit rights against Sub-Agent that Owner has against Agent under the Over-Leasing Agreement and as may be otherwise set forth in the Over-Leasing Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">E.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Owner Obligations.</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman"> Owner shall have the same obligations to Sub-Agent as Owner has to Agent under the Over-Leasing Agreement and as may be otherwise set forth in the Over-Leasing Agreement. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">F.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Expenses Reimbursement.</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman"> Sub-Agent shall be entitled to reimbursement of expenses from Owner to the same extent that Agent would be entitled to such reimbursement under the Over-Leasing Agreement. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">G.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman"><U>Notices.</U>&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">A copy of each notice given by Owner to Agent under the Over-Leasing Agreement shall simultaneously be given by Owner to Sub-Agent at its address set forth in Article IX hereof, in the manner set forth in the Over-Leasing Agreement. A copy of each notice given by Sub-Agent to Agent shall simultaneously be given by Sub-Agent to Owner at Owner&#8217;s address set forth in the Over-Leasing Agreement, as such address may change from time to time on notice from Owner.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE IV.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>Compensation</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">Sub-Agent's fee shall be computed and paid as follows:</FONT></H2>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">When Owner disposes of an Asset, whether individually or as part of a package or as part of the disposition of Owner&#8217;s business or a portion thereof, or as part of a plan of reorganization, by sale, assignment, lease, sublet or otherwise to a third party, or by assignment of a leasehold to the landlord or by termination of a leasehold for which Owner receives consideration (any of the foregoing, an "Asset Transaction"); or if in lieu of a disposition of the Assets, one or more third parties acquires control of Owner by merger, outright purchase, or otherwise in one or multiple transactions (any of the foregoing, an "In Lieu Asset Transaction"); then, (i) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, exceed $50,000,000, Agent shall pay an amount equal to one percent (1%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, and (ii) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, are equal to or less than $50,000,000, Agent shall pay an amount equal to three (3%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be,&nbsp; except in the event of a lease or sublease, in which event Agent shall pay an amount equal to:</FONT></H4>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(i)&nbsp; three (3%) percent of the total base rent Gross Proceeds payable during&nbsp;the first ten (10) years of the term, plus</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></H2>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 1.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii)&nbsp; two (2%) percent of the total base rent Gross Proceeds payable during the eleventh (11<SUP>th</SUP>) through the twentieth (20<SUP>th</SUP>) years of the term, plus</FONT></P>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(iii)&nbsp; one (1%) percent of the total base rent Gross Proceeds payable during the balance of the term, but in no event to exceed the thirtieth (30) year;</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(In the event of a month-to-month tenancy, the fee shall be 50% of the first month's base rental,&nbsp; payable in four (4) equal monthly installments, but only for so long as such tenancy shall continue.&nbsp; Additional fees shall only become earned and payable (i) upon a tenant's exercise of Option(s) or Rights(s) of First Refusal, to Renew, Extend Lease or Occupy Additional Space or (ii) upon a month-to-month tenant entering into a new lease or sublease of an Asset.)&nbsp; </FONT></H2>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Sub-Agent's fee will be paid in full simultaneously with the closing, sale, assignment or other consummation of the transaction.&nbsp; Notwithstanding the immediately preceding sentence, Sub-Agent&#8217;s fees under this Agreement and interest accrued with respect to such fees will be payable in an aggregate amount not to exceed (1) $4,000,000 in any calendar year (or such lesser amount as may be due Sub-Agent hereunder), less (2) the sum of (x) any amounts paid to Sub-Agent under that certain Real Estate Retention Agreement dated as of July 20, 1992, as amended, with respect to the same period, (y) any amounts paid to Sub-Agent under that certain Rego II Real Estate Sub-Retention Agreement dated as of November 30, 2011, as amended, with respect to the same period, and (z) any amounts paid to Sub-Agent under the Original Agreement, as amended, with respect to the same period.&nbsp; Interest shall accrue on the unpaid fees outstanding hereunder from time to time at the 1-year LIBOR rate plus 100 basis points, such rate to be determined annually as of the first day of January of each year.&nbsp; The fees and interest payable hereunder shall be paid in equal monthly installments (the "Installments") until such fees and interest accrued thereon have been paid in full.&nbsp; Installments shall be applied first to interest accrued hereunder and then to reduction of the fees outstanding hereunder from time to time.&nbsp; Fees payable with respect to a sale, assignment or In Lieu Asset Transaction shall be paid first and Sub-Agent shall not be entitled to receive any fees with respect to a lease or sublease to the extent the tenant is in default of its payment obligations thereunder, except as a result of a default by the Owner or a termination by Owner of the lease or sublease (other than a termination by the Owner resulting from the tenant's monetary default)</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event that Sub-Agent leases or subleases an Asset and the transferee, or any agent, officer, employee, or shareholder of the transferee, acquires fee-simple title to such property within five years, (i) if the Gross Proceeds from the acquisition exceed $50,000,000, Agent shall pay an amount equal to one percent (1%) of the Gross Proceeds from the acquisition, and (ii) if the Gross Proceeds from the acquisition are equal to or less than $50,000,000, Agent shall pay an amount equal to three (3%) of the Gross Proceeds from the acquisition payable in the same manner as described above; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that there shall be a credit against such subsequent fee in the amount of fees previously paid relating to that portion of the lease or sublease term which is cancelled by reason of such sale.&nbsp; In no event shall such credit exceed the amount of the latter fee.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If an Asset for which a fee is payable hereunder contains (i)&nbsp;an option(s) or right(s) of first refusal to renew or extend, and a lease term(s) is renewed or extended whether strictly in accordance with the terms of such option(s) or right(s) or otherwise and/or (ii)&nbsp;an option(s) or right(s) of first refusal to expand, and a tenant occupies additional space whether strictly in accordance with the terms of such option(s) or right(s) or otherwise, with respect to space owned by, or leased to, the Agent, then Agent shall pay a leasing fee in accordance with &nbsp;the </FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provisions of this agreement on the additional base rental to be paid, except that in the case of renewal or extension, the fee shall be calculated at the rate applicable hereunder as if such renewal or extension period were included in the initial term of the lease, and in the case of the tenant occupying additional space, the fee shall be calculated at the rate applicable hereunder as if such expansion were a new lease.&nbsp; Such fee shall be earned and payable at the time the extended term commences or the additional space is occupied, as applicable.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If a lease for which a fee is payable hereunder contains, as a primary component of the consideration to be paid by a tenant for the rent thereunder, a percentage rent clause, Sub-Agent shall pay a fee on the percentage rent payable by the tenant at the commission rate applicable to the period of the lease term for which the percentage rent is payable.&nbsp; Subject to paragraph IV.A(b) of this Sub-Retention Agreement, the fee shall be payable within fifteen days after the tenant's final payment and accounting of percentage rent for the preceding lease year.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In any transaction whereby Sub-Agent leases or subleases an Asset, Sub-Agent shall have the right to receive all formal notifications required pursuant to the lease to the extent that any such notice may affect the rights of Sub-Agent hereunder or the timing or payment of any fees due hereunder.&nbsp; In furtherance of such rights, Agent shall insert within the terms of such lease or sublease a separate paragraph that states Sub-Agent's right to notice, right to a fee as described in the above subparagraphs and Sub-Agent's address and phone number shall be included in the "notice" provision of such lease or sublease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event that a party other than Sub-Agent is a procuring broker who is entitled to a fee, in the event of a lease or sublease, the three-two-one (3-2-1) schedule set forth in paragraphs IV.A(i), (ii) and (iii) above shall be increased to four-three-two (4-3-2) and Sub-Agent shall pay the fee of the procuring broker.&nbsp; With respect to any sale, assignment or In Lieu Asset Transaction, the fees payable by Agent shall not be increased, and Sub-Agent shall pay any third party procuring broker's fee out of Sub-Agent's fee payable pursuant to this Agreement.&nbsp; For any given transaction, Agent shall be responsible for the payment of only one fee in the amounts set forth herein.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">The term &#8220;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">base&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> rent&#8221; means the base rent set forth in any lease and shall not include any additional </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">rent</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, whether for </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">utilities</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, taxes or otherwise, and which is ordinarily not a component of base rent, which may be payable under such lease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Without duplication of any amounts payable hereunder, Agent acknowledges and agrees that Sub-Agent shall entitled to collect any compensation that would have otherwise </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">been&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> due and payable to Sub-Agent under the Original </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agreement&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> with respect to the leases and </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">subleases&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> of the Assets in effect as of the date hereof.&nbsp; </FONT></H4>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE V.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>Assignment; Cancellation</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">Neither Agent nor Sub-Agent shall assign this Agreement or any of its rights hereunder without the consent of the other party; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">, that (x) Sub-Agent shall have the right to assign its rights and delegate its duties under this Agreement to any of its affiliates without the consent of Agent and (y) Agent shall have the right to agree to Owner&#8217;s collateral assignment the Over-Leasing Agreement to one or more lenders providing financing with respect to the Units and the subordination of any amounts payable by Owner to Agent to amounts payable to such lenders with</FONT></H2>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">respect to such financing; provided, further, that in no event shall any such subordination affect or diminish the obligations of Agent to Sub-Agent hereunder.</FONT></P>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">In the event that there is a change of control of Agent or Sub-Agent after the date of this Agreement, Agent shall have the right to terminate this Agreement if Agent shall determine that such change of control is reasonably likely to have a material adverse effect on the ability of Sub-Agent to perform its obligations under this Agreement.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE VI.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>No Joint Venture </FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the intent of this Agreement to constitute Sub-Agent as an independent contractor and as agent of Agent and Owner under any contract entered into by Sub-Agent on behalf of Agent or Owner in accordance with the terms of this Agreement, and this Agreement shall be so construed and Sub-Agent agrees at all times to act in conformity therewith. Nothing herein contained shall be deemed to have created, or be construed as having created any joint venture or partnership relationship between Agent and Sub-Agent. At all times during the performance of its duties and obligations arising hereunder, Sub-Agent shall be acting as an independent contractor. </FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE VII.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>Indemnity</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">Sub-Agent shall be a beneficiary of any indemnity provided by Owner pursuant to the Over-Leasing Agreement. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">The terms of this Article VII shall survive the expiration or termination of this Agreement. </FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE VIII.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>Notices</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any and all notices, consents or directives by either party intended for the other shall be in writing sent by hand delivery or reputable overnight courier service to the respective addresses first herein set forth in this Agreement, with copies sent to Vornado Realty Trust, 210 Route 4 East, Paramus, New Jersey 07652, Attention: Chief Financial Officer, unless either party shall have designated different addresses by serving written notices of change of addresses on the other party by registered or certified mail, return receipt requested. </FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE IX.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>Recourse Limitation </FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">Sub-Agent shall use every reasonable means to assure that all persons having dealings with Sub-Agent shall be informed that no director, trustee, shareholder, officer or agent of Sub-Agent, Agent or Owner shall be held to any personal liability, nor shall resort be had to their private property for the satisfaction of any obligation or claim or otherwise in connection with the affairs of Agent, but the trust estate only shall be liable.</FONT></H2>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE X.</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman"><BR><BR>Miscellaneous </FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">This Agreement cannot be changed or modified, varied or altered except by an agreement, in writing, executed by each of the parties hereto. This Agreement constitutes all of the understandings and agreements of whatsoever kind or nature existing between the parties in connection with the relationship created herein. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">This Agreement shall be governed by and construed in accordance with the laws of the State of New York. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="Times New Roman">C.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">Neither Agent nor Sub-Agent shall make (and each hereby waives) any claim against the other party&#8217;s directors, trustees, beneficiaries or shareholders personally.</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the parties hereto have hereunto executed this Agreement as of the date first above written. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AGENT:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S MANAGEMENT, LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a New York limited liability company</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALEXANDER'S INC., a Delaware corporation, its<BR></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sole member</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Secretary</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SUB-AGENT:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">VORNADO REALTY L.P.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, <BR>a Delaware limited partnership</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust,&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its general partner</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=white face="Times New Roman">e&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><U><FONT color=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT A </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">OVER-LEASING AGREEMENT </FONT></B></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="times new roman">REAL ESTATE</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN face="times new roman"><BR></FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="times new roman">RETENTION AGREEMENT</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By this Real Estate Retention Agreement, dated as of February 28, 2014 (this &#8220;Retention Agreement&#8221;), ALEXANDER&#8217;S MANAGEMENT LLC, a New York limited liability company having an office c/o&nbsp;Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;Agent&#8221;) agrees to act as special real estate consultant to 731 OFFICE ONE LLC, a Delaware limited liability company having an office c/o&nbsp;Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;Owner&#8221;), with respect to the leasing and disposition of Owner&#8217;s real property, as well as the sale of Owner&#8217;s right, title and interest in the fixtures and improvements thereat (which is disposed of with the real property), including, without limitation, the office condominium units more specifically described in the attached Schedule&nbsp;A (the &#8220;Asset(s)&#8221;), and the compensation Agent expects to receive.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, Owner was party to that certain 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and among Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC, which is the predecessor owner of the Assets, as the same was amended by that certain Letter Agreement Relating to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of July 6, 2005, by and among 731 Commercial LLC, 731 Retail One LLC and Vornado Realty L.P. and that certain Amendment to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of January 1, 2007, by and among 731 Retail One LLC, 731 Restaurant LLC, Owner, 731 Office Two LLC and Vornado Realty L.P. (as so amended, the &#8220;Original Agreement&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, pursuant to that certain Termination Agreement, dated as of the date hereof, each of the parties to the Original Agreement agreed that the Original Agreement would be terminated with respect to Owner and that Owner would no longer have any obligations under the Original Agreement, provided that Owner and Agent enter into this Retention Agreement and Agent and Vornado Realty L.P. enter into that certain Sub-Retention Agreement being entered into concurrently herewith. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, the parties hereto hereby agree as follows:&nbsp; </FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN face="Times New Roman">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">SUMMARY OF MARKETING SERVICES</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">Agent will provide those services that are reasonably necessary to market the Assets, as contemplated by this Retention Agreement.&nbsp; Such services may include, but are not necessarily limited to, those generally described below:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspecting the Assets to determine their physical condition.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creating a marketing program which may include newspapers, magazine or journal advertising, flyer solicitation and placement of signs, as appropriate.&nbsp; Preparing and disseminating all such marketing materials, all of which shall be approved by Owner and shall be at the sole cost and expense of Owner.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communicating with parties who have expressed an interest in the Assets and responding and providing information to, negotiating with, and soliciting offers from,</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">prospective purchasers, including landlords, and making recommendations to Owner as to the advisability of accepting particular offers and settlements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arranging for physical inspections of&nbsp; the Assets by prospective purchasers.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When requested, meeting periodically with Owner, their accountants and attorneys, in connection with the status of Owner&#8217;s efforts and recommending to Owner and its counsel the proper method of handling the particular problems encountered with respect to the disposition of the Assets.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If required, appearing in Court during the term of this retention, to testify or to consult with Owners in connection with the marketing or disposition of the Assets.</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN face="Times New Roman">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">BASIS OF RETENTION AND COMPENSATION</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">Agent will actively and diligently discharge its obligations under this Agreement.&nbsp; Agent shall be retained by Owner for the purpose of performing the services outlined above, upon the following terms and conditions:</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=windowtext face="Times New Roman">Exclusive Right</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman">:&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent shall have the sole and exclusive authority to offer each Asset for disposition and the &#8220;exclusive right to sell&#8221; and &#8220;exclusive right to lease&#8221; each Asset.&nbsp; All communications and inquiries regarding any Asset, whether directed to Owner (including but not limited to their officers, agents and employees), or Owners&#8217; counsel, accountants, or other professionals, shall be redirected to Agent.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Owner shall retain the complete discretion and authority to accept or reject any offer.&nbsp; Owner shall not have any liability whatsoever to Agent for exercising its discretion with respect to the acceptance or rejection of any offer.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>:&nbsp;&nbsp;&nbsp;&nbsp; The term of Agent&#8217;s retention shall be from the date hereof and shall continue for one (1) year hereafter, and, thereafter, shall automatically renew on a year-to-year basis, terminable by either party at the end of each year on not less than sixty (60) days&#8217; prior notice.</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fee</U>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agent's&nbsp;fee shall be computed and paid as follows:<FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></P>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When Owner disposes of an Asset, whether individually or as part of a package or as part of the disposition of Owner's business or a portion thereof, or as part of a plan of reorganization, by sale, assignment, lease, sublet or otherwise to a third party, or by assignment of a leasehold to the landlord or by termination of a leasehold for which Owner receives consideration (any of the foregoing, an "Asset Transaction"); or if in lieu of a disposition of the Assets, one or more third parties acquires control of Owner by merger, outright purchase, or otherwise in one or multiple transactions (any of the foregoing, an "In Lieu Asset Transaction"); then, (i) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, exceed $50,000,000, Owner shall pay an amount equal to one</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">percent (1%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, and (ii) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, are equal to or less than $50,000,000, Owner shall pay an amount equal to three (3%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, except in the event of a lease or sublease, in which event Owner shall pay an amount equal to:</FONT></H4>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; three (3%) percent of the total base rent Gross Proceeds payable during the first ten (10) years of the term, plus</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; two (2%) percent of the total base rent Gross Proceeds payable during the eleventh (11<SUP>th</SUP>) through the twentieth (20<SUP>th</SUP>) years of the term, plus</FONT></H2>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(In the event of a month-to-month tenancy, the fee shall be 50% of the first month's base rental,&nbsp; payable in four (4) equal monthly installments, but only for so long as such tenancy shall continue.&nbsp; Additional fees shall only become earned and payable (i) upon a tenant's exercise of Option(s) or Rights(s) of First Refusal, to Renew, Extend Lease or Occupy Additional Space or (ii) upon a month-to-month tenant entering into a new lease or sublease of an Asset.)</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agent's fee will be paid in full simultaneously with the closing, sale, assignment or other consummation of the transaction.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that Owner leases or subleases an Asset and the transferee, or any agent, officer, employee, or shareholder of the transferee, acquires fee-simple title to such property within five years, (i) if the Gross Proceeds from the acquisition exceed $50,000,000, Owner shall pay an amount equal to one percent (1%) of the Gross Proceeds from the acquisition, and (ii) if the Gross Proceeds from the acquisition are equal to or less than $50,000,000, Owner shall pay an amount equal to three (3%) of the Gross Proceeds from the acquisition payable in the same manner as described above; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that there shall be a credit against such subsequent fee in the amount of fees previously paid relating to that portion of the lease or sublease term which is cancelled by reason of such sale.&nbsp; In no event shall such credit exceed the amount of the latter fee</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Asset for which a fee is payable hereunder contains (i) an option(s) or right(s) of first refusal to renew or </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">extend</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, and a lease term(s) is renewed or extended whether strictly in accordance with the terms of such option(s) or right(s) or otherwise and/or (ii) an option(s) or right(s) of first refusal to expand, and a tenant occupies additional space whether strictly in accordance with the terms of such option(s) or right(s) or otherwise, with respect to space owned by, or leased to, the Owner, then Owner shall pay a leasing fee in accordance with the provisions of this agreement on the additional base rental to be paid, except that in the case of renewal or extension, the fee shall be calculated at the rate applicable hereunder as if such renewal or extension period were included in the initial term of the lease, and in the case of the tenant occupying additional space, the fee shall be calculated at the rate applicable hereunder as</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">if such expansion were a new lease.&nbsp; Such fee shall be earned and payable at the time the extended term commences or the additional space is occupied, as applicable.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a lease for which a fee is payable hereunder contains, as a primary component of the consideration to be paid by a tenant for the rent thereunder, a percentage rent clause, Owner shall pay a fee on the percentage rent payable by the tenant at the commission rate applicable to the period of the lease term for which the percentage rent is payable.&nbsp; Subject to paragraph II.C.1 of this Retention Agreement, the fee shall be payable within fifteen days after the tenant&#8217;s final payment and accounting of percentage rent for the preceding lease year.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any transaction whereby Owner leases or subleases an Asset, Agent shall have the right to receive all formal notifications required pursuant to the lease to the extent that any such notice may affect the rights of Agent hereunder or the timing or payment of any fees due hereunder.&nbsp; In furtherance of such rights, Owner shall insert within the terms of such lease or sublease a separate paragraph that states Agent&#8217;s right to notice, right to a fee as described in the above subparagraphs and Agent&#8217;s address and phone number shall be included in the &#8220;notice&#8221; provision of such lease or sublease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that a party other than Agent is a procuring broker who is entitled to a fee, in the event of a lease or sublease, the three-two-one (3-2-1) schedule set forth in paragraphs II.C.1(a)(i), (ii) and (iii) above shall be increased to four-three-two (4-3-2) and Agent shall pay the fee of the procuring broker.&nbsp; With respect to any sale, assignment or In Lieu Asset Transaction, the fees payable by Owner shall not be increased, and Agent shall pay any third party procuring broker's fee out of Agent&#8217;s fee payable pursuant to this Retention Agreement.&nbsp; For any given transaction, Owner shall be responsible for the payment of only one fee in the amounts set forth herein</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term &#8220;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">base&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> rent&#8221; means the base rent set forth in any lease and shall not include any additional </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">rent</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, whether for utilities, taxes or otherwise, and which is ordinarily not a component of base rent, which may be payable under such lease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without duplication of any amounts payable hereunder, Owner acknowledges and agrees that Agent shall entitled to collect any compensation that would have otherwise </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">been&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> due and payable to Vornado Realty L.P. under the Original Agreement with respect to the leases and </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">subleases&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> of the Assets in effect as of the date hereof.&nbsp; </FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">The term &#8220;Gross Proceeds&#8221; as used herein shall include the sum of:</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -45pt; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the total cash consideration transferred to or for the benefit of Owner; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 63pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the balance, if any, of any outstanding mortgage(s) to be transferred to or assumed by the transferee; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: -45pt; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">any deferred payment obligation granted by Owner to the transferee; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 63pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the value of any waiver, relinquishment, transfer or assignment of any lien, and/or the value of any deposit, claim, or rights through which consideration is given whereby Owner shall receive compensation or a credit for payment; plus </FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 63pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">&nbsp;&nbsp;(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">in the case of an Acquisition Transaction, &#8220;Gross Proceeds&#8221; shall be the value of the consideration to be received by Owner, its creditors or its stockholders.</FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Except as provided in paragraph II.C.1.(b), the computation of Gross Proceeds as well as the computation of fees hereunder shall not be affected by the costs of advertising, Owners&#8217; legal fees, break-up fees, Agent&#8217;s expenses nor any closing costs and/or adjustments, including but not limited to adjustments and/or payments of whatever kind to landlords, lienholders, secured parties, mortgages or offerors.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Expenses and Disbursements</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">:&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent will not be responsible for any legal expenses incurred by Owner in connection with its retention of Agent, the disposition of the Assets and the preparation of legal motions and documents, including but not limited to the costs of preparing contracts and assignments as well as the costs of attending hearings and closing, among other things.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">All advertising, marketing, and other third party expenses shall be borne by Owner.&nbsp; Agent will prepare a marketing budget and, upon the retention of Agent and the approval of the budget by Owner, Owner agrees to pay all such costs and expenses to Agent immediately upon the proper presentation of invoices.&nbsp; Agent shall be under no obligation to incur such expenses until such time as Agent receives funds from Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">In the event Owner fails or is unable to pay the expenses as above described or such additional expenses as Owner may approve, and Agent shall have given Owner prior written notice of its intention to resign and the reason therefor and Owner shall not have cured such failure within fifteen (15) days after receipt of such notice by Owner, Agent shall have the right to so resign, individually, and pursue any claims that Agent might have.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN color=windowtext face="Times New Roman">E.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Survival</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=black face="Times New Roman">:&nbsp;</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">In the event Owner and any third party should enter into an agreement providing for the sale, assignment, lease or other disposition of an Asset, or providing for an Acquisition Transaction, before the expiration of this Retention Agreement, and the closing does not occur until after such expiration, then Agent shall be entitled to a fee in accordance with the terms of this Retention Agreement.&nbsp; If Owner, after the expiration of this Retention Agreement, arranges for the sale, assignment, lease or other disposition of an Asset, or arranges for an Acquisition Transaction of an Asset to a third party where Agent substantially contributed to the consummation of such sale, assignment, lease or other disposition of an Asset or Acquisition Transaction during the term of this Retention Agreement, or with whom Owner signed a letter of intent for such transaction during the term of this Retention Agreement and, in any such event, the contract signing or closing takes place within six (6) months after such expiration, then Agent shall be entitled to a fee in accordance with the terms of this Retention Agreement.&nbsp; Within thirty (30) days after the termination or expiration of this Retention Agreement, Agent will furnish Owner with a list of the parties with whom a transaction with respect to the Assets would, in</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent&#8217;s view, give rise to a claim for a fee by Agent under this paragraph.&nbsp; The receipt of such a list by Owner shall not be construed as consent by Owner to the names contained thereon.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent&#8217;s rights to fees from the future potential exercise by a tenant of option(s) or right(s) of first refusal, to renew, to extend the lease, and/or to occupy additional space, shall survive this Retention Agreement.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Owner Responsibilities</U>:&nbsp;&nbsp;&nbsp; Owner shall inform Agent in writing immediately after Owner shall become aware, after the execution and delivery of this Retention Agreement, of any known or suspected risk of environmental hazard or contamination or of the receipt by Owner of a citation for the violation of any federal, state or local environmental law or regulation. Owner shall have the continuing obligation to advise Agent in writing as soon as it becomes aware of any inaccuracy, inconsistency, incompleteness or change of circumstances and to correct any environmental report with respect to the Assets. Owner will use its best efforts to deliver to Agent all environmental reports in its possession. Additionally, Owner will provide, promptly upon receipt thereof, a copy of any environmental reports prepared after the date hereof to Agent and will authorize Agent to disseminate such report to prospects. Agent shall be the only entity entitled to rely on the covenants contained in this paragraph. Any damages for a breach or violation of the covenants contained in this paragraph shall be limited to Agent&#8217;s out-of-pocket expenses incurred in reliance on the covenants contained in this paragraph less any fees earned from the transaction related to the expenditure of such expenses.</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>General Provisions</U>:</P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Agent hereby indemnifies Owner for all costs, expenses, damages, losses, obligations and liabilities that may arise from the claim by a third party with whom Agent dealt in connection with the disposition of any Asset that such third party is entitled to a fee, broker&#8217;s commission or any other payment arising from the disposition of such Asset.&nbsp; The indemnity provided for in this paragraph shall be limited to the fees earned by Agent from the disposition of the Asset or Assets giving rise to the claim.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">The parties hereto, on behalf of themselves and their respective officers, directors, agents and employees, agree to deal with each other fairly and in good faith so as to allow each party to perform its services and obligations and to receive the anticipated benefits of this Retention Agreement.&nbsp; No party shall interfere, prevent or prohibit another party from carrying out its duties and obligations under this Retention Agreement.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">By executing or otherwise accepting this Retention Agreement, the parties hereto each acknowledge and represent that they are represented by and have consulted with legal counsel with respect to the terms and conditions contained herein.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS RETENTION AGREEMENT.</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -1.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">This Retention Agreement may be executed in original counterparts.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">6.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">This Retention Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></H3>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Retention Agreement as of the day and year first above written.</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PRINCIPAL:<BR><BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a&nbsp;Delaware limited<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liability company, its sole&nbsp;member<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sole member</FONT></P>

<P style="MARGIN: 0in 0in 0in 3.25in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary</FONT></DIV>

<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AGENT:<BR><BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S MANAGEMENT LLC</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a New York limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> a Delaware corporation, its&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sole member</FONT></P><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><U>/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Secretary</FONT>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman Bold">Schedule A</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">Schedule of Assets<BR>Real Estate Retention Agreement</FONT></P>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN face="Times New Roman">A -&nbsp;1</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN face="Times New Roman">The Condominium Unit (in the Building located at and know as Beacon Court Condominium and by Street Number 151 East 58<SUP> </SUP>th Street, New York), designated and described as Office Unit 1 and Office Unit 2 (hereinafter called the &#8220;Units&#8221;) in the Declaration (hereinafter called &#8220;Declaration&#8221;) made by the Sponsor under the Condominium Act of The State of New York (Article 9-b of the Real Property Law of the State of New York), dated 12/4/2003 and recorded 2/3/2004 in the Office of the Register The City of New York, Count of New York, as CRFN 2004000064392, as amended and restated by Amended and Restated Declaration dated 2/8/2005, recorded 3/9/2005 in CRFN 2005000139245, establishing a plan for Condominium ownership of said Building and the land upon which the same is erected (hereinafter sometimes collectively called the &#8220;Property&#8221;) and also designated and described as Tax Lots No. 1002and 1003, respectively, Block 1313 Section 5, Borough of Manhattan on the Tax Map of the Real property assessment department of the City of New York and on the floor plans of said Building certified by Peter Claman, Registered Architect on 1/30/2004 and files as Condominium Plan No. 1350 on 2/3/2004 in the aforesaid Register&#8217;s Office in CRFN 2004000064383, amended Floor Plans filed as Condominium Plan No. 1350-A on 3/9/2005 in CRFN 2005000139246. </FONT></P>

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<DESCRIPTION>EXHIBIT 10.8
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><STRONG>EXHIBIT 10.8<BR></STRONG><BR></FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">REAL ESTATE SUB-RETENTION AGREEMENT</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">THIS REAL ESTATE SUB-RETENTION AGREEMENT</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> dated as of the 28th day of February, 2014 (this &#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Agreement</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;) between </FONT><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="times new roman bold">Alexander&#8217;s&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> MANAGEMENT LLC</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a New York limited liability company having an office c/o Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Agent</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;) and </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">VORNADO REALTY L.P.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a Delaware limited partnership having an office at c/o Vornado Realty Trust, 888 Seventh Avenue, New York, New York 10019 (&#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Sub-Agent</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">RECITALS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">WHEREAS,</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> 731 Office One LLC (&#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Owner</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;) and Agent are parties to that certain Real Estate Retention Agreement, dated as of the date hereof (a copy of which is attached hereto as Exhibit A, the &#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Over-Leasing Agreement</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;; all capitalized terms used, but not defined, herein shall have the meanings set forth in the Over-Leasing Agreement), pursuant to which Agent was appointed to act for Owner in connection with the leasing of those certain office condominium units located at 731 Lexington Avenue, New York, New York (as more fully identified in the Over-Leasing Agreement, the &#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Units</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">WHEREAS,</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> Agent wishes to enter into this Agreement with Sub-Agent to appoint Sub-Agent to perform the acts and duties of Agent under the Over-Leasing Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">NOW THEREFORE,</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> in consideration of the mutual promises and covenants herein contained, Agent and Sub-Agent hereby agree as follows: </FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE I.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Appointment of Sub-Agent</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agent hereby appoints Sub-Agent, on the conditions and for the term hereinafter provided, to perform, on Agent&#8217;s behalf, all duties imposed on Agent under the Over-Leasing Agreement. Sub-Agent hereby accepts said appointment to the extent of, and subject to, the conditions set forth below. </FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE II.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Term</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Term</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. The term of Sub-Agent's retention shall be from the date hereof and shall continue for one (1) year hereafter, and, thereafter, shall automatically renew on a year-to-year basis, terminable by either party at the end of each year on not less than sixty (60) days' prior notice. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Termination of Over-Leasing Agreement</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.&nbsp; In the event the Over-Leasing Agreement is terminated for any reason, this Agreement shall immediately terminate.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE III.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Over-Leasing Agreement</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Generally</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. It is the intention of Sub-Agent and Agent that Sub-Agent shall perform all duties imposed on Agent under the Over-Leasing Agreement and shall be subject to all of the terms and provisions of the Over-Leasing Agreement. </FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Duties Imposed</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. Sub-Agent agrees to perform all duties imposed on Agent pursuant to the Over-Leasing Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">C.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Scope of Authority</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. Sub-Agent shall have the same scope of authority and be subject to the same limitations on such authority as are set forth with respect to Agent in the Over-Leasing Agreement and as may be otherwise set forth in the Over-Leasing Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">D.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Audit Rights</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. Agent shall have the same audit rights against Sub-Agent that Owner has against Agent under the Over-Leasing Agreement and as may be otherwise set forth in the Over-Leasing Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">E.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Owner Obligations</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. Owner shall have the same obligations to Sub-Agent as Owner has to Agent under the Over-Leasing Agreement and as may be otherwise set forth in the Over-Leasing Agreement. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">F.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Expenses Reimbursement</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. Sub-Agent shall be entitled to reimbursement of expenses from Owner to the same extent that Agent would be entitled to such reimbursement under the Over-Leasing Agreement. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">G.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Notices</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">. A copy of each notice given by Owner to Agent under the Over-Leasing Agreement shall simultaneously be given by Owner to Sub-Agent at its address set forth in Article IX hereof, in the manner set forth in the Over-Leasing Agreement. A copy of each notice given by Sub-Agent to Agent shall simultaneously be given by Sub-Agent to Owner at Owner&#8217;s address set forth in the Over-Leasing Agreement, as such address may change from time to time on notice from Owner. </FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE IV.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Compensation</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Sub-Agent's fee shall be computed and paid as follows:</FONT></H2>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">When Owner disposes of an Asset, whether individually or as part of a package or as part of the disposition of Owner&#8217;s business or a portion thereof, or as part of a plan of reorganization, by sale, assignment, lease, sublet or otherwise to a third party, or by assignment of a leasehold to the landlord or by termination of a leasehold for which Owner receives consideration (any of the foregoing, an "Asset Transaction"); or if in lieu of a disposition of the Assets, one or more third parties acquires control of Owner by merger, outright purchase, or otherwise in one or multiple transactions (any of the foregoing, an "In Lieu Asset Transaction"); then, (i) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, exceed $50,000,000, Agent shall pay an amount equal to one percent (1%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, and (ii) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, are equal to or less than $50,000,000, Agent shall pay an amount equal to three (3%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be,&nbsp; except in the event of a lease or sublease, in which event Agent shall pay an amount equal to:</FONT></H4>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(i)&nbsp; three (3%) percent of the total base rent Gross Proceeds payable during the first ten (10) years of the term, plus</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(ii)&nbsp; two (2%) percent of the total base rent Gross Proceeds payable during the eleventh (11<SUP>th</SUP>) through the twentieth (20<SUP>th</SUP>) years of the term, plus</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(iii)&nbsp; one (1%) percent of the total base rent Gross Proceeds payable during the balance of the term, but in no event to exceed the thirtieth (30) year;</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(In the event of a month-to-month tenancy, the fee shall be 50% of the first month's base rental,&nbsp; payable in four (4) equal monthly installments, but only for so long as such tenancy shall continue.&nbsp; Additional fees shall only become earned and payable (i) upon a tenant's exercise of Option(s) or Rights(s) of First Refusal, to Renew, Extend Lease or Occupy Additional Space or (ii) upon a month-to-month tenant entering into a new lease or sublease of an Asset.)&nbsp; </FONT></H2>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Sub-Agent's fee will be paid in full simultaneously with the closing, sale, assignment or other consummation of the transaction.&nbsp; Notwithstanding the immediately preceding sentence, Sub-Agent&#8217;s fees under this Agreement and interest accrued with respect to such fees will be payable in an aggregate amount not to exceed (1) $4,000,000 in any calendar year (or such lesser amount as may be due Sub-Agent hereunder), less (2) the sum of (x) any amounts paid to Sub-Agent under that certain Real Estate Retention Agreement dated as of July 20, 1992, as amended, with respect to the same period, (y) any amounts paid to Sub-Agent under that certain Rego II Real Estate Sub-Retention Agreement dated as of November 30, 2011, as amended, with respect to the same period, and (z) any amounts paid to Sub-Agent under the Original Agreement, as amended, with respect to the same period.&nbsp; Interest shall accrue on the unpaid fees outstanding hereunder from time to time at the 1-year LIBOR rate plus 100 basis points, such rate to be determined annually as of the first day of January of each year.&nbsp; The fees and interest payable hereunder shall be paid in equal monthly installments (the "Installments") until such fees and interest accrued thereon have been paid in full.&nbsp; Installments shall be applied first to interest accrued hereunder and then to reduction of the fees outstanding hereunder from time to time.&nbsp; Fees payable with respect to a sale, assignment or In Lieu Asset Transaction shall be paid first and Sub-Agent shall not be entitled to receive any fees with respect to a lease or sublease to the extent the tenant is in default of its payment obligations thereunder, except as a result of a default by the Owner or a termination by Owner of the lease or sublease (other than a termination by the Owner resulting from the tenant's monetary default)</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event that Sub-Agent leases or subleases an Asset and the transferee, or any agent, officer, employee, or shareholder of the transferee, acquires fee-simple title to such property within five years, (i) if the Gross Proceeds from the acquisition exceed $50,000,000, Agent shall pay an amount equal to one percent (1%) of the Gross Proceeds from the acquisition, and (ii) if the Gross Proceeds from the acquisition are equal to or less than $50,000,000, Agent shall pay an amount equal to three (3%) of the Gross Proceeds from the acquisition payable in the same manner as described above; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that there shall be a credit against such subsequent fee in the amount of fees previously paid relating to that portion of the lease or sublease term which is cancelled by reason of such sale.&nbsp; In no event shall such credit exceed the amount of the latter fee.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If an Asset for which a fee is payable hereunder contains (i)&nbsp;an option(s) or right(s) of first refusal to renew or extend, and a lease term(s) is renewed or extended whether strictly in accordance with the terms of such option(s) or right(s) or otherwise and/or (ii)&nbsp;an option(s) or right(s) of first refusal to expand, and a tenant occupies additional space whether strictly in accordance with the terms of such option(s) or right(s) or otherwise, with respect to space owned by, or leased to, the Agent, then Agent shall pay a leasing fee in accordance with the</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provisions of this agreement on the additional base rental to be paid, except that in the case of renewal or extension, the fee shall be calculated at the rate applicable hereunder as if such renewal or extension period were included in the initial term of the lease, and in the case of the tenant occupying additional space, the fee shall be calculated at the rate applicable hereunder as if such expansion were a new lease.&nbsp; Such fee shall be earned and payable at the time the extended term commences or the additional space is occupied, as applicable.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">If a lease for which a fee is payable hereunder contains, as a primary component of the consideration to be paid by a tenant for the rent thereunder, a percentage rent clause, Sub-Agent shall pay a fee on the percentage rent payable by the tenant at the commission rate applicable to the period of the lease term for which the percentage rent is payable.&nbsp; Subject to paragraph IV.A(b) of this Sub-Retention Agreement, the fee shall be payable within fifteen days after the tenant's final payment and accounting of percentage rent for the preceding lease year.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(f)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In any transaction whereby Sub-Agent leases or subleases an Asset, Sub-Agent shall have the right to receive all formal notifications required pursuant to the lease to the extent that any such notice may affect the rights of Sub-Agent hereunder or the timing or payment of any fees due hereunder.&nbsp; In furtherance of such rights, Agent shall insert within the terms of such lease or sublease a separate paragraph that states Sub-Agent's right to notice, right to a fee as described in the above subparagraphs and Sub-Agent's address and phone number shall be included in the "notice" provision of such lease or sublease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(g)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event that a party other than Sub-Agent is a procuring broker who is entitled to a fee, in the event of a lease or sublease, the three-two-one (3-2-1) schedule set forth in paragraphs IV.A(i), (ii) and (iii) above shall be increased to four-three-two (4-3-2) and Sub-Agent shall pay the fee of the procuring broker.&nbsp; With respect to any sale, assignment or In Lieu Asset Transaction, the fees payable by Agent shall not be increased, and Sub-Agent shall pay any third party procuring broker's fee out of Sub-Agent's fee payable pursuant to this Agreement.&nbsp; For any given transaction, Agent shall be responsible for the payment of only one fee in the amounts set forth herein.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(h)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">The term &#8220;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">base&nbsp;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> rent&#8221; means the base rent set forth in any lease and shall not include any additional </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">rent</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, whether for </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">utilities</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, taxes or otherwise, and which is ordinarily not a component of base rent, which may be payable under such lease.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Without duplication of any amounts payable hereunder, Agent acknowledges and agrees that Sub-Agent shall entitled to collect any compensation that would have otherwise </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">been&nbsp;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> due and payable to Sub-Agent under the Original </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agreement&nbsp;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> with respect to the leases and </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">subleases&nbsp;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> of the Assets in effect as of the date hereof.&nbsp; </FONT></H4>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE V.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Assignment; Cancellation</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Neither Agent nor Sub-Agent shall assign this Agreement or any of its rights hereunder without the consent of the other party; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that (x) Sub-Agent shall have the right to assign its rights and delegate its duties under this Agreement to any of its affiliates without the consent of Agent and (y) Agent shall have the right to agree to Owner&#8217;s collateral assignment the Over-Leasing Agreement to one or more lenders providing financing with respect to the Units and the subordination of any amounts payable by Owner to Agent to amounts payable to such lenders with</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">respect to such financing; provided, further, that in no event shall any such subordination affect or diminish the obligations of Agent to Sub-Agent hereunder.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event that there is a change of control of Agent or Sub-Agent after the date of this Agreement, Agent shall have the right to terminate this Agreement if Agent shall determine that such change of control is reasonably likely to have a material adverse effect on the ability of Sub-Agent to perform its obligations under this Agreement.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE VI.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>No Joint Venture </FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">It is the intent of this Agreement to constitute Sub-Agent as an independent contractor and as agent of Agent and Owner under any contract entered into by Sub-Agent on behalf of Agent or Owner in accordance with the terms of this Agreement, and this Agreement shall be so construed and Sub-Agent agrees at all times to act in conformity therewith. Nothing herein contained shall be deemed to have created, or be construed as having created any joint venture or partnership relationship between Agent and Sub-Agent. At all times during the performance of its duties and obligations arising hereunder, Sub-Agent shall be acting as an independent contractor. </FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE VII.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Indemnity</FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Sub-Agent shall be a beneficiary of any indemnity provided by Owner pursuant to the Over-Leasing Agreement. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">The terms of this Article VII shall survive the expiration or termination of this Agreement. </FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE VIII.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Notices</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Any and all notices, consents or directives by either party intended for the other shall be in writing sent by hand delivery or reputable overnight courier service to the respective addresses first herein set forth in this Agreement, with copies sent to Vornado Realty Trust, 210 Route 4 East, Paramus, New Jersey 07652, Attention: Chief Financial Officer, unless either party shall have designated different addresses by serving written notices of change of addresses on the other party by registered or certified mail, return receipt requested. </FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE IX.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Recourse Limitation </FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Sub-Agent shall use every reasonable means to assure that all persons having dealings with Sub-Agent shall be informed that no director, trustee, shareholder, officer or agent of Sub-Agent, Agent or Owner shall be held to any personal liability, nor shall resort be had to their private property for the satisfaction of any obligation or claim or otherwise in connection with the affairs of Agent, but the trust estate only shall be liable.</FONT></H2>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#010000 face="Times New Roman">ARTICLE X.</FONT></B><B><U><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman"><BR><BR>Miscellaneous </FONT></U></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">This Agreement cannot be changed or modified, varied or altered except by an agreement, in writing, executed by each of the parties hereto. This Agreement constitutes all of the understandings and agreements of whatsoever kind or nature existing between the parties in connection with the relationship created herein. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">B.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">This Agreement shall be governed by and construed in accordance with the laws of the State of New York. </FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">C.</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Neither Agent nor Sub-Agent shall make (and each hereby waives) any claim against the other party&#8217;s directors, trustees, beneficiaries or shareholders personally.</FONT></H2>

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<P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;6</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, the parties hereto have hereunto executed this Agreement as of the date first above written. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">SUB-AGENT:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">VORNADO REALTY L.P.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a Delaware limited partnership</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust,&nbsp;its general parnter</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=white face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Senior Vice President </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">AGENT:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S MANAGEMENT, LLC</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a New York limited liability company</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALEXANDER'S INC., a Delaware corporation, its sole memeber</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3.25in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=white face="Times New Roman">e</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in"><U><FONT color=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary </FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">EXHIBIT A </FONT></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">OVER-LEASING AGREEMENT </FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">A - 1</FONT></P>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><U><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN face="Times New Roman">REAL ESTATE<BR>RETENTION AGREEMENT</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By this Real Estate Retention Agreement, dated as of February 28, 2014 (this &#8220;Retention Agreement&#8221;), ALEXANDER&#8217;S MANAGEMENT LLC, a New York limited liability company having an office c/o&nbsp;Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;Agent&#8221;) agrees to act as special real estate consultant to 731 OFFICE ONE LLC, a Delaware limited liability company having an office c/o&nbsp;Alexander&#8217;s, Inc., 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;Owner&#8221;), with respect to the leasing and disposition of Owner&#8217;s real property, as well as the sale of Owner&#8217;s right, title and interest in the fixtures and improvements thereat (which is disposed of with the real property), including, without limitation, the office condominium units more specifically described in the attached Schedule&nbsp;A (the &#8220;Asset(s)&#8221;), and the compensation Agent expects to receive.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">WHEREAS, Owner was party to that certain 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and among Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC, which is the predecessor owner of the Assets, as the same was amended by that certain Letter Agreement Relating to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of July 6, 2005, by and among 731 Commercial LLC, 731 Retail One LLC and Vornado Realty L.P. and that certain Amendment to 59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of January 1, 2007, by and among 731 Retail One LLC, 731 Restaurant LLC, Owner, 731 Office Two LLC and Vornado Realty L.P. (as so amended, the &#8220;Original Agreement&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">WHEREAS, pursuant to that certain Termination Agreement, dated as of the date hereof, each of the parties to the Original Agreement agreed that the Original Agreement would be terminated with respect to Owner and that Owner would no longer have any obligations under the Original Agreement, provided that Owner and Agent enter into this Retention Agreement and Agent and Vornado Realty L.P. enter into that certain Sub-Retention Agreement being entered into concurrently herewith. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">NOW, THEREFORE, the parties hereto hereby agree as follows:&nbsp; </FONT></P>

<H1 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in" align=left><B><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN color=#010000 face="Times New Roman">I.</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 11pt" lang=EN color=black face="Times New Roman">SUMMARY OF MARKETING SERVICES</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">Agent will provide those services that are reasonably necessary to market the Assets, as contemplated by this Retention Agreement.&nbsp; Such services may include, but are not necessarily limited to, those generally described below:</FONT></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspecting the Assets to determine their physical condition.</FONT></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in" align=justify><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creating a marketing program which may include newspapers, magazine or journal advertising, flyer solicitation and placement of signs, as appropriate.&nbsp; Preparing and disseminating all such marketing materials, all of which shall be approved by Owner and shall be at the sole cost and expense of Owner.</FONT></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in" align=justify><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communicating with parties who have expressed an interest in the Assets and responding and providing information to, negotiating with, and soliciting offers from, </FONT></P>

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<P style="TEXT-INDENT: -0.5in; MARGIN-LEFT: 0.5in" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">prospective purchasers, including landlords, and making recommendations to Owner as to the advisability of&nbsp;accepting&nbsp;particular offers and settlements.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in" align=justify><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arranging for physical inspections of&nbsp; the Assets by prospective purchasers.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in" align=justify><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When requested, meeting periodically with Owner, their accountants and attorneys, in connection with the status of Owner&#8217;s efforts and recommending to Owner and its counsel the proper method of handling the particular problems encountered with respect to the disposition of the Assets.</FONT></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in" align=justify><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If required, appearing in Court during the term of this retention, to testify or to consult with Owners in connection with the marketing or disposition of the Assets.</FONT></P>

<H1 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 0.5in" align=left><B><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN color=#010000 face="Times New Roman">II.</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 11pt" lang=EN color=black face="Times New Roman">BASIS OF RETENTION AND COMPENSATION</FONT></U></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">Agent will actively and diligently discharge its obligations under this Agreement.&nbsp; Agent shall be retained by Owner for the purpose of performing the services outlined above, upon the following terms and conditions:</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=windowtext face="Times New Roman">Exclusive Right</FONT></U><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=windowtext face="Times New Roman">:&nbsp;</FONT></U></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agent shall have the sole and exclusive authority to offer each Asset for disposition and the &#8220;exclusive right to sell&#8221; and &#8220;exclusive right to lease&#8221; each Asset.&nbsp; All communications and inquiries regarding any Asset, whether directed to Owner (including but not limited to their officers, agents and employees), or Owners&#8217; counsel, accountants, or other professionals, shall be redirected to Agent.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Owner shall retain the complete discretion and authority to accept or reject any offer.&nbsp; Owner shall not have any liability whatsoever to Agent for exercising its discretion with respect to the acceptance or rejection of any offer.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="COLOR: #000000"><U>Term:</U>&nbsp;&nbsp; The term of Agent's retention shall be from the date hereof and shall continue for one (1) year hereafter, and, thereafter, shall automatically renew on a year-to-year basis, terminable by either party at the end of each year on not less than sixty (60) days' prior notice.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fee:</U>&nbsp;&nbsp; Agent's fee shall be computed and paid as follows:</P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When Owner disposes of an Asset, whether individually or as part of a package or as part of the disposition of Owner's business or a portion thereof, or as part of a plan of reorganization, by sale, assignment, lease, sublet or otherwise to a third party, or by assignment of a leasehold to the landlord or by termination of a leasehold for which Owner receives consideration (any of the foregoing, an "Asset Transaction"); or if in lieu of a disposition of the Assets, one or more third parties acquires control of Owner by merger, outright purchase, or otherwise in one or multiple transactions (any of the foregoing, an "In Lieu Asset Transaction"); then, (i) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, exceed $50,000,000, Owner shall pay an amount equal to one</FONT></H2>

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<P style="MARGIN: 0in 0in 0pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">percent (1%) of the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, and (ii) if the Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, are equal to or less than $50,000,000, Owner shall pay an amount equal to three (3%) of the </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Gross Proceeds from the Asset Transaction or In Lieu Asset Transaction, as the case may be, except in the event of a lease or sublease, in which event Owner shall pay an amount equal to:</FONT></P>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; three (3%) percent of the total base rent Gross Proceeds payable during the first ten (10) years of the term, plus</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; two (2%) percent of the total base rent Gross Proceeds payable during the eleventh (11<SUP>th</SUP>) through the twentieth (20<SUP>th</SUP>) years of the term, plus</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one (1%) percent of the total base rent Gross Proceeds payable during the balance of the term, but in no event to exceed the thirtieth (30) year;</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(In the event of a month-to-month tenancy, the fee shall be 50% of the first month's base rental,&nbsp; payable in four (4) equal monthly installments, but only for so long as such tenancy shall continue.&nbsp; Additional fees shall only become earned and payable (i) upon a tenant's exercise of Option(s) or Rights(s) of First Refusal, to Renew, Extend Lease or Occupy Additional Space or (ii) upon a month-to-month tenant entering into a new lease or sublease of an Asset.)</FONT></H2>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agent's fee will be paid in full simultaneously with the closing, sale, assignment or other consummation of the transaction</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that Owner leases or subleases an Asset and the transferee, or any agent, officer, employee, or shareholder of the transferee, acquires fee-simple title to such property within five years, (i) if the Gross Proceeds from the acquisition exceed $50,000,000, Owner shall pay an amount equal to one percent (1%) of the Gross Proceeds from the acquisition, and (ii) if the Gross Proceeds from the acquisition are equal to or less than $50,000,000, Owner shall pay an amount equal to three (3%) of the Gross Proceeds from the acquisition payable in the same manner as described above; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">provided</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">however</FONT></U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">, that there shall be a credit against such subsequent fee in the amount of fees previously paid relating to that portion of the lease or sublease term which is cancelled by reason of such sale.&nbsp; In no event shall such credit exceed the amount of the latter fee</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Asset for which a fee is payable hereunder contains (i) an option(s) or right(s) of first refusal to renew or </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">extend</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, and a lease term(s) is renewed or extended whether strictly in accordance with the terms of such option(s) or right(s) or otherwise and/or (ii) an option(s) or right(s) of first refusal to expand, and a tenant occupies additional space whether strictly in accordance with the terms of such option(s) or right(s) or otherwise, with respect to space owned by, or leased to, the Owner, then Owner shall pay a leasing fee in accordance with the provisions of this agreement on the additional base rental to be paid, except that in the case of renewal or extension, the fee shall be calculated at the rate applicable hereunder as if such renewal or extension period were included in the initial term of the lease, and in the case of the tenant occupying additional space, the fee shall be calculated at the rate applicable hereunder as</FONT></P>

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<P style="MARGIN: 0in 0in 0pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">if such expansion were a new lease.&nbsp; Such fee shall be earned and payable at the time the extended term commences or the additional space is occupied, as applicable.</FONT></P>

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<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 0pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a lease for which a fee is payable hereunder contains, as a primary component of the consideration to be paid by a tenant for the rent thereunder, a percentage rent clause, Owner shall pay a fee on the percentage rent payable by the tenant at the commission rate applicable to the period of the lease term for which the percentage rent is payable.&nbsp; Subject to paragraph II.C.1 of this Retention Agreement, the fee shall be payable within fifteen days after the tenant&#8217;s final payment and accounting of percentage rent for the preceding lease year.</FONT></P>

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<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any transaction whereby Owner leases or subleases an Asset, Agent shall have the right to receive all formal notifications required pursuant to the lease to the extent that any such notice may affect the rights of Agent hereunder or the timing or payment of any fees due hereunder.&nbsp; In furtherance of such rights, Owner shall insert within the terms of such lease or sublease a separate paragraph that states Agent&#8217;s right to notice, right to a fee as described in the above subparagraphs and Agent&#8217;s address and phone number shall be included in the &#8220;notice&#8221; provision of such lease or sublease.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that a party other than Agent is a procuring broker who is entitled to a fee, in the event of a lease or sublease, the three-two-one (3-2-1) schedule set forth in paragraphs II.C.1(a)(i), (ii) and (iii) above shall be increased to four-three-two (4-3-2) and Agent shall pay the fee of the procuring broker.&nbsp; With respect to any sale, assignment or In Lieu Asset Transaction, the fees payable by Owner shall not be increased, and Agent shall pay any third party procuring broker's fee out of Agent&#8217;s fee payable pursuant to this Retention Agreement.&nbsp; For any given transaction, Owner shall be responsible for the payment of only one fee in the amounts set forth herein</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=justify>(<FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term &#8220;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">base&nbsp;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">rent&#8221; means the base rent set forth in any lease and shall not include any additional </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">rent</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">, whether for utilities, taxes or otherwise, and which is ordinarily not a component of base rent, which may be payable under such lease.</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt" align=justify><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without duplication of any amounts payable hereunder, Owner acknowledges and agrees that Agent shall entitled to collect any compensation that would have otherwise </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">been&nbsp;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> due and payable to Vornado Realty L.P. under the Original Agreement with respect to the leases and </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">subleases&nbsp;</FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman"> of the Assets in effect as of the date hereof.&nbsp; </FONT></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">The term &#8220;Gross Proceeds&#8221; as used herein shall include the sum of:</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(a)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the total cash consideration transferred to or for the benefit of Owner; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(b)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the balance, if any, of any outstanding mortgage(s) to be transferred to or assumed by the transferee; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(c)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">any deferred payment obligation granted by Owner to the transferee; plus</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(d)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">the value of any waiver, relinquishment, transfer or assignment of any lien, and/or the value of any deposit, claim, or rights through which consideration is given whereby Owner shall receive compensation or a credit for payment; plus</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">(e)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">in the case of an Acquisition Transaction, &#8220;Gross Proceeds&#8221; shall be the value of the consideration to be received by Owner, its creditors or its stockholders.</FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Except as provided in paragraph II.C.1.(b), the computation of Gross Proceeds as well as the computation of fees hereunder shall not be affected by the costs of advertising, Owners&#8217; legal fees, break-up fees, Agent&#8217;s expenses nor any closing costs and/or adjustments, including but not limited to adjustments and/or payments of whatever kind to landlords, lienholders, secured parties, mortgages or offerors.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Expenses and Disbursements</FONT></U><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">:&nbsp;</FONT></U></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agent will not be responsible for any legal expenses incurred by Owner in connection with its retention of Agent, the disposition of the Assets and the preparation of legal motions and documents, including but not limited to the costs of preparing contracts and assignments as well as the costs of attending hearings and closing, among other things.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">All advertising, marketing, and other third party expenses shall be borne by Owner.&nbsp; Agent will prepare a marketing budget and, upon the retention of Agent and the approval of the budget by Owner, Owner agrees to pay all such costs and expenses to Agent immediately upon the proper presentation of invoices.&nbsp; Agent shall be under no obligation to incur such expenses until such time as Agent receives funds from Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event Owner fails or is unable to pay the expenses as above described or such additional expenses as Owner may approve, and Agent shall have given Owner prior written notice of its intention to resign and the reason therefor and Owner shall not have cured such failure within fifteen (15) days after receipt of such notice by Owner, Agent shall have the right to so resign, individually, and pursue any claims that Agent might have.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="Times New Roman">E.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN color=black face="Times New Roman">Survival</FONT></U><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">:&nbsp;</FONT></U></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">In the event Owner and any third party should enter into an agreement providing for the sale, assignment, lease or other disposition of an Asset, or providing for an Acquisition Transaction, before the expiration of this Retention Agreement, and the closing does not occur until after such expiration, then Agent shall be entitled to a fee in accordance with the terms of this Retention Agreement.&nbsp; If Owner, after the expiration of this Retention Agreement, arranges for the sale, assignment, lease or other disposition of an Asset, or arranges for an Acquisition Transaction of an Asset to a third party where Agent substantially contributed to the consummation of such sale, assignment, lease or other disposition of an Asset or Acquisition Transaction during the term of this Retention Agreement, or with whom Owner signed a letter of intent for such transaction during the term of this Retention Agreement and, in any such event, the contract signing or closing takes place within six (6) months after such expiration, then Agent shall be entitled to a fee in accordance with the terms of this Retention Agreement.&nbsp; Within thirty (30) days after the termination or expiration of this Retention Agreement, Agent will furnish Owner with a list of the parties with whom a transaction with respect to the Assets would, in</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agent&#8217;s view, give rise to a claim for a fee by Agent under this paragraph.&nbsp; The receipt of such a list by Owner shall not be construed as consent by Owner to the names contained thereon.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agent&#8217;s rights to fees from the future potential exercise by a tenant of option(s) or right(s) of first refusal, to renew, to extend the lease, and/or to occupy additional space, shall survive this Retention Agreement.</FONT></H3>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Owner Responsibilities:</U>&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Owner shall inform Agent in writing immediately after Owner shall become aware, after the execution and delivery of this Retention Agreement, of any known or suspected risk of environmental hazard or contamination or of the receipt by Owner of a citation for the violation of any federal, state or local environmental law or regulation.&nbsp; Owner shall have the continuing obligation to advise Agent in writing as soon as it becomes aware of any inaccuracy, inconsistency, incompleteness or change of circumstances and to correct any environmental report with respect to the Assets.&nbsp; Owner will use its best efforts to deliver to Agent all environmental reports in its possession.&nbsp; Additionally, Owner will provide, promptly upon receipt thereof, a copy of any environmental reports prepared after the date hereof to Agent and will authorize Agent to disseminate such report to prospects.&nbsp; Agent shall be the only entity entitled to rely on the covenants contained in this paragraph.&nbsp; Any damages for a breach or violation of the covenants contained in this paragraph shall be limited to Agent&#8217;s out-of-pocket expenses incurred in reliance on the covenants contained in this paragraph less any fees earned from the transaction related to the expenditure of such expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>General Provisions:</U></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Agent hereby indemnifies Owner for all costs, expenses, damages, losses, obligations and liabilities that may arise from the claim by a third party with whom Agent dealt in connection with the disposition of any Asset that such third party is entitled to a fee, broker&#8217;s commission or any other payment arising from the disposition of such Asset.&nbsp; The indemnity provided for in this paragraph shall be limited to the fees earned by Agent from the disposition of the Asset or Assets giving rise to the claim.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">The parties hereto, on behalf of themselves and their respective officers, directors, agents and employees, agree to deal with each other fairly and in good faith so as to allow each party to perform its services and obligations and to receive the anticipated benefits of this Retention Agreement.&nbsp; No party shall interfere, prevent or prohibit another party from carrying out its duties and obligations under this Retention Agreement.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">By executing or otherwise accepting this Retention Agreement, the parties hereto each acknowledge and represent that they are represented by and have consulted with legal counsel with respect to the terms and conditions contained herein.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS RETENTION AGREEMENT.</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">This Retention Agreement may be executed in original counterparts.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=#010000 face="Times New Roman">6.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=#010000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" color=black face="Times New Roman">This Retention Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></H3>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">[Signature Page Follows]</FONT></I></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Retention Agreement as of the day and year first above written.</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">PRINCIPAL:<BR><BR></P>

<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">731 OFFICE ONE LLC</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a Delaware limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 OFFICE ONE HOLDING LLC, a Delaware limited liability</FONT></P>

<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;company, its sole&nbsp;member<BR><BR></P>

<P style="MARGIN: 0in 0in 0in 3.25in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By: </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its sole member</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3.25in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=white face="Times New Roman">e&nbsp;</FONT></U></P>

<P style="MARGIN: 0in 0in 0in 3.25in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=white face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">N</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">ame: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Secretary </FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">AGENT:<BR><BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">ALEXANDER&#8217;S MANAGEMENT LLC</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a New York limited liability company</FONT></P>

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<P style="MARGIN: 0in 0in 0in 3in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Alexander&#8217;s Inc.,</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> a Delaware&nbsp;corporation, its sole member</FONT></P><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">/s/ Alan J. Rice&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Alan J. Rice<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Secretary </FONT></DIV>

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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN face="Times New Roman"><STRONG><U>&nbsp;Schedule A</U></STRONG></FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">A - 1</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN face="Times New Roman">The Condominium Unit (in the Building located at and know as Beacon Court Condominium and by Street Number 151 East 58<SUP> </SUP>th Street, New York), designated and described as Office Unit 1 and Office Unit 2 (hereinafter called the &#8220;Units&#8221;) in the Declaration (hereinafter called &#8220;Declaration&#8221;) made by the Sponsor under the Condominium Act of The State of New York (Article 9-b of the Real Property Law of the State of New York), dated 12/4/2003 and recorded 2/3/2004 in the Office of the Register The City of New York, Count of New York, as CRFN 2004000064392, as amended and restated by Amended and Restated Declaration dated 2/8/2005, recorded 3/9/2005 in CRFN 2005000139245, establishing a plan for Condominium ownership of said Building and the land upon which the same is erected (hereinafter sometimes collectively called the &#8220;Property&#8221;) and also designated and described as Tax Lots No. 1002and 1003, respectively, Block 1313 Section 5, Borough of Manhattan on the Tax Map of the Real property assessment department of the City of New York and on the floor plans of said Building certified by Peter Claman, Registered Architect on 1/30/2004 and files as Condominium Plan No. 1350 on 2/3/2004 in the aforesaid Register&#8217;s Office in CRFN 2004000064383, amended Floor Plans filed as Condominium Plan No. 1350-A on 3/9/2005 in CRFN 2005000139246. </FONT></P>

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<DESCRIPTION>EXHIBIT 10.9
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<P align=right><STRONG>EXHIBIT 10.9</STRONG></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman Bold">SIXTH AMENDMENT TO AMENDED AND RESTATED MANAGEMENT AND<BR>DEVELOPMENT AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS SIXTH AMENDMENT TO AMENDED AND RESTATED MANAGEMENT AND DEVELOPMENT AGREEMENT (this &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Amendment</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) is made as of the 21st day of March, 2014, by and among ALEXANDER&#8217;S, INC., a Delaware corporation, on behalf of itself and each of the subsidiaries listed in Exhibit B attached hereto (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), having an address at 210 Route 4 East, Paramus, New Jersey 07652, (sometimes hereinafter referred to as &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Owner</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), and VORNADO MANAGEMENT CORP., a New Jersey corporation, having an office at 210 Route 4 East, Paramus, New Jersey 07652 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Manager</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">R E C I T A L S</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS, </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Alexander&#8217;s and Manager have heretofore entered into that certain Amended and Restated Management and Development Agreement, dated July 3, 2002, as amended by First Amendment to Amended and Restated Management and Development Agreement dated as of July 6, 2005, Second Amendment to Amended and Restated Management and Development Agreement dated as of December 20, 2007, Third Amendment to Amended and Restated Management and Development Agreement dated as of November 30, 2011, Fourth Amendment to Amended and Restated Management and Development Agreement dated as of August 1, 2012 and Fifth Amendment to Amended and Restated Development Agreement dated December 1, 2012 &nbsp;(as so amended, the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Development Agreement</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">WHEREAS</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, Owner and Manager desire to amend the Development Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NOW THEREFORE</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, in consideration of Ten Dollars ($ 10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, Owner and Manager hereby agree as follows to the following amendments to be effective from and after January 1, 2014 (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Effective Date</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;):&nbsp;</FONT></P>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">1</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Management Fee</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; The first sentence of Article III, Section A is hereby amended to read as follows:&nbsp; &#8220;Owner shall pay Manager, as Manager&#8217;s entire compensation for the services rendered hereunder in connection with the management of the Properties and the management of Owner, a management fee (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Management Fee</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) equal to Two Million Three Hundred Eighty Thousand Dollars ($2,380,000.00) per annum, payable in equal monthly installments, in arrears, in the amount of $198,333.33 on the tenth day of each calendar month beginning with the first calendar month after the Effective Date&#8221;.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">2</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Counterparts</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; This Amendment may be executed in several counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same instrument.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">3</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Defined Terms</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; All terms capitalized but not defined herein shall have the same meaning ascribed to such terms in the Development Agreement. The marginal headings and titles to the paragraphs of this Amendment are not a part of this </FONT></H1>

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<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Amendment and shall have no effect upon the construction or interpretation of any part hereof.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">4</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Amendment</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; This Amendment is incorporated into and made a part of the Development Agreement, and the Development Agreement and all terms, conditions and provisions of the Development Agreement are ratified and confirmed in all respects and is and shall continue to be in full force and effect as modified and amended hereby.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">5</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Governing Law</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; This Amendment shall be governed by and construed in accordance with the laws of the State of New York.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">6</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">No Modification</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; This Amendment constitutes the entire understanding of the parties with respect to the subject hereof and may not be amended except in a writing executed by the parties hereto.</FONT></H1>

<H1 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">7</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Successors and Assigns</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">.&nbsp; This Amendment shall be binding upon and inure to the benefit of the parties hereto, and their successors and permitted assigns.</FONT></H1>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">OWNER</FONT></U></B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">:&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">ALEXANDER&#8217;S, INC., a Delaware corporation</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;<U>/s/ Steve Santora&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Name: <U>Steve Santora&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Title: Assistant Secretary</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">MANAGER</FONT></U></B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">:&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">VORNADO MANAGEMENT CORP., a New Jersey Corporation</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By: Vornado Realty L.P., as sole member </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By: Vornado Realty Trust, its general partner</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By: <U>/s/ Joseph Macnow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Name: <U>Joseph Macnow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Title: Executive Vice President and Chief</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Officer</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">- 3 -</P></DIV>

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<SEQUENCE>11
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<DESCRIPTION>EXHIBIT 10.10
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><STRONG>EXHIBIT 10.10</STRONG></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">REGO PARK II RESIDENTIAL MANAGEMENT AND DEVELOPMENT AGREEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THIS REGO PARK II RESIDENTIAL MANAGEMENT AND DEVELOPMENT AGREEMENT dated as of the 21st day of March, 2014 (the &#8220;Management Agreement&#8221;) between ALEXANDER&#8217;S OF REGO RESIDENTIAL LLC, a Delaware limited liability company having an office c/o Vornado Realty Trust, 210 Route 4 East, Paramus, New Jersey, 07652 (the &#8220;Owner&#8221;) and VORNADO MANAGEMENT CORP., a New Jersey corporation having an office at c/o Vornado Realty Trust, 210 Route 4 East, Paramus, New Jersey, 07652 (&#8220;Manager&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN CONSIDERATION</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> of the mutual promises and covenants herein contained. Owner and Manager agree as follow:</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE I</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Appointment of Manager</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner hereby appoints Manager, on the conditions and for the term hereinafter provided, to act for it in the operation, maintenance, management and development of the property identified on Exhibit A attached hereto and made a part hereof (the &#8220;Property&#8221;), which management and development duties are more particularly described in Articles IV and V. Manager hereby accepts said appointment to the extent of, and subject to, the conditions set forth below.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE II</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Term</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The term of this Management Agreement shall commence January 1, 2014 (the &#8220;Effective Date&#8221;) and shall continue until the date of Substantial Completion of the Property (the &#8220;Initial Expiration Date&#8221;) unless this Management Agreement shall be terminated and the obligations of the parties hereunder shall sooner cease and terminate, as hereinafter provided; provided, however, that the term of this Management Agreement shall automatically extend for consecutive one-year periods following the Initial Expiration Date unless Manager or Owner provides the other with written notice, at least six months prior to the beginning of any such additional one-year period, of its election to terminate this Management Agreement.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE III</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Management and Development Fee</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall pay Manager, as Manger&#8217;s entire compensation for the services rendered hereunder in connection with the management of the Property, a management fee (the &#8220;Management Fee&#8221;) equal to One Hundred Twenty Thousand Dollars $120,000.00 per annum, payable in equal monthly installments, in arrears, in the amount of $10,000.00 on the tenth day of each calendar month beginning with the first calendar month after the Effective Date.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall pay Manager, as Manger&#8217;s compensation for the services rendered hereunder in connection with the development of the Property, a development fee (the &#8220;Development Fee&#8221;) (the Development Fee and the Management Fee are sometimes referred to herein, collectively, as the &#8220;Management and Development Fee&#8221;) equal to (i) five percent (5%) of the total Development Costs (as hereinafter defined) with respect to the Property, plus (ii) general overhead and administrative expenses equal to one percent (1%) of the total Development Costs with respect to the Property. Upon Substantial completion of the property, as hereinafter defined, Owner shall pay to Manager the Development Fee. </FONT></H2>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;As used herein, the following terms shall have the following meanings:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Development Budget</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean, collectively, the capital budgets and development schedules setting forth the Development Costs to be incurred in connection with the Property, as prepared by Manager and approved by Owner and as more particularly described in Article V hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Development Costs</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the costs incurred by Owner in accordance with the Development Budget in connection with the planning, design and construction , and development or redevelopment of the Property, including, without limitation, fees of any construction manager, general contractor or any other third-party professionals unaffiliated with Manager and costs set forth in the Development Budget that&nbsp; may be reimbursed by tenants at the Property for improvements outside the leased premises of those tenants. Notwithstanding the foregoing, in no event shall Development Costs include costs paid for or reimbursed by the tenants for improvements inside the leased premises of those tenants, the Development Fee, costs of the land and, with respect to loans made to Owner, interest, commitment fees and points.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Substantial Completion</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; shall mean the date on which (a) all punch list items and landscaping at the Property have been completed, (b) the planning, design, construction and development of the Property have been completed, as certified by the Owner&#8217;s architect, in accordance with the plans and specifications therefor approved by Owner, (c) all necessary occupancy and other permits have been obtained with respect to the work completed at the Property for which Manager has any obligation hereunder and (d) if leases are then in effect at the Property, the portions of the Property demised under the leases have been delivered for possession to the tenants thereunder in accordance with the terms thereof, the tenants have otherwise taken possession of the demised premises, or, if tenants cannot take possession due to Owner&#8217;s obligation to perform tenant improvement work, tenant improvement work has commenced thereunder.</FONT></P>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager shall receive no commissions, fees or other compensation (other than the, Management and Development Fee) in connection with any leasing or sale of any part of or the entire Property or the procuring of any financing or refinancing with respect thereto; provided, however, that nothing contained herein shall in any way restrict the commissions, fees and other compensation otherwise payable to any affiliate of Manager by Owner pursuant to a leasing agreement, which hereinafter may be executed.</FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event that Manager desires to provide services not required to be performed hereunder (&#8220;Additional Services&#8221;) for the benefit of a tenant of the Property, Manager shall notify Owner in advance of its intention to provide Additional Services to a tenant or tenants where those services are substantial in nature. Owner shall have the right to prohibit Manager from undertaking such services, if, in its judgment, the performance by Manager of the Additional Services would adversely affect the professional relationship and duties of Manager created by this Management Agreement.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE IV</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Management Services</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager agrees to operate and manage the Property and to perform or cause to be performed by outside contractors and under Manager&#8217;s supervision, the following functions on behalf of Owner in an efficient and diligent manner using the same standard of care, including bidding and selection processes, segregation of funds, internal controls and internal auditing, used by Vornado Realty Trust in connection with its business and in connection with properties owned and/or managed by Vornado Realty Trust:</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Preparing, or causing to be prepared at Owner&#8217;s expense, and filing all income, franchise and other tax returns relating to the Property required to be filed by Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Keeping true and complete books of account in which shall be entered fully and accurately each transaction of Owner&#8217;s business relating to the Property. The books shall be kept in accordance with the accrual method of accounting, and shall reflect all transactions of Owner&#8217;s business relating to the Property.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Except as otherwise provided hereunder, procuring, at Owner&#8217;s expense and at the direction of Owner or the Owner&#8217;s insurance brokers or insurance advisors, any insurance required or desirable in connection with Owner&#8217;s business relating to the Property or the employees required to operate Owner&#8217;s business relating to the Property and errors and omissions insurance for Manager, under which Owner shall be the sole beneficiary.&nbsp; Manager shall not settle any claim for a settlement amount in excess of $100,000 without the approval of Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Providing all general bookkeeping and accounting services required by the provisions of this Agreement at the expense of Manager. Any independent certified public accountant engaged by Manager shall be subject to the approval of Owner and all fees and expenses payable to such accountant shall be at Owner&#8217;s expense. Manager shall maintain separate books and records in connection with its management of the Property under this Management Agreement, which books and records shall be kept in accordance with generally accepted accounting principles. Owner shall have the right to examine or audit the </FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">book s and records at reasonable times and Manager will cooperate with Owner in connection with any such audit.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Investing funds not otherwise required to pay the costs of day-to-day maintenance and operation of the Property or in the operation of Owner&#8217;s business pursuant to guidelines set by Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">6.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Repairing, making replacements and maintaining the Property and all common areas at the Property and purchasing all materials and supplies that Manager deems necessary to repair and operate and maintain the Property, in order that the Property shall remain in good, sound and clean condition, and making such improvements, construction, changes and additions to the Property (including capital improvements), as Manager deems advisable, provided that Manager shall receive approval of Owner prior to undertaking any improvements, construction, changes or additions to the Property. Owner shall pay all fees, costs and expenses incurred by Manager in connection with the retention of outside contractors and suppliers for the performance of all repairs, replacements and maintenance of the Property in the event that Owner decides to remodel or extensively refurbish the Property, or any part thereof. Manager shall be entitled to receive additional compensation for services required to be rendered by it for services such as supervision of construction and allocation of overhead expense (i) to the extent that tenants at the Property reimburse Owner for such costs and (ii) if such costs are not reimbursable by the tenants and such remodeling or refurbishment shall be on a significant scale and shall require significant work by the Manager, the amount of such addition al compensation payable to Manager shall be equal to Manager&#8217;s costs in connection with such work, plus twenty percent (20%) of Manager&#8217;s costs.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">7.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Negotiating and executing contracts for the furnishing to the Property of all services and utilities, including electricity, gas, water, steam, telephone, cleaning, security, vermin extermination, elevator, escalator and boiler maintenance and any other utilities or services, including repairs and maintenance of the buildings, other improvements and common areas at the Property, or such of them as Manager deems advisable to assure that the Property shall be caused to be and remain in a good, sound and clean condition and properly operating. All fees, costs and expenses under the contracts shall be paid by Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">8.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Subject to the terms of any loan or credit agreement entered into by Owner with a lender and affecting the Property, demanding, receiving and collecting all rents, income and other revenues, which Manager shall deposit in a bank account or accounts of Owner maintained by Manager (with any interest thereon for the account of Owner) for the deposit of monies in regard to the Property; disbursing, deducting and paying from such rents, income and revenues, such amounts required to be disbursed or paid in connection with the repair, maintenance and operation of the Property and in the carrying out of Manager&#8217;s duties. In the event that Manager shall determine that funds in the accounts are insufficient to make necessary disbursements or payments, Manager shall notify </FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner promptly of the amount of such in sufficiency. Promptly after (i) Owner receives such notice, or (ii) Owner independently determines that such funds are insufficient, Owner shall determine and notify Manager as to the order of priority in which disbursements and payments shall be made. Disbursements or payments shall include, but not be limited to, the following items:</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">a.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all assessments and charges of every kind imposed by any governmental authority having jurisdiction (including real estate taxes, assessments, sewer rents and/or water charges) and, interest and penalties thereon; provided, however, that the interest or penalty payments shall be reimbursed by Manager to Owner if imposed by reason of delay in payment caused by Manager&#8217;s gross negligence, willful misconduct, bad faith or material misapplication of funds (to the extent such material&nbsp; misapplication of funds is not covered by insurance) (collectively, &#8220;Malfeasance&#8221;);</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">b.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">debt service on any loans secured by the Property;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">c.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">license fees, permit fees, insurance appraisal fees, fines, penalties, legal fees, accounting fees incurred in the auditing of tenants&#8217; books and records to establish and collect overage or percentage rents, and all similar fees reasonably incurred in connection with the ownership, management or operation of the Property, provided, however, that any fines or penalties shall be reimbursed to Owner by Manager if imposed by reason of delay in payment caused by Manager&#8217;s Malfeasance;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">d.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">premiums on all policies of insurance;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">e.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">salaries, wages and other related expenses, bonuses and fringe benefits for on-site personnel, service contracts, utilities, repairs, replacements, on-site administration expenses and Manager&#8217;s compensation;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">f.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">the Management and Development Fee and any other sums payable hereunder to Manager;</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">g.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">contributions to merchants associations, if and as required by any outstanding agreements; and advertisement and public relations costs for promotional activities; and</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">h.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">any and all other expenses or costs that are customarily disbursed by managing agents of properties comparable to the Property or that are required in order for Manager to perform its duties.</FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In no event shall Manager be required to pay any bills or charges from its own funds, except as otherwise specifically provided herein.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">9.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Engaging, at the expense of Owner, any outside collection agency Manager deems appropriate for the collection of rent or other revenues or instituting, in Manager&#8217;s name (but only if Manager so elects) or in the name of Owner, but in any event at the expense of Owner, any and all legal actions or proceedings to collect rent or other income from the Property or to oust or dispossess tenants or other persons therefrom, or cancelling or terminating any lease or the breach thereof or default thereunder by the tenant, and holding all security deposits posted by tenants and occupants and applying the same against defaults by the tenant or occupant. Manager shall hold all security deposits in a separate account if required by law or if requested by Owner. Manager shall not terminate any lease or evict the tenant thereunder without the prior approval of Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">10.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Rendering such statements at such times and in such formats as Owner shall reasonably request and as shall be customary for properties comparable to the Property, including, without limitation, monthly cash flows, quarterly reports and operating statements and annual budgets as provided below.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">11.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Maintaining, at Manager&#8217;s expense, insurance with reasonable deductibles, if any, for any and all claims or causes of action arising from bodily injury, disease or death of any of Manager&#8217;s employees, agents, or representatives and for any and all claims or causes of action arising from Manager&#8217;s negligence, infidelity or wrongful acts in connection with the performance of this Agreement, as well as employer&#8217;s liability and worker&#8217;s compensation for Managers employees and fidelity bonds for employees of Manager that handle funds and proceeds from the Property, in each case at customary levels of coverage.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">12.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Causing, at Owner&#8217;s expense, all such acts and things to be done in or about the Property as shall be necessary to comply with all statutes, ordinances, laws, rules, regulations, orders and determinations, ordinary or extraordinary, foreseen or unforeseen of every kind or nature affecting or issued in connection with the Property by any governmental authority having jurisdiction thereof, as well as with all such orders and requirements of the Board of Fire Underwriters, Fire Insurance Exchange, or any other body that may hereafter exercise similar functions (collectively, &#8220;Applicable Laws&#8221;). In the event that Manager&#8217;s good faith estimate of the cost of complying with any Applicable Laws shall exceed $100,000 in connection with the Property, Manager shall not take any action to comply with Applicable Laws without first obtaining the consent of Owner. Notwithstanding the foregoing, however, Owner shall have no obligation to pay for the expenses incurred in connection with compliance with Applicable Laws to the extent such costs are incurred due to Managers Malfeasance or material breach of this Management Agreement. Manager shall have the right to contest such Applicable Laws, and pending the final determination of the contest, Manager may withhold compliance, provided that Manager shall receive Owner&#8217;s prior consent to so withhold compliance. Manager agrees to contest any Applicable Law Owner shall request Manager to contest.</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">13.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Filing applications, in Manager&#8217;s name (but only if Manager so elects) or in the name of Owner, but in any event at Owner&#8217;s expense for the reduction of real estate tax assessments and/or water charges and sewer rents, and/or for the cancellation or reduction of any other taxes, assessments , duties, imposts or other obligations of any nature imposed by law; and instituting any and all legal actions or proceedings in connection therewith; filing, settling, trying or appealing of all such applications and/or proceedings, upon such term s and conditions as Manager deems appropriate, provided, however, that Manager shall receive the consent of Owner prior to the institution or setting of any legal action or proceeding.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">14.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Taking, at Owner&#8217;s expense and with the prior consent of Owner, any appropriate steps to protest and/or litigate to final decision in any appropriate court or forum any violation, order, rule or regulation affecting the Property.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">15.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Engaging, at Owner&#8217;s expense, counsel, approved by Owner, and paying counsel fees and court costs and disbursements in connection with any proceedings involving the Property.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">16.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Assisting Owner in obtaining financing for the Property and causing Owner to comply, or complying on behalf of Owner, at Owner&#8217;s expense, with all terms, conditions and obligations of any lease, mortgage, credit agreement, reimbursement agreement, development agreement, construction agreement, or any other agreement that shall relate to any matters in connection with the rental, operation or management of the Property, unless prevented or delayed by strikes, riot, civil commotion, war, inability to obtain materials because of governmental&nbsp; restrictions or acts of God or public enemy, or any other cause beyond&nbsp; Manager&#8217;s control.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">17.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Performing administrative services required in connection with managing the Property, including, without limitation, the following:</FONT></H3>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">a.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">administration of tenants&#8217; insurance and enforcement of continuing coverage in accordance with the terms of the leases.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">b.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">confirmation of lease commencement dates and termination dates.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">c.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">liaison with the tenants as Owner&#8217;s representative.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">d.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">supervision of tenant litigation in conjunction with Owner&#8217;s legal counsel.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">e.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">obtaining sales volume reports from tenants and calculating and collecting percentage rents as a result of those reports.</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">f.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">providing necessary information to Owner for tax reporting, in a format reasonably approved by Owner and upon Owner&#8217;s request, initiating together with Owner&#8217;s counsel, property&nbsp; tax appeals.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">g.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">providing quarterly financial statements, in a format reasonably approved by Owner, reflecting in reasonable detail the operating income and expense of the Property.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">h.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">alerting Owner if tenant sales volume reports appear inaccurate and recommend audits.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">i.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">reporting and making recommendations regarding unusual tenant problems requiring Owner&#8217;s approval.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">j.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">obtaining contractors to maintain, operate and provide security for the Property.</FONT></H4>

<H4 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">k.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">coordinating with any consultants retained by Owner in connection with the Property.</FONT></H4>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">18.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Preventing the use of the Property for any purpose that would void any insurance policy covering the Property, or that would render any loss thereunder uncollectible, or that would be in violation of any governmental restriction, any tenant lease or any reciprocal easement agreement.</FONT></H3>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall be responsible for, and shall indemnify Manager against, all costs incurred in connection with the operation and management and development of the Property, except to the extent such costs are incurred in connection with Managers Malfeasance or material breach of this Management Agreement, and all past, present and future liabilities of Owner, including, without limitation:</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">all outside professional fees, including reasonable attorneys, accountants and architects;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">taxes;&nbsp;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">insurance (other than workers&#8217; compensation insurance for Manager&#8217;s employees and as otherwise provided herein), including retiree health liability insurance and directors&#8217; and officers&#8217; liability insurance;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">fees and expenses applicable to Owner;</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">costs that are, at the discretion of Owner, for services not included in this Management Agreement, including, without limitation, salaries and other expenses of employees (other than employees of Manager) performing services for Owner in connection with the operation and management and development of the Property.</FONT></H3>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE V</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Development</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Manager agrees to design and plan the development of the Property and to manage the construction and development of the Property and to perform, or cause to be performed by outside contractors, the following functions on behalf of Owner in an efficient and diligent manner using the same standard of care, including bidding and selection processes, used by Vornado Realty Trust in connection with properties owned and managed by Vornado Realty Trust:</FONT></P>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Obtaining or assisting Owner in obtaining, on behalf of Owner and at Owner&#8217;s expense, all required building permits and other governmental approvals or consents, along with any zoning variances or other zoning approval, necessary to initiate the development of the Property.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Retaining at Owner&#8217;s expense, all architects, engineers, contractors, construction managers and consultants (collectively &#8220;Consultants&#8221;) necessary or desirable in completing the design and planning of the development of the Property and negotiating, on behalf of Owner, any contracts with Consultants.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Monitoring and coordinating the activities of the Consultants retained for the planning and design of the Property.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Assisting and cooperating with Owner in all aspects of arranging or acquiring any construction or other financing required for the Property, including, without limitation, meeting with and furnishing information to prospective lenders.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">5.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Preparing and filing, or causing the preparation and filing at the expense of Owner of, all returns (other than income, franchise and other similar returns), statements, declarations and filings that may from time to time be required of Owner in connection with the planning, design and development of the Development Property by any municipal, state, federal or other governmental or statutory authority having jurisdiction over the development of the Development Property.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">6.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Preparing an initial budget as soon as practicable, but in any event prior to the commencement of any construction at the Property (including, without limitation, an estimate of the timing of the incurrence of expenditures contained&nbsp; in the budget) and make any revisions or adjustments necessary to acquire approval of Owner for such budget, the approved budget for the Property being herein called the &#8220;Development Budget&#8221;. Manager shall recommend any revision to the Development Budget that Manager from time to time may deem appropriate, or as Owner may reasonably request, in each case to be approved by Owner, provided, however, that Manager&#8217;s obligation to seek Owner approval of </FONT></H3>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT></P>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">change orders shall be limited to change orders exceeding, in the aggregate, ten percent (10%) of the applicable line item in the initial Development Budget. The approval by Owner of the Development Budget and any revisions thereto shall also constitute authorization by Owner of the expenditures and commitments provided for therein and, subject to the other provisions of this Management Agreement, Manager then shall be entitled to act for Owner in incurring the expenditures and making commitments to the extent provided for in the approved initial or revised Development Budget, as applicable.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">7.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Recommending, for Owner&#8217;s approval, such&nbsp; Consultants as may&nbsp; be necessary &nbsp;or desirable for the development of the Property and&nbsp; negotiating on&nbsp; behalf of Owner any contracts and agreements as are necessary or desirable in connection&nbsp; with&nbsp; the development of the Property with&nbsp; such Consultants approved&nbsp; by Owner and&nbsp; supervising the&nbsp; performance by&nbsp; such&nbsp; Consultants thereunder, including, without&nbsp; limitation,&nbsp; the supervision and processing of change&nbsp; requests&nbsp; and&nbsp; change&nbsp; orders.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">8.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Monitoring and coordinating the activities of the Consultants and, where appropriate, assisting Owner in performing Owner&#8217;s obligation s under the contracts with Consultants.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">9.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Supervising the collection and review of all documentation required to be submitted to any construction lender or other lender in connection with the development of the Property and supervising all disbursements made pursuant to any financing.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">10.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Supervising the ordering and installation of equipment or other supplies necessary for the development of the Property.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">11.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Preparing (i) quarterly&nbsp; progress&nbsp; reports&nbsp; regarding the development&nbsp; of the&nbsp; Property, detailing any deviations from the Development Budget and providing explanations for such deviations, (ii) all reports required under&nbsp; loan agreements affecting Owner and&nbsp; (iii) promptly after the completion of the development of the&nbsp; Property, preparing a report of actual&nbsp; Development&nbsp; Costs incurred&nbsp; in&nbsp; connection&nbsp; with&nbsp; the development, separately&nbsp; identifying as estimated&nbsp; items those, if any, that cannot&nbsp; be&nbsp; finally determined&nbsp; at the time of the final&nbsp; report.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">12.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Providing regular and continuing accounting services, on the basis of standard accounting practices for similar projects consistently applied, of all costs and expenses incurred by Owner in connection with the development of the Property, and the receipt and use of borrowed funds or funds otherwise made available.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">13.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Attending meetings as reasonably required or requested by Owner.</FONT></H3>

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<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">14.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Assisting Owner in obtaining and maintaining in full force and effect at all times during the term of construction at the Property all-risk builder&#8217;s risk insurance (including coverage against collapse and fire) written on a progress basis and including commercial public liability insurance with incidental contract coverage, with such insurers, in such amounts and under such policies as may be reasonably satisfactory to Owner and the expense of maintaining such insurance shall be an expense of, chargeable to, or paid by Owner.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">15.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Generally performing such other acts and things as may be reasonably required for coordinating, monitoring, administering and supervising the full and complete planning, design construction and development of the Property.</FONT></H3>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE VI</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Annual Budget</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">On or before the beginning of each calendar year, Manager shall prepare and submit to Owner a proposed budget (hereinafter referred to as the &#8220;Proposed Budget&#8221;) of the estimated operating and capital expenses of the Property for the next fiscal year or such other operating period as may be agreed to by the parties.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall have the right to approve or disapprove the Proposed Budget. The final budget for the fiscal year is referred to as the &#8220;Approved Budget&#8221; in this Management Agreement. The &#8220;Approved Budget&#8221; shall be subject to quarterly comparisons and revisions, which revisions the Manager and Owner mutually shall agree to be appropriate all such revisions as approved by Owner shall be considered part of the &#8220;Approved Budget&#8221;. Manager shall make expenditures without the specific approval of Owner if:</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The expenditure (or group of related expenditures) has been generally identified in an Approved Budget line item and exceeds the amount shown in respect thereof in such budget line item by no more than ten percent (10%).</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The expenditure (or group of related expenditures) has not been generally identified in the Approved Budget but does not exceed $100,000.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The expenditure (or group of related expenditures) exceeds $100,000 and was either not anticipated or exceeded the Approved Budget by more than ten percent, but is not discretionary.</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">4.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The expenditure is required by a condition or situation that in Manager&#8217;s professional judgment constitutes an emergency. In any case where an emergency situation exists that is of serious financial or physical consequence, Manager may act in the best interest of Owner, but Manager shall attempt to notify Owner prior to making the expenditure, but in any event, Manager shall report verbally the making of the expenditure to Owner no later than 24 hours after the occurrence of the emergency.</FONT></H3>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE VII</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Owner to Execute Documents</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Owner covenants and agrees that wherever in this Management Agreement it is provided that Manager may take any action in the name of or on Owner&#8217;s behalf, Owner will promptly execute any documents that may be required by Manager for the purposes of carrying out any of Manager&#8217;s functions as same are set forth .</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE VIII</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Assignment; Cancellation</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Simultaneously herewith, Vornado Realty Trust has entered into a Guaranty, dated the date hereof, in favor of Owner, guaranteeing performance&nbsp; of the duties and obligations of Manager hereunder, and agreeing, to the extent necessary, to make available to the Specified Vornado Affiliate, as hereinafter defined, &nbsp;the resources of Vornado Realty Trust for the purposes of carrying out such duties and obligations, (the &#8220;Guaranty&#8221;). Neither Owner nor Manager shall assign this Agreement or any of its rights hereunder without the consent of the other party; provided, however, that Manager shall have the right to assign its rights and delegate its duties under this Agreement to any Specified Vornado Affiliate (as defined herein) without the consent of Owner, provided that, (a) in connection with any such assignment, Manager shall cause Vornado Realty Trust to deliver a ratification of the Guarantee, in form and substance reasonably satisfactory to Owner, (b) notwithstanding any such assignment to a Specified Vornado Affiliate, the indemnification of Owner by Vornado Realty Trust set forth in Article XI hereof shall remain the obligation of Vornado Realty Trust, and (c) references to the standard of care, customarily provided services and reporting standards applicable to Manager in performing its duties under&nbsp; this Management Agreement shall continue to be the same standard of care and reporting standards applicable to Vornado Realty Trust in connect ion with property owned by Vornado Realty Trust; and further provided that Owner shall have the right to collaterally assign its rights under this Management Agreement to one or more lenders providing financing with respect to the Property. For purposes of this Article VIII, &#8220;Specified Vornado Affiliate&#8221; shall mean Vornado Realty L.P. or Vornado Realty Trust or any entity which directly or indirectly controls either of them, is directly or indirectly controlled by either of them or is under direct or indirect common control with either of them.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event that there is a change of control of Vornado Realty Trust or Manager after the date of this Management Agreement, Owner shall have the right to terminate this Management Agreement if Owner shall determine that such change of control is reasonably likely to have a material adverse effect on the ability of Manager to perform its obligations under this Management Agreement. For purposes of this Article VIII, &#8220;change of control&#8221; shall mean that the aggregate interest of Interstate Properties and its partners in Vornado Realty Trust shall be less than twenty percent (20%) of the ownership interests therein.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">In the event that all of the Property is sold or otherwise disposed of, this Management Agreement shall, from and after the date of any such sale or disposition, cease and terminate and all accrued but unpaid Management and Development Fees (i.e., accrued </FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Development Fees being calculated not on total Development Costs but only on the Development Costs accrued up to the date of termination) shall thereupon be due and payable. As to any sale or disposition from time to time of portions of the Property, from and after the date of any such sale or disposition, this Management Agreement shall cease to apply as to such portions of the Property and Owner and Manager hereby agree that the Management and Development Fee shall be equitably adjusted downward if appropriate to the extent required to reflect the decrease (if any) in services rendered. In the event that Owner and Manager are unable to agree on the amount of the adjustment as provided in this paragraph, then the parties hereto hereby agree that the dispute shall be submitted promptly by them to the American Arbitration Association for the City of New York for determination in accordance with its rules, and such determination shall be binding upon both parties.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">This Management Agreement shall be non-cancelable, except as permitted by the terms of this Management Agreement.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE IX</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Breach; Termination</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If either party shall commit a material breach of this Management Agreement, the other party shall serve written notice upon the allegedly breaching party, and the notice shall set forth the details of such alleged breach. Owner covenants and agrees that Manager shall not be deemed to have committed a material breach of this Management Agreement unless Manager willfully violates any provision hereof, is grossly negligent in the observance or performance of any of its obligations hereunder, acts in bad faith in connection with its duties under this Management Agreement, or materially misapplies any funds received from the Property (to the extent not covered by insurance).</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall, within thirty (30) days after its receipt of said notice, cure such breach unless it disputes the claim as set forth in Paragraph D of this Article IX. If Owner does not cure within such ten-day period, Manager shall have the right, but not the obligation, to cease providing services hereunder until the breach shall be cured. In the event that Manager shall cease providing services hereunder pursuant to this paragraph, Owner shall have the right to terminate this Management Agreement and replace Manager in which event Manager promptly shall deliver to Owner all books and records with respect to the Property that are in Manager&#8217;s possession and otherwise comply with paragraph&nbsp; I&nbsp; below, and upon its receipt of any outstanding payments due to it, shall cooperate with the successor Manager to effect a smooth transition in the management and operation of the Property.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager shall, within thirty (30) days after its receipt of a notice under Paragraph A of this Article IX, cure such breach unless it disputes the claim as set forth in Paragraph D of this Article IX; or if said breach cannot be cured within said thirty (30) day period, Manager shall within said time period commence and thereafter diligently and continuously proceed with all necessary acts to cure such breach, subject to the terms of any loan documents and other material agreements affecting the Property. If Manager shall fail within said time period to cure the said breach, Owner shall have the right, by sending a second written </FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">notice to Manager, to terminate this Management Agreement effective immediately or as of a particular date which shall be specified in said second notice.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If the party who receives the notice of breach shall, with in five (5) days after receipt of such notice, send the notifying party a written notice disputing the claim of material breach and demanding arbitration thereof, then the parties hereto hereby agree that the dispute shall be submitted promptly by them to the American Arbitration Association for the City of New York for determination in accordance with its rules, and such determination shall be binding upon both parties. During the pendency of said arbitration, Manager shall continue to perform all of its obligation s as Manager under this Management Agreement. If it is determined that the party did commit a breach , then the breach shall be cured within ten (10) days after service of a copy of the award or determination on the breaching party; and if not so cured, this Management Agreement shall be terminated.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">E.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">If, at any time during the term of this Management Agreement, there shall be filed against either of the parties hereto in any court, pursuant to any statute either of the United States or any state, a petition in bankruptcy or insolvency or for reorganization of or for the appointment of a receiver or trustee of all or a portion of the property of either party, and such petition&nbsp; is not discharged with in thirty (30) days after the filing thereof, or if either party makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or permits this Management Agreement to be taken under any writ of execution or attachment, then in any of such events, the other party hereto shall have the right to terminate this Management Agreement by giving written notice, by certified mail, effective as of a particular date specified in said notice.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">F.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager and Owner shall each have the further right to terminate this Management Agreement or any portion or provision thereof or activity thereunder on not less than thirty (30) days&#8217; prior written notice to the other party if Manager or Owner shall determine in good faith that this Management Agreement shall or may deprive Manager or Alexander&#8217;s, Inc. of any benefits appurtenant to that&nbsp; Party&#8217;s future qualification as a REIT under all applicable laws, including, without limitation, the Internal Revenue Code of&nbsp; 1986, as amended from time to time (the &#8220;Code&#8221;), or continued benefits if that party is a REIT.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">G.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Upon full or partial termination, or expiration of this Management Agreement, all of the obligations of either party to the other shall terminate immediately except (i) Manager shall comply with the applicable provisions of Subsection I below, (ii) Owner shall pay to Manager all Management and Development Fees and expenses earned and/or due hereunder to the date of termination or expiration. Upon any termination of any portion, provision or activity of or under this Management Agreement, the provisions of the preceding sentence shall apply in respect of the terminated portion, provision or activity. Owner shall pay Manager any amount owed to Manager under this Management Agreement within 30 days after any termination of this Management Agreement.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">H.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Notwithstanding anything to the contrary contained elsewhere herein, in the event that the Amended and Restated Management and Development Agreement dated July 3, 2002 between Alexander&#8216;s, Inc. and Vornado Realty Trust is terminated for any reason, </FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall have the option to terminate this Management Agreement upon written notice to Manager given at least three months prior to such termination.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">I.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Upon the expiration or earlier termination or partial termination of this Management Agreement with respect to the Property or any part thereof, Manager shall:</FONT></H2>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Deliver to Owner, or such other person or persons designated by Owner, all books and records of the Property and all funds in its possession belonging to Owner or received by Manager pursuant to this Management Agreement with respect to the Property, together with all leases and all other contracts related to the Property; provided, however, that Manager shall have the right to keep a copy of all such records: and</FONT></H3>

<H3 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Assign, transfer or convey to Owner, or such other person or persons designated by Owner, all service contracts and personal property of Owner relating to or used in the operation or maintenance of the Property. Upon the expiration or termination of this Management Agreement, Manager shall render a full account to Owner and shall deliver to Owner a statement outlining in detail all management fees due to Manager hereunder with respect to the Property, shall cause the net amount of any funds held by Manager in connection with the Property to be delivered to Owner and shall cooperate with Owner in the transition by Owner to a replacement property manager, if applicable.</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Owner shall compensate Manager for all costs and expenses incurred by Manager in good faith in connection with the transition of the management of the Property from Manager to any new manager.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE X</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>No Joint Venture</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the intent of this Management Agreement to constitute Manager as an independent contractor and as agent of Owner under&nbsp; any contract entered into by Manager on behalf of Owner in accordance with the terms of this Management Agreement, and this Management Agreement shall be so construed and Manager agrees at all times to act in conformity therewith. Nothing herein contained shall be deemed to have created, or be construed as having created any joint venture or partnership relationship between Owner and Manager. At all times during the performance of its duties and obligations arising hereunder, Manager shall be acting as an independent contractor.</FONT></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE XI</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Indemnity</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall, to the fullest extent permitted by applicable law, indemnify, defend and hold harmless Manager, its officers, directors, trustees, partners, agents, employees and representatives against any losses, claims, damages or liabilities to which such person may become subject in connection with any matter arising out of or in connection with this </FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Management Agreement, except for any loss, claim, damage or liability caused by Manager&#8217;s Malfeasance. If Manager becomes involved in any capacity in any action, proceeding or investigation in connection with any matter arising out of or in connection with this Management Agreement, Owner shall reimburse Manager for Manager&#8216;s legal and other expenses (including the cost of any investigation and preparation) as they are incurred in connection therewith; provided , however, that Manager shall promptly repay to Owner the amount of any such reimbursed expenses paid to it to the extent that it shall ultimately be determined that Manager, its officers, directors, trustees, partners, employees, representatives or agents were not entitled to be indemnified by Owner in connector with such action, proceeding or investigation.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager shall indemnify, defend and hold harmless Owner and each of their respective officers, directors, trustees, shareholders, partners, representatives, employees and agents from and against any and all claims, losses, damages or liabilities, to which such person may become subject and arising out of Manager&#8217;s Malfeasance or the Malfeasance of any of its employees, representatives or agents in performing its or their duties under this Management Agreement, except to the extent caused by the Malfeasance of Owner or any of their respective officers, directors, trustees, shareholders, partners, representatives , employees or agents. If Owner becomes involved in any capacity in any action, proceeding or investigation in connection with any matter arising out of or in connection with this indemnity, Manager shall reimburse Owner for Owner&#8217;s reasonable legal and other expenses (including the cost of any investigation and preparation) as they are incurred in connection therewith; provided, however, that Owner shall promptly repay to Manager the amount of any such reimbursed expenses paid to it to the extent that it shall ultimately be determined that Owner, its officers, directors, trustees, shareholders, partners, representatives, employees or agents were not entitled to be indemnified by Manager in connection with such action, proceeding or investigation. Notwithstanding anything contained herein, Manager&#8217;s liability hereunder shall be limited (except to the extent covered by insurance) to the aggregate amount of the Management and Development Fee received by Manager as of the date such liability is determined.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">The term s of this Article XI shall survive the expiration or termination of this Agreement.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE XII</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Notices</FONT></B></H1>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any and all notices, consents or directives by either party intended for the other shall be in writing sent by hand delivery or reputable overnight courier service to the respective addresses first herein set forth in this Management Agreement, with copies sent to Vornado Realty Trust, 210 Route 4 East, Paramus, New Jersey 07652, Attention: Chief Financial Officer, and Vornado Realty Trust, 888 Seventh Avenue, New York, New York 10019, Attention: Chief Administrative Officer, unless either party shall have designated different addresses by serving written notices of change of addresses on the other party&nbsp; by registered or certified mail, return receipt requested.</FONT></P>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE XIII</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Miscellaneous</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">This Management Agreement cannot be changed or modified, varied or altered except by an agreement, in writing, executed by each of the parties hereto. This Management Agreement constitutes all of the understandings and agreements of whatsoever kind or nature existing between the parties in connection with the relationship created herein.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">This Management Agreement shall be governed by and construed in accordance with the laws of the State of New York.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Neither Owner nor Manager shall make (and each hereby waives) any claim against the other party&#8217;s directors personally or against the other party&#8217;s trustees, beneficiaries or shareholders personally. Manager shall (and is hereby authorized to) insert in all leases, documents and agreements executed by it on behalf of Owner, a provision that Manager&#8217;s directors, trustees, beneficiaries or shareholders shall not be personally liable thereunder.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">D.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall have the right to collaterally assign this Management Agreement to a lender providing financing to Owner, and Manager agrees to execute and deliver a recognition agreement, in a commercially reasonable form, providing that (a) such lender may assume Owner&#8216;s interest in this Management Agreement and (b) Manager will perform the services set forth herein for so long as such lender continues to perform the obligations of Owner hereunder. Any termination hereof by the lender other than in accordance with the terms of this Management Agreement (as opposed to in accordance with the recognition agreement) shall not relieve Owner of its obligations hereunder. In no event shall an assumption by the lender under such a recognition agreement release Owner from its obligation hereunder with respect to accrued fees or otherwise.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">E.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Any approval or consent required by or requested of Owner pursuant to the terms of this Management Agreement may be withheld in the sole and absolute discretion of Owner, unless otherwise expressly provided.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">F.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager and Owner hereby expressly acknowledge and agree that any third party engaged in accordance with the terms of this Management Agreement to perform any of the services contemplated hereunder shall be at Owner&#8217;s expense.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">G.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner and Manager acknowledge that nothing contained in this agreement shall restrict or otherwise affect the rights of Vornado Realty Trust or any affiliate thereto in connection with any loan facility provided by Vornado Realty Trust or such affiliate to Alexander&#8217;s, Inc. and/or its subsidiary.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">H.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Anything contained in this Management Agreement to the contrary notwithstanding, Manager&#8217;s agreement to undertake the obligations set forth in this Management Agreement shall not constitute or be deemed to constitute an express or implied warranty concerning the general affairs, financial position, stockholders&#8217; equity, financial results of operations or prospects of Owner.</FONT></H2>

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<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE XIV</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Declaration of Trust</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager shall use every reasonable means to assure that all persons having dealings with Manager shall be informed that no director, trustee, shareholder, officer or agent of Manager shall be held to any personal liability, nor shall resort be had to their private property for the satisfaction of any obligation or claim or otherwise in connection with the affairs of Owner, but the trust estate only shall be liable. Manager recognizes and agrees that every agreement or other written instrument entered into by Manager on behalf of Owner shall contain a provision stating the above limitation.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager represents, warrants and agrees that neither it nor any affiliated or related person or entity (including any person or entity owning any interest in Manager) is now, or shall become during the term of this Management Agreement, a borrower of any funds advanced by Alexander&#8217;s, and Manager shall advise Alexander&#8217;s promptly, in writing, should such representation and warranty become untrue. Manager shall, from time to time, furnish such information as may reasonably be requested by Owner in order to facilitate Alexander&#8216;s qualification as a REIT under the Code.</FONT></H2>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman Bold">ARTICLE XV</FONT></B><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman Bold"><BR><BR>Continued Qualification as a REIT</FONT></B></H1>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">A.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager shall make reasonable efforts not to enter into any agreement (including, without being limited to, any agreement for the furnishing of non-customary services), without the consent of Owner, with any tenant or other occupant of the Property, that would result in (A) the disqualification of Alexander&#8217;s as a REIT entitled to the benefits of Section 856 et seq., of the Code, (B) the imposition of any penalty or similar tax on Alexander&#8217;s (including, without being limited to, the tax imposed on the failure to meet certain income requirements under Section 857(b)(5) of the Code and the tax imposed on income from prohibited transactions under Section 857(b)(6) of the Code) or (C) any part of the rental or other consideration paid thereunder by such tenant or occupant to Alexander&#8217;s, or to Manager on behalf of Alexander&#8217;s, being held not to constitute either &#8220;rents from real property&#8221; or &#8220;interest on obligations secured by mortgages on real property or on interests in real property&#8221; or &#8220;interest on obligations secured by mortgages on real property or on interest in real property&#8221; or other income described in Sections 856(c)(2) and (c)(3) of the Code.</FONT></H2>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">B.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Owner shall cause Alexander&#8217;s to make reasonable efforts to assure, by prior review of agreements to be entered into by Manager, that no such agreement contains provisions that would result in the disqualification of Alexander&#8217;s as a REIT entitled to the benefits of Section 856 et. seq. of the Code, receipt by the Owner of non-qualifying income, or imposition of a penalty or similar tax (including, without being limited to, the tax imposed on the failure to meet certain income requirements under Section 857(b)(5) of the Code and tax imposed on income from prohibited transactions under Section 857(b)(6) of the Code), and specifically agrees that Manager shall be entitled to rely upon the advice of Alexander&#8217;s designated counsel as to any such matter; provided, however, that, without regard to whether </FONT></H2>

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<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">such review has been performed or advice rendered, if any document or other written undertaking entered into or made by or on behalf of Owner or any constituent entity of Owner shall, in the reasonable opinion of counsel to Alexander&#8217;s, contain any provision that would result in a significant risk of the disqualification of Alexander&#8217; s as a REIT, receipt by Alexander&#8217;s of non-qualifying income, imposition on Alexander&#8217;s of any penalty or similar tax (including, without being limited to, the tax imposed on the failure to meet certain requirements under Section 857(b)(5) of the Code and the tax imposed on income from prohibited&nbsp; transactions under Section 857(b)(6) of the Code), all as provided&nbsp; for in said Section 856 et seq., then:</FONT></H2>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">such provision shall promptly be amended or modified , to the reasonable satisfaction of counsel to Alexander&#8217;s so as to remove the risk of such result, such amendment or modification&nbsp; to be retroactive to the date of such document or other undertaking, or to a date approved by counsel to Alexander&#8217;s; or</FONT></H5>

<H5 style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">if a satisfactory amendment or modification cannot be agreed upon as set forth in clause (i) above, any such document or other undertaking shall be terminated by Alexander&#8217;s, such termination to be retroactive to the date of such document or other undertaking, or to a date approved by counsel to Alexander&#8217;s, and effective as to all terms and provisions of such document or other undertaking, except such provisions thereof as call for the making of any distribution or the payment of any compensation to any third party, for the purpose of which provisions, the termination date shall be deemed to be without retroactive effect.</FONT></H5>

<H2 style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Manager agrees that it shall cooperate with Owner in accomplishing a satisfactory amendment or modification of any such document or other undertaking, or the termination thereof, and shall, on request, execute and deliver any and all agreements and other documents reasonably required to effect such amendment or modification, or such termination. Manager shall submit any agreement proposed to be entered into by or on behalf of Owner to Owner&#8217;s designated counsel for review a reasonable period of time prior to the proposed execution of such agreement.</FONT></H2>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the parties hereto have hereunto executed this Agreement as of the 21st day of March, 2014.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">OWNER:</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">ALEXANDER&#8217;S OF REGO RESIDENTIAL LLC, a Delaware limited liability company</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By: Alexander&#8217;s, Inc., a Delaware corporation, its sole member</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; By: <U>/s/ Steve Santora&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Name: <U>Steve Santora&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Title: Assistant Secretary</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">VORNADO MANAGEMENT CORP., a New Jersey corporation</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By: Vornado Realty L.P., as sole member</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By: Vornado Realty Trust, its general partner</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; By: <U>/s/ Joseph Macnow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Name: <U>Joseph Macnow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Title: Executive Vice President and</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT A</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8220;Rego Park II Apartment Tower&#8221;</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">BLOCK: 2080 LOT: 1002</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">CITY: New York COUNTY: Queens STATE: New York</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">21</P></DIV>

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<DOCUMENT>
<TYPE>EX-15
<SEQUENCE>12
<FILENAME>exhibit151.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>

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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;">EXHIBIT
15.1</font></b></p>

<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">May 5, 2014</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Alexander&#8217;s,
Inc.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">210 Route
4 East</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Paramus, New Jersey 07652</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">We have reviewed, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States), the unaudited interim financial information of Alexander&#8217;s, Inc. and
subsidiaries for the periods ended March 31, 2014, and 2013, as indicated in
our report dated May 5, 2014;&#160; because we did not perform an audit, we
expressed no opinion on that information.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">We are aware that our report
referred to above, which is included in your Quarterly Report on Form 10-Q for
the quarter ended March 31, 2014, is incorporated by reference in the following
registration statements of Alexander&#8217;s, Inc. and subsidiaries:</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">Registration
Statement No. 333-151721 on Form S-8</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">Registration
Statement No. 333-180630 on Form S-3</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">We also are aware that the
aforementioned report, pursuant to Rule 436(c) under the Securities Act of
1933, is not considered a part of the Registration Statement prepared or
certified by an accountant or a report prepared or certified by an accountant
within the meaning of Sections 7 and 11 of that Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">/s/ DELOITTE &amp; TOUCHE LLP</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:115%;">Parsippany, New Jersey</font></p>

<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&#160;&nbsp;</font></p>



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<TYPE>EX-31
<SEQUENCE>13
<FILENAME>exhibit311.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 31.1</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CERTIFICATION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12.95pt; LAYOUT-GRID-MODE: char; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">I, Steven Roth, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 12.95pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form&nbsp;10&#8209;Q of Alexander&#8217;s, Inc.;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange&nbsp;Act Rules&nbsp;13a&#8209;15(e) and 15d&#8209;15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a)&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">b)&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">d)&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.27in; MARGIN: 0in 0in 0in 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="94%" colSpan=2>

   <P style="MARGIN: 0in"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="Times New Roman">May 5, 2014</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="40%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><BR>/s/ Steven Roth</FONT></P></DIV></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Steven Roth</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chairman of the Board and Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV>

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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>14
<FILENAME>exhibit312.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>

<HTML>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 31.2</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CERTIFICATION </FONT></B></P>

<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">I, Joseph Macnow, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12.95pt; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form 10&#8209;Q of Alexander&#8217;s, Inc.;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange&nbsp;Act Rules&nbsp;13a&#8209;15(e) and 15d&#8209;15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a)&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">b)&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 1in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 1in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">d)&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a)&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 1in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">b)&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></P>

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   <P style="MARGIN: 0in"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face="Times New Roman">May 5, 2014</FONT></P></TD></TR>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><BR>/s/ Joseph Macnow</FONT></P></DIV></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Joseph Macnow</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Executive Vice President and Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<TYPE>EX-32
<SEQUENCE>15
<FILENAME>exhibit321.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt" align=right><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 32.1</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0.25in"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CERTIFICATION</FONT></B></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 24pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 115%; TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" color=windowtext face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></H1>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Subsection (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0.25in"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alexander&#8217;s, Inc.</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the &#8220;Company&#8221;), hereby certifies, to such officer&#8217;s knowledge, that</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Quarterly Report on Form 10-Q for the quarter ended March 31, 2014</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(the &#8220;Report&#8221;) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><BR>May 5, 2014</FONT></P></TD>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><BR>/s/ Steven Roth</FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="51%" colSpan=2>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Steven Roth</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Title:</FONT></P></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chairman of the Board and </FONT></P>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR>

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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>16
<FILENAME>exhibit322.htm
<DESCRIPTION>EXHIBIT 32.2
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt" align=right><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 32.2</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt" align=right><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0.25in"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CERTIFICATION</FONT></B></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 24pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 115%; TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Subsection (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0.25in"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alexander&#8217;s, Inc.</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the &#8220;Company&#8221;), hereby certifies, to such officer&#8217;s knowledge, that</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Quarterly Report on Form 10-Q for the quarter ended March 31, 2014</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(the &#8220;Report&#8221;) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><BR>May 5, 2014</FONT></P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><BR>/s/ Joseph Macnow</FONT></P></DIV></TD>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="51%" colSpan=2>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Joseph Macnow</FONT></P></TD></TR>

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   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Title:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="51%" colSpan=2>

   <P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Executive Vice President and <BR>Chief Financial Officer</FONT></P></TD></TR>

<TR>

   <TD width="35%">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

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  <us-gaap:RepaymentsOfLongTermDebt id="ID_203" decimals="-3" contextRef="FROM_Jan01_2013_TO_Mar31_2013" unitRef="USDollar">3963000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:RepaymentsOfLongTermDebt id="ID_204" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014" unitRef="USDollar">314937000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt id="ID_205" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014" unitRef="USDollar">300000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt id="ID_206" decimals="-3" contextRef="FROM_Jan01_2013_TO_Mar31_2013" unitRef="USDollar">0</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:PaymentsOfDividendsCommonStock id="ID_207" decimals="-3" contextRef="FROM_Jan01_2013_TO_Mar31_2013" unitRef="USDollar">14047000</us-gaap:PaymentsOfDividendsCommonStock>
  <us-gaap:PaymentsOfDividendsCommonStock id="ID_208" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014" unitRef="USDollar">16607000</us-gaap:PaymentsOfDividendsCommonStock>
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  <us-gaap:NatureOfOperations id="ID_214" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;1&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Organization&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;Alexander's, Inc. (NYSE: ALX) is a real estate investment trust (&amp;#8220;REIT&amp;#8221;), incorporated in &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Delaware&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, engaged in leasing, managing, developing and redeveloping its properties. All references to &amp;#8220;we,&amp;#8221; &amp;#8220;us,&amp;#8221; &amp;#8220;our,&amp;#8221; &amp;#8220;Company&amp;#8221; and &amp;#8220;Alexander's&amp;#8221; refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&amp;#8220;Vornado&amp;#8221;) (NYSE: VNO).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:NatureOfOperations>
  <us-gaap:BasisOfAccounting id="ID_215" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;2&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Basis of Presentation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;The accompanying consolidated financial statements are unaudited and include &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; accounts &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of Alexander's &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;its&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; consolidated subsidiaries.  All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;United&amp;#160;States of America&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (&amp;#8220;GAAP&amp;#8221;) have been condensed or omitted.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;December 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, as filed with the SEC.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.  Actual results could differ from those estimates.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The results of operations for the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;three months&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; ended &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; are not necessarily indicative of the operating results for the full year.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  Certain prior year balances have been reclassified in order to conform to current year presentation.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;We currently operate in one business segment.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:BasisOfAccounting>
  <us-gaap:BasisOfAccountingPolicyPolicyTextBlock id="ID_216" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;2&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Basis of Presentation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;The accompanying consolidated financial statements are unaudited and include &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; accounts &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of Alexander's &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;its&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; consolidated subsidiaries.  All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;United&amp;#160;States of America&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (&amp;#8220;GAAP&amp;#8221;) have been condensed or omitted.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;December 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, as filed with the SEC.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.  Actual results could differ from those estimates.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The results of operations for the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;three months&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; ended &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; are not necessarily indicative of the operating results for the full year.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  Certain prior year balances have been reclassified in order to conform to current year presentation.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;We currently operate in one business segment.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
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  <us-gaap:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock id="ID_218" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;3&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Recently Issued Accounting Literature&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;In April 2014, the FASB issued an update (&amp;#8220;ASU 2014-08&amp;#8221;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; to ASC Topic 205, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Presentation of Financial Statements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and ASC Topic 360, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Property Plant and Equipment&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.  Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations.  In addition, the ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; requires entities to disclose information about disposals of individually significant components&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; that do not meet the definition of discontinued operations.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The adoption of this update on January 1, 2015 &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;is not expected to&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; have any impact on our consolidated financial statements.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock>
  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock id="ID_219" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;3&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Recently Issued Accounting Literature&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;In April 2014, the FASB issued an update (&amp;#8220;ASU 2014-08&amp;#8221;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; to ASC Topic 205, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Presentation of Financial Statements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and ASC Topic 360, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Property Plant and Equipment&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.  Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations.  In addition, the ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; requires entities to disclose information about disposals of individually significant components&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; that do not meet the definition of discontinued operations.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The adoption of this update on January 1, 2015 &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;is not expected to&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; have any impact on our consolidated financial statements.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock id="ID_220" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;4&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Relationship with &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;At &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; owned &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;32.4&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;% of our outstanding common stock.  We are managed by, and our properties are leased and developed by, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; pursuant to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;agreements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;described below&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;which &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;expire in March of each year and are automatically renewable.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Management and Development Agreements&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;W&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; pay&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; an annual management fee equal to the sum of (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;) $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2,8&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;00,000, (ii) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2% of gross &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;revenue&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; from the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Rego&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Park II &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;hopping &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;enter, (i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ii&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;v) $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;72&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;In addition, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; is entitled to a development fee of 6% of development costs, as defined&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Leasing Agreements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants.  In the event third-party real estate brokers are used, the fees to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; increase by 1% and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; is responsible for the fees to the third-party real estate brokers.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.  The total of these amounts is payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balance at one-year LIBOR plus 1.0% (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;1.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;58&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;% at &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Other Agreements &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;We &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;also &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;have&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; agreements with Building Maintenance Services, a wholly owned subsidiary of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;supervise &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;cleaning, engineering and security services at our Lexington Avenue&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; propert&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;y&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(ii) security services at our &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Rego&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Park I and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Rego&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Park&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; II&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; properties&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; for an annual fee &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;equal to&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the cost &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; such services plus 6%.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;The following is a summary of fees to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; under the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;various &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;agreements discussed above&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 150px; text-align:center;border-color:#000000;min-width:150px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Three  Months Ended&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 150px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:150px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Company management fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 700&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 700&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Leasing fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 178&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 386&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Property management fees and payments for cleaning, engineering&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;and security services&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 870&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 795&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,748&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,881&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;At &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, we owed &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;42,102&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; for leasing fees and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$390&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;management, property management&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;cleaning &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and security &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;fees.&lt;/font&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock id="ID_221" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 150px; text-align:center;border-color:#000000;min-width:150px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Three  Months Ended&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 150px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:150px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Company management fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 700&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 700&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Leasing fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 178&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 386&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 365px; text-align:left;border-color:#000000;min-width:365px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Property management fees and payments for cleaning, engineering&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;and security services&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 870&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 795&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,748&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,881&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
  <us-gaap:MinorityInterestOwnershipPercentageByParent id="ID_222" decimals="3" contextRef="AS_OF_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.324</us-gaap:MinorityInterestOwnershipPercentageByParent>
  <alx:ManagementFeeAgreementValue id="ID_223" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">2800000</alx:ManagementFeeAgreementValue>
  <alx:DevelopmentFeePercentage id="ID_224" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_DevelopmentFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.06</alx:DevelopmentFeePercentage>
  <alx:PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion id="ID_225" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.03</alx:PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion>
  <alx:PercentageCommissionsOnSaleOfAssetsOverFiftyMillion id="ID_226" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.01</alx:PercentageCommissionsOnSaleOfAssetsOverFiftyMillion>
  <alx:LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum id="ID_227" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">4000000</alx:LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis id="ID_228" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember">LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <alx:UnpaidBalanceEffectiveInterest id="ID_229" decimals="4" contextRef="AS_OF_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.0158</alx:UnpaidBalanceEffectiveInterest>
  <alx:OtherSupervisoryFees id="ID_230" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.06</alx:OtherSupervisoryFees>
  <us-gaap:PropertyManagementFeePercentFee id="ID_231" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.02</us-gaap:PropertyManagementFeePercentFee>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_232" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_CompanyManagementFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">700000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_233" decimals="-3" contextRef="FROM_Jan01_2013_TO_Mar31_2013_us-gaap_RelatedPartyTransactionAxis_CompanyManagementFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">700000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_234" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_LeasingFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">178000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_235" decimals="-3" contextRef="FROM_Jan01_2013_TO_Mar31_2013_us-gaap_RelatedPartyTransactionAxis_LeasingFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">386000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_236" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">1748000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_237" decimals="-3" contextRef="FROM_Jan01_2013_TO_Mar31_2013_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">1881000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <alx:AssetSaleCommissionThreshold id="ID_238" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">50000000</alx:AssetSaleCommissionThreshold>
  <alx:LeaseFeePercentageOfRentOneToTenYears id="ID_239" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_LeasingFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.03</alx:LeaseFeePercentageOfRentOneToTenYears>
  <alx:LeaseFeePercentageOfRentElevenToTwentyYears id="ID_240" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_LeasingFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.02</alx:LeaseFeePercentageOfRentElevenToTwentyYears>
  <alx:LeaseFeePercentageOfRentTwentyFirstToThirtyYears id="ID_241" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_LeasingFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.01</alx:LeaseFeePercentageOfRentTwentyFirstToThirtyYears>
  <alx:PercentageIncreaseLeaseFeeIfBrokerUsed id="ID_242" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_LeasingFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.01</alx:PercentageIncreaseLeaseFeeIfBrokerUsed>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_243" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_PropertyManagementFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">870000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty id="ID_244" decimals="-3" contextRef="FROM_Jan01_2013_TO_Mar31_2013_us-gaap_RelatedPartyTransactionAxis_PropertyManagementFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">795000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
  <alx:PropertyManagementFeeEscalationPercentagePerAnnum id="ID_245" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_CommonAreaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.03</alx:PropertyManagementFeeEscalationPercentagePerAnnum>
  <alx:PropertyManagementFeeAgreementValue id="ID_246" decimals="-3" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_CommonAreaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">272000</alx:PropertyManagementFeeAgreementValue>
  <us-gaap:RelatedPartyTransactionDueFromToRelatedParty id="ID_247" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_LeasingFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">-42102000</us-gaap:RelatedPartyTransactionDueFromToRelatedParty>
  <us-gaap:RelatedPartyTransactionDueFromToRelatedParty id="ID_248" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_RelatedPartyTransactionAxis_PropertyManagementFeesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="USDollar">-390000</us-gaap:RelatedPartyTransactionDueFromToRelatedParty>
  <alx:PropertyManagementFeeAgreementPricePerSquareFoot id="ID_249" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeAndRetailSpaceMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="PerSquareFoot">0.5</alx:PropertyManagementFeeAgreementPricePerSquareFoot>
  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 id="ID_250" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_AffiliatedEntityMember" unitRef="Pure">0.01</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:RealEstateDisclosureTextBlock id="ID_251" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;5&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Rego&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; Park II Apartment Tower &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;We have commenced the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;construct&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ion of&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; an apartment tower&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; that&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; will contain&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; approximately 300 units aggregating 250,000 square feet, above o&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ur &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Rego&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Park II shopping center,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;which is expected&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; to be completed in 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; The estimated&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; cost &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of this&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; project is &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ap&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;proximately $125&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,000,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, of which $4,109,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; has been incurred as of March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.  There can be no assurance that the project will be completed on schedule&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; or within budget.&lt;/font&gt;&lt;/p&gt;</us-gaap:RealEstateDisclosureTextBlock>
  <us-gaap:NumberOfUnitsInRealEstateProperty id="ID_252" decimals="0" contextRef="AS_OF_Mar31_2014_alx_PropertyOperatingStatusAxis_PropertyUnderDevelopmentMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="AptUnits">300</us-gaap:NumberOfUnitsInRealEstateProperty>
  <us-gaap:AreaOfRealEstateProperty id="ID_253" decimals="0" contextRef="AS_OF_Mar31_2014_alx_PropertyOperatingStatusAxis_PropertyUnderDevelopmentMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="SqFeet">250000</us-gaap:AreaOfRealEstateProperty>
  <alx:EstimatedBudgetedCost id="ID_254" decimals="0" contextRef="FROM_Jan01_2014_TO_Mar31_2014_alx_PropertyOperatingStatusAxis_PropertyUnderDevelopmentMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="USDollar">125000000</alx:EstimatedBudgetedCost>
  <us-gaap:DevelopmentInProcess id="ID_255" decimals="0" contextRef="AS_OF_Mar31_2014_alx_PropertyOperatingStatusAxis_PropertyUnderDevelopmentMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="USDollar">4109000</us-gaap:DevelopmentInProcess>
  <us-gaap:MarketableSecuritiesAvailableForSaleSecuritiesPolicy id="ID_256" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;Available-for-sale securities are presented at fair value&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;u&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;nrealized gains and losses resulting from the mark-to-market of these securities are included&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in &amp;#8220;other comprehensive income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;</us-gaap:MarketableSecuritiesAvailableForSaleSecuritiesPolicy>
  <us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock id="ID_257" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Marketable Securities&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;As of&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and December 31, 2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, we own&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 535,265 &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;common shares&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of The &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Macerich&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Company&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Macerich&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (NYSE: MAC)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;which we&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;re&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; received &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;in connection with the sale of&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Kings Plaza&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Regional Shopping Center&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Macerich&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in November 2012&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;These shares &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;have an economic &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;cost&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of $56.05 per share, or $30,000,000 in the aggregate&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;A&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s of&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and December 31, 2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; fair value&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; these shares &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;w&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ere&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;33,363,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and $31,522,000, respectively&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;based on &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Macerich's&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; closing share price &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;62.33 per share and $58.89&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; per &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;share&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, respectively&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  These shares are included in &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;marketable securities&amp;#8221; on our consolidated balance sheets and are classified as available-for-sale.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Available-for-sale securities are presented at fair value&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;u&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;nrealized gains and losses resulting from the mark-to-market of these securities are included&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in &amp;#8220;other comprehensive income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;/p&gt;</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
  <us-gaap:InvestmentOwnedBalanceShares id="ID_258" decimals="INF" contextRef="AS_OF_Mar31_2014_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="Shares">535265</us-gaap:InvestmentOwnedBalanceShares>
  <alx:EconomicBasisOfMarketableSecuritiesPerShare id="ID_259" decimals="2" contextRef="AS_OF_Mar31_2014_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="PerShare">56.05</alx:EconomicBasisOfMarketableSecuritiesPerShare>
  <us-gaap:AvailableForSaleSecurities id="ID_260" decimals="-3" contextRef="AS_OF_Mar31_2014_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="USDollar">33363000</us-gaap:AvailableForSaleSecurities>
  <us-gaap:SharePrice id="ID_261" decimals="2" contextRef="AS_OF_Mar31_2014_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="PerShare">62.33</us-gaap:SharePrice>
  <us-gaap:AvailableForSaleSecuritiesAmortizedCost id="ID_262" decimals="0" contextRef="AS_OF_Mar31_2014_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="USDollar">30000000</us-gaap:AvailableForSaleSecuritiesAmortizedCost>
  <us-gaap:InvestmentOwnedBalanceShares id="ID_263" decimals="INF" contextRef="AS_OF_Dec31_2013_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="Shares">535265</us-gaap:InvestmentOwnedBalanceShares>
  <us-gaap:SharePrice id="ID_264" decimals="2" contextRef="AS_OF_Dec31_2013_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="PerShare">58.89</us-gaap:SharePrice>
  <us-gaap:AvailableForSaleSecurities id="ID_265" decimals="-3" contextRef="AS_OF_Dec31_2013_invest_InvestmentIssuerAxis_MacerichInterestMember" unitRef="USDollar">31522000</us-gaap:AvailableForSaleSecurities>
  <us-gaap:ConcentrationRiskDisclosureTextBlock id="ID_266" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;7&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Significant Tenants&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;Bloomberg L.P. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&amp;#8220;Bloomberg&amp;#8221;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;accounted for&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;22,017&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;21,802&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;representing&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;45&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;% &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of our &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;otal&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;r&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;evenues&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;each of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;three&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;month&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; periods&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; ended &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, respectively&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;No other tenant accounted for more than 10% of our &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;total&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; revenues.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;fulfill&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; its obligations under its lease, it would adversely affect our results of operations and financial condition.  We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis.  In addition, we access and evaluate financial information regarding Bloomberg from private source&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s, as well as publicly available data.&lt;/font&gt;&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
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  <us-gaap:MortgageNotesPayableDisclosureTextBlock id="ID_272" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;8&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Mortgages Payable&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;On February 28, 2014, we completed a $300,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; refinancing of the office portion of 731 Lexington Avenue.  The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options.  The proceeds of the new loan &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and existing cash &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;were used to repay the existing loan and closing costs.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;In connection &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;there&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;with&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; we purchased an interest rate cap with a notional amount of $300,000,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; that&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; caps LIBOR at &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;a rate of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;6.0%&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;The &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;following is a summary of our outstanding &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;mortgage&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; payable&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  We &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;may&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; refinance &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;our &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;maturing &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;debt as it comes due&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; or choose to repay it at maturity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 161px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:161px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Balance at &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Interest Rate at&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 76px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:76px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="4"  style="width: 297px; text-align:left;border-color:#000000;min-width:297px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(Amounts in thousands) &lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Maturity&lt;/font&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31, 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 76px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:76px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="4"  style="width: 297px; text-align:left;border-color:#000000;min-width:297px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;First mortgages secured by:&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Rego Park I shopping center (100% cash&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:left;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;collateralized)&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Mar. 2015&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;0.40&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;78,246&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;78,246&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;731 Lexington Avenue, retail space&lt;/font&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Jul. 2015&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;4.93&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;320,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;320,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Paramus&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Oct. 2018&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;2.90&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;68,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;68,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Rego Park II shopping center&lt;/font&gt;&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Nov. 2018&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2.00&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;268,776&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;269,496&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;731 Lexington Avenue, office space&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Mar. 2021&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;1.11&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;300,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;314,217&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;1,035,022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;1,049,959&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 2px"&gt;&lt;td colspan="3"  style="width: 101px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:101px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:left;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="14"  style="width: 644px; text-align:left;border-color:#000000;min-width:644px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Represents the extended maturity where we have the unilateral right to extend.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(2)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="14"  style="width: 644px; text-align:left;border-color:#000000;min-width:644px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(3)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="14"  style="width: 644px; text-align:left;border-color:#000000;min-width:644px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;This loan bears interest at LIBOR plus 1.85%.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:MortgageNotesPayableDisclosureTextBlock>
  <us-gaap:ScheduleOfDebtInstrumentsTextBlock id="ID_273" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 161px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:161px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Balance at &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Interest Rate at&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 76px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:76px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="4"  style="width: 297px; text-align:left;border-color:#000000;min-width:297px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(Amounts in thousands) &lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Maturity&lt;/font&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31, 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 76px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:76px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="4"  style="width: 297px; text-align:left;border-color:#000000;min-width:297px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;First mortgages secured by:&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:center;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Rego Park I shopping center (100% cash&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:left;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;collateralized)&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Mar. 2015&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;0.40&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;78,246&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;78,246&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;731 Lexington Avenue, retail space&lt;/font&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Jul. 2015&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;4.93&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;320,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;320,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Paramus&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Oct. 2018&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;2.90&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;68,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;68,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Rego Park II shopping center&lt;/font&gt;&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Nov. 2018&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2.00&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;268,776&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;269,496&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 277px; text-align:left;border-color:#000000;min-width:277px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;731 Lexington Avenue, office space&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:center;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Mar. 2021&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;1.11&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;300,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;314,217&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;1,035,022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:65px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;1,049,959&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:60px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 2px"&gt;&lt;td colspan="3"  style="width: 101px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:101px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 196px; text-align:left;border-color:#000000;min-width:196px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:left;border-color:#000000;min-width:66px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="14"  style="width: 644px; text-align:left;border-color:#000000;min-width:644px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Represents the extended maturity where we have the unilateral right to extend.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(2)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="14"  style="width: 644px; text-align:left;border-color:#000000;min-width:644px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt; &lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(3)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="14"  style="width: 644px; text-align:left;border-color:#000000;min-width:644px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;This loan bears interest at LIBOR plus 1.85%.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 7px; text-align:left;border-color:#000000;min-width:7px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
  <us-gaap:DebtInstrumentInterestRateAtPeriodEnd id="ID_274" decimals="4" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember" unitRef="Pure">0.0290</us-gaap:DebtInstrumentInterestRateAtPeriodEnd>
  <us-gaap:DebtInstrumentInterestRateAtPeriodEnd id="ID_275" decimals="4" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="Pure">0.0200</us-gaap:DebtInstrumentInterestRateAtPeriodEnd>
  <us-gaap:DebtInstrumentInterestRateAtPeriodEnd id="ID_276" decimals="4" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark1ShoppingMember" unitRef="Pure">0.0040</us-gaap:DebtInstrumentInterestRateAtPeriodEnd>
  <alx:DebtInstrumentMaturityDateString id="ID_277" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember">2018-10</alx:DebtInstrumentMaturityDateString>
  <alx:DebtInstrumentMaturityDateString id="ID_278" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember">2018-11</alx:DebtInstrumentMaturityDateString>
  <alx:DebtInstrumentMaturityDateString id="ID_279" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark1ShoppingMember">2015-03</alx:DebtInstrumentMaturityDateString>
  <us-gaap:NotesPayable id="ID_280" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark1ShoppingMember" unitRef="USDollar">78246000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_281" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark1ShoppingMember" unitRef="USDollar">78246000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_282" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember" unitRef="USDollar">68000000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_283" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember" unitRef="USDollar">68000000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_284" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="USDollar">268776000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_285" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="USDollar">269496000</us-gaap:NotesPayable>
  <us-gaap:DebtInstrumentInterestRateAtPeriodEnd id="ID_286" decimals="4" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_RetailSiteMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="Pure">0.0493</us-gaap:DebtInstrumentInterestRateAtPeriodEnd>
  <us-gaap:DebtInstrumentInterestRateAtPeriodEnd id="ID_287" decimals="4" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="Pure">0.0111</us-gaap:DebtInstrumentInterestRateAtPeriodEnd>
  <alx:MortgageLoanConvertedToRecourse id="ID_288" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_RetailSiteMember_us-gaap_RangeAxis_MaximumMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">75000000</alx:MortgageLoanConvertedToRecourse>
  <alx:DebtInstrumentMaturityDateString id="ID_289" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember">2021-03</alx:DebtInstrumentMaturityDateString>
  <alx:DebtInstrumentMaturityDateString id="ID_290" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_RetailSiteMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember">2015-07</alx:DebtInstrumentMaturityDateString>
  <us-gaap:NotesPayable id="ID_291" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">314217000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_292" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_RetailSiteMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">320000000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_293" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">300000000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_294" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_RetailSiteMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">320000000</us-gaap:NotesPayable>
  <alx:PercentageOfCashMortgageCollateralized id="ID_295" decimals="INF" contextRef="AS_OF_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark1ShoppingMember" unitRef="Pure">1</alx:PercentageOfCashMortgageCollateralized>
  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 id="ID_296" decimals="4" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_RegoPark2PropertyMember" unitRef="Pure">0.0185</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:ProceedsFromRepaymentsOfDebt id="ID_297" decimals="-3" contextRef="FROM_Feb27_2014_TO_Feb28_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">300000000</us-gaap:ProceedsFromRepaymentsOfDebt>
  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 id="ID_298" decimals="4" contextRef="FROM_Feb27_2014_TO_Feb28_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="Pure">0.0095</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
  <alx:LengthOfExtensionAvailable id="ID_299" contextRef="FROM_Feb27_2014_TO_Feb28_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember">P1Y</alx:LengthOfExtensionAvailable>
  <alx:NumberOfExtensionsAvailable id="ID_300" decimals="INF" contextRef="FROM_Feb27_2014_TO_Feb28_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="Extensions">4</alx:NumberOfExtensionsAvailable>
  <invest:DerivativeNotionalAmount id="ID_301" decimals="-3" contextRef="AS_OF_Feb28_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">300000000</invest:DerivativeNotionalAmount>
  <us-gaap:DerivativeCapInterestRate id="ID_302" decimals="2" contextRef="AS_OF_Feb28_2014_us-gaap_LongtermDebtTypeAxis_SecuredDebtMember_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_MortgagesMember_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_OfficeBuildingMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="Pure">0.0600</us-gaap:DerivativeCapInterestRate>
  <us-gaap:FairValueDisclosuresTextBlock id="ID_303" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;9&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Fair Value&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; Measurements&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;ASC&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;8&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;20&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Fair Value Measurement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Disclosures&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;defines&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; fair value and establishes a framework for measuring fair value.  ASC 820&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; establishes a fair value hierarchy that prioritizes observable&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and unobservable inputs used to measure fair value into three levels: Level 1 &amp;#8211; quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 &amp;#8211; observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 &amp;#8211; unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20.15px;"&gt;Financial &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Assets and Liabilities Measured at Fair Value&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;Financial assets &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;measured&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; at fair value &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;on&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; our consolidated &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;balance sheets&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; at &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and December 31, 2013,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;consist&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;marketable securities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and an interest rate cap&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, which&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; presented in the table below&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; based on &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;their&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; level in the fair value hierarchy.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;There were no &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;financial liabilities &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;measured&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; at fair value at &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;December 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="11"  style="width: 270px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of March 31, 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; (Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 2&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 3&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Marketable securities&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,363&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,363&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Interest rate cap (included in other assets)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 242&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 242&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,605&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,363&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 242&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="11"  style="width: 270px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of December 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; (Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 2&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 3&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Marketable securities&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 31,522&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 31,522&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;9.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Fair Value Measurements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &amp;#8211; continued &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20.15px;"&gt;Financial Assets and Liabilities not &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Measured&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; at Fair Value&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;Financial&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; assets and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; liabilities that are not measured at fair value &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;on&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; our consolidated &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;balance sheets include cash equivalents&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;mortgages payable&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and leasing commissions due to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.  Cash equivalents are carried at cost, which approximates fair value due&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; to&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; their short&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;term maturities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.  The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;risk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;adjusted &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;rates available to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;borrowers&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; with similar credit ratings&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, which are provided by a third&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;party specialist&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  The leasing commissions due to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; are carried at cost plus interest at variable rates, which approximate fair value.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The fair value of cash equivalents is classified as &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;L&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;evel 1 and the fair value of mortgages payable and leasing commissions due to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vornado&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; is classified as &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;L&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;evel 2.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The table below summarizes the carrying amounts and fair value of these financial instruments as of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014 and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;December 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 168px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:168px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of March 31, 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 167px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:167px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of December 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Carrying&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Carrying&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="2"  style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;(Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Amount&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Value&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Amount&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="2"  style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Cash equivalents&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 341,294&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 341,294&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 184,796&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 184,796&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="2"  style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Mortgages payable&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,035,022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,055,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,049,959&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,072,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Leasing commissions (included in Amounts due to Vornado)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 42,102&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 42,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 42,924&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 43,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,077,124&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,097,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,092,883&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,115,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:FairValueMeasurementPolicyPolicyTextBlock id="ID_304" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. &lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
  <us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock id="ID_305" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="11"  style="width: 270px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of March 31, 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; (Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 2&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 3&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Marketable securities&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,363&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,363&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 210px; text-align:left;border-color:#000000;min-width:210px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Interest rate cap (included in other assets)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 242&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 242&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,605&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 33,363&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 242&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="11"  style="width: 270px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of December 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; (Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 2&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Level 3&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Marketable securities&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 31,522&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 31,522&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock>
  <us-gaap:AvailableForSaleSecurities id="ID_306" decimals="-3" contextRef="AS_OF_Mar31_2014" unitRef="USDollar">33363000</us-gaap:AvailableForSaleSecurities>
  <us-gaap:AvailableForSaleSecurities id="ID_307" decimals="-3" contextRef="AS_OF_Dec31_2013" unitRef="USDollar">31522000</us-gaap:AvailableForSaleSecurities>
  <us-gaap:AvailableForSaleSecurities id="ID_308" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USDollar">33363000</us-gaap:AvailableForSaleSecurities>
  <us-gaap:AvailableForSaleSecurities id="ID_309" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USDollar">31522000</us-gaap:AvailableForSaleSecurities>
  <us-gaap:AvailableForSaleSecurities id="ID_310" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">0</us-gaap:AvailableForSaleSecurities>
  <us-gaap:AvailableForSaleSecurities id="ID_311" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">0</us-gaap:AvailableForSaleSecurities>
  <us-gaap:AvailableForSaleSecurities id="ID_312" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:AvailableForSaleSecurities>
  <us-gaap:AvailableForSaleSecurities id="ID_313" decimals="-3" contextRef="AS_OF_Dec31_2013_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:AvailableForSaleSecurities>
  <us-gaap:DerivativeFairValueOfDerivativeAsset id="ID_314" decimals="-3" contextRef="AS_OF_Mar31_2014" unitRef="USDollar">242000</us-gaap:DerivativeFairValueOfDerivativeAsset>
  <us-gaap:AssetsFairValueDisclosure id="ID_315" decimals="-3" contextRef="AS_OF_Mar31_2014" unitRef="USDollar">33605000</us-gaap:AssetsFairValueDisclosure>
  <us-gaap:AssetsFairValueDisclosure id="ID_316" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USDollar">33363000</us-gaap:AssetsFairValueDisclosure>
  <us-gaap:DerivativeFairValueOfDerivativeAsset id="ID_317" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USDollar">0</us-gaap:DerivativeFairValueOfDerivativeAsset>
  <us-gaap:DerivativeFairValueOfDerivativeAsset id="ID_318" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">242000</us-gaap:DerivativeFairValueOfDerivativeAsset>
  <us-gaap:AssetsFairValueDisclosure id="ID_319" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">242000</us-gaap:AssetsFairValueDisclosure>
  <us-gaap:AssetsFairValueDisclosure id="ID_320" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:AssetsFairValueDisclosure>
  <us-gaap:DerivativeFairValueOfDerivativeAsset id="ID_321" decimals="-3" contextRef="AS_OF_Mar31_2014_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:DerivativeFairValueOfDerivativeAsset>
  <us-gaap:FairValueByBalanceSheetGroupingTextBlock id="ID_322" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 168px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:168px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of March 31, 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 167px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:167px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;As of December 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Carrying&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Carrying&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="2"  style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;(Amounts in thousands)&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Amount&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Value&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Amount&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="2"  style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Cash equivalents&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 341,294&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 341,294&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 184,796&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 184,796&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td colspan="2"  style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Mortgages payable&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,035,022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,055,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,049,959&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,072,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt;Leasing commissions (included in Amounts due to Vornado)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 42,102&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 42,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 42,924&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:right;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 71px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 43,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 315px; text-align:left;border-color:#000000;min-width:315px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,077,124&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,097,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,092,883&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"&gt; 1,115,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
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  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock id="ID_339" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;10&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Commitments and Contingencies&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Insurance&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:6pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;"&gt;We maintain general liability insurance with limits of $300,000,000 per occurrence and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of terrorism&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, with sub-limits for certain perils such as floods and earthquakes on each of our properties.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;"&gt;Fifty Ninth Street Insurance Company, LLC (&amp;#8220;FNSIC&amp;#8221;), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (&amp;#8220;NBCR&amp;#8221;) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of 2007, which expires in December 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&amp;#160; Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and in the aggregate&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&amp;#160; Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies with no exposure to FNSIC.&amp;#160; For NBCR acts, FNSIC is responsible for a $275,000 deductible and 15% of the balance of a covered loss and the Federal government is responsible for the remaining 85% of a covered loss.&amp;#160; We are ultimately responsible for any loss &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;incurred&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; by FNSIC.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;"&gt;We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism.  However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;"&gt;Our m&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ortgage&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on our 731 Lexington Avenue property, in the event of a substantial casualty, as defined.&amp;#160; Our mortgage loans contain customary covenants requiring us to maintain insurance.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;10.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Commitments and Contingencies&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &amp;#8211; continued &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Flushing Property&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;"&gt;In 2002&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Flushing Expo, Inc. (&amp;#8220;Expo&amp;#8221;) agreed to purchase the stock of the entity which owns the Flushing property from us (&amp;#8220;Purchase of the Property&amp;#8221;) and gave us a non-refundable deposit of $1,875,000.  Pursuant to a stipulation of settlement, we settled the action Expo brought against us regarding the Purchase of the Property and in June 2011, deposited the settlement amount with the Court, in exchange for which we received a stipulation of discontinuance, with prejudice, as well as general releases.  In November 2011, Expo filed another action, this time against our tenant at the Flushing property asserting, among other things, that such tenant interfered with Expo's Purchase of the Property from us and sought $50,000,000 in damages from our tenant, who sought indemnification from us for such amount.  In August 2012, the Court entered judgment denying Expo's claim for damages.  Expo filed a motion to re-argue the decision, which the Court denied on December 7, 2012.  Expo appealed the Court's &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;August 2012&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; decision&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, which the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ourt denied o&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;n April 16, 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Paramus&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;"&gt;In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures in October 2018.  The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Letters of Credit&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;"&gt;Approximately $3,308,000 of standby letters of credit were outstanding as of March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;"&gt;Other&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;"&gt;There are various other legal actions against us in the ordinary course of business.  In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <alx:MortgageLoanConvertedToRecourse id="ID_340" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">75000000</alx:MortgageLoanConvertedToRecourse>
  <us-gaap:SecurityDepositLiability id="ID_341" decimals="INF" contextRef="AS_OF_Mar31_2014_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_FlushingPropertyMember" unitRef="USDollar">1875000</us-gaap:SecurityDepositLiability>
  <us-gaap:LettersOfCreditOutstandingAmount id="ID_342" decimals="-3" contextRef="AS_OF_Mar31_2014" unitRef="USDollar">3308000</us-gaap:LettersOfCreditOutstandingAmount>
  <alx:InsuranceMaximumCoveragePerIncident id="ID_343" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_GeneralLiabilityMember" unitRef="USDollar">300000000</alx:InsuranceMaximumCoveragePerIncident>
  <alx:InsuranceMaximumCoveragePerIncident id="ID_344" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_AllRiskPropertyAndRentalValueMember" unitRef="USDollar">1700000000</alx:InsuranceMaximumCoveragePerIncident>
  <alx:InsuranceMaximumCoveragePerIncident id="ID_345" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_TerrorismCoverageIncludingNbcrMember" unitRef="USDollar">1700000000</alx:InsuranceMaximumCoveragePerIncident>
  <alx:Deductible id="ID_346" decimals="INF" contextRef="AS_OF_Mar31_2014_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_NbcrMember" unitRef="USDollar">275000</alx:Deductible>
  <alx:SelfInsuredResponsibility id="ID_347" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_NbcrMember" unitRef="Pure">0.15</alx:SelfInsuredResponsibility>
  <alx:FederalGovernmentResponsibility id="ID_348" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_NbcrMember" unitRef="Pure">0.85</alx:FederalGovernmentResponsibility>
  <us-gaap:AreaOfLand id="ID_349" decimals="1" contextRef="AS_OF_Dec31_2001_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember" unitRef="Acre">30.3</us-gaap:AreaOfLand>
  <alx:PropertyPurchaseOptionExcercisableByLessee id="ID_350" decimals="INF" contextRef="AS_OF_Dec31_2021_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember_us-gaap_StatementScenarioAxis_ScenarioForecastMember" unitRef="USDollar">75000000</alx:PropertyPurchaseOptionExcercisableByLessee>
  <us-gaap:DebtInstrumentInterestRateAtPeriodEnd id="ID_351" decimals="4" contextRef="AS_OF_Mar31_2014_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember" unitRef="Pure">0.029</us-gaap:DebtInstrumentInterestRateAtPeriodEnd>
  <alx:TripleNetRentAnnualAmount id="ID_352" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember" unitRef="USDollar">700000</alx:TripleNetRentAnnualAmount>
  <alx:PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse id="ID_353" decimals="-6" contextRef="FROM_Jan01_2021_TO_Dec31_2021_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember_us-gaap_StatementScenarioAxis_ScenarioForecastMember" unitRef="USDollar">7000000</alx:PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse>
  <alx:PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease id="ID_354" decimals="INF" contextRef="FROM_Jan01_2021_TO_Dec31_2021_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember_us-gaap_StatementScenarioAxis_ScenarioForecastMember" unitRef="USDollar">68000000</alx:PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease>
  <alx:LoanAmortizationPeriod id="ID_355" contextRef="FROM_Jan01_2021_TO_Dec31_2021_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember_us-gaap_StatementScenarioAxis_ScenarioForecastMember">P20Y</alx:LoanAmortizationPeriod>
  <us-gaap:NotesPayable id="ID_356" decimals="INF" contextRef="AS_OF_Mar31_2014_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember" unitRef="USDollar">68000000</us-gaap:NotesPayable>
  <us-gaap:NotesPayable id="ID_357" decimals="INF" contextRef="AS_OF_Mar31_2014_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_LexingtonAvenuePropertyMember" unitRef="USDollar">320000000</us-gaap:NotesPayable>
  <us-gaap:GainLossOnDispositionOfRealEstateDiscontinuedOperations id="ID_358" decimals="-6" contextRef="FROM_Jan01_2021_TO_Dec31_2021_alx_RealEstateOccupantPossessionTypeAxis_TenantOccupantMember_alx_RealEstatePropertyOccupantAxis_IkeaMember_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_ParamusPropertyMember_us-gaap_StatementScenarioAxis_ScenarioForecastMember" unitRef="USDollar">60000000</us-gaap:GainLossOnDispositionOfRealEstateDiscontinuedOperations>
  <alx:LossContingencyIndemnificationSought id="ID_359" decimals="INF" contextRef="FROM_Jan01_2014_TO_Mar31_2014_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_FlushingPropertyMember" unitRef="USDollar">50000000</alx:LossContingencyIndemnificationSought>
  <us-gaap:EarningsPerShareTextBlock id="ID_360" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;11&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Earnings Per Shar&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;e&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;"&gt;The following table sets forth the computation of basic and diluted &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; per share, including a reconciliation of net income and the number of shares used in computing basic and diluted &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; per share. Basic &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; per share is determined using the weighted average shares of common stock &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(including &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;DSUs&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;outstanding during the period. Diluted &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; per share is determined using the weighted average shares of common stock&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (including &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;DSUs&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; outstanding during the period&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and assumes all potentially dilutive securities were converted into common shares at the earliest date possible.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  There were no potentially dilutive securities outstanding during the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;three months&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ended &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;March 31,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2013&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 170px; text-align:center;border-color:#000000;min-width:170px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Three Months Ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 170px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:170px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="4"  style="width: 495px; text-align:left;border-color:#000000;min-width:495px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(Amounts in thousands, except share and per share amounts)&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 475px; text-align:left;border-color:#000000;min-width:475px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Net income&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 15,244&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 14,162&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 475px; text-align:left;border-color:#000000;min-width:475px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Weighted average shares outstanding &amp;#8211; basic and diluted &lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 5,109,717&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 5,108,016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 475px; text-align:left;border-color:#000000;min-width:475px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Net income per common share &amp;#8211; basic and diluted&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 2.98&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 2.77&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock id="ID_361" contextRef="FROM_Jan01_2014_TO_Mar31_2014">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 170px; text-align:center;border-color:#000000;min-width:170px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Three Months Ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 170px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:170px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;March 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="4"  style="width: 495px; text-align:left;border-color:#000000;min-width:495px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(Amounts in thousands, except share and per share amounts)&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 80px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 475px; text-align:left;border-color:#000000;min-width:475px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Net income&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 15,244&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 14,162&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 475px; text-align:left;border-color:#000000;min-width:475px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Weighted average shares outstanding &amp;#8211; basic and diluted &lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 5,109,717&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 5,108,016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 380px; text-align:left;border-color:#000000;min-width:380px;"&gt;&amp;#160;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px"&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="3"  style="width: 475px; text-align:left;border-color:#000000;min-width:475px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Net income per common share &amp;#8211; basic and diluted&lt;/font&gt;&lt;sup&gt;&lt;/sup&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:right;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; 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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>19
<FILENAME>alx-20140331_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>21
<FILENAME>alx-20140331_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="ASCII"?>
<!-- Prepared by IBM Cognos FSR v6.7.2.72 using Fujitsu Interstage XWand -->
<linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/instance http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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        <label xlink:type="resource" xlink:label="label13" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AccumulatedOtherComprehensiveIncomeMember_en-US">Accumulated Other Comprehensive Income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element13" xlink:to="label13" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedAmortizationDeferredFinanceCosts" xlink:label="element14" />
        <label xlink:type="resource" xlink:label="label14" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AccumulatedAmortizationDeferredFinanceCosts_en-US">Accumulated Amortization, Deferred Finance Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element14" xlink:to="label14" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedAmortizationDeferredFinanceCosts" xlink:label="element15" />
        <label xlink:type="resource" xlink:label="label15" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AccumulatedAmortizationDeferredFinanceCosts_en-US">Deferred debt issuance costs, accumulated amortization (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element15" xlink:to="label15" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="element16" />
        <label xlink:type="resource" xlink:label="label16" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AdditionalPaidInCapital_en-US">Additional capital</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element16" xlink:to="label16" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="element17" />
        <label xlink:type="resource" xlink:label="label17" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AdditionalPaidInCapitalMember_en-US">Additional Paid-in Capital [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element17" xlink:to="label17" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="element18" />
        <label xlink:type="resource" xlink:label="label18" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AdditionalPaidInCapitalMember_en-US">Additional Capital</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element18" xlink:to="label18" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="element19" />
        <label xlink:type="resource" xlink:label="label19" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_en-US">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element19" xlink:to="label19" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="element20" />
        <label xlink:type="resource" xlink:label="label20" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element20" xlink:to="label20" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:label="element21" />
        <label xlink:type="resource" xlink:label="label21" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_en-US">Other</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element21" xlink:to="label21" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="element22" />
        <label xlink:type="resource" xlink:label="label22" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element22" xlink:to="label22" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="element23" />
        <label xlink:type="resource" xlink:label="label23" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_en-US">Change in operating assets and liabilities:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element23" xlink:to="label23" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition" xlink:label="element24" />
        <label xlink:type="resource" xlink:label="label24" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_en-US">Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Units, Requisite Service Period Recognition</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element24" xlink:to="label24" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition" xlink:label="element25" />
        <label xlink:type="resource" xlink:label="label25" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition_en-US">Deferred stock unit grant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element25" xlink:to="label25" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AffiliatedEntityMember" xlink:label="element26" />
        <label xlink:type="resource" xlink:label="label26" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AffiliatedEntityMember_en-US">Affiliated Entity [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element26" xlink:to="label26" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AffiliatedEntityMember" xlink:label="element27" />
        <label xlink:type="resource" xlink:label="label27" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AffiliatedEntityMember_en-US">Vornado [member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element27" xlink:to="label27" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="element28" />
        <label xlink:type="resource" xlink:label="label28" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AllocatedShareBasedCompensationExpense_en-US">Allocated Share-based Compensation Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element28" xlink:to="label28" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsMember" xlink:label="element29" />
        <label xlink:type="resource" xlink:label="label29" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AllowanceForDoubtfulAccountsMember_en-US">Allowance for Doubtful Accounts [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element29" xlink:to="label29" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="element30" />
        <label xlink:type="resource" xlink:label="label30" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AllowanceForDoubtfulAccountsReceivable_en-US">Allowance for Doubtful Accounts Receivable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element30" xlink:to="label30" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="element31" />
        <label xlink:type="resource" xlink:label="label31" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AllowanceForDoubtfulAccountsReceivable_en-US">Allowance for doubtful accounts (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element31" xlink:to="label31" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Assets" xlink:label="element32" />
        <label xlink:type="resource" xlink:label="label32" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_Assets_en-US">Total assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element32" xlink:to="label32" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Assets" xlink:label="element33" />
        <label xlink:type="resource" xlink:label="label33" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_Assets_en-US">Total assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element33" xlink:to="label33" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="element34" />
        <label xlink:type="resource" xlink:label="label34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AssetsAbstract_en-US">Assets [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element34" xlink:to="label34" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="element35" />
        <label xlink:type="resource" xlink:label="label35" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_AssetsAbstract_en-US">Assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element35" xlink:to="label35" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="element36" />
        <label xlink:type="resource" xlink:label="label36" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_en-US">Assets related to discontinued operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element36" xlink:to="label36" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="element37" />
        <label xlink:type="resource" xlink:label="label37" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AssetsFairValueDisclosure_en-US">Assets Fair Value Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element37" xlink:to="label37" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="element38" />
        <label xlink:type="resource" xlink:label="label38" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_AssetsFairValueDisclosure_en-US">Total assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element38" xlink:to="label38" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xlink:label="element39" />
        <label xlink:type="resource" xlink:label="label39" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax_en-US">Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element39" xlink:to="label39" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xlink:label="element40" />
        <label xlink:type="resource" xlink:label="label40" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax_en-US">Unrealized Gain (loss)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element40" xlink:to="label40" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax" xlink:label="element41" />
        <label xlink:type="resource" xlink:label="label41" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax_en-US">Unrealized Gains</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element41" xlink:to="label41" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss" xlink:label="element42" />
        <label xlink:type="resource" xlink:label="label42" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss_en-US">Change in unrealized net gain on available-for-sale securities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element42" xlink:to="label42" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="element43" />
        <label xlink:type="resource" xlink:label="label43" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AvailableForSaleSecurities_en-US">Available For Sale Securities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element43" xlink:to="label43" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="element44" />
        <label xlink:type="resource" xlink:label="label44" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_AvailableForSaleSecurities_en-US">Short-term investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element44" xlink:to="label44" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="element45" />
        <label xlink:type="resource" xlink:label="label45" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_AvailableForSaleSecurities_en-US">Fair Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element45" xlink:to="label45" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="element46" />
        <label xlink:type="resource" xlink:label="label46" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xml:lang="en-US" id="positiveTerse_us-gaap_AvailableForSaleSecurities_en-US">Marketable securities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element46" xlink:to="label46" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:label="element47" />
        <label xlink:type="resource" xlink:label="label47" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AvailableForSaleSecuritiesAmortizedCost_en-US">GAAP Cost</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element47" xlink:to="label47" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="element48" />
        <label xlink:type="resource" xlink:label="label48" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_en-US">Basis of Accounting [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element48" xlink:to="label48" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BasisOfAccounting" xlink:label="element49" />
        <label xlink:type="resource" xlink:label="label49" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BasisOfAccounting_en-US">Basis of Accounting [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element49" xlink:to="label49" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BoardOfDirectorsChairmanMember" xlink:label="element50" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BuildingImprovementsMember" xlink:label="element52" />
        <label xlink:type="resource" xlink:label="label52" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BuildingImprovementsMember_en-US">Building Improvements [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element52" xlink:to="label52" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BuildingsAndImprovementsGross" xlink:label="element53" />
        <label xlink:type="resource" xlink:label="label53" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BuildingsAndImprovementsGross_en-US">Buildings and leasehold improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element53" xlink:to="label53" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="element54" />
        <label xlink:type="resource" xlink:label="label54" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BusinessAcquisitionAxis_en-US">Business Acquisition [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element54" xlink:to="label54" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="element55" />
        <label xlink:type="resource" xlink:label="label55" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BusinessAcquisitionAcquireeDomain_en-US">Business Acquisition, Acquiree [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element55" xlink:to="label55" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="element56" />
        <label xlink:type="resource" xlink:label="label56" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CarryingReportedAmountFairValueDisclosureMember_en-US">CarryingReportedAmountFairValueDisclosureMember</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element56" xlink:to="label56" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="element57" />
        <label xlink:type="resource" xlink:label="label57" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CarryingReportedAmountFairValueDisclosureMember_en-US">Carrying Reported Amount Fair Value Disclosure [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element57" xlink:to="label57" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="element58" />
        <label xlink:type="resource" xlink:label="label58" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_en-US">Restricted Cash [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element58" xlink:to="label58" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="element59" />
        <label xlink:type="resource" xlink:label="label59" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element59" xlink:to="label59" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="element60" />
        <label xlink:type="resource" xlink:label="label60" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_en-US">Net increase in cash and cash equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element60" xlink:to="label60" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="element61" />
        <label xlink:type="resource" xlink:label="label61" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_CashAndCashEquivalentsAtCarryingValue_en-US">Cash and cash equivalents at beginning of period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element61" xlink:to="label61" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="element62" />
        <label xlink:type="resource" xlink:label="label62" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_CashAndCashEquivalentsAtCarryingValue_en-US">Cash and cash equivalents at end of period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element62" xlink:to="label62" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="element63" />
        <label xlink:type="resource" xlink:label="label63" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_en-US">Cash and Cash Equivalents, at Carrying Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element63" xlink:to="label63" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="element64" />
        <label xlink:type="resource" xlink:label="label64" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CashAndCashEquivalentsAtCarryingValue_en-US">Cash and cash equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element64" xlink:to="label64" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="element65" />
        <label xlink:type="resource" xlink:label="label65" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsPolicyTextBlock_en-US">Cash and Cash Equivalents [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element65" xlink:to="label65" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="element66" />
        <label xlink:type="resource" xlink:label="label66" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsFairValueDisclosure_en-US">CashEquivalentsAtCarryingValue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element66" xlink:to="label66" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="element67" />
        <label xlink:type="resource" xlink:label="label67" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CashAndCashEquivalentsFairValueDisclosure_en-US">Cash Equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element67" xlink:to="label67" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAbstract" xlink:label="element68" />
        <label xlink:type="resource" xlink:label="label68" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAbstract_en-US">Cash and Cash Equivalents [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element68" xlink:to="label68" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="element69" />
        <label xlink:type="resource" xlink:label="label69" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_en-US">Commitments and Contingencies [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element69" xlink:to="label69" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="element70" />
        <label xlink:type="resource" xlink:label="label70" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingencies_en-US">Commitments and contingencies</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element70" xlink:to="label70" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="element71" />
        <label xlink:type="resource" xlink:label="label71" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_en-US">Commitments and Contingencies [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element71" xlink:to="label71" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="element72" />
        <label xlink:type="resource" xlink:label="label72" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_en-US">Commitments and Contingencies [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element72" xlink:to="label72" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="element73" />
        <label xlink:type="resource" xlink:label="label73" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockParOrStatedValuePerShare_en-US">Common Stock, Par or Stated Value Per Share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element73" xlink:to="label73" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="element74" />
        <label xlink:type="resource" xlink:label="label74" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CommonStockParOrStatedValuePerShare_en-US">Common stock: par value per share (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element74" xlink:to="label74" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockMember" xlink:label="element75" />
        <label xlink:type="resource" xlink:label="label75" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockMember_en-US">Common Stock [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element75" xlink:to="label75" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockMember" xlink:label="element76" />
        <label xlink:type="resource" xlink:label="label76" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CommonStockMember_en-US">Common Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element76" xlink:to="label76" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockValue" xlink:label="element77" />
        <label xlink:type="resource" xlink:label="label77" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockValue_en-US">Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,106,196 shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element77" xlink:to="label77" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="element78" />
        <label xlink:type="resource" xlink:label="label78" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockSharesIssued_en-US">Common Stock, Shares, Issued</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element78" xlink:to="label78" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="element79" />
        <label xlink:type="resource" xlink:label="label79" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CommonStockSharesIssued_en-US">Common stock: issued shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element79" xlink:to="label79" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="element80" />
        <label xlink:type="resource" xlink:label="label80" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_CommonStockSharesIssued_en-US">Shares Issued, Beginning Balance (in shares)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element80" xlink:to="label80" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="element81" />
        <label xlink:type="resource" xlink:label="label81" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_CommonStockSharesIssued_en-US">Shares Issued, Ending Balance (in shares)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element81" xlink:to="label81" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="element82" />
        <label xlink:type="resource" xlink:label="label82" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockDividendsPerShareDeclared_en-US">Dividends per common share (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element82" xlink:to="label82" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="element83" />
        <label xlink:type="resource" xlink:label="label83" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockSharesAuthorized_en-US">Common Stock, Shares Authorized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element83" xlink:to="label83" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="element84" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element84" xlink:to="label84" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="element85" />
        <label xlink:type="resource" xlink:label="label85" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockSharesOutstanding_en-US">Common Stock, Shares, Outstanding</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element85" xlink:to="label85" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="element86" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="element87" />
        <label xlink:type="resource" xlink:label="label87" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_en-US">Less comprehensive income attributable to the noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element87" xlink:to="label87" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="element88" />
        <label xlink:type="resource" xlink:label="label88" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element88" xlink:to="label88" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="element89" />
        <label xlink:type="resource" xlink:label="label89" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ComprehensiveIncomeNetOfTax_en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element89" xlink:to="label89" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="element90" />
        <label xlink:type="resource" xlink:label="label90" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_ComprehensiveIncomeNetOfTax_en-US">Comprehensive income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element90" xlink:to="label90" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="element91" />
        <label xlink:type="resource" xlink:label="label91" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_en-US">Comprehensive income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element91" xlink:to="label91" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="element92" />
        <label xlink:type="resource" xlink:label="label92" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_en-US">Other Comprehensive Income (Loss), Net of Tax</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element92" xlink:to="label92" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="element93" />
        <label xlink:type="resource" xlink:label="label93" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskTypeDomain_en-US">Concentration Risk Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element93" xlink:to="label93" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="element94" />
        <label xlink:type="resource" xlink:label="label94" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskBenchmarkDomain_en-US">Concentration Risk Benchmark [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element94" xlink:to="label94" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="element95" />
        <label xlink:type="resource" xlink:label="label95" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskByTypeAxis_en-US">Concentration Risk by Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element95" xlink:to="label95" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="element96" />
        <label xlink:type="resource" xlink:label="label96" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskDisclosureTextBlock_en-US">Significant Tenants [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element96" xlink:to="label96" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="element97" />
        <label xlink:type="resource" xlink:label="label97" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskByBenchmarkAxis_en-US">Concentration Risk By Benchmark [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element97" xlink:to="label97" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="element98" />
        <label xlink:type="resource" xlink:label="label98" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskPercentage1_en-US">Percentage Rent Contributed By Tenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element98" xlink:to="label98" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent" xlink:label="element99" />
        <label xlink:type="resource" xlink:label="label99" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent_en-US">Acquisition of the noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element99" xlink:to="label99" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent" xlink:label="element100" />
        <label xlink:type="resource" xlink:label="label100" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent_en-US">Acquisition of the noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element100" xlink:to="label100" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConstructionInProgressMember" xlink:label="element101" />
        <label xlink:type="resource" xlink:label="label101" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConstructionInProgressMember_en-US">Construction in Progress [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element101" xlink:to="label101" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostsAndExpensesRelatedParty" xlink:label="element102" />
        <label xlink:type="resource" xlink:label="label102" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CostsAndExpensesRelatedParty_en-US">Operating Expenses From Transactions With Related Party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element102" xlink:to="label102" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostsAndExpensesRelatedParty" xlink:label="element103" />
        <label xlink:type="resource" xlink:label="label103" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CostsAndExpensesRelatedParty_en-US">Fees to Vornado</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element103" xlink:to="label103" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CustomerConcentrationRiskMember" xlink:label="element104" />
        <label xlink:type="resource" xlink:label="label104" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CustomerConcentrationRiskMember_en-US">Customer Concentration Risk [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element104" xlink:to="label104" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="element105" />
        <label xlink:type="resource" xlink:label="label105" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_en-US">Debt Instrument, Description of Variable Rate Basis</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element105" xlink:to="label105" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="element106" />
        <label xlink:type="resource" xlink:label="label106" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_en-US">Basis spread over LIBOR (in percentage)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element106" xlink:to="label106" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="element107" />
        <label xlink:type="resource" xlink:label="label107" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_en-US">Basis spread over LIBOR</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element107" xlink:to="label107" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="element108" />
        <label xlink:type="resource" xlink:label="label108" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtDisclosureAbstract_en-US">Mortgages Payable [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element108" xlink:to="label108" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="element109" />
        <label xlink:type="resource" xlink:label="label109" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentTerm_en-US">Debt Term</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element109" xlink:to="label109" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentInterestRateAtPeriodEnd" xlink:label="element110" />
        <label xlink:type="resource" xlink:label="label110" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentInterestRateAtPeriodEnd_en-US">Mortgage Loans on Real Estate, Interest Rate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element110" xlink:to="label110" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentInterestRateAtPeriodEnd" xlink:label="element111" />
        <label xlink:type="resource" xlink:label="label111" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DebtInstrumentInterestRateAtPeriodEnd_en-US">Interest rate (in percentage)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element111" xlink:to="label111" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentInterestRateAtPeriodEnd" xlink:label="element112" />
        <label xlink:type="resource" xlink:label="label112" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_DebtInstrumentInterestRateAtPeriodEnd_en-US">Fixed interest rate on the debt (in percentage)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element112" xlink:to="label112" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredChargesPolicyTextBlock" xlink:label="element113" />
        <label xlink:type="resource" xlink:label="label113" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredChargesPolicyTextBlock_en-US">Deferred Charges [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element113" xlink:to="label113" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredCostsLeasingNet" xlink:label="element114" />
        <label xlink:type="resource" xlink:label="label114" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredCostsLeasingNet_en-US">Deferred Costs, Leasing, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element114" xlink:to="label114" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredCostsLeasingNet" xlink:label="element115" />
        <label xlink:type="resource" xlink:label="label115" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DeferredCostsLeasingNet_en-US">Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $35,868 and $36,728, respectively</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element115" xlink:to="label115" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="element116" />
        <label xlink:type="resource" xlink:label="label116" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredFinanceCostsNet_en-US">Deferred Finance Costs, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element116" xlink:to="label116" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="element117" />
        <label xlink:type="resource" xlink:label="label117" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DeferredFinanceCostsNet_en-US">Deferred debt issuance costs, net of accumulated amortization of $9,243 and $19,187, respectively</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element117" xlink:to="label117" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:label="element118" />
        <label xlink:type="resource" xlink:label="label118" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredTaxAssetsLiabilitiesNet_en-US">Deferred Tax Assets (Liabilities), Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element118" xlink:to="label118" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRentReceivablesNet" xlink:label="element119" />
        <label xlink:type="resource" xlink:label="label119" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRentReceivablesNet_en-US">Deferred Rent Receivables Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element119" xlink:to="label119" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRentReceivablesNet" xlink:label="element120" />
        <label xlink:type="resource" xlink:label="label120" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DeferredRentReceivablesNet_en-US">Receivable arising from the straight-lining of rents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element120" xlink:to="label120" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="element121" />
        <label xlink:type="resource" xlink:label="label121" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DepreciationAndAmortization_en-US">Depreciation and amortization</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element121" xlink:to="label121" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="element122" />
        <label xlink:type="resource" xlink:label="label122" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DepreciationDepletionAndAmortization_en-US">Depreciation, Depletion and Amortization</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element122" xlink:to="label122" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="element123" />
        <label xlink:type="resource" xlink:label="label123" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DepreciationDepletionAndAmortization_en-US">Depreciation and amortization, including amortization of debt issuance costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element123" xlink:to="label123" />
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        <label xlink:type="resource" xlink:label="label124" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeFairValueOfDerivativeAsset_en-US">Derivative Fair Value Of Derivative Asset</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element124" xlink:to="label124" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:label="element125" />
        <label xlink:type="resource" xlink:label="label125" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DerivativeFairValueOfDerivativeAsset_en-US">Interest rate cap (included in other assets)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element125" xlink:to="label125" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeCapInterestRate" xlink:label="element126" />
        <label xlink:type="resource" xlink:label="label126" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeCapInterestRate_en-US">Derivative cap interest rate, LIBOR</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element126" xlink:to="label126" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DevelopmentInProcess" xlink:label="element127" />
        <label xlink:type="resource" xlink:label="label127" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DevelopmentInProcess_en-US">Development in Process</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element127" xlink:to="label127" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DevelopmentInProcess" xlink:label="element128" />
        <label xlink:type="resource" xlink:label="label128" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DevelopmentInProcess_en-US">Development and construction in progress</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element128" xlink:to="label128" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="element129" />
        <label xlink:type="resource" xlink:label="label129" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_en-US">Stock-Based Compensation [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element129" xlink:to="label129" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="element130" />
        <label xlink:type="resource" xlink:label="label130" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_en-US">Stock-Based Compensation [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element130" xlink:to="label130" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:label="element131" />
        <label xlink:type="resource" xlink:label="label131" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_en-US">Discontinued Operations And Disposal Groups [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element131" xlink:to="label131" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="element132" />
        <label xlink:type="resource" xlink:label="label132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_en-US">Net gain on sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element132" xlink:to="label132" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="element133" />
        <label xlink:type="resource" xlink:label="label133" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_en-US">Net gain on sale of real estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element133" xlink:to="label133" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupDeferredGainOnDisposal" xlink:label="element134" />
        <label xlink:type="resource" xlink:label="label134" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisposalGroupDeferredGainOnDisposal_en-US">Disposal Group, Deferred Gain on Disposal</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element134" xlink:to="label134" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupDeferredGainOnDisposal" xlink:label="element135" />
        <label xlink:type="resource" xlink:label="label135" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DisposalGroupDeferredGainOnDisposal_en-US">Deferred income from the sale of Kings Plaza in 2012</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element135" xlink:to="label135" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosuresAbstract" xlink:label="element136" />
        <label xlink:type="resource" xlink:label="label136" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosuresAbstract_en-US">Disposal Group Income And Expenses [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element136" xlink:to="label136" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosuresAbstract" xlink:label="element137" />
        <label xlink:type="resource" xlink:label="label137" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosuresAbstract_en-US">Disposal Group Income And Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element137" xlink:to="label137" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:label="element138" />
        <label xlink:type="resource" xlink:label="label138" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_en-US">Disposal Groups, Including Discontinued Operations, Name [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element138" xlink:to="label138" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalDate1" xlink:label="element139" />
        <label xlink:type="resource" xlink:label="label139" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisposalDate1_en-US">Disposal Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element139" xlink:to="label139" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:label="element140" />
        <label xlink:type="resource" xlink:label="label140" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_en-US">Discontinued Operations [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element140" xlink:to="label140" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:label="element141" />
        <label xlink:type="resource" xlink:label="label141" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_en-US">Total revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element141" xlink:to="label141" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="element142" />
        <label xlink:type="resource" xlink:label="label142" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DividendsCommonStockCash_en-US">Special Cash Dividends Paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element142" xlink:to="label142" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="element143" />
        <label xlink:type="resource" xlink:label="label143" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_DividendsCommonStockCash_en-US">Dividends paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element143" xlink:to="label143" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:label="element144" />
        <label xlink:type="resource" xlink:label="label144" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_en-US">Amounts due to Vornado</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element144" xlink:to="label144" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="element145" />
        <label xlink:type="resource" xlink:label="label145" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EarningsPerShareBasicAndDilutedAbstract_en-US">Income per common share- basic and diluted [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element145" xlink:to="label145" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="element146" />
        <label xlink:type="resource" xlink:label="label146" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_EarningsPerShareBasicAndDilutedAbstract_en-US">Income per common share- basic and diluted:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element146" xlink:to="label146" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="element147" />
        <label xlink:type="resource" xlink:label="label147" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EarningsPerShareBasicAndDiluted_en-US">Net income per common share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element147" xlink:to="label147" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="element148" />
        <label xlink:type="resource" xlink:label="label148" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_EarningsPerShareBasicAndDiluted_en-US">Net income per common share- basic and diluted (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element148" xlink:to="label148" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="element149" />
        <label xlink:type="resource" xlink:label="label149" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EarningsPerShareTextBlock_en-US">Earnings Per Share [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element149" xlink:to="label149" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="element150" />
        <label xlink:type="resource" xlink:label="label150" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EarningsPerSharePolicyTextBlock_en-US">Income Per Share [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element150" xlink:to="label150" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="element151" />
        <label xlink:type="resource" xlink:label="label151" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EarningsPerShareBasic_en-US">Earning per share basic</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element151" xlink:to="label151" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="element152" />
        <label xlink:type="resource" xlink:label="label152" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_EarningsPerShareBasic_en-US">Net Income Per Common Share - Basic (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element152" xlink:to="label152" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="element153" />
        <label xlink:type="resource" xlink:label="label153" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EarningsPerShareDiluted_en-US">Net income per common share - diluted</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element153" xlink:to="label153" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="element154" />
        <label xlink:type="resource" xlink:label="label154" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_EarningsPerShareDiluted_en-US">Net Income Per Common Share - Diluted (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element154" xlink:to="label154" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="element155" />
        <label xlink:type="resource" xlink:label="label155" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EarningsPerShareAbstract_en-US">Earnings Per Share [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element155" xlink:to="label155" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeStockOptionMember" xlink:label="element156" />
        <label xlink:type="resource" xlink:label="label156" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EmployeeStockOptionMember_en-US">Stock Options [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element156" xlink:to="label156" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards" xlink:label="element157" />
        <label xlink:type="resource" xlink:label="label157" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_en-US">Payments For Stock Appreciation Rights</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element157" xlink:to="label157" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards" xlink:label="element158" />
        <label xlink:type="resource" xlink:label="label158" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_en-US">Payment for stock appreciation rights</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element158" xlink:to="label158" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions" xlink:label="element159" />
        <label xlink:type="resource" xlink:label="label159" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions_en-US">Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element159" xlink:to="label159" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions" xlink:label="element160" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="element168" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="element169" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueNetAssetLiabilityAbstract" xlink:label="element170" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="element171" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="element172" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element172" xlink:to="label172" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="element173" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="element174" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element174" xlink:to="label174" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="element175" />
        <label xlink:type="resource" xlink:label="label175" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueByMeasurementBasisAxis_en-US">Fair Value By Balance Sheet Grouping Disclosure Item Amounts [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element175" xlink:to="label175" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="element176" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element176" xlink:to="label176" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="element177" />
        <label xlink:type="resource" xlink:label="label177" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueDisclosuresAbstract_en-US">Fair Value Measurements [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element177" xlink:to="label177" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="element178" />
        <label xlink:type="resource" xlink:label="label178" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_en-US">Fair Value Plan Asset Measurement [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element178" xlink:to="label178" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:label="element179" />
        <label xlink:type="resource" xlink:label="label179" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_en-US">Fair Value, Assets Measured on Recurring Basis [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element179" xlink:to="label179" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="element180" />
        <label xlink:type="resource" xlink:label="label180" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueDisclosuresTextBlock_en-US">Fair Value Disclosures [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element180" xlink:to="label180" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="element181" />
        <label xlink:type="resource" xlink:label="label181" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_FairValueDisclosuresTextBlock_en-US">Fair Value Measurements [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element181" xlink:to="label181" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="element182" />
        <label xlink:type="resource" xlink:label="label182" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueDisclosureItemAmountsDomain_en-US">Fair Value Disclosure Item Amounts [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element182" xlink:to="label182" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="element183" />
        <label xlink:type="resource" xlink:label="label183" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueByBalanceSheetGroupingTextBlock_en-US">Fair Value, by Balance Sheet Grouping [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element183" xlink:to="label183" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="element184" />
        <label xlink:type="resource" xlink:label="label184" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel3Member_en-US">Fair Value, Inputs, Level 3 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element184" xlink:to="label184" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="element185" />
        <label xlink:type="resource" xlink:label="label185" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel1Member_en-US">Fair Value, Inputs, Level 1 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element185" xlink:to="label185" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="element186" />
        <label xlink:type="resource" xlink:label="label186" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel2Member_en-US">Fair Value, Inputs, Level 2 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element186" xlink:to="label186" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract" xlink:label="element187" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element187" xlink:to="label187" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations" xlink:label="element188" />
        <label xlink:type="resource" xlink:label="label188" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations_en-US">Purchase option excercised, gain on sale of land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element188" xlink:to="label188" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations" xlink:label="element189" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="element200" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element201" xlink:to="label201" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="element202" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:label="element203" />
        <label xlink:type="resource" xlink:label="label203" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_en-US">Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element203" xlink:to="label203" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:label="element204" />
        <label xlink:type="resource" xlink:label="label204" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare_en-US">Income from continuing operations- (in dollars per share)</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:label="element205" />
        <label xlink:type="resource" xlink:label="label205" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare_en-US">Income per common share - basic</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element205" xlink:to="label205" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxContingencyLineItems" xlink:label="element206" />
        <label xlink:type="resource" xlink:label="label206" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeTaxContingencyLineItems_en-US">Income Tax Contingency [Line Items]</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:label="element207" />
        <label xlink:type="resource" xlink:label="label207" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_en-US">Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element207" xlink:to="label207" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxAuthorityAxis" xlink:label="element208" />
        <label xlink:type="resource" xlink:label="label208" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeTaxAuthorityAxis_en-US">Income Tax Authority [Axis]</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="element209" />
        <label xlink:type="resource" xlink:label="label209" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_en-US">Income from discontinued operations, including a $599,628 net gain on sale of real estate in 2012</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element209" xlink:to="label209" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="element210" />
        <label xlink:type="resource" xlink:label="label210" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_en-US">Income from discontinued operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element210" xlink:to="label210" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="element211" />
        <label xlink:type="resource" xlink:label="label211" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_en-US">Income from discontinued operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element211" xlink:to="label211" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:label="element212" />
        <label xlink:type="resource" xlink:label="label212" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_en-US">Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element212" xlink:to="label212" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxContingencyTable" xlink:label="element213" />
        <label xlink:type="resource" xlink:label="label213" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeTaxContingencyTable_en-US">Income Tax Contingency [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element213" xlink:to="label213" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="element214" />
        <label xlink:type="resource" xlink:label="label214" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeTaxExpenseBenefit_en-US">Income tax benefit (expense)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element214" xlink:to="label214" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="element215" />
        <label xlink:type="resource" xlink:label="label215" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_IncomeTaxExpenseBenefit_en-US">Income tax expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element215" xlink:to="label215" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="element216" />
        <label xlink:type="resource" xlink:label="label216" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_en-US">Stock appreciation rights compensation expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element216" xlink:to="label216" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="element217" />
        <label xlink:type="resource" xlink:label="label217" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_en-US">Stock appreciation rights compensation expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element217" xlink:to="label217" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepreciationAndAmortization" xlink:label="element218" />
        <label xlink:type="resource" xlink:label="label218" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepreciationAndAmortization_en-US">Income Tax Reconciliation, Nondeductible Expense, Depreciation and Amortization</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element218" xlink:to="label218" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepreciationAndAmortization" xlink:label="element219" />
        <label xlink:type="resource" xlink:label="label219" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepreciationAndAmortization_en-US">Depreciation and amortization timing differences</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element219" xlink:to="label219" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepreciationAndAmortization" xlink:label="element220" />
        <label xlink:type="resource" xlink:label="label220" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepreciationAndAmortization_en-US">Depreciation and amortization timing differences</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element220" xlink:to="label220" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:label="element221" />
        <label xlink:type="resource" xlink:label="label221" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_en-US">Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element221" xlink:to="label221" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:label="element222" />
        <label xlink:type="resource" xlink:label="label222" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_en-US">Income from discontinued operations, net of income attributable to the noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element222" xlink:to="label222" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="element223" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element224" xlink:to="label224" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:label="element225" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="element226" />
        <label xlink:type="resource" xlink:label="label226" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInAccountsReceivable_en-US">Increase (Decrease) in Accounts Receivable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element226" xlink:to="label226" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="element227" />
        <label xlink:type="resource" xlink:label="label227" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_IncreaseDecreaseInAccountsReceivable_en-US">Accounts receivable, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element227" xlink:to="label227" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="element228" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="element229" />
        <label xlink:type="resource" xlink:label="label229" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_en-US">Increase (Decrease) in Income Taxes Payable</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="element230" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="element233" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element233" xlink:to="label233" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="element234" />
        <label xlink:type="resource" xlink:label="label234" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_en-US">Other liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element234" xlink:to="label234" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="element235" />
        <label xlink:type="resource" xlink:label="label235" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInDueToRelatedParties_en-US">Increase (Decrease) in Due to Related Parties</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element235" xlink:to="label235" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="element236" />
        <label xlink:type="resource" xlink:label="label236" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncreaseDecreaseInDueToRelatedParties_en-US">Amounts due to Vornado</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element236" xlink:to="label236" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="element237" />
        <label xlink:type="resource" xlink:label="label237" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInOtherOperatingAssets_en-US">Increase (Decrease) in Other Operating Assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element237" xlink:to="label237" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="element238" />
        <label xlink:type="resource" xlink:label="label238" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_IncreaseDecreaseInOtherOperatingAssets_en-US">Other assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element238" xlink:to="label238" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="element239" />
        <label xlink:type="resource" xlink:label="label239" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_IncreaseDecreaseInOtherOperatingAssets_en-US">Other assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element239" xlink:to="label239" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="element240" />
        <label xlink:type="resource" xlink:label="label240" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInRestrictedCash_en-US">Increase (Decrease) in Restricted Cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element240" xlink:to="label240" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="element241" />
        <label xlink:type="resource" xlink:label="label241" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_IncreaseDecreaseInRestrictedCash_en-US">Restricted cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element241" xlink:to="label241" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InsuranceAbstract" xlink:label="element242" />
        <label xlink:type="resource" xlink:label="label242" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InsuranceAbstract_en-US">Insurance [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element242" xlink:to="label242" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestAndDebtExpense" xlink:label="element243" />
        <label xlink:type="resource" xlink:label="label243" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestAndDebtExpense_en-US">Interest and Debt Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element243" xlink:to="label243" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestAndDebtExpense" xlink:label="element244" />
        <label xlink:type="resource" xlink:label="label244" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_InterestAndDebtExpense_en-US">Interest and debt expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element244" xlink:to="label244" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestAndOtherIncomeAbstract" xlink:label="element245" />
        <label xlink:type="resource" xlink:label="label245" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestAndOtherIncomeAbstract_en-US">Interest and Other Income [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element245" xlink:to="label245" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestAndOtherIncome" xlink:label="element246" />
        <label xlink:type="resource" xlink:label="label246" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestAndOtherIncome_en-US">Interest and other income, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element246" xlink:to="label246" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPaidCapitalized" xlink:label="element247" />
        <label xlink:type="resource" xlink:label="label247" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestPaidCapitalized_en-US">Interest Paid, Capitalized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element247" xlink:to="label247" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPaidCapitalized" xlink:label="element248" />
        <label xlink:type="resource" xlink:label="label248" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_InterestPaidCapitalized_en-US">Cash payments for interest, capitalized in 2014</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element248" xlink:to="label248" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPaidCapitalized" xlink:label="element249" />
        <label xlink:type="resource" xlink:label="label249" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InterestPaidCapitalized_en-US">Capitalized Interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element249" xlink:to="label249" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestAndOtherIncomeTextBlock" xlink:label="element250" />
        <label xlink:type="resource" xlink:label="label250" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestAndOtherIncomeTextBlock_en-US">Interest and Other Income [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element250" xlink:to="label250" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestAndOtherIncomeTextBlock" xlink:label="element251" />
        <label xlink:type="resource" xlink:label="label251" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InterestAndOtherIncomeTextBlock_en-US">Interest and Other Income, net [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element251" xlink:to="label251" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPaid" xlink:label="element252" />
        <label xlink:type="resource" xlink:label="label252" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestPaid_en-US">Interest Paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element252" xlink:to="label252" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPaid" xlink:label="element253" />
        <label xlink:type="resource" xlink:label="label253" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InterestPaid_en-US">Cash payments for interest, excluding capitalized interest of $30 in 2014</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element253" xlink:to="label253" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentOwnedBalanceShares" xlink:label="element254" />
        <label xlink:type="resource" xlink:label="label254" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InvestmentOwnedBalanceShares_en-US">Macerich Common Shares (in shares)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element254" xlink:to="label254" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentHoldingsLineItems" xlink:label="element255" />
        <label xlink:type="resource" xlink:label="label255" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InvestmentHoldingsLineItems_en-US">Investment Holdings [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element255" xlink:to="label255" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentHoldingsLineItems" xlink:label="element256" />
        <label xlink:type="resource" xlink:label="label256" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InvestmentHoldingsLineItems_en-US">Schedule of Available-for-sale Securities [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element256" xlink:to="label256" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:label="element257" />
        <label xlink:type="resource" xlink:label="label257" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_en-US">Marketable Securities [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element257" xlink:to="label257" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LettersOfCreditOutstandingAmount" xlink:label="element258" />
        <label xlink:type="resource" xlink:label="label258" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LettersOfCreditOutstandingAmount_en-US">Letters of Credit Outstanding, Amount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element258" xlink:to="label258" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LettersOfCreditOutstandingAmount" xlink:label="element259" />
        <label xlink:type="resource" xlink:label="label259" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LettersOfCreditOutstandingAmount_en-US">Standby letters of credit, issued and outstanding</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element259" xlink:to="label259" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="element260" />
        <label xlink:type="resource" xlink:label="label260" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongtermDebtTypeAxis_en-US">Loan Secured Unsecured Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element260" xlink:to="label260" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="element261" />
        <label xlink:type="resource" xlink:label="label261" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongtermDebtTypeDomain_en-US">Loan Secured Unsecured Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element261" xlink:to="label261" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Land" xlink:label="element262" />
        <label xlink:type="resource" xlink:label="label262" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_Land_en-US">Land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element262" xlink:to="label262" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LandImprovementsMember" xlink:label="element263" />
        <label xlink:type="resource" xlink:label="label263" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LandImprovementsMember_en-US">Land Improvements [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element263" xlink:to="label263" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LandMember" xlink:label="element264" />
        <label xlink:type="resource" xlink:label="label264" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LandMember_en-US">Land [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element264" xlink:to="label264" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="element265" />
        <label xlink:type="resource" xlink:label="label265" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LeaseAndRentalExpense_en-US">Operating Leases, Rent Expense, Minimum Rentals</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element265" xlink:to="label265" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="element266" />
        <label xlink:type="resource" xlink:label="label266" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LeaseAndRentalExpense_en-US">Rent expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element266" xlink:to="label266" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LeasesAbstract" xlink:label="element267" />
        <label xlink:type="resource" xlink:label="label267" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LeasesAbstract_en-US">Leases [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element267" xlink:to="label267" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="element268" />
        <label xlink:type="resource" xlink:label="label268" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquity_en-US">Total liabilities, noncontrolling interests, and equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element268" xlink:to="label268" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="element269" />
        <label xlink:type="resource" xlink:label="label269" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_LiabilitiesAndStockholdersEquity_en-US">Total liabilities and equity</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="element270" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesOfAssetsHeldForSale" xlink:label="element271" />
        <label xlink:type="resource" xlink:label="label271" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesOfAssetsHeldForSale_en-US">Liabilities related to discontinued operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element271" xlink:to="label271" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="element272" />
        <label xlink:type="resource" xlink:label="label272" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesAbstract_en-US">Liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element272" xlink:to="label272" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Liabilities" xlink:label="element273" />
        <label xlink:type="resource" xlink:label="label273" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_Liabilities_en-US">Total liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element273" xlink:to="label273" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Liabilities" xlink:label="element274" />
        <label xlink:type="resource" xlink:label="label274" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_Liabilities_en-US">Total liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element274" xlink:to="label274" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="element275" />
        <label xlink:type="resource" xlink:label="label275" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_en-US">Liabilities and Stockholders Equity [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element275" xlink:to="label275" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="element276" />
        <label xlink:type="resource" xlink:label="label276" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LiabilitiesAndStockholdersEquityAbstract_en-US">Liabilities and Equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element276" xlink:to="label276" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure" xlink:label="element277" />
        <label xlink:type="resource" xlink:label="label277" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesFairValueDisclosure_en-US">Liabilities measured at fair value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element277" xlink:to="label277" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure" xlink:label="element278" />
        <label xlink:type="resource" xlink:label="label278" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LiabilitiesFairValueDisclosure_en-US">Total liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element278" xlink:to="label278" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LitigationReserve" xlink:label="element279" />
        <label xlink:type="resource" xlink:label="label279" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LitigationReserve_en-US">Estimated Litigation Liability</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element279" xlink:to="label279" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LitigationReserve" xlink:label="element280" />
        <label xlink:type="resource" xlink:label="label280" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LitigationReserve_en-US">Litigation loss accrual</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element280" xlink:to="label280" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="element281" />
        <label xlink:type="resource" xlink:label="label281" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_en-US">Long-term Debt, Maturities, Repayments of Principal in Year Two</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element281" xlink:to="label281" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="element282" />
        <label xlink:type="resource" xlink:label="label282" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_en-US">2015</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element282" xlink:to="label282" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="element283" />
        <label xlink:type="resource" xlink:label="label283" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_en-US">Long-term Debt, Maturities, Repayments of Principal in Year Four</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element283" xlink:to="label283" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="element284" />
        <label xlink:type="resource" xlink:label="label284" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_en-US">2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element284" xlink:to="label284" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="element285" />
        <label xlink:type="resource" xlink:label="label285" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_en-US">Long-term Debt, Maturities, Repayments of Principal in Year Five</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element285" xlink:to="label285" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="element286" />
        <label xlink:type="resource" xlink:label="label286" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_en-US">2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element286" xlink:to="label286" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="element287" />
        <label xlink:type="resource" xlink:label="label287" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_en-US">Long-term Debt, Maturities, Repayments of Principal after Year Five</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element287" xlink:to="label287" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="element288" />
        <label xlink:type="resource" xlink:label="label288" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_en-US">Thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element288" xlink:to="label288" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="element289" />
        <label xlink:type="resource" xlink:label="label289" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_en-US">Long-term Debt, Maturities, Repayments of Principal in Year Three</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element289" xlink:to="label289" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="element290" />
        <label xlink:type="resource" xlink:label="label290" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_en-US">2016</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element290" xlink:to="label290" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="element291" />
        <label xlink:type="resource" xlink:label="label291" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_en-US">Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element291" xlink:to="label291" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="element292" />
        <label xlink:type="resource" xlink:label="label292" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_en-US">2014</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element292" xlink:to="label292" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingenciesTable" xlink:label="element293" />
        <label xlink:type="resource" xlink:label="label293" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LossContingenciesTable_en-US">Schedule Of Commitments And Contingencies [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element293" xlink:to="label293" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingencyDamagesSoughtValue" xlink:label="element294" />
        <label xlink:type="resource" xlink:label="label294" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LossContingencyDamagesSoughtValue_en-US">Loss Contingency, Damages Sought, Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element294" xlink:to="label294" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingenciesLineItems" xlink:label="element295" />
        <label xlink:type="resource" xlink:label="label295" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LossContingenciesLineItems_en-US">Commitments And Contingencies Disclosure [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element295" xlink:to="label295" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MajorPropertyClassDomain" xlink:label="element296" />
        <label xlink:type="resource" xlink:label="label296" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MajorPropertyClassDomain_en-US">Real Estate Improvement Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element296" xlink:to="label296" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MajorPropertyClassAxis" xlink:label="element297" />
        <label xlink:type="resource" xlink:label="label297" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MajorPropertyClassAxis_en-US">Real Estate Improvement Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element297" xlink:to="label297" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xlink:label="element298" />
        <label xlink:type="resource" xlink:label="label298" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis_en-US">Major Types of Debt and Equity Securities [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element298" xlink:to="label298" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:label="element299" />
        <label xlink:type="resource" xlink:label="label299" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_en-US">Major Types of Debt and Equity Securities [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element299" xlink:to="label299" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="element300" />
        <label xlink:type="resource" xlink:label="label300" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MajorCustomersAxis_en-US">Major Customers [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element300" xlink:to="label300" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ManagementFeeDescription" xlink:label="element301" />
        <label xlink:type="resource" xlink:label="label301" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ManagementFeeDescription_en-US">Management Fee, Description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element301" xlink:to="label301" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ManagementFeeDescription" xlink:label="element302" />
        <label xlink:type="resource" xlink:label="label302" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ManagementFeeDescription_en-US">Property Management Fee agreement</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element302" xlink:to="label302" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MarketableSecurities" xlink:label="element303" />
        <label xlink:type="resource" xlink:label="label303" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MarketableSecurities_en-US">Marketable securities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element303" xlink:to="label303" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MarketableSecuritiesAbstract" xlink:label="element304" />
        <label xlink:type="resource" xlink:label="label304" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MarketableSecuritiesAbstract_en-US">Marketable Securities [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element304" xlink:to="label304" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy" xlink:label="element305" />
        <label xlink:type="resource" xlink:label="label305" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy_en-US">Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element305" xlink:to="label305" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MarketableSecuritiesPolicy" xlink:label="element306" />
        <label xlink:type="resource" xlink:label="label306" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MarketableSecuritiesPolicy_en-US">Marketable Security [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element306" xlink:to="label306" />
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        <label xlink:type="resource" xlink:label="label307" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MarketableSecuritiesTextBlock_en-US">Marketable Securities [Table Text Block]</label>
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        <label xlink:type="resource" xlink:label="label309" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MinimumMember_en-US">Minimum [Member]</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="element313" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element313" xlink:to="label313" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterest" xlink:label="element314" />
        <label xlink:type="resource" xlink:label="label314" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MinorityInterest_en-US">Noncontrolling interest in consolidated subsidiary</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="element315" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element315" xlink:to="label315" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageNotesPayableDisclosureTextBlock" xlink:label="element316" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element316" xlink:to="label316" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageNotesPayableDisclosureTextBlock" xlink:label="element317" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element317" xlink:to="label317" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanTypeDomain" xlink:label="element318" />
        <label xlink:type="resource" xlink:label="label318" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_en-US">Mortgage Loans on Real Estate, Loan Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element318" xlink:to="label318" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="element319" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element319" xlink:to="label319" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="element320" />
        <label xlink:type="resource" xlink:label="label320" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MortgageLoansOnRealEstateLineItems_en-US">Mortgage Loans on Real Estate [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element320" xlink:to="label320" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="element321" />
        <label xlink:type="resource" xlink:label="label321" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_en-US">Real Estate Property By Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element321" xlink:to="label321" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="element322" />
        <label xlink:type="resource" xlink:label="label322" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_en-US">Mortgage Loans on Real Estate, Description, Loan Category [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element322" xlink:to="label322" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="element323" />
        <label xlink:type="resource" xlink:label="label323" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_en-US">Real Estate Property By Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element323" xlink:to="label323" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MortgagesMember" xlink:label="element324" />
        <label xlink:type="resource" xlink:label="label324" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MortgagesMember_en-US">Mortgages [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element324" xlink:to="label324" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:label="element325" />
        <label xlink:type="resource" xlink:label="label325" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MovementInValuationAllowancesAndReservesRollForward_en-US">Movement in Valuation Allowances and Reserves [Roll Forward]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element325" xlink:to="label325" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MultiemployerPlanTypeAxis" xlink:label="element326" />
        <label xlink:type="resource" xlink:label="label326" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MultiemployerPlanTypeAxis_en-US">Multiemployer Plan Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element326" xlink:to="label326" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MultiemployerPlansTypeDomain" xlink:label="element327" />
        <label xlink:type="resource" xlink:label="label327" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MultiemployerPlansTypeDomain_en-US">Multiemployer Plans Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element327" xlink:to="label327" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MultiemployerPlansAbstract" xlink:label="element328" />
        <label xlink:type="resource" xlink:label="label328" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MultiemployerPlansAbstract_en-US">Multiemployer Plans [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element328" xlink:to="label328" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MultiemployerPlanPeriodContributions" xlink:label="element329" />
        <label xlink:type="resource" xlink:label="label329" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MultiemployerPlanPeriodContributions_en-US">Multiemployer Plan, Period Contributions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element329" xlink:to="label329" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MultiemployerPlansPeriodContributionsSignificanceOfContributions" xlink:label="element330" />
        <label xlink:type="resource" xlink:label="label330" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MultiemployerPlansPeriodContributionsSignificanceOfContributions_en-US">Multiemployer Plans Period Contributions Significance Of Contributions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element330" xlink:to="label330" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MultiemployerPlansLineItems" xlink:label="element331" />
        <label xlink:type="resource" xlink:label="label331" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MultiemployerPlansLineItems_en-US">Multiemployer Plans [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element331" xlink:to="label331" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MultiemployerPlansPensionMember" xlink:label="element332" />
        <label xlink:type="resource" xlink:label="label332" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MultiemployerPlansPensionMember_en-US">Multiemployer Pension Plans [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element332" xlink:to="label332" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="element333" />
        <label xlink:type="resource" xlink:label="label333" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NameOfMajorCustomerDomain_en-US">Major Customers [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element333" xlink:to="label333" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="element334" />
        <label xlink:type="resource" xlink:label="label334" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NatureOfOperations_en-US">Organization [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element334" xlink:to="label334" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="element335" />
        <label xlink:type="resource" xlink:label="label335" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NatureOfOperations_en-US">Organization</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element335" xlink:to="label335" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="element336" />
        <label xlink:type="resource" xlink:label="label336" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element336" xlink:to="label336" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="element337" />
        <label xlink:type="resource" xlink:label="label337" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_en-US">CASH FLOWS FROM FINANCING ACTIVITIES</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element337" xlink:to="label337" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="element338" />
        <label xlink:type="resource" xlink:label="label338" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_en-US">Net cash provided by operating activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element338" xlink:to="label338" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="element339" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element339" xlink:to="label339" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="element340" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="element345" />
        <label xlink:type="resource" xlink:label="label345" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_en-US">CASH FLOWS FROM OPERATING ACTIVITIES</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="element346" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element346" xlink:to="label346" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="element347" />
        <label xlink:type="resource" xlink:label="label347" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_en-US">Net cash provided by (used in) investing activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element347" xlink:to="label347" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="element348" />
        <label xlink:type="resource" xlink:label="label348" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetIncomeLoss_en-US">Net income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element348" xlink:to="label348" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="element349" />
        <label xlink:type="resource" xlink:label="label349" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_NetIncomeLoss_en-US">Net income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element349" xlink:to="label349" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="element350" />
        <label xlink:type="resource" xlink:label="label350" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_NetIncomeLoss_en-US">Net Income Attributable to Common Stockholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element350" xlink:to="label350" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="element351" />
        <label xlink:type="resource" xlink:label="label351" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NetIncomeLoss_en-US">Net income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element351" xlink:to="label351" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:label="element352" />
        <label xlink:type="resource" xlink:label="label352" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_en-US">Recently Issued Accounting Literature [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element352" xlink:to="label352" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:label="element353" />
        <label xlink:type="resource" xlink:label="label353" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_en-US">Recently Issued Accounting Literature [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element353" xlink:to="label353" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="element354" />
        <label xlink:type="resource" xlink:label="label354" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_en-US">Recently Issued Accounting Literature [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element354" xlink:to="label354" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesPayableFairValueDisclosure" xlink:label="element355" />
        <label xlink:type="resource" xlink:label="label355" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NotesPayableFairValueDisclosure_en-US">Mortgages Payable Fair Value Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element355" xlink:to="label355" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesPayableFairValueDisclosure" xlink:label="element356" />
        <label xlink:type="resource" xlink:label="label356" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NotesPayableFairValueDisclosure_en-US">Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element356" xlink:to="label356" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesPayableFairValueDisclosure" xlink:label="element357" />
        <label xlink:type="resource" xlink:label="label357" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_NotesPayableFairValueDisclosure_en-US">Mortgages Payable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element357" xlink:to="label357" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesPayable" xlink:label="element358" />
        <label xlink:type="resource" xlink:label="label358" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NotesPayable_en-US">Mortgages payable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element358" xlink:to="label358" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesPayable" xlink:label="element359" />
        <label xlink:type="resource" xlink:label="label359" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NotesPayable_en-US">Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element359" xlink:to="label359" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NumberOfUnitsInRealEstateProperty" xlink:label="element360" />
        <label xlink:type="resource" xlink:label="label360" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NumberOfUnitsInRealEstateProperty_en-US">Number of units in real estate property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element360" xlink:to="label360" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NumberOfUnitsInRealEstateProperty" xlink:label="element361" />
        <label xlink:type="resource" xlink:label="label361" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NumberOfUnitsInRealEstateProperty_en-US">Number of units in real estate property (in units)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element361" xlink:to="label361" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NumberOfRealEstateProperties" xlink:label="element362" />
        <label xlink:type="resource" xlink:label="label362" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NumberOfRealEstateProperties_en-US">Number of properties in greater New York City metropolitan area (in property)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element362" xlink:to="label362" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="element363" />
        <label xlink:type="resource" xlink:label="label363" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NumberOfOperatingSegments_en-US">Number Of Operating Segments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element363" xlink:to="label363" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="element364" />
        <label xlink:type="resource" xlink:label="label364" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NoncontrollingInterestMember_en-US">Noncontrolling Interest [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element364" xlink:to="label364" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="element365" />
        <label xlink:type="resource" xlink:label="label365" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_NoncontrollingInterestMember_en-US">Non-controlling Interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element365" xlink:to="label365" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OfficeBuildingMember" xlink:label="element366" />
        <label xlink:type="resource" xlink:label="label366" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OfficeBuildingMember_en-US">Office Space [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element366" xlink:to="label366" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OpenTaxYear" xlink:label="element367" />
        <label xlink:type="resource" xlink:label="label367" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OpenTaxYear_en-US">Open Tax Years by Major Tax Jurisdiction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element367" xlink:to="label367" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="element368" />
        <label xlink:type="resource" xlink:label="label368" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_en-US">Operating Leases, Future Minimum Payments, Due Thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element368" xlink:to="label368" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="element369" />
        <label xlink:type="resource" xlink:label="label369" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_en-US">Thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element369" xlink:to="label369" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="element370" />
        <label xlink:type="resource" xlink:label="label370" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_en-US">Operating Leases, Future Minimum Payments Due [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element370" xlink:to="label370" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="element371" />
        <label xlink:type="resource" xlink:label="label371" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingExpensesAbstract_en-US">EXPENSES</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element371" xlink:to="label371" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="element372" />
        <label xlink:type="resource" xlink:label="label372" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_en-US">Operating Leases, Future Minimum Payments, Due in Four Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element372" xlink:to="label372" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="element373" />
        <label xlink:type="resource" xlink:label="label373" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_en-US">2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element373" xlink:to="label373" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="element374" />
        <label xlink:type="resource" xlink:label="label374" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingExpenses_en-US">Total expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element374" xlink:to="label374" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="element375" />
        <label xlink:type="resource" xlink:label="label375" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_OperatingExpenses_en-US">Total expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element375" xlink:to="label375" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:label="element376" />
        <label xlink:type="resource" xlink:label="label376" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_en-US">Schedule Of Future Minimum Payments Receivable For Operating Leases [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element376" xlink:to="label376" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="element377" />
        <label xlink:type="resource" xlink:label="label377" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_en-US">Operating Leases, Future Minimum Payments, Due in Five Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element377" xlink:to="label377" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="element378" />
        <label xlink:type="resource" xlink:label="label378" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_en-US">2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element378" xlink:to="label378" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:label="element379" />
        <label xlink:type="resource" xlink:label="label379" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_en-US">Property rentals</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element379" xlink:to="label379" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:label="element380" />
        <label xlink:type="resource" xlink:label="label380" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Four Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element380" xlink:to="label380" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:label="element381" />
        <label xlink:type="resource" xlink:label="label381" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_en-US">2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element381" xlink:to="label381" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="element382" />
        <label xlink:type="resource" xlink:label="label382" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_en-US">Operating Leases, Future Minimum Payments, Due in Three Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element382" xlink:to="label382" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="element383" />
        <label xlink:type="resource" xlink:label="label383" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_en-US">2016</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element383" xlink:to="label383" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="element384" />
        <label xlink:type="resource" xlink:label="label384" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_en-US">Operating Leases, Future Minimum Payments Due, Current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element384" xlink:to="label384" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="element385" />
        <label xlink:type="resource" xlink:label="label385" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_en-US">2014</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element385" xlink:to="label385" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" xlink:label="element386" />
        <label xlink:type="resource" xlink:label="label386" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element386" xlink:to="label386" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" xlink:label="element387" />
        <label xlink:type="resource" xlink:label="label387" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_en-US">2015</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element387" xlink:to="label387" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:label="element388" />
        <label xlink:type="resource" xlink:label="label388" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_en-US">Operating Leases, Future Minimum Payments Receivable, Thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element388" xlink:to="label388" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:label="element389" />
        <label xlink:type="resource" xlink:label="label389" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_en-US">Thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element389" xlink:to="label389" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="element390" />
        <label xlink:type="resource" xlink:label="label390" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingIncomeLoss_en-US">OPERATING INCOME</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element390" xlink:to="label390" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="element391" />
        <label xlink:type="resource" xlink:label="label391" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_OperatingIncomeLoss_en-US">OPERATING INCOME</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element391" xlink:to="label391" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="element392" />
        <label xlink:type="resource" xlink:label="label392" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_en-US">Operating Leases, Future Minimum Payments Receivable, Current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element392" xlink:to="label392" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="element393" />
        <label xlink:type="resource" xlink:label="label393" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_en-US">2014</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element393" xlink:to="label393" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="element394" />
        <label xlink:type="resource" xlink:label="label394" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingCostsAndExpenses_en-US">Operating Costs and Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element394" xlink:to="label394" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="element395" />
        <label xlink:type="resource" xlink:label="label395" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingCostsAndExpenses_en-US">Operating, including fees to Vornado of $1,089 and $982, respectively</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element395" xlink:to="label395" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:label="element396" />
        <label xlink:type="resource" xlink:label="label396" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Five Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element396" xlink:to="label396" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:label="element397" />
        <label xlink:type="resource" xlink:label="label397" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_en-US">2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element397" xlink:to="label397" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract" xlink:label="element398" />
        <label xlink:type="resource" xlink:label="label398" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract_en-US">Operating Leases, Future Minimum Payments Receivable [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element398" xlink:to="label398" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="element399" />
        <label xlink:type="resource" xlink:label="label399" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_en-US">Operating Leases, Future Minimum Payments, Due in Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element399" xlink:to="label399" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="element400" />
        <label xlink:type="resource" xlink:label="label400" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_en-US">2015</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element400" xlink:to="label400" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="element401" />
        <label xlink:type="resource" xlink:label="label401" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_OperatingLossCarryforwards_en-US">NOL carried forward</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element401" xlink:to="label401" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="element402" />
        <label xlink:type="resource" xlink:label="label402" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLossCarryforwards_en-US">Net Operating Loss Applied Against Taxable Income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element402" xlink:to="label402" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="element403" />
        <label xlink:type="resource" xlink:label="label403" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLossCarryforwards_en-US">Operating Loss Carryforwards</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element403" xlink:to="label403" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" xlink:label="element404" />
        <label xlink:type="resource" xlink:label="label404" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Three Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element404" xlink:to="label404" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" xlink:label="element405" />
        <label xlink:type="resource" xlink:label="label405" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_en-US">2016</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element405" xlink:to="label405" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="element406" />
        <label xlink:type="resource" xlink:label="label406" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_en-US">Organization and Basis of Presentation [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element406" xlink:to="label406" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="element407" />
        <label xlink:type="resource" xlink:label="label407" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_OtherNoncashIncomeExpense_en-US">Other non-cash adjustments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element407" xlink:to="label407" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="element408" />
        <label xlink:type="resource" xlink:label="label408" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherNoncashIncomeExpense_en-US">Other Noncash Income Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element408" xlink:to="label408" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherIncomeAndExpensesAbstract" xlink:label="element409" />
        <label xlink:type="resource" xlink:label="label409" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherIncomeAndExpensesAbstract_en-US">Other Income and Expenses [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element409" xlink:to="label409" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAssets" xlink:label="element410" />
        <label xlink:type="resource" xlink:label="label410" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherAssets_en-US">Other assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element410" xlink:to="label410" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherIncome" xlink:label="element411" />
        <label xlink:type="resource" xlink:label="label411" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OtherIncome_en-US">Interest and Other Income, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element411" xlink:to="label411" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherIncome" xlink:label="element412" />
        <label xlink:type="resource" xlink:label="label412" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherIncome_en-US">Other Income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element412" xlink:to="label412" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLiabilities" xlink:label="element413" />
        <label xlink:type="resource" xlink:label="label413" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OtherLiabilities_en-US">Other liabilities, including $2,348 of deferred income from the sale of Kings Plaza in 2012</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element413" xlink:to="label413" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLiabilities" xlink:label="element414" />
        <label xlink:type="resource" xlink:label="label414" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherLiabilities_en-US">Other liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element414" xlink:to="label414" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherShortTermInvestments" xlink:label="element415" />
        <label xlink:type="resource" xlink:label="label415" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherShortTermInvestments_en-US">Short-term Investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element415" xlink:to="label415" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherShortTermInvestments" xlink:label="element416" />
        <label xlink:type="resource" xlink:label="label416" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OtherShortTermInvestments_en-US">Short-term investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element416" xlink:to="label416" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:label="element417" />
        <label xlink:type="resource" xlink:label="label417" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract_en-US">Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element417" xlink:to="label417" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:label="element418" />
        <label xlink:type="resource" xlink:label="label418" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract_en-US">Other comprehensive income:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element418" xlink:to="label418" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:label="element419" />
        <label xlink:type="resource" xlink:label="label419" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent_en-US">Change in unrealized net gain on available-for-sale securities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element419" xlink:to="label419" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:label="element420" />
        <label xlink:type="resource" xlink:label="label420" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent_en-US">Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element420" xlink:to="label420" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent" xlink:label="element421" />
        <label xlink:type="resource" xlink:label="label421" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent_en-US">Change in value of interest rate cap</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element421" xlink:to="label421" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ParentMember" xlink:label="element422" />
        <label xlink:type="resource" xlink:label="label422" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ParentMember_en-US">Parent [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element422" xlink:to="label422" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ParentMember" xlink:label="element423" />
        <label xlink:type="resource" xlink:label="label423" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ParentMember_en-US">Alexander's Equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element423" xlink:to="label423" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsForLegalSettlements" xlink:label="element424" />
        <label xlink:type="resource" xlink:label="label424" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsForLegalSettlements_en-US">Payments for Legal Settlements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element424" xlink:to="label424" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="element425" />
        <label xlink:type="resource" xlink:label="label425" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfDividendsMinorityInterest_en-US">Payments of Dividends, Noncontrolling Interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element425" xlink:to="label425" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="element426" />
        <label xlink:type="resource" xlink:label="label426" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_PaymentsOfDividendsMinorityInterest_en-US">Distributions to the noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element426" xlink:to="label426" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="element427" />
        <label xlink:type="resource" xlink:label="label427" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfDividendsCommonStock_en-US">Payments of Dividends, Common Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element427" xlink:to="label427" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="element428" />
        <label xlink:type="resource" xlink:label="label428" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_PaymentsOfDividendsCommonStock_en-US">Dividends paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element428" xlink:to="label428" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="element429" />
        <label xlink:type="resource" xlink:label="label429" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xml:lang="en-US" id="negatedTerseLabel_us-gaap_PaymentsOfDividendsCommonStock_en-US">Dividends paid, including a special dividend of $623,178 in 2012</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element429" xlink:to="label429" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="element430" />
        <label xlink:type="resource" xlink:label="label430" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_en-US">Acquisition of noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element430" xlink:to="label430" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="element431" />
        <label xlink:type="resource" xlink:label="label431" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_en-US">Acquisition of the noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element431" xlink:to="label431" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="element432" />
        <label xlink:type="resource" xlink:label="label432" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_en-US">Acquisition of the noncontrolling interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element432" xlink:to="label432" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="element433" />
        <label xlink:type="resource" xlink:label="label433" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfDebtIssuanceCosts_en-US">Payments of Debt Issuance Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element433" xlink:to="label433" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="element434" />
        <label xlink:type="resource" xlink:label="label434" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_PaymentsOfDebtIssuanceCosts_en-US">Debt issuance costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element434" xlink:to="label434" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="element435" />
        <label xlink:type="resource" xlink:label="label435" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireShortTermInvestments_en-US">Payments to Acquire Short-term Investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element435" xlink:to="label435" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="element436" />
        <label xlink:type="resource" xlink:label="label436" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_PaymentsToAcquireShortTermInvestments_en-US">Purchases of short-term investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element436" xlink:to="label436" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="element437" />
        <label xlink:type="resource" xlink:label="label437" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_en-US">Multiemployer Benefit Plans [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element437" xlink:to="label437" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PercentageRent" xlink:label="element438" />
        <label xlink:type="resource" xlink:label="label438" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PercentageRent_en-US">Operating Leases, Income Statement, Percentage Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element438" xlink:to="label438" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PercentageRent" xlink:label="element439" />
        <label xlink:type="resource" xlink:label="label439" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PercentageRent_en-US">Additional Rent Based on Percentage of Tenant's sales</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element439" xlink:to="label439" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PerformanceSharesMember" xlink:label="element440" />
        <label xlink:type="resource" xlink:label="label440" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PerformanceSharesMember_en-US">Performance Shares [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element440" xlink:to="label440" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="element441" />
        <label xlink:type="resource" xlink:label="label441" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockParOrStatedValuePerShare_en-US">Preferred Stock, Par or Stated Value Per Share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element441" xlink:to="label441" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="element442" />
        <label xlink:type="resource" xlink:label="label442" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PreferredStockParOrStatedValuePerShare_en-US">Preferred stock: par value per share (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element442" xlink:to="label442" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="element443" />
        <label xlink:type="resource" xlink:label="label443" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockValue_en-US">Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element443" xlink:to="label443" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="element444" />
        <label xlink:type="resource" xlink:label="label444" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockSharesIssued_en-US">Preferred Stock, Shares Issued</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element444" xlink:to="label444" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="element445" />
        <label xlink:type="resource" xlink:label="label445" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PreferredStockSharesIssued_en-US">Preferred stock: issued shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element445" xlink:to="label445" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="element446" />
        <label xlink:type="resource" xlink:label="label446" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockSharesAuthorized_en-US">Preferred Stock, Shares Authorized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element446" xlink:to="label446" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="element447" />
        <label xlink:type="resource" xlink:label="label447" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PreferredStockSharesAuthorized_en-US">Preferred stock: authorized shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element447" xlink:to="label447" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="element448" />
        <label xlink:type="resource" xlink:label="label448" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockSharesOutstanding_en-US">Preferred Stock, Shares Outstanding</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element448" xlink:to="label448" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="element449" />
        <label xlink:type="resource" xlink:label="label449" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PreferredStockSharesOutstanding_en-US">Preferred stock: outstanding shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element449" xlink:to="label449" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PresidentMember" xlink:label="element450" />
        <label xlink:type="resource" xlink:label="label450" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PresidentMember_en-US">President [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element450" xlink:to="label450" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PresidentMember" xlink:label="element451" />
        <label xlink:type="resource" xlink:label="label451" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PresidentMember_en-US">Mr. Fascitelli</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element451" xlink:to="label451" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfDebt" xlink:label="element452" />
        <label xlink:type="resource" xlink:label="label452" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromRepaymentsOfDebt_en-US">Proceeds from (Repayments of) Debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element452" xlink:to="label452" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfDebt" xlink:label="element453" />
        <label xlink:type="resource" xlink:label="label453" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ProceedsFromRepaymentsOfDebt_en-US">Net proceeds from refinancing</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element453" xlink:to="label453" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="element454" />
        <label xlink:type="resource" xlink:label="label454" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromIssuanceOfLongTermDebt_en-US">Proceeds from Issuance of Long-term Debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element454" xlink:to="label454" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="element456" />
        <label xlink:type="resource" xlink:label="label456" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromStockOptionsExercised_en-US">Proceeds from Stock Options Exercised</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element456" xlink:to="label456" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="element457" />
        <label xlink:type="resource" xlink:label="label457" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ProceedsFromStockOptionsExercised_en-US">Excercise of stock options</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element457" xlink:to="label457" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" xlink:label="element458" />
        <label xlink:type="resource" xlink:label="label458" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_en-US">Proceeds from sale of real estate</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="element459" />
        <label xlink:type="resource" xlink:label="label459" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentUsefulLife_en-US">Property, Plant and Equipment, Useful Life</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element459" xlink:to="label459" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="element460" />
        <label xlink:type="resource" xlink:label="label460" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_en-US">Property plant and equipment estimated useful lives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element460" xlink:to="label460" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyManagementFeePercentFee" xlink:label="element461" />
        <label xlink:type="resource" xlink:label="label461" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyManagementFeePercentFee_en-US">Property Management Fee Agreement Percentage Of Income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element461" xlink:to="label461" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyManagementFeeAbstract" xlink:label="element462" />
        <label xlink:type="resource" xlink:label="label462" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyManagementFeeAbstract_en-US">Property Management Fee [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element462" xlink:to="label462" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyManagementFeeAbstract" xlink:label="element463" />
        <label xlink:type="resource" xlink:label="label463" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PropertyManagementFeeAbstract_en-US">Management and Development Agreements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element463" xlink:to="label463" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_QuarterlyFinancialDataAbstract" xlink:label="element464" />
        <label xlink:type="resource" xlink:label="label464" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_QuarterlyFinancialDataAbstract_en-US">Summary of Quarterly Results [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element464" xlink:to="label464" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="element465" />
        <label xlink:type="resource" xlink:label="label465" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_QuarterlyFinancialInformationTextBlock_en-US">Quarterly Financial Information [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element465" xlink:to="label465" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="element466" />
        <label xlink:type="resource" xlink:label="label466" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_QuarterlyFinancialInformationTextBlock_en-US">Summary of Quarterly Results (Unaudited) [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element466" xlink:to="label466" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RangeAxis" xlink:label="element467" />
        <label xlink:type="resource" xlink:label="label467" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RangeAxis_en-US">Range [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element467" xlink:to="label467" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RangeMember" xlink:label="element468" />
        <label xlink:type="resource" xlink:label="label468" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RangeMember_en-US">Range [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element468" xlink:to="label468" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand" xlink:label="element469" />
        <label xlink:type="resource" xlink:label="label469" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_en-US">Real Estate and Accumulated Depreciation, Carrying Amount of Land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element469" xlink:to="label469" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand" xlink:label="element470" />
        <label xlink:type="resource" xlink:label="label470" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_en-US">Carrying amount of Land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element470" xlink:to="label470" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements" xlink:label="element471" />
        <label xlink:type="resource" xlink:label="label471" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_en-US">Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element471" xlink:to="label471" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements" xlink:label="element472" />
        <label xlink:type="resource" xlink:label="label472" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements_en-US">Initial cost of Building, Leaseholds and Leasehold improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element472" xlink:to="label472" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements" xlink:label="element473" />
        <label xlink:type="resource" xlink:label="label473" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_en-US">Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element473" xlink:to="label473" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements" xlink:label="element474" />
        <label xlink:type="resource" xlink:label="label474" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements_en-US">Carring amount of Building, Leaseholds and Leasehold improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element474" xlink:to="label474" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="element475" />
        <label xlink:type="resource" xlink:label="label475" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAccumulatedDepreciation_en-US">Real Estate Accumulated Depreciation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element475" xlink:to="label475" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="element476" />
        <label xlink:type="resource" xlink:label="label476" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_RealEstateAccumulatedDepreciation_en-US">Balance at the beginning of period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element476" xlink:to="label476" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="element477" />
        <label xlink:type="resource" xlink:label="label477" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_RealEstateAccumulatedDepreciation_en-US">Balance at the end of the period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element477" xlink:to="label477" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="element478" />
        <label xlink:type="resource" xlink:label="label478" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAccumulatedDepreciation_en-US">Accumulated depreciation and amortization</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element478" xlink:to="label478" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:label="element479" />
        <label xlink:type="resource" xlink:label="label479" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_en-US">Real Estate Accumulated Depreciation, Other Deductions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element479" xlink:to="label479" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:label="element480" />
        <label xlink:type="resource" xlink:label="label480" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_en-US">Less: Fully depreciated assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element480" xlink:to="label480" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="element481" />
        <label xlink:type="resource" xlink:label="label481" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAbstract_en-US">Real Estate [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element481" xlink:to="label481" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock" xlink:label="element482" />
        <label xlink:type="resource" xlink:label="label482" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_en-US">Schedule III: Real Estate and Accumulated Depreciation [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element482" xlink:to="label482" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="element483" />
        <label xlink:type="resource" xlink:label="label483" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateDisclosureTextBlock_en-US">Real Estate Disclosure [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element483" xlink:to="label483" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements" xlink:label="element484" />
        <label xlink:type="resource" xlink:label="label484" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements_en-US">Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element484" xlink:to="label484" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements" xlink:label="element485" />
        <label xlink:type="resource" xlink:label="label485" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements_en-US">Costs capitalized subsequent to acquisition</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element485" xlink:to="label485" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:label="element486" />
        <label xlink:type="resource" xlink:label="label486" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_en-US">Real Estate Properties [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element486" xlink:to="label486" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="element487" />
        <label xlink:type="resource" xlink:label="label487" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateInvestmentPropertyAtCost_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element487" xlink:to="label487" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="element488" />
        <label xlink:type="resource" xlink:label="label488" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_RealEstateInvestmentPropertyAtCost_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element488" xlink:to="label488" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstatePropertiesLineItems" xlink:label="element489" />
        <label xlink:type="resource" xlink:label="label489" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstatePropertiesLineItems_en-US">Real Estate Properties [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element489" xlink:to="label489" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="element490" />
        <label xlink:type="resource" xlink:label="label490" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateInvestmentPropertyNet_en-US">Real estate, net</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="element491" />
        <label xlink:type="resource" xlink:label="label491" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_RealEstateInvestmentPropertyNet_en-US">Real estate, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element491" xlink:to="label491" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateOwnedDisclosureOfDetailedComponentsAbstract" xlink:label="element492" />
        <label xlink:type="resource" xlink:label="label492" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateOwnedDisclosureOfDetailedComponentsAbstract_en-US">Real Estate Owned Disclosure Of Detailed Components [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element492" xlink:to="label492" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable" xlink:label="element493" />
        <label xlink:type="resource" xlink:label="label493" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationByPropertyTable_en-US">Real Estate and Accumulated Depreciation, by Property [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element493" xlink:to="label493" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:label="element494" />
        <label xlink:type="resource" xlink:label="label494" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract_en-US">Real Estate and Accumulated Depreciation Disclosure [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element494" xlink:to="label494" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand" xlink:label="element495" />
        <label xlink:type="resource" xlink:label="label495" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_en-US">Real Estate and Accumulated Depreciation, Initial Cost of Land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element495" xlink:to="label495" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand" xlink:label="element496" />
        <label xlink:type="resource" xlink:label="label496" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAndAccumulatedDepreciationInitialCostOfLand_en-US">Initial cost of Land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element496" xlink:to="label496" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationLineItems" xlink:label="element497" />
        <label xlink:type="resource" xlink:label="label497" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_en-US">Real Estate and Accumulated Depreciation [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element497" xlink:to="label497" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationLineItems" xlink:label="element498" />
        <label xlink:type="resource" xlink:label="label498" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAndAccumulatedDepreciationLineItems_en-US">Reconciliation of carrying amount of real estate investments rollforward</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element498" xlink:to="label498" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:label="element499" />
        <label xlink:type="resource" xlink:label="label499" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_en-US">Real Estate Properties [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element499" xlink:to="label499" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="element500" />
        <label xlink:type="resource" xlink:label="label500" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_en-US">Accumulated depreciation and amortization</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element500" xlink:to="label500" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="element501" />
        <label xlink:type="resource" xlink:label="label501" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_en-US">Accumulated depreciation and amortization</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element501" xlink:to="label501" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances" xlink:label="element502" />
        <label xlink:type="resource" xlink:label="label502" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_en-US">Real Estate and Accumulated Depreciation, Amount of Encumbrances</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element502" xlink:to="label502" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances" xlink:label="element503" />
        <label xlink:type="resource" xlink:label="label503" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateAndAccumulatedDepreciationAmountOfEncumbrances_en-US">Encumbrances</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element503" xlink:to="label503" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCostAbstract" xlink:label="element504" />
        <label xlink:type="resource" xlink:label="label504" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateInvestmentPropertyAtCostAbstract_en-US">Real estate, at cost:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element504" xlink:to="label504" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="element505" />
        <label xlink:type="resource" xlink:label="label505" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateGrossAtCarryingValue_en-US">Real Estate, Gross</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element505" xlink:to="label505" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="element506" />
        <label xlink:type="resource" xlink:label="label506" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_RealEstateGrossAtCarryingValue_en-US">Balance at the beginning of period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element506" xlink:to="label506" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue" xlink:label="element507" />
        <label xlink:type="resource" xlink:label="label507" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_RealEstateGrossAtCarryingValue_en-US">Balance at the end of the period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element507" xlink:to="label507" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateOtherAdditions" xlink:label="element508" />
        <label xlink:type="resource" xlink:label="label508" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateOtherAdditions_en-US">Real Estate, Other Additions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element508" xlink:to="label508" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateOtherAdditions" xlink:label="element509" />
        <label xlink:type="resource" xlink:label="label509" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateOtherAdditions_en-US">Development and construction in progress</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element509" xlink:to="label509" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateOtherDeductions" xlink:label="element510" />
        <label xlink:type="resource" xlink:label="label510" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_RealEstateOtherDeductions_en-US">Less: Fully depreciated assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element510" xlink:to="label510" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateOtherDeductions" xlink:label="element511" />
        <label xlink:type="resource" xlink:label="label511" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateOtherDeductions_en-US">Real Estate, Other Deductions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element511" xlink:to="label511" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateRevenueNetAbstract" xlink:label="element512" />
        <label xlink:type="resource" xlink:label="label512" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateRevenueNetAbstract_en-US">REVENUES</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element512" xlink:to="label512" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="element513" />
        <label xlink:type="resource" xlink:label="label513" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateRevenueNet_en-US">Total revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element513" xlink:to="label513" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="element514" />
        <label xlink:type="resource" xlink:label="label514" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_RealEstateRevenueNet_en-US">Total revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element514" xlink:to="label514" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="element515" />
        <label xlink:type="resource" xlink:label="label515" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_RealEstateRevenueNet_en-US">Revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element515" xlink:to="label515" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="element516" />
        <label xlink:type="resource" xlink:label="label516" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateRevenueNet_en-US">Real estate revenue, net (in dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element516" xlink:to="label516" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateImprovements" xlink:label="element517" />
        <label xlink:type="resource" xlink:label="label517" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateImprovements_en-US">Real Estate, Improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element517" xlink:to="label517" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateImprovements" xlink:label="element518" />
        <label xlink:type="resource" xlink:label="label518" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateImprovements_en-US">Buildings and leasehold improvements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element518" xlink:to="label518" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateOtherAcquisitions" xlink:label="element519" />
        <label xlink:type="resource" xlink:label="label519" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstateOtherAcquisitions_en-US">Real Estate, Other Acquisitions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element519" xlink:to="label519" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateOtherAcquisitions" xlink:label="element520" />
        <label xlink:type="resource" xlink:label="label520" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RealEstateOtherAcquisitions_en-US">Additions (deletions) during the period: Land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element520" xlink:to="label520" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstatePolicyTextBlock" xlink:label="element521" />
        <label xlink:type="resource" xlink:label="label521" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RealEstatePolicyTextBlock_en-US">Real Estate [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element521" xlink:to="label521" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:label="element522" />
        <label xlink:type="resource" xlink:label="label522" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_en-US">Allowance for Doubtful Accounts [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element522" xlink:to="label522" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:label="element523" />
        <label xlink:type="resource" xlink:label="label523" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_en-US">Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element523" xlink:to="label523" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward" xlink:label="element524" />
        <label xlink:type="resource" xlink:label="label524" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_en-US">Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element524" xlink:to="label524" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward" xlink:label="element525" />
        <label xlink:type="resource" xlink:label="label525" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ReconciliationOfRealEstateAccumulatedDepreciationRollForward_en-US">Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element525" xlink:to="label525" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="element526" />
        <label xlink:type="resource" xlink:label="label526" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_en-US">Related Party Transactions [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element526" xlink:to="label526" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="element527" />
        <label xlink:type="resource" xlink:label="label527" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionDomain_en-US">Related Party Transactions By Transaction [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element527" xlink:to="label527" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="element528" />
        <label xlink:type="resource" xlink:label="label528" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionAxis_en-US">Related Party Transactions By Transaction [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element528" xlink:to="label528" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:label="element529" />
        <label xlink:type="resource" xlink:label="label529" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionDueFromToRelatedParty_en-US">Amount Due To Related Party As Leasing Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element529" xlink:to="label529" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:label="element530" />
        <label xlink:type="resource" xlink:label="label530" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xml:lang="en-US" id="negatedTerseLabel_us-gaap_RelatedPartyTransactionDueFromToRelatedParty_en-US">Fees owed to Vornado (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element530" xlink:to="label530" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:label="element531" />
        <label xlink:type="resource" xlink:label="label531" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_RelatedPartyTransactionDueFromToRelatedParty_en-US">Leasing commissions (included in amounts due to Vornado)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element531" xlink:to="label531" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="element532" />
        <label xlink:type="resource" xlink:label="label532" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionLineItems_en-US">Related Party Transaction [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element532" xlink:to="label532" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="element533" />
        <label xlink:type="resource" xlink:label="label533" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_en-US">General And Administrative Expenses From Transactions With Related Party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element533" xlink:to="label533" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="element534" />
        <label xlink:type="resource" xlink:label="label534" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_en-US">Management fees to Vornado</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element534" xlink:to="label534" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="element535" />
        <label xlink:type="resource" xlink:label="label535" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_en-US">Related Party Transactions, by Related Party [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element535" xlink:to="label535" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="element536" />
        <label xlink:type="resource" xlink:label="label536" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_en-US">Related Party Transaction, Expenses from Transactions with Related Party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element536" xlink:to="label536" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="element537" />
        <label xlink:type="resource" xlink:label="label537" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_en-US">Fees to related party (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element537" xlink:to="label537" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="element538" />
        <label xlink:type="resource" xlink:label="label538" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyDomain_en-US">Related Party [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element538" xlink:to="label538" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="element539" />
        <label xlink:type="resource" xlink:label="label539" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsAbstract_en-US">Related party transactions [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element539" xlink:to="label539" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="element540" />
        <label xlink:type="resource" xlink:label="label540" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RepaymentsOfLongTermDebt_en-US">Repayments of Long-term Debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element540" xlink:to="label540" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="element541" />
        <label xlink:type="resource" xlink:label="label541" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_RepaymentsOfLongTermDebt_en-US">Debt repayments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element541" xlink:to="label541" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfLongTermDebtAbstract" xlink:label="element542" />
        <label xlink:type="resource" xlink:label="label542" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RepaymentsOfLongTermDebtAbstract_en-US">Repayments of Long-term Debt [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element542" xlink:to="label542" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="element543" />
        <label xlink:type="resource" xlink:label="label543" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RestrictedCashAndCashEquivalents_en-US">Restricted cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element543" xlink:to="label543" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="element544" />
        <label xlink:type="resource" xlink:label="label544" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RestrictedCashAndCashEquivalents_en-US">Restricted cash equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element544" xlink:to="label544" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedStockUnitsRSUMember" xlink:label="element545" />
        <label xlink:type="resource" xlink:label="label545" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RestrictedStockUnitsRSUMember_en-US">Restricted Stock Units (RSUs) [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element545" xlink:to="label545" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedStockExpense" xlink:label="element546" />
        <label xlink:type="resource" xlink:label="label546" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RestrictedStockExpense_en-US">Restricted Stock or Unit Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element546" xlink:to="label546" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedStockExpense" xlink:label="element547" />
        <label xlink:type="resource" xlink:label="label547" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RestrictedStockExpense_en-US">Stock-based compensation expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element547" xlink:to="label547" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedStockExpense" xlink:label="element548" />
        <label xlink:type="resource" xlink:label="label548" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_RestrictedStockExpense_en-US">Expense recognized in connection with the issuance of Deferred Stock Units (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element548" xlink:to="label548" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetailSiteMember" xlink:label="element549" />
        <label xlink:type="resource" xlink:label="label549" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RetailSiteMember_en-US">Retail Space [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element549" xlink:to="label549" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="element550" />
        <label xlink:type="resource" xlink:label="label550" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RetainedEarningsMember_en-US">Retained Earnings [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element550" xlink:to="label550" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="element551" />
        <label xlink:type="resource" xlink:label="label551" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RetainedEarningsMember_en-US">Retained Earnings</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element551" xlink:to="label551" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="element552" />
        <label xlink:type="resource" xlink:label="label552" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RetainedEarningsAccumulatedDeficit_en-US">Retained earnings</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element552" xlink:to="label552" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="element553" />
        <label xlink:type="resource" xlink:label="label553" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RevenueRecognitionPolicyTextBlock_en-US">Revenue Recognition [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element553" xlink:to="label553" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="element554" />
        <label xlink:type="resource" xlink:label="label554" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RisksAndUncertaintiesAbstract_en-US">Significant Tenants [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element554" xlink:to="label554" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense" xlink:label="element555" />
        <label xlink:type="resource" xlink:label="label555" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_en-US">Real Estate Accumulated Depreciation, Depreciation Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element555" xlink:to="label555" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense" xlink:label="element556" />
        <label xlink:type="resource" xlink:label="label556" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_en-US">Additions charged to operating expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element556" xlink:to="label556" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StraightLineRent" xlink:label="element557" />
        <label xlink:type="resource" xlink:label="label557" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StraightLineRent_en-US">Increase (Decrease) in Deferred Rent Receivables</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element557" xlink:to="label557" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StraightLineRent" xlink:label="element558" />
        <label xlink:type="resource" xlink:label="label558" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_StraightLineRent_en-US">Straight-line rent adjustments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element558" xlink:to="label558" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StraightLineRent" xlink:label="element559" />
        <label xlink:type="resource" xlink:label="label559" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_StraightLineRent_en-US">Straight-lining of rental income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element559" xlink:to="label559" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SalesRevenueServicesNetMember" xlink:label="element560" />
        <label xlink:type="resource" xlink:label="label560" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SalesRevenueServicesNetMember_en-US">Sales Revenue Services Net [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element560" xlink:to="label560" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="element561" />
        <label xlink:type="resource" xlink:label="label561" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScenarioForecastMember_en-US">Scenario Forecast [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element561" xlink:to="label561" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="element562" />
        <label xlink:type="resource" xlink:label="label562" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScenarioUnspecifiedDomain_en-US">Scenario, Unspecified [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element562" xlink:to="label562" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfMultiemployerPlansTable" xlink:label="element563" />
        <label xlink:type="resource" xlink:label="label563" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfMultiemployerPlansTable_en-US">Schedule O fMultiemployer Plans [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element563" xlink:to="label563" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfRealEstatePropertiesTable" xlink:label="element564" />
        <label xlink:type="resource" xlink:label="label564" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfRealEstatePropertiesTable_en-US">Schedule of Real Estate Properties [Table]</label>
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element570" xlink:to="label570" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="element571" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element571" xlink:to="label571" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="element572" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element572" xlink:to="label572" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:label="element573" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element573" xlink:to="label573" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="element574" />
        <label xlink:type="resource" xlink:label="label574" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_en-US">Schedule of Related Party Transactions, by Related Party [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element574" xlink:to="label574" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="element575" />
        <label xlink:type="resource" xlink:label="label575" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element575" xlink:to="label575" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="element576" />
        <label xlink:type="resource" xlink:label="label576" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_en-US">Schedule II: Valuation and Qualifying Accounts [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element576" xlink:to="label576" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SecuredDebtMember" xlink:label="element577" />
        <label xlink:type="resource" xlink:label="label577" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SecuredDebtMember_en-US">Secured [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element577" xlink:to="label577" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SecuritiesAssetsMember" xlink:label="element578" />
        <label xlink:type="resource" xlink:label="label578" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SecuritiesAssetsMember_en-US">Securities (Assets) [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element578" xlink:to="label578" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SecuritiesAssetsMember" xlink:label="element579" />
        <label xlink:type="resource" xlink:label="label579" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_SecuritiesAssetsMember_en-US">Marketable Securities [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element579" xlink:to="label579" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="element580" />
        <label xlink:type="resource" xlink:label="label580" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SecurityDepositLiability_en-US">Security Deposit Liability</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element580" xlink:to="label580" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SecurityDepositLiability" xlink:label="element581" />
        <label xlink:type="resource" xlink:label="label581" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_SecurityDepositLiability_en-US">Non-refundable purchase deposit</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element581" xlink:to="label581" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate" xlink:label="element582" />
        <label xlink:type="resource" xlink:label="label582" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_en-US">Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element582" xlink:to="label582" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription" xlink:label="element583" />
        <label xlink:type="resource" xlink:label="label583" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_en-US">Share-based Compensation Arrangement by Share-based Payment Award, Description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element583" xlink:to="label583" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="element584" />
        <label xlink:type="resource" xlink:label="label584" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_en-US">Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grant Date Fair Value, Granted Per Director</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element584" xlink:to="label584" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" xlink:label="element585" />
        <label xlink:type="resource" xlink:label="label585" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_en-US">Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element585" xlink:to="label585" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="element586" />
        <label xlink:type="resource" xlink:label="label586" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element586" xlink:to="label586" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharePrice" xlink:label="element587" />
        <label xlink:type="resource" xlink:label="label587" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SharePrice_en-US">Closing share price (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element587" xlink:to="label587" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:label="element588" />
        <label xlink:type="resource" xlink:label="label588" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element588" xlink:to="label588" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="element589" />
        <label xlink:type="resource" xlink:label="label589" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_en-US">Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element589" xlink:to="label589" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="element590" />
        <label xlink:type="resource" xlink:label="label590" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_en-US">Shares available for future grant under the plan</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element590" xlink:to="label590" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="element591" />
        <label xlink:type="resource" xlink:label="label591" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element591" xlink:to="label591" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="element592" />
        <label xlink:type="resource" xlink:label="label592" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element592" xlink:to="label592" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="element593" />
        <label xlink:type="resource" xlink:label="label593" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_en-US">Share-based Compensation Arrangements by Share-based Payment Award, Award Type and Plan Name [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element593" xlink:to="label593" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShortTermInvestmentsAbstract" xlink:label="element594" />
        <label xlink:type="resource" xlink:label="label594" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShortTermInvestmentsAbstract_en-US">Short-term Investments [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element594" xlink:to="label594" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShortTermInvestmentsMember" xlink:label="element595" />
        <label xlink:type="resource" xlink:label="label595" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShortTermInvestmentsMember_en-US">Short-term Investments [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element595" xlink:to="label595" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="element596" />
        <label xlink:type="resource" xlink:label="label596" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SignificantAccountingPoliciesTextBlock_en-US">Significant Accounting Policies [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element596" xlink:to="label596" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="element597" />
        <label xlink:type="resource" xlink:label="label597" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_SignificantAccountingPoliciesTextBlock_en-US">Summary of Significant Accounting Policies [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element597" xlink:to="label597" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="element598" />
        <label xlink:type="resource" xlink:label="label598" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StatementScenarioAxis_en-US">Statement, Scenario [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element598" xlink:to="label598" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementTable" xlink:label="element599" />
        <label xlink:type="resource" xlink:label="label599" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StatementTable_en-US">Statement [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element599" xlink:to="label599" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="element612" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="element617" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="element618" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element618" xlink:to="label618" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="element619" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="element620" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="element623" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="element638" />
        <label xlink:type="resource" xlink:label="label638" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_TreasuryStockMember_en-US">Treasury Stock [Member]</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="element639" />
        <label xlink:type="resource" xlink:label="label639" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_TreasuryStockMember_en-US">Treasury Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element639" xlink:to="label639" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="element640" />
        <label xlink:type="resource" xlink:label="label640" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_TreasuryStockValue_en-US">Treasury Stock, Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element640" xlink:to="label640" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="element641" />
        <label xlink:type="resource" xlink:label="label641" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_TreasuryStockValue_en-US">Treasury stock: 67,254 shares, at cost</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element641" xlink:to="label641" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xlink:label="element642" />
        <label xlink:type="resource" xlink:label="label642" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_en-US">Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element642" xlink:to="label642" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" xlink:label="element643" />
        <label xlink:type="resource" xlink:label="label643" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_en-US">Interest expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element643" xlink:to="label643" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:label="element644" />
        <label xlink:type="resource" xlink:label="label644" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense_en-US">Unrecognized Tax Benefits, Interest on Income Taxes Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element644" xlink:to="label644" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:label="element645" />
        <label xlink:type="resource" xlink:label="label645" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued_en-US">Unrecognized Tax Benefits, Interest on Income Taxes Accrued</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element645" xlink:to="label645" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="element646" />
        <label xlink:type="resource" xlink:label="label646" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_en-US">Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element646" xlink:to="label646" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="element647" />
        <label xlink:type="resource" xlink:label="label647" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_en-US">Additions based on tax positions related to the current year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element647" xlink:to="label647" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="element648" />
        <label xlink:type="resource" xlink:label="label648" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_en-US">Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element648" xlink:to="label648" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="element649" />
        <label xlink:type="resource" xlink:label="label649" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_en-US">Reductions for tax positions of prior years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element649" xlink:to="label649" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="element650" />
        <label xlink:type="resource" xlink:label="label650" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_en-US">Reductions for tax positions of prior years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element650" xlink:to="label650" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="element651" />
        <label xlink:type="resource" xlink:label="label651" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecognizedTaxBenefits_en-US">Unrecognized Tax Benefits</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element651" xlink:to="label651" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="element652" />
        <label xlink:type="resource" xlink:label="label652" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_UnrecognizedTaxBenefits_en-US">Balance at</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element652" xlink:to="label652" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="element653" />
        <label xlink:type="resource" xlink:label="label653" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_UnrecognizedTaxBenefits_en-US">Balance at</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element653" xlink:to="label653" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:label="element654" />
        <label xlink:type="resource" xlink:label="label654" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_en-US">Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element654" xlink:to="label654" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:label="element655" />
        <label xlink:type="resource" xlink:label="label655" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_en-US">Additions for tax positions of prior years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element655" xlink:to="label655" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAndQualifyingAccountsDisclosureTable" xlink:label="element656" />
        <label xlink:type="resource" xlink:label="label656" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAndQualifyingAccountsDisclosureTable_en-US">Valuation and Qualifying Accounts Disclosure [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element656" xlink:to="label656" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDomain" xlink:label="element657" />
        <label xlink:type="resource" xlink:label="label657" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAllowancesAndReservesDomain_en-US">Valuation Allowances and Reserves [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element657" xlink:to="label657" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:label="element658" />
        <label xlink:type="resource" xlink:label="label658" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense_en-US">Valuation Allowances and Reserves, Charged to Cost and Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element658" xlink:to="label658" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:label="element659" />
        <label xlink:type="resource" xlink:label="label659" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense_en-US">Additions: Charged Against Operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element659" xlink:to="label659" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesBalance" xlink:label="element660" />
        <label xlink:type="resource" xlink:label="label660" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAllowancesAndReservesBalance_en-US">Valuation Allowances and Reserves, Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element660" xlink:to="label660" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesBalance" xlink:label="element661" />
        <label xlink:type="resource" xlink:label="label661" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_ValuationAllowancesAndReservesBalance_en-US">Balance at Beginning of Year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element661" xlink:to="label661" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesBalance" xlink:label="element662" />
        <label xlink:type="resource" xlink:label="label662" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_ValuationAllowancesAndReservesBalance_en-US">Balance at End of Year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element662" xlink:to="label662" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDeductions" xlink:label="element663" />
        <label xlink:type="resource" xlink:label="label663" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAllowancesAndReservesDeductions_en-US">Valuation Allowances and Reserves, Deductions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element663" xlink:to="label663" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDeductions" xlink:label="element664" />
        <label xlink:type="resource" xlink:label="label664" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ValuationAllowancesAndReservesDeductions_en-US">Deductions: Uncollectible Accounts Written Off</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element664" xlink:to="label664" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDeductions" xlink:label="element665" />
        <label xlink:type="resource" xlink:label="label665" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_us-gaap_ValuationAllowancesAndReservesDeductions_en-US">Deductions: Uncollectible Accounts Written Off</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element665" xlink:to="label665" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAndQualifyingAccountsAbstract" xlink:label="element666" />
        <label xlink:type="resource" xlink:label="label666" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAndQualifyingAccountsAbstract_en-US">Valuation and Qualifying Accounts [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element666" xlink:to="label666" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:label="element667" />
        <label xlink:type="resource" xlink:label="label667" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems_en-US">Valuation and Qualifying Accounts Disclosure [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element667" xlink:to="label667" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:label="element668" />
        <label xlink:type="resource" xlink:label="label668" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ValuationAllowancesAndReservesTypeAxis_en-US">Valuation Allowances and Reserves Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element668" xlink:to="label668" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="element669" />
        <label xlink:type="resource" xlink:label="label669" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_en-US">Weighted average shares outstanding - (in shares)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element669" xlink:to="label669" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_AmendmentFlag" xlink:label="element670" />
        <label xlink:type="resource" xlink:label="label670" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_AmendmentFlag_en-US">Amendment Flag</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element670" xlink:to="label670" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="element671" />
        <label xlink:type="resource" xlink:label="label671" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_CurrentFiscalYearEndDate_en-US">Current Fiscal Year End Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element671" xlink:to="label671" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="element672" />
        <label xlink:type="resource" xlink:label="label672" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_DocumentPeriodEndDate_en-US">Document Period End Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element672" xlink:to="label672" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="element673" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityFilerCategory" xlink:label="element676" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityPublicFloat" xlink:label="element677" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityRegistrantName" xlink:label="element678" />
        <label xlink:type="resource" xlink:label="label678" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityRegistrantName_en-US">Entity Registrant Name</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="element680" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element680" xlink:to="label680" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="element681" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element681" xlink:to="label681" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="element682" />
        <label xlink:type="resource" xlink:label="label682" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_DocumentFiscalPeriodFocus_en-US">Document Fiscal Period Focus</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element682" xlink:to="label682" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentType" xlink:label="element683" />
        <label xlink:type="resource" xlink:label="label683" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_DocumentType_en-US">Document Type</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element683" xlink:to="label683" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentIssuerAxis" xlink:label="element684" />
        <label xlink:type="resource" xlink:label="label684" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_invest_InvestmentIssuerAxis_en-US">Investment Issuer [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element684" xlink:to="label684" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentIssuerDomain" xlink:label="element685" />
        <label xlink:type="resource" xlink:label="label685" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_invest_InvestmentIssuerDomain_en-US">Investment Issuer [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element685" xlink:to="label685" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="element686" />
        <label xlink:type="resource" xlink:label="label686" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_invest_DerivativeNotionalAmount_en-US">Derivative Notional Amount</label>
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        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DocumentAndEntityInformationAbstract" xlink:label="element687" />
        <label xlink:type="resource" xlink:label="label687" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DocumentAndEntityInformationAbstract_en-US">Document and Entity Information [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element687" xlink:to="label687" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnamortizedLeasingFeesToRelatedParty" xlink:label="element688" />
        <label xlink:type="resource" xlink:label="label688" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_UnamortizedLeasingFeesToRelatedParty_en-US">Unamortized Leasing Fees to Related Party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element688" xlink:to="label688" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnamortizedLeasingFeesToRelatedParty" xlink:label="element689" />
        <label xlink:type="resource" xlink:label="label689" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_UnamortizedLeasingFeesToRelatedParty_en-US">Unamortized leasing fees to Vornado (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element689" xlink:to="label689" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnamortizedLeasingFeesToRelatedParty" xlink:label="element690" />
        <label xlink:type="resource" xlink:label="label690" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_UnamortizedLeasingFeesToRelatedParty_en-US">Unamortized leasing fees paid to a related party.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element690" xlink:to="label690" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ProceedsFromMaturingOtherShortTermInvestments" xlink:label="element691" />
        <label xlink:type="resource" xlink:label="label691" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ProceedsFromMaturingOtherShortTermInvestments_en-US">Proceeds From Maturing Other Short Term Investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element691" xlink:to="label691" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ProceedsFromMaturingOtherShortTermInvestments" xlink:label="element692" />
        <label xlink:type="resource" xlink:label="label692" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ProceedsFromMaturingOtherShortTermInvestments_en-US">The cash inflow from securities or other assets sold, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element692" xlink:to="label692" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ProceedsFromMaturingOtherShortTermInvestments" xlink:label="element693" />
        <label xlink:type="resource" xlink:label="label693" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ProceedsFromMaturingOtherShortTermInvestments_en-US">Proceeds from maturing short-term investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element693" xlink:to="label693" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PaymentsForCapitalImprovementsAndConstructionInProcess" xlink:label="element694" />
        <label xlink:type="resource" xlink:label="label694" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PaymentsForCapitalImprovementsAndConstructionInProcess_en-US">Payments For Capital Improvements And Construction in Process</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element694" xlink:to="label694" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PaymentsForCapitalImprovementsAndConstructionInProcess" xlink:label="element695" />
        <label xlink:type="resource" xlink:label="label695" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_alx_PaymentsForCapitalImprovementsAndConstructionInProcess_en-US">Construction in progress and real estate additions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element695" xlink:to="label695" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PaymentsForCapitalImprovementsAndConstructionInProcess" xlink:label="element696" />
        <label xlink:type="resource" xlink:label="label696" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PaymentsForCapitalImprovementsAndConstructionInProcess_en-US">The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use and the cash outflow from construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element696" xlink:to="label696" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NonCashAdditionsToRealEstate" xlink:label="element697" />
        <label xlink:type="resource" xlink:label="label697" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_NonCashAdditionsToRealEstate_en-US">Non Cash Additions To Real Estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element697" xlink:to="label697" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NonCashAdditionsToRealEstate" xlink:label="element698" />
        <label xlink:type="resource" xlink:label="label698" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_NonCashAdditionsToRealEstate_en-US">Liability for real estate additions included in accounts payable and accrued expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element698" xlink:to="label698" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NonCashAdditionsToRealEstate" xlink:label="element699" />
        <label xlink:type="resource" xlink:label="label699" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_NonCashAdditionsToRealEstate_en-US">Non-cash additions to real estate included in accounts payable and accrued expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element699" xlink:to="label699" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableTextBlock" xlink:label="element700" />
        <label xlink:type="resource" xlink:label="label700" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableTextBlock_en-US">Reconciliation Of Net Income Attributable To Common Shareholders To Estimated Taxable Income [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element700" xlink:to="label700" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableTextBlock" xlink:label="element701" />
        <label xlink:type="resource" xlink:label="label701" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableTextBlock_en-US">Table reconciling net income attributable to common stockholders to estimated taxable income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element701" xlink:to="label701" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableTextBlock" xlink:label="element702" />
        <label xlink:type="resource" xlink:label="label702" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableTextBlock_en-US">Reconciliation Of Net Income Attributable To Common Stockholders To Estimated Taxable Income [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element702" xlink:to="label702" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OperatingPropertiesAbstract" xlink:label="element703" />
        <label xlink:type="resource" xlink:label="label703" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OperatingPropertiesAbstract_en-US">Operating Properties [Abstract]</label>
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        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NumberOfResidentialUnitsSold" xlink:label="element704" />
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        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NumberOfResidentialUnitsSold" xlink:label="element705" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element705" xlink:to="label705" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NumberOfResidentialUnitsSold" xlink:label="element706" />
        <label xlink:type="resource" xlink:label="label706" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_NumberOfResidentialUnitsSold_en-US">Number Of Residential Units Sold (in condominium units)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element706" xlink:to="label706" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertyPercentageInService" xlink:label="element707" />
        <label xlink:type="resource" xlink:label="label707" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstatePropertyPercentageInService_en-US">Real Estate Property Percentage In Service</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element707" xlink:to="label707" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertyPercentageInService" xlink:label="element708" />
        <label xlink:type="resource" xlink:label="label708" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstatePropertyPercentageInService_en-US">Percentage of property in service at the end of the period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element708" xlink:to="label708" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertyPercentageLeased" xlink:label="element709" />
        <label xlink:type="resource" xlink:label="label709" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstatePropertyPercentageLeased_en-US">Real Estate Property Percentage Leased</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element709" xlink:to="label709" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertyPercentageLeased" xlink:label="element710" />
        <label xlink:type="resource" xlink:label="label710" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstatePropertyPercentageLeased_en-US">Percentage of property leased at the end of the period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element710" xlink:to="label710" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LexingtonAvenuePropertyMember" xlink:label="element711" />
        <label xlink:type="resource" xlink:label="label711" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LexingtonAvenuePropertyMember_en-US">Lexington Avenue Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element711" xlink:to="label711" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LexingtonAvenuePropertyMember" xlink:label="element712" />
        <label xlink:type="resource" xlink:label="label712" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LexingtonAvenuePropertyMember_en-US">The property located at 731 lexington avenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element712" xlink:to="label712" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LexingtonAvenuePropertyMember" xlink:label="element713" />
        <label xlink:type="resource" xlink:label="label713" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_LexingtonAvenuePropertyMember_en-US">731 Lexington Avenue [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element713" xlink:to="label713" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_KingsPlazaRegionalShoppingCenterMember" xlink:label="element714" />
        <label xlink:type="resource" xlink:label="label714" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_KingsPlazaRegionalShoppingCenterMember_en-US">Kings Plaza Regional Shopping Center [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element714" xlink:to="label714" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_KingsPlazaRegionalShoppingCenterMember" xlink:label="element715" />
        <label xlink:type="resource" xlink:label="label715" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_KingsPlazaRegionalShoppingCenterMember_en-US">The property located on Flatbush Avenue in Brooklyn</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element715" xlink:to="label715" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_KingsPlazaRegionalShoppingCenterMember" xlink:label="element716" />
        <label xlink:type="resource" xlink:label="label716" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_KingsPlazaRegionalShoppingCenterMember_en-US">The Kings Plaza Regional Shopping Center [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element716" xlink:to="label716" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark1ShoppingMember" xlink:label="element717" />
        <label xlink:type="resource" xlink:label="label717" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RegoPark1ShoppingMember_en-US">Rego Park 1 Shopping [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element717" xlink:to="label717" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark1ShoppingMember" xlink:label="element718" />
        <label xlink:type="resource" xlink:label="label718" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RegoPark1ShoppingMember_en-US">The property located on Queens Boulevard and 63rd Road in Queens</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element718" xlink:to="label718" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark1ShoppingMember" xlink:label="element719" />
        <label xlink:type="resource" xlink:label="label719" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RegoPark1ShoppingMember_en-US">Rego Park I [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element719" xlink:to="label719" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark2PropertyMember" xlink:label="element720" />
        <label xlink:type="resource" xlink:label="label720" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RegoPark2PropertyMember_en-US">Rego Park 2 Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element720" xlink:to="label720" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark2PropertyMember" xlink:label="element721" />
        <label xlink:type="resource" xlink:label="label721" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RegoPark2PropertyMember_en-US">The property located adjacent to the Rego Park I Property in Queens</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element721" xlink:to="label721" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark2PropertyMember" xlink:label="element722" />
        <label xlink:type="resource" xlink:label="label722" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RegoPark2PropertyMember_en-US">Rego Park II [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element722" xlink:to="label722" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ParamusPropertyMember" xlink:label="element723" />
        <label xlink:type="resource" xlink:label="label723" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ParamusPropertyMember_en-US">Paramus Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element723" xlink:to="label723" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ParamusPropertyMember" xlink:label="element724" />
        <label xlink:type="resource" xlink:label="label724" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ParamusPropertyMember_en-US">The property located at the intersection of Routes 4 and 17 in Paramus, New Jersey.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element724" xlink:to="label724" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ParamusPropertyMember" xlink:label="element725" />
        <label xlink:type="resource" xlink:label="label725" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ParamusPropertyMember_en-US">Paramus [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element725" xlink:to="label725" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_FlushingPropertyMember" xlink:label="element726" />
        <label xlink:type="resource" xlink:label="label726" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_FlushingPropertyMember_en-US">Flushing Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element726" xlink:to="label726" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_FlushingPropertyMember" xlink:label="element727" />
        <label xlink:type="resource" xlink:label="label727" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_FlushingPropertyMember_en-US">The property located at Roosevelt Avenue and Main Street in Queens</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element727" xlink:to="label727" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_FlushingPropertyMember" xlink:label="element728" />
        <label xlink:type="resource" xlink:label="label728" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_FlushingPropertyMember_en-US">Flushing [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element728" xlink:to="label728" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark3PropertyMember" xlink:label="element729" />
        <label xlink:type="resource" xlink:label="label729" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RegoPark3PropertyMember_en-US">Rego Park 3 Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element729" xlink:to="label729" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark3PropertyMember" xlink:label="element730" />
        <label xlink:type="resource" xlink:label="label730" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RegoPark3PropertyMember_en-US">Rego Park III [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element730" xlink:to="label730" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark3PropertyMember" xlink:label="element731" />
        <label xlink:type="resource" xlink:label="label731" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RegoPark3PropertyMember_en-US">The property located adjacent to the Rego Park II property in Queens at the intersection of Junction Boulevard and the Horace Harding Service Road.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element731" xlink:to="label731" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BloombergMember" xlink:label="element732" />
        <label xlink:type="resource" xlink:label="label732" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_BloombergMember_en-US">Bloomberg [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element732" xlink:to="label732" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BloombergMember" xlink:label="element733" />
        <label xlink:type="resource" xlink:label="label733" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_BloombergMember_en-US">Bloomberg</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element733" xlink:to="label733" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_HomeDepotMember" xlink:label="element734" />
        <label xlink:type="resource" xlink:label="label734" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_HomeDepotMember_en-US">Home Depot [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element734" xlink:to="label734" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_HomeDepotMember" xlink:label="element735" />
        <label xlink:type="resource" xlink:label="label735" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_HomeDepotMember_en-US">Home Depot</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element735" xlink:to="label735" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ContainerStoreMember" xlink:label="element736" />
        <label xlink:type="resource" xlink:label="label736" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ContainerStoreMember_en-US">Container Store [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element736" xlink:to="label736" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ContainerStoreMember" xlink:label="element737" />
        <label xlink:type="resource" xlink:label="label737" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ContainerStoreMember_en-US">Container store</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element737" xlink:to="label737" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_HennesMauritzMember" xlink:label="element738" />
        <label xlink:type="resource" xlink:label="label738" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_HennesMauritzMember_en-US">Hennes Mauritz [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element738" xlink:to="label738" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_HennesMauritzMember" xlink:label="element739" />
        <label xlink:type="resource" xlink:label="label739" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_HennesMauritzMember_en-US">Hennes Mauritz</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element739" xlink:to="label739" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MacysMember" xlink:label="element740" />
        <label xlink:type="resource" xlink:label="label740" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MacysMember_en-US">Macys [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element740" xlink:to="label740" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MacysMember" xlink:label="element741" />
        <label xlink:type="resource" xlink:label="label741" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MacysMember_en-US">Macy's store</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element741" xlink:to="label741" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SearsMember" xlink:label="element742" />
        <label xlink:type="resource" xlink:label="label742" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_SearsMember_en-US">Sears [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element742" xlink:to="label742" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SearsMember" xlink:label="element743" />
        <label xlink:type="resource" xlink:label="label743" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_SearsMember_en-US">Sears</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element743" xlink:to="label743" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LowesMember" xlink:label="element744" />
        <label xlink:type="resource" xlink:label="label744" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LowesMember_en-US">Lowes [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element744" xlink:to="label744" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LowesMember" xlink:label="element745" />
        <label xlink:type="resource" xlink:label="label745" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LowesMember_en-US">Lowe's</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element745" xlink:to="label745" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BedBathBeyondMember" xlink:label="element746" />
        <label xlink:type="resource" xlink:label="label746" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_BedBathBeyondMember_en-US">Bed Bath Beyond [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element746" xlink:to="label746" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BedBathBeyondMember" xlink:label="element747" />
        <label xlink:type="resource" xlink:label="label747" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_BedBathBeyondMember_en-US">Bed Bath and Beyond</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element747" xlink:to="label747" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MarshallsMember" xlink:label="element748" />
        <label xlink:type="resource" xlink:label="label748" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MarshallsMember_en-US">Marshalls [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element748" xlink:to="label748" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MarshallsMember" xlink:label="element749" />
        <label xlink:type="resource" xlink:label="label749" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MarshallsMember_en-US">Marshalls</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element749" xlink:to="label749" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BurlingtonCoatFactoryMember" xlink:label="element750" />
        <label xlink:type="resource" xlink:label="label750" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_BurlingtonCoatFactoryMember_en-US">Burlington Coat Factory [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element750" xlink:to="label750" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BurlingtonCoatFactoryMember" xlink:label="element751" />
        <label xlink:type="resource" xlink:label="label751" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_BurlingtonCoatFactoryMember_en-US">Burlington Coat Factory</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element751" xlink:to="label751" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CostcoMember" xlink:label="element752" />
        <label xlink:type="resource" xlink:label="label752" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CostcoMember_en-US">Costco [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element752" xlink:to="label752" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CostcoMember" xlink:label="element753" />
        <label xlink:type="resource" xlink:label="label753" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CostcoMember_en-US">Costco</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element753" xlink:to="label753" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_Century21Member" xlink:label="element754" />
        <label xlink:type="resource" xlink:label="label754" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_Century21Member_en-US">Century 21 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element754" xlink:to="label754" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_Century21Member" xlink:label="element755" />
        <label xlink:type="resource" xlink:label="label755" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_Century21Member_en-US">Century 21</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element755" xlink:to="label755" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_KohlsMember" xlink:label="element756" />
        <label xlink:type="resource" xlink:label="label756" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_KohlsMember_en-US">Kohls [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element756" xlink:to="label756" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_KohlsMember" xlink:label="element757" />
        <label xlink:type="resource" xlink:label="label757" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_KohlsMember_en-US">Kohl's</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element757" xlink:to="label757" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ToysRUsMember" xlink:label="element758" />
        <label xlink:type="resource" xlink:label="label758" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ToysRUsMember_en-US">Toys R Us [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element758" xlink:to="label758" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ToysRUsMember" xlink:label="element759" />
        <label xlink:type="resource" xlink:label="label759" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ToysRUsMember_en-US">Toys R Us/Babies R Us of which 1/3 is owned by a related party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element759" xlink:to="label759" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IkeaMember" xlink:label="element760" />
        <label xlink:type="resource" xlink:label="label760" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_IkeaMember_en-US">Ikea [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element760" xlink:to="label760" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IkeaMember" xlink:label="element761" />
        <label xlink:type="resource" xlink:label="label761" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_IkeaMember_en-US">Ikea</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element761" xlink:to="label761" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NewWorldMallLlcMember" xlink:label="element762" />
        <label xlink:type="resource" xlink:label="label762" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_NewWorldMallLlcMember_en-US">New World Mall Llc [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element762" xlink:to="label762" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NewWorldMallLlcMember" xlink:label="element763" />
        <label xlink:type="resource" xlink:label="label763" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_NewWorldMallLlcMember_en-US">New World Mall LLC</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element763" xlink:to="label763" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateInvestmentTrustDistributableIncomePolicy" xlink:label="element764" />
        <label xlink:type="resource" xlink:label="label764" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateInvestmentTrustDistributableIncomePolicy_en-US">Real Estate Investment Trust Distributable Income Policy</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element764" xlink:to="label764" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateInvestmentTrustDistributableIncomePolicy" xlink:label="element765" />
        <label xlink:type="resource" xlink:label="label765" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateInvestmentTrustDistributableIncomePolicy_en-US">The percentage of taxable income to be distributed to stockholders each year in order to maintain qualification as REIT under the Code.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element765" xlink:to="label765" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateInvestmentTrustDistributableIncomePolicy" xlink:label="element766" />
        <label xlink:type="resource" xlink:label="label766" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RealEstateInvestmentTrustDistributableIncomePolicy_en-US">Real Estate Investment Trust Distributable Income Policy (in percentage)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element766" xlink:to="label766" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableAbstract" xlink:label="element767" />
        <label xlink:type="resource" xlink:label="label767" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableAbstract_en-US">Reconciliation Of Net Income Attributable To Common Shareholders To Estimated Taxable Income Table [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element767" xlink:to="label767" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableAbstract" xlink:label="element768" />
        <label xlink:type="resource" xlink:label="label768" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ReconciliationOfNetIncomeAttributableToCommonShareholdersToEstimatedTaxableIncomeTableAbstract_en-US">Reconciliation of Net Income to Estimated Taxable Income [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element768" xlink:to="label768" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxableIncomeLoss" xlink:label="element769" />
        <label xlink:type="resource" xlink:label="label769" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TaxableIncomeLoss_en-US">Taxable Income Loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element769" xlink:to="label769" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxableIncomeLoss" xlink:label="element770" />
        <label xlink:type="resource" xlink:label="label770" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TaxableIncomeLoss_en-US">Estimated taxable income after reconciliation for tax differences</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element770" xlink:to="label770" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxableIncomeLoss" xlink:label="element771" />
        <label xlink:type="resource" xlink:label="label771" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_alx_TaxableIncomeLoss_en-US">Estimated taxable income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element771" xlink:to="label771" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NetTaxableIncomeLoss" xlink:label="element772" />
        <label xlink:type="resource" xlink:label="label772" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_NetTaxableIncomeLoss_en-US">Net Taxable Income Loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element772" xlink:to="label772" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NetTaxableIncomeLoss" xlink:label="element773" />
        <label xlink:type="resource" xlink:label="label773" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_NetTaxableIncomeLoss_en-US">Net taxable income (loss) after reconciliation for tax differences including net operating loss carryforward.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element773" xlink:to="label773" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NetTaxableIncomeLoss" xlink:label="element774" />
        <label xlink:type="resource" xlink:label="label774" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_alx_NetTaxableIncomeLoss_en-US">Taxable income/(NOL)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element774" xlink:to="label774" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NetTaxableIncomeLoss" xlink:label="element775" />
        <label xlink:type="resource" xlink:label="label775" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_NetTaxableIncomeLoss_en-US">Taxable income/(NOL)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element775" xlink:to="label775" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeePercentage" xlink:label="element776" />
        <label xlink:type="resource" xlink:label="label776" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DevelopmentFeePercentage_en-US">Development Fee Percentage</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element776" xlink:to="label776" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeePercentage" xlink:label="element777" />
        <label xlink:type="resource" xlink:label="label777" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DevelopmentFeePercentage_en-US">Percentage of development costs that the related party will receive as per the Development agreement.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element777" xlink:to="label777" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeePercentage" xlink:label="element778" />
        <label xlink:type="resource" xlink:label="label778" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DevelopmentFeePercentage_en-US">Development fee as percentage of development costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element778" xlink:to="label778" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeeMinimumPayment" xlink:label="element779" />
        <label xlink:type="resource" xlink:label="label779" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DevelopmentFeeMinimumPayment_en-US">Development Fee Minimum Payment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element779" xlink:to="label779" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeeMinimumPayment" xlink:label="element780" />
        <label xlink:type="resource" xlink:label="label780" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DevelopmentFeeMinimumPayment_en-US">Minimum development fee that Vornado will receive per annum, as per the development agreement</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element780" xlink:to="label780" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeeMinimumPayment" xlink:label="element781" />
        <label xlink:type="resource" xlink:label="label781" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DevelopmentFeeMinimumPayment_en-US">Minimum guaranteed development fee per annum</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element781" xlink:to="label781" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingAgreementAbstract" xlink:label="element782" />
        <label xlink:type="resource" xlink:label="label782" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasingAgreementAbstract_en-US">Leasing Agreement [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element782" xlink:to="label782" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SummaryOfRelatedPartyTransactionsAbstract" xlink:label="element783" />
        <label xlink:type="resource" xlink:label="label783" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_SummaryOfRelatedPartyTransactionsAbstract_en-US">Summary Of Related Party Transactions [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element783" xlink:to="label783" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SummaryOfRelatedPartyTransactionsAbstract" xlink:label="element784" />
        <label xlink:type="resource" xlink:label="label784" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_SummaryOfRelatedPartyTransactionsAbstract_en-US">Summary of fees to Vornado</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element784" xlink:to="label784" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MortgageLoanConvertedToRecourse" xlink:label="element785" />
        <label xlink:type="resource" xlink:label="label785" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MortgageLoanConvertedToRecourse_en-US">Mortgage Loan Converted To Recourse</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element785" xlink:to="label785" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MortgageLoanConvertedToRecourse" xlink:label="element786" />
        <label xlink:type="resource" xlink:label="label786" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MortgageLoanConvertedToRecourse_en-US">Amount of loan that will become recourse in case of a substantial casualty</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element786" xlink:to="label786" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MortgageLoanConvertedToRecourse" xlink:label="element787" />
        <label xlink:type="resource" xlink:label="label787" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_MortgageLoanConvertedToRecourse_en-US">Mortgage loans, recourse</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element787" xlink:to="label787" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AsLessorAbstract" xlink:label="element788" />
        <label xlink:type="resource" xlink:label="label788" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AsLessorAbstract_en-US">As Lessor [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element788" xlink:to="label788" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AsLessorAbstract" xlink:label="element789" />
        <label xlink:type="resource" xlink:label="label789" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_AsLessorAbstract_en-US">as Lessor [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element789" xlink:to="label789" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesOfLessorRentalTermRange" xlink:label="element790" />
        <label xlink:type="resource" xlink:label="label790" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasesOfLessorRentalTermRange_en-US">Leases Of Lessor Rental Term Range</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element790" xlink:to="label790" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesOfLessorRentalTermRange" xlink:label="element791" />
        <label xlink:type="resource" xlink:label="label791" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeasesOfLessorRentalTermRange_en-US">Approximate rental term range for all outstanding leases to tenants in retail centers and office buildings.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element791" xlink:to="label791" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesOfLessorRentalTermRange" xlink:label="element792" />
        <label xlink:type="resource" xlink:label="label792" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_LeasesOfLessorRentalTermRange_en-US">Lease term range as Lessor</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element792" xlink:to="label792" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AsLesseeAbstract" xlink:label="element793" />
        <label xlink:type="resource" xlink:label="label793" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AsLesseeAbstract_en-US">As Lessee [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element793" xlink:to="label793" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AsLesseeAbstract" xlink:label="element794" />
        <label xlink:type="resource" xlink:label="label794" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_AsLesseeAbstract_en-US">Lessee [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element794" xlink:to="label794" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TypesAndTierIdentifierDomain" xlink:label="element795" />
        <label xlink:type="resource" xlink:label="label795" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TypesAndTierIdentifierDomain_en-US">Types And Tier Identifier [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element795" xlink:to="label795" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TypesAndTierIdentifierDomain" xlink:label="element796" />
        <label xlink:type="resource" xlink:label="label796" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TypesAndTierIdentifierDomain_en-US">Name of the type of insurance coverage or layer of insurance that covers claims.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element796" xlink:to="label796" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AllRiskPropertyAndRentalValueMember" xlink:label="element797" />
        <label xlink:type="resource" xlink:label="label797" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AllRiskPropertyAndRentalValueMember_en-US">All Risk Property And Rental Value [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element797" xlink:to="label797" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AllRiskPropertyAndRentalValueMember" xlink:label="element798" />
        <label xlink:type="resource" xlink:label="label798" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_AllRiskPropertyAndRentalValueMember_en-US">All Risk Property and Rental Value insurance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element798" xlink:to="label798" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SecurityDepositRecognizedAsIncome" xlink:label="element799" />
        <label xlink:type="resource" xlink:label="label799" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_SecurityDepositRecognizedAsIncome_en-US">Security Deposit Recognized As Income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element799" xlink:to="label799" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SecurityDepositRecognizedAsIncome" xlink:label="element800" />
        <label xlink:type="resource" xlink:label="label800" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_SecurityDepositRecognizedAsIncome_en-US">Amount of non refundable deposit recognized as income during the period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element800" xlink:to="label800" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SecurityDepositRecognizedAsIncome" xlink:label="element801" />
        <label xlink:type="resource" xlink:label="label801" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_SecurityDepositRecognizedAsIncome_en-US">Non-refundable purchase deposit, portion recognized as income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element801" xlink:to="label801" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_FlushingPropertyAbstract" xlink:label="element802" />
        <label xlink:type="resource" xlink:label="label802" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_FlushingPropertyAbstract_en-US">Flushing Property [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element802" xlink:to="label802" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SecurityDepositTransactionCosts" xlink:label="element803" />
        <label xlink:type="resource" xlink:label="label803" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_SecurityDepositTransactionCosts_en-US">Security Deposit Transaction Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element803" xlink:to="label803" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SecurityDepositTransactionCosts" xlink:label="element804" />
        <label xlink:type="resource" xlink:label="label804" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_SecurityDepositTransactionCosts_en-US">Costs associated with the transaction from a party that agreed to purchase the property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element804" xlink:to="label804" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SecurityDepositTransactionCosts" xlink:label="element805" />
        <label xlink:type="resource" xlink:label="label805" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_SecurityDepositTransactionCosts_en-US">Non-refundable purchase deposit, transaction costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element805" xlink:to="label805" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ParamusPropertyAbstract" xlink:label="element806" />
        <label xlink:type="resource" xlink:label="label806" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ParamusPropertyAbstract_en-US">Paramus Property [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element806" xlink:to="label806" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OtherPropertiesMember" xlink:label="element807" />
        <label xlink:type="resource" xlink:label="label807" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OtherPropertiesMember_en-US">Other Properties [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element807" xlink:to="label807" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OtherPropertiesMember" xlink:label="element808" />
        <label xlink:type="resource" xlink:label="label808" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OtherPropertiesMember_en-US">All other properties</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element808" xlink:to="label808" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ResidentialSpaceMember" xlink:label="element809" />
        <label xlink:type="resource" xlink:label="label809" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ResidentialSpaceMember_en-US">Residential Space [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element809" xlink:to="label809" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ResidentialSpaceMember" xlink:label="element810" />
        <label xlink:type="resource" xlink:label="label810" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ResidentialSpaceMember_en-US">Residential space</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element810" xlink:to="label810" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyToBeDevelopedMember" xlink:label="element811" />
        <label xlink:type="resource" xlink:label="label811" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyToBeDevelopedMember_en-US">Property To Be Developed [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element811" xlink:to="label811" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyToBeDevelopedMember" xlink:label="element812" />
        <label xlink:type="resource" xlink:label="label812" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyToBeDevelopedMember_en-US">Property To Be Developed in the future</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element812" xlink:to="label812" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyLeasedMember" xlink:label="element813" />
        <label xlink:type="resource" xlink:label="label813" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyLeasedMember_en-US">Property Leased [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element813" xlink:to="label813" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyLeasedMember" xlink:label="element814" />
        <label xlink:type="resource" xlink:label="label814" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyLeasedMember_en-US">Property sub leased to renter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element814" xlink:to="label814" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageOfCashMortgageCollateralized" xlink:label="element815" />
        <label xlink:type="resource" xlink:label="label815" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PercentageOfCashMortgageCollateralized_en-US">Percentage of cash mortgage collateralized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element815" xlink:to="label815" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageOfCashMortgageCollateralized" xlink:label="element816" />
        <label xlink:type="resource" xlink:label="label816" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PercentageOfCashMortgageCollateralized_en-US">Percentage of cash mortgage collateralized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element816" xlink:to="label816" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxesAbstract" xlink:label="element817" />
        <label xlink:type="resource" xlink:label="label817" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_IncomeTaxesAbstract_en-US">Income Taxes [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element817" xlink:to="label817" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingServicesFeeDescription" xlink:label="element818" />
        <label xlink:type="resource" xlink:label="label818" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasingServicesFeeDescription_en-US">Leasing Services Fee Description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element818" xlink:to="label818" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingServicesFeeDescription" xlink:label="element819" />
        <label xlink:type="resource" xlink:label="label819" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeasingServicesFeeDescription_en-US">This item represents a description of the fee payable for leasing services provided.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element819" xlink:to="label819" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingServicesFeeDescription" xlink:label="element820" />
        <label xlink:type="resource" xlink:label="label820" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_LeasingServicesFeeDescription_en-US">Leasing service fee payable, description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element820" xlink:to="label820" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommissionOnAssetSalesDescription" xlink:label="element821" />
        <label xlink:type="resource" xlink:label="label821" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CommissionOnAssetSalesDescription_en-US">Commission On Asset Sales Description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element821" xlink:to="label821" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommissionOnAssetSalesDescription" xlink:label="element822" />
        <label xlink:type="resource" xlink:label="label822" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_CommissionOnAssetSalesDescription_en-US">Commission on assets sale payable, description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element822" xlink:to="label822" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommissionOnAssetSalesDescription" xlink:label="element823" />
        <label xlink:type="resource" xlink:label="label823" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CommissionOnAssetSalesDescription_en-US">This item represents a description of commission on sale of assets payable to related party under the leasing agreement.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element823" xlink:to="label823" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum" xlink:label="element824" />
        <label xlink:type="resource" xlink:label="label824" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum_en-US">Leasing Services Fee And Commission On Asset Sales Annual Installment Maximum</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element824" xlink:to="label824" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum" xlink:label="element825" />
        <label xlink:type="resource" xlink:label="label825" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum_en-US">Leasing services fee and commission on asset sale, annual installment, maximum. (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element825" xlink:to="label825" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum" xlink:label="element826" />
        <label xlink:type="resource" xlink:label="label826" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum_en-US">Maximum annual installments payable for leasing services and commission on asset sales under the leasing agreement.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element826" xlink:to="label826" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OtherAgreementsAbstract" xlink:label="element827" />
        <label xlink:type="resource" xlink:label="label827" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OtherAgreementsAbstract_en-US">Other Agreements [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element827" xlink:to="label827" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RelatedPartyTransactionUnpaidBalancePaid" xlink:label="element828" />
        <label xlink:type="resource" xlink:label="label828" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RelatedPartyTransactionUnpaidBalancePaid_en-US">Related Party Transaction Unpaid Balance Paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element828" xlink:to="label828" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RelatedPartyTransactionUnpaidBalancePaid" xlink:label="element829" />
        <label xlink:type="resource" xlink:label="label829" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RelatedPartyTransactionUnpaidBalancePaid_en-US">Amount of fees paid to the related party during the year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element829" xlink:to="label829" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CompanyManagementFeesMember" xlink:label="element830" />
        <label xlink:type="resource" xlink:label="label830" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CompanyManagementFeesMember_en-US">Company Management Fees [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element830" xlink:to="label830" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CompanyManagementFeesMember" xlink:label="element831" />
        <label xlink:type="resource" xlink:label="label831" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_CompanyManagementFeesMember_en-US">Company management fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element831" xlink:to="label831" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CompanyManagementFeesMember" xlink:label="element832" />
        <label xlink:type="resource" xlink:label="label832" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CompanyManagementFeesMember_en-US">Company management fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element832" xlink:to="label832" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeesMember" xlink:label="element833" />
        <label xlink:type="resource" xlink:label="label833" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DevelopmentFeesMember_en-US">Development fees [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element833" xlink:to="label833" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeesMember" xlink:label="element834" />
        <label xlink:type="resource" xlink:label="label834" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DevelopmentFeesMember_en-US">Development fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element834" xlink:to="label834" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DevelopmentFeesMember" xlink:label="element835" />
        <label xlink:type="resource" xlink:label="label835" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DevelopmentFeesMember_en-US">Development fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element835" xlink:to="label835" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingFeesMember" xlink:label="element836" />
        <label xlink:type="resource" xlink:label="label836" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasingFeesMember_en-US">Leasing Fees [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element836" xlink:to="label836" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingFeesMember" xlink:label="element837" />
        <label xlink:type="resource" xlink:label="label837" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeasingFeesMember_en-US">Leasing Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element837" xlink:to="label837" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasingFeesMember" xlink:label="element838" />
        <label xlink:type="resource" xlink:label="label838" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_LeasingFeesMember_en-US">Leasing Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element838" xlink:to="label838" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeesMember" xlink:label="element839" />
        <label xlink:type="resource" xlink:label="label839" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyManagementFeesMember_en-US">Property Management Fees [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element839" xlink:to="label839" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeesMember" xlink:label="element840" />
        <label xlink:type="resource" xlink:label="label840" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyManagementFeesMember_en-US">Property Management Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element840" xlink:to="label840" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeesMember" xlink:label="element841" />
        <label xlink:type="resource" xlink:label="label841" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PropertyManagementFeesMember_en-US">Property Management Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element841" xlink:to="label841" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtinguishmentOfDebtFairValueOfPaymentsMade" xlink:label="element842" />
        <label xlink:type="resource" xlink:label="label842" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ExtinguishmentOfDebtFairValueOfPaymentsMade_en-US">Extinguishment Of Debt Fair Value Of Payments Made</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element842" xlink:to="label842" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtinguishmentOfDebtFairValueOfPaymentsMade" xlink:label="element843" />
        <label xlink:type="resource" xlink:label="label843" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ExtinguishmentOfDebtFairValueOfPaymentsMade_en-US">Extinguishment of debt, fair value of payment made</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element843" xlink:to="label843" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtinguishmentOfDebtFairValueOfPaymentsMade" xlink:label="element844" />
        <label xlink:type="resource" xlink:label="label844" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ExtinguishmentOfDebtFairValueOfPaymentsMade_en-US">Fair value of the payments made at the time of debt extinguishment.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element844" xlink:to="label844" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnrecognizedTaxBenefitsExpectedReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="element845" />
        <label xlink:type="resource" xlink:label="label845" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_UnrecognizedTaxBenefitsExpectedReductionsResultingFromLapseOfApplicableStatuteOfLimitations_en-US">Unrecognized Tax Benefits Expected Reductions Resulting From Lapse Of Applicable Statute Of Limitations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element845" xlink:to="label845" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnrecognizedTaxBenefitsExpectedReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="element846" />
        <label xlink:type="resource" xlink:label="label846" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_UnrecognizedTaxBenefitsExpectedReductionsResultingFromLapseOfApplicableStatuteOfLimitations_en-US">Expected Reversal of income tax liability due to expiration of applicable statute of limitations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element846" xlink:to="label846" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnrecognizedTaxBenefitsExpectedReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="element847" />
        <label xlink:type="resource" xlink:label="label847" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_UnrecognizedTaxBenefitsExpectedReductionsResultingFromLapseOfApplicableStatuteOfLimitations_en-US">The gross amount of expected decreases in unrecognized tax benefits resulting from lapses of the applicable statutes of limitations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element847" xlink:to="label847" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InterestExpenseBenefitDueToLapseOfApplicableStatuteOfLimitations" xlink:label="element848" />
        <label xlink:type="resource" xlink:label="label848" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InterestExpenseBenefitDueToLapseOfApplicableStatuteOfLimitations_en-US">Interest Expense Benefit Due To Lapse Of Applicable Statute Of Limitations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element848" xlink:to="label848" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InterestExpenseBenefitDueToLapseOfApplicableStatuteOfLimitations" xlink:label="element849" />
        <label xlink:type="resource" xlink:label="label849" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_InterestExpenseBenefitDueToLapseOfApplicableStatuteOfLimitations_en-US">Reversal of interest and debt expense (previously recognized as interest expense) due to expiration of certain applicable statute of limitations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element849" xlink:to="label849" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis" xlink:label="element850" />
        <label xlink:type="resource" xlink:label="label850" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_en-US">Schedule Of Insurance Type And Tier Identifier [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element850" xlink:to="label850" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis" xlink:label="element851" />
        <label xlink:type="resource" xlink:label="label851" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ScheduleOfInsuranceTypeAndTierIdentifierAxis_en-US">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element851" xlink:to="label851" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyPurchaseOptionExcercisableByLessee" xlink:label="element852" />
        <label xlink:type="resource" xlink:label="label852" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyPurchaseOptionExcercisableByLessee_en-US">Property Purchase Option Excercisable By Lessee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element852" xlink:to="label852" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyPurchaseOptionExcercisableByLessee" xlink:label="element853" />
        <label xlink:type="resource" xlink:label="label853" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyPurchaseOptionExcercisableByLessee_en-US">Lease with purchase option to be exercised by lessee.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element853" xlink:to="label853" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyPurchaseOptionExcercisableByLessee" xlink:label="element854" />
        <label xlink:type="resource" xlink:label="label854" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PropertyPurchaseOptionExcercisableByLessee_en-US">Property purchase option exercisable be leasee with purchase option in 2021</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element854" xlink:to="label854" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TripleNetRentAnnualAmount" xlink:label="element855" />
        <label xlink:type="resource" xlink:label="label855" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TripleNetRentAnnualAmount_en-US">Triple Net Rent Annual Amount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element855" xlink:to="label855" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TripleNetRentAnnualAmount" xlink:label="element856" />
        <label xlink:type="resource" xlink:label="label856" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_TripleNetRentAnnualAmount_en-US">Triple-net rent, annual amount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element856" xlink:to="label856" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TripleNetRentAnnualAmount" xlink:label="element857" />
        <label xlink:type="resource" xlink:label="label857" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TripleNetRentAnnualAmount_en-US">Triple-net rent, annual amount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element857" xlink:to="label857" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse" xlink:label="element858" />
        <label xlink:type="resource" xlink:label="label858" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse_en-US">Purchase Option Exercised Proceeds From Sale Of Land Held For Use</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element858" xlink:to="label858" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse" xlink:label="element859" />
        <label xlink:type="resource" xlink:label="label859" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse_en-US">Purchase option exercised, proceeds from sale of land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element859" xlink:to="label859" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse" xlink:label="element860" />
        <label xlink:type="resource" xlink:label="label860" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse_en-US">The cash inflow from the sale of land held for use in case the purchase option is exercised by leasee.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element860" xlink:to="label860" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LettersOfCreditAbstract" xlink:label="element861" />
        <label xlink:type="resource" xlink:label="label861" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LettersOfCreditAbstract_en-US">Letters Of Credit [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element861" xlink:to="label861" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationGrantDateMarketValueOfCompanyStockPercentage" xlink:label="element862" />
        <label xlink:type="resource" xlink:label="label862" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ShareBasedCompensationGrantDateMarketValueOfCompanyStockPercentage_en-US">Share Based Compensation Grant Date Market Value Of Company Stock Percentage</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element862" xlink:to="label862" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationGrantDateMarketValueOfCompanyStockPercentage" xlink:label="element863" />
        <label xlink:type="resource" xlink:label="label863" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ShareBasedCompensationGrantDateMarketValueOfCompanyStockPercentage_en-US">Percentage of the market price of company's stock at which stock options and SARs were granted.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element863" xlink:to="label863" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AccruedIncomeTaxesAbstract" xlink:label="element864" />
        <label xlink:type="resource" xlink:label="label864" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AccruedIncomeTaxesAbstract_en-US">Accrued Income Taxes [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element864" xlink:to="label864" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OfficeAndRetailSpaceMember" xlink:label="element865" />
        <label xlink:type="resource" xlink:label="label865" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OfficeAndRetailSpaceMember_en-US">Office And Retail Space [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element865" xlink:to="label865" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OfficeAndRetailSpaceMember" xlink:label="element866" />
        <label xlink:type="resource" xlink:label="label866" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OfficeAndRetailSpaceMember_en-US">Office and retail space at the property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element866" xlink:to="label866" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonAreaMember" xlink:label="element867" />
        <label xlink:type="resource" xlink:label="label867" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CommonAreaMember_en-US">Common Area [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element867" xlink:to="label867" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonAreaMember" xlink:label="element868" />
        <label xlink:type="resource" xlink:label="label868" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CommonAreaMember_en-US">Common area at the property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element868" xlink:to="label868" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ManagementFeeAgreementValue" xlink:label="element869" />
        <label xlink:type="resource" xlink:label="label869" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ManagementFeeAgreementValue_en-US">Management Fee Agreement Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element869" xlink:to="label869" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ManagementFeeAgreementValue" xlink:label="element870" />
        <label xlink:type="resource" xlink:label="label870" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ManagementFeeAgreementValue_en-US">The amount of management fee paid to related party to manage corporate activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element870" xlink:to="label870" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ManagementFeeAgreementValue" xlink:label="element871" />
        <label xlink:type="resource" xlink:label="label871" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ManagementFeeAgreementValue_en-US">Management Fee Agreement Value (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element871" xlink:to="label871" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeeAgreementPricePerSquareFoot" xlink:label="element872" />
        <label xlink:type="resource" xlink:label="label872" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyManagementFeeAgreementPricePerSquareFoot_en-US">Property Management Fee Agreement Price Per Square Foot</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element872" xlink:to="label872" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeeAgreementPricePerSquareFoot" xlink:label="element873" />
        <label xlink:type="resource" xlink:label="label873" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyManagementFeeAgreementPricePerSquareFoot_en-US">Amount per square foot paid to related party as property management fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element873" xlink:to="label873" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeeAgreementValue" xlink:label="element874" />
        <label xlink:type="resource" xlink:label="label874" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyManagementFeeAgreementValue_en-US">Property Management Fee Agreement Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element874" xlink:to="label874" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeeAgreementValue" xlink:label="element875" />
        <label xlink:type="resource" xlink:label="label875" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyManagementFeeAgreementValue_en-US">Annual amount paid to related party as property management fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element875" xlink:to="label875" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeeAgreementValue" xlink:label="element876" />
        <label xlink:type="resource" xlink:label="label876" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PropertyManagementFeeAgreementValue_en-US">Property Management Fee Agreement Value (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element876" xlink:to="label876" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeeEscalationPercentagePerAnnum" xlink:label="element877" />
        <label xlink:type="resource" xlink:label="label877" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyManagementFeeEscalationPercentagePerAnnum_en-US">Property Management Fee Escalation Percentage Per Annum</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element877" xlink:to="label877" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementFeeEscalationPercentagePerAnnum" xlink:label="element878" />
        <label xlink:type="resource" xlink:label="label878" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyManagementFeeEscalationPercentagePerAnnum_en-US">Annual increase in the amount paid to related party as property management fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element878" xlink:to="label878" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CumulativeAmountOfTemporaryDifferenceBetweenBookValueAndTaxBasis" xlink:label="element879" />
        <label xlink:type="resource" xlink:label="label879" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_CumulativeAmountOfTemporaryDifferenceBetweenBookValueAndTaxBasis_en-US">Differences Between Book and Tax Basis</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element879" xlink:to="label879" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CumulativeAmountOfTemporaryDifferenceBetweenBookValueAndTaxBasis" xlink:label="element880" />
        <label xlink:type="resource" xlink:label="label880" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CumulativeAmountOfTemporaryDifferenceBetweenBookValueAndTaxBasis_en-US">Cumulative Amount Of Temporary Difference Between Book Value And Tax Basis</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element880" xlink:to="label880" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CumulativeAmountOfTemporaryDifferenceBetweenBookValueAndTaxBasis" xlink:label="element881" />
        <label xlink:type="resource" xlink:label="label881" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CumulativeAmountOfTemporaryDifferenceBetweenBookValueAndTaxBasis_en-US">The cumulative difference between book value and tax basis of assets and liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element881" xlink:to="label881" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CashAndCashEquivalentMaturityMaximum" xlink:label="element882" />
        <label xlink:type="resource" xlink:label="label882" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CashAndCashEquivalentMaturityMaximum_en-US">Cash And Cash Equivalent Maturity Maximum</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element882" xlink:to="label882" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CashAndCashEquivalentMaturityMaximum" xlink:label="element883" />
        <label xlink:type="resource" xlink:label="label883" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CashAndCashEquivalentMaturityMaximum_en-US">The original maximum maturity date of all liquid investments classified as cash and cash equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element883" xlink:to="label883" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DebtInstrumentMaturityDateString" xlink:label="element884" />
        <label xlink:type="resource" xlink:label="label884" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DebtInstrumentMaturityDateString_en-US">Debt Instrument Maturity Date String</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element884" xlink:to="label884" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DebtInstrumentMaturityDateString" xlink:label="element885" />
        <label xlink:type="resource" xlink:label="label885" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DebtInstrumentMaturityDateString_en-US">Maturity date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element885" xlink:to="label885" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DebtInstrumentMaturityDateString" xlink:label="element886" />
        <label xlink:type="resource" xlink:label="label886" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DebtInstrumentMaturityDateString_en-US">Debt instrument maturity date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element886" xlink:to="label886" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PledgedAssetsSeperatelyReportedRealEstatePledgedAsCollateralAtCarryingValue" xlink:label="element887" />
        <label xlink:type="resource" xlink:label="label887" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PledgedAssetsSeperatelyReportedRealEstatePledgedAsCollateralAtCarryingValue_en-US">Pledged Assets Seperately Reported Real Estate Pledged As Collateral At Carrying Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element887" xlink:to="label887" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PledgedAssetsSeperatelyReportedRealEstatePledgedAsCollateralAtCarryingValue" xlink:label="element888" />
        <label xlink:type="resource" xlink:label="label888" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PledgedAssetsSeperatelyReportedRealEstatePledgedAsCollateralAtCarryingValue_en-US">Net carrying value of real estate collaterizing the debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element888" xlink:to="label888" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PledgedAssetsSeperatelyReportedRealEstatePledgedAsCollateralAtCarryingValue" xlink:label="element889" />
        <label xlink:type="resource" xlink:label="label889" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PledgedAssetsSeperatelyReportedRealEstatePledgedAsCollateralAtCarryingValue_en-US">The carrying value, as of the date of each statement of financial position presented, of real estate which is owned and pledged as collateral for related debt obligation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element889" xlink:to="label889" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxTypeOfEntityDomain" xlink:label="element890" />
        <label xlink:type="resource" xlink:label="label890" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_IncomeTaxTypeOfEntityDomain_en-US">Income Tax Type Of Entity [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element890" xlink:to="label890" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxTypeOfEntityDomain" xlink:label="element891" />
        <label xlink:type="resource" xlink:label="label891" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_IncomeTaxTypeOfEntityDomain_en-US">Type of entity reportable for income tax purposes</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element891" xlink:to="label891" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxableReitSubsidiaryMember" xlink:label="element892" />
        <label xlink:type="resource" xlink:label="label892" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TaxableReitSubsidiaryMember_en-US">Taxable Reit Subsidiary [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element892" xlink:to="label892" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxableReitSubsidiaryMember" xlink:label="element893" />
        <label xlink:type="resource" xlink:label="label893" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TaxableReitSubsidiaryMember_en-US">Taxable real estate investment trust subsidiary</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element893" xlink:to="label893" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateInvestmentTrustMember" xlink:label="element894" />
        <label xlink:type="resource" xlink:label="label894" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateInvestmentTrustMember_en-US">Real Estate Investment Trust [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element894" xlink:to="label894" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateInvestmentTrustMember" xlink:label="element895" />
        <label xlink:type="resource" xlink:label="label895" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateInvestmentTrustMember_en-US">Real Estate Investment Trust</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element895" xlink:to="label895" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationCarryingAmountOfDevelopmentAndConstructionInProgress" xlink:label="element896" />
        <label xlink:type="resource" xlink:label="label896" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateAndAccumulatedDepreciationCarryingAmountOfDevelopmentAndConstructionInProgress_en-US">Real Estate And Accumulated Depreciation Carrying Amount Of Development And Construction In Progress</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element896" xlink:to="label896" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationCarryingAmountOfDevelopmentAndConstructionInProgress" xlink:label="element897" />
        <label xlink:type="resource" xlink:label="label897" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateAndAccumulatedDepreciationCarryingAmountOfDevelopmentAndConstructionInProgress_en-US">The carrying amount at which development and construction in progress are carried at the end of the period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element897" xlink:to="label897" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationCarryingAmountOfDevelopmentAndConstructionInProgress" xlink:label="element898" />
        <label xlink:type="resource" xlink:label="label898" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RealEstateAndAccumulatedDepreciationCarryingAmountOfDevelopmentAndConstructionInProgress_en-US">Construction in progress</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element898" xlink:to="label898" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseFeePercentageOfRentOneToTenYears" xlink:label="element899" />
        <label xlink:type="resource" xlink:label="label899" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeaseFeePercentageOfRentOneToTenYears_en-US">Lease Fee Percentage Of Rent One To Ten Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element899" xlink:to="label899" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseFeePercentageOfRentOneToTenYears" xlink:label="element900" />
        <label xlink:type="resource" xlink:label="label900" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeaseFeePercentageOfRentOneToTenYears_en-US">Percentage of rent payable to related party for leasing services for the first ten years of the lease</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element900" xlink:to="label900" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseFeePercentageOfRentElevenToTwentyYears" xlink:label="element901" />
        <label xlink:type="resource" xlink:label="label901" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeaseFeePercentageOfRentElevenToTwentyYears_en-US">Lease Fee Percentage Of Rent Eleven To Twenty Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element901" xlink:to="label901" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseFeePercentageOfRentElevenToTwentyYears" xlink:label="element902" />
        <label xlink:type="resource" xlink:label="label902" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeaseFeePercentageOfRentElevenToTwentyYears_en-US">Percentage of rent payable to related party for leasing services for the eleventh through twentieth years of the lease</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element902" xlink:to="label902" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseFeePercentageOfRentTwentyFirstToThirtyYears" xlink:label="element903" />
        <label xlink:type="resource" xlink:label="label903" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeaseFeePercentageOfRentTwentyFirstToThirtyYears_en-US">Lease Fee Percentage Of Rent Twenty First To Thirty Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element903" xlink:to="label903" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseFeePercentageOfRentTwentyFirstToThirtyYears" xlink:label="element904" />
        <label xlink:type="resource" xlink:label="label904" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeaseFeePercentageOfRentTwentyFirstToThirtyYears_en-US">Percentage of rent payable to related party for leasing services for the twenty-first through thirtieth years of the lease</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element904" xlink:to="label904" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion" xlink:label="element905" />
        <label xlink:type="resource" xlink:label="label905" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion_en-US">Percentage Commissions On Sale Of Assets Under Fifty Million</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element905" xlink:to="label905" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion" xlink:label="element906" />
        <label xlink:type="resource" xlink:label="label906" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion_en-US">Percentage of gross proceeds under $50,000,000 from the sale of any assets, payable to related party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element906" xlink:to="label906" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageCommissionsOnSaleOfAssetsOverFiftyMillion" xlink:label="element907" />
        <label xlink:type="resource" xlink:label="label907" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PercentageCommissionsOnSaleOfAssetsOverFiftyMillion_en-US">Percentage Commissions On Sale Of Assets Over Fifty Million</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element907" xlink:to="label907" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageCommissionsOnSaleOfAssetsOverFiftyMillion" xlink:label="element908" />
        <label xlink:type="resource" xlink:label="label908" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PercentageCommissionsOnSaleOfAssetsOverFiftyMillion_en-US">Percentage of gross proceeds over $50,000,000 from the sale of any assets, payable to related party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element908" xlink:to="label908" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageIncreaseLeaseFeeIfBrokerUsed" xlink:label="element909" />
        <label xlink:type="resource" xlink:label="label909" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PercentageIncreaseLeaseFeeIfBrokerUsed_en-US">Percentage Increase Lease Fee If Broker Used</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element909" xlink:to="label909" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageIncreaseLeaseFeeIfBrokerUsed" xlink:label="element910" />
        <label xlink:type="resource" xlink:label="label910" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PercentageIncreaseLeaseFeeIfBrokerUsed_en-US">Percentage of increase in leasing services payable to related party if a real estate broker is used</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element910" xlink:to="label910" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease" xlink:label="element911" />
        <label xlink:type="resource" xlink:label="label911" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease_en-US">Purchase Option Not Excercised Amount Included In Triple Net Rent Over Remainder Of Lease</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element911" xlink:to="label911" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease" xlink:label="element912" />
        <label xlink:type="resource" xlink:label="label912" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease_en-US">The amount to be amortized over the remainder of the lease term if the purchase option is not exercised.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element912" xlink:to="label912" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease" xlink:label="element913" />
        <label xlink:type="resource" xlink:label="label913" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease_en-US">Purchase option not excercised amount included in triple net rent over remainder of lease</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element913" xlink:to="label913" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OtherSupervisoryFees" xlink:label="element914" />
        <label xlink:type="resource" xlink:label="label914" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OtherSupervisoryFees_en-US">Other Supervisory Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element914" xlink:to="label914" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OtherSupervisoryFees" xlink:label="element915" />
        <label xlink:type="resource" xlink:label="label915" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_OtherSupervisoryFees_en-US">Property management fee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element915" xlink:to="label915" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OtherSupervisoryFees" xlink:label="element916" />
        <label xlink:type="resource" xlink:label="label916" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OtherSupervisoryFees_en-US">The fee charged to supervise cleaning, engineering and security services</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element916" xlink:to="label916" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_WriteOffOfFullyAmortizedAndDepreciatedAssets" xlink:label="element917" />
        <label xlink:type="resource" xlink:label="label917" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_WriteOffOfFullyAmortizedAndDepreciatedAssets_en-US">Write Off Of Fully Amortized And Depreciated Assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element917" xlink:to="label917" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_WriteOffOfFullyAmortizedAndDepreciatedAssets" xlink:label="element918" />
        <label xlink:type="resource" xlink:label="label918" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_WriteOffOfFullyAmortizedAndDepreciatedAssets_en-US">Write-off of fully amortized and depreciated assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element918" xlink:to="label918" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_WriteOffOfFullyAmortizedAndDepreciatedAssets" xlink:label="element919" />
        <label xlink:type="resource" xlink:label="label919" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_WriteOffOfFullyAmortizedAndDepreciatedAssets_en-US">This element represents written off amount of fully amortized and depreciated assets.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element919" xlink:to="label919" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AccruedIncomeTaxesTextBlock" xlink:label="element920" />
        <label xlink:type="resource" xlink:label="label920" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AccruedIncomeTaxesTextBlock_en-US">Accrued Income Taxes [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element920" xlink:to="label920" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AccruedIncomeTaxesTextBlock" xlink:label="element921" />
        <label xlink:type="resource" xlink:label="label921" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_AccruedIncomeTaxesTextBlock_en-US">Liability for Income Taxes [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element921" xlink:to="label921" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateOccupantPossessionTypeAxis" xlink:label="element922" />
        <label xlink:type="resource" xlink:label="label922" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateOccupantPossessionTypeAxis_en-US">Real Estate Occupant Possession Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element922" xlink:to="label922" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateOccupantPossessionTypeAxis" xlink:label="element923" />
        <label xlink:type="resource" xlink:label="label923" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateOccupantPossessionTypeAxis_en-US">Information regarding the occupant's type of possession in the space.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element923" xlink:to="label923" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateOccupantPossessionTypeDomain" xlink:label="element924" />
        <label xlink:type="resource" xlink:label="label924" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateOccupantPossessionTypeDomain_en-US">Real Estate Occupant Possession Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element924" xlink:to="label924" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateOccupantPossessionTypeDomain" xlink:label="element925" />
        <label xlink:type="resource" xlink:label="label925" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateOccupantPossessionTypeDomain_en-US">Identifies the occupant as either the owner of or the tenant in a space</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element925" xlink:to="label925" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OwnerOccupantMember" xlink:label="element926" />
        <label xlink:type="resource" xlink:label="label926" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OwnerOccupantMember_en-US">Owner Occupant [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element926" xlink:to="label926" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OwnerOccupantMember" xlink:label="element927" />
        <label xlink:type="resource" xlink:label="label927" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OwnerOccupantMember_en-US">Identifies the occupant as the owner of the space</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element927" xlink:to="label927" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TenantOccupantMember" xlink:label="element928" />
        <label xlink:type="resource" xlink:label="label928" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TenantOccupantMember_en-US">Tenant Occupant [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element928" xlink:to="label928" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TenantOccupantMember" xlink:label="element929" />
        <label xlink:type="resource" xlink:label="label929" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TenantOccupantMember_en-US">Identifies the occupant of a space as a tenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element929" xlink:to="label929" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertyOccupantAxis" xlink:label="element930" />
        <label xlink:type="resource" xlink:label="label930" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstatePropertyOccupantAxis_en-US">Real Estate Property Occupant [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element930" xlink:to="label930" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertyOccupantDomain" xlink:label="element931" />
        <label xlink:type="resource" xlink:label="label931" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstatePropertyOccupantDomain_en-US">Real Estate Property Occupant [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element931" xlink:to="label931" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertyOccupantDomain" xlink:label="element932" />
        <label xlink:type="resource" xlink:label="label932" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstatePropertyOccupantDomain_en-US">Identifies the names of tenants occupying a property.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element932" xlink:to="label932" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RelatedPartyOwnershipInTenant" xlink:label="element933" />
        <label xlink:type="resource" xlink:label="label933" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RelatedPartyOwnershipInTenant_en-US">Related Party Ownership In Tenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element933" xlink:to="label933" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RelatedPartyOwnershipInTenant" xlink:label="element934" />
        <label xlink:type="resource" xlink:label="label934" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RelatedPartyOwnershipInTenant_en-US">Vornado's Ownership interest in tenants occupying space at the company's properties</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element934" xlink:to="label934" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DebtAmortizationPeriod" xlink:label="element935" />
        <label xlink:type="resource" xlink:label="label935" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DebtAmortizationPeriod_en-US">Debt amortization period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element935" xlink:to="label935" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DebtAmortizationPeriod" xlink:label="element936" />
        <label xlink:type="resource" xlink:label="label936" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DebtAmortizationPeriod_en-US">Term used as the basis for determining the amortization for a debt instrument</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element936" xlink:to="label936" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtinguishmentOfDebtDisclosuresTextBlock" xlink:label="element937" />
        <label xlink:type="resource" xlink:label="label937" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ExtinguishmentOfDebtDisclosuresTextBlock_en-US">Extinguishment Of Debt Disclosures [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element937" xlink:to="label937" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtinguishmentOfDebtDisclosuresTextBlock" xlink:label="element938" />
        <label xlink:type="resource" xlink:label="label938" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ExtinguishmentOfDebtDisclosuresTextBlock_en-US">Disclosure regarding the early extinguishment of debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element938" xlink:to="label938" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtinguishmentOfDebtDisclosuresTextBlock" xlink:label="element939" />
        <label xlink:type="resource" xlink:label="label939" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ExtinguishmentOfDebtDisclosuresTextBlock_en-US">Net Loss on Early Extinguishment of Debt [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element939" xlink:to="label939" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtinguishmentOfDebtDisclosureLineItems" xlink:label="element940" />
        <label xlink:type="resource" xlink:label="label940" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ExtinguishmentOfDebtDisclosureLineItems_en-US">Extinguishment of Debt Disclosure [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element940" xlink:to="label940" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InterestAndOtherIncomeNetTypeAxis" xlink:label="element941" />
        <label xlink:type="resource" xlink:label="label941" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InterestAndOtherIncomeNetTypeAxis_en-US">Interest And Other Income Net Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element941" xlink:to="label941" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InterestAndOtherIncomeNetTypeDomain" xlink:label="element942" />
        <label xlink:type="resource" xlink:label="label942" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InterestAndOtherIncomeNetTypeDomain_en-US">Interest And Other Income Net Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element942" xlink:to="label942" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TenantUtilityCostsMember" xlink:label="element943" />
        <label xlink:type="resource" xlink:label="label943" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TenantUtilityCostsMember_en-US">Tenant Utility Costs [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element943" xlink:to="label943" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TenantUtilityCostsMember" xlink:label="element944" />
        <label xlink:type="resource" xlink:label="label944" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TenantUtilityCostsMember_en-US">Portion of interest and other income from tenant utility costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element944" xlink:to="label944" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InterestAndOtherIncomeLineItems" xlink:label="element945" />
        <label xlink:type="resource" xlink:label="label945" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InterestAndOtherIncomeLineItems_en-US">Interest and Other Income [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element945" xlink:to="label945" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InsuranceMaximumCoveragePerIncident" xlink:label="element946" />
        <label xlink:type="resource" xlink:label="label946" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InsuranceMaximumCoveragePerIncident_en-US">Insurance Maximum Coverage Per Incident</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element946" xlink:to="label946" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InsuranceMaximumCoveragePerIncident" xlink:label="element947" />
        <label xlink:type="resource" xlink:label="label947" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_InsuranceMaximumCoveragePerIncident_en-US">Insurance maximum coverage limit per incident</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element947" xlink:to="label947" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TerrorismCoverageIncludingNbcrMember" xlink:label="element948" />
        <label xlink:type="resource" xlink:label="label948" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TerrorismCoverageIncludingNbcrMember_en-US">Terrorism Coverage Including Nbcr [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element948" xlink:to="label948" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TerrorismCoverageIncludingNbcrMember" xlink:label="element949" />
        <label xlink:type="resource" xlink:label="label949" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TerrorismCoverageIncludingNbcrMember_en-US">Insurance coverage for terrorism acts, including nuclear, biological, chemical and radiological acts</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element949" xlink:to="label949" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReinsuranceForTerrorismCoverageExcludingNbcrMember" xlink:label="element950" />
        <label xlink:type="resource" xlink:label="label950" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ReinsuranceForTerrorismCoverageExcludingNbcrMember_en-US">Reinsurance For Terrorism Coverage Excluding Nbcr [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element950" xlink:to="label950" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReinsuranceForTerrorismCoverageExcludingNbcrMember" xlink:label="element951" />
        <label xlink:type="resource" xlink:label="label951" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ReinsuranceForTerrorismCoverageExcludingNbcrMember_en-US">Insurance coverage for terrorism acts, excluding nuclear, biological, chemical and radiological acts</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element951" xlink:to="label951" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InsuranceProviderAxis" xlink:label="element952" />
        <label xlink:type="resource" xlink:label="label952" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InsuranceProviderAxis_en-US">Insurance Provider [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element952" xlink:to="label952" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InsuranceProviderAxis" xlink:label="element953" />
        <label xlink:type="resource" xlink:label="label953" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_InsuranceProviderAxis_en-US">This axis provides information regarding providers for insurance coverage</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element953" xlink:to="label953" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InsuranceProviderDomain" xlink:label="element954" />
        <label xlink:type="resource" xlink:label="label954" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InsuranceProviderDomain_en-US">Insurance Provider [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element954" xlink:to="label954" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InsuranceProviderDomain" xlink:label="element955" />
        <label xlink:type="resource" xlink:label="label955" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_InsuranceProviderDomain_en-US">This Domain provides information regarding providers for insurance coverage</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element955" xlink:to="label955" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SelfInsuredMember" xlink:label="element956" />
        <label xlink:type="resource" xlink:label="label956" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_SelfInsuredMember_en-US">Self Insured [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element956" xlink:to="label956" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SelfInsuredMember" xlink:label="element957" />
        <label xlink:type="resource" xlink:label="label957" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_SelfInsuredMember_en-US">Insurance provided by 59th Street Insurance Company LLC, a wholly owned subsidiary of the Company</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element957" xlink:to="label957" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ThirdPartyCarriersMember" xlink:label="element958" />
        <label xlink:type="resource" xlink:label="label958" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ThirdPartyCarriersMember_en-US">Third Party Carriers [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element958" xlink:to="label958" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ThirdPartyCarriersMember" xlink:label="element959" />
        <label xlink:type="resource" xlink:label="label959" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ThirdPartyCarriersMember_en-US">Insurance provided by third party carriers</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element959" xlink:to="label959" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LitigationLossReservesPreviouslyAccrued" xlink:label="element960" />
        <label xlink:type="resource" xlink:label="label960" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LitigationLossReservesPreviouslyAccrued_en-US">Litigation Loss Reserves Previously Accrued</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element960" xlink:to="label960" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LitigationLossReservesPreviouslyAccrued" xlink:label="element961" />
        <label xlink:type="resource" xlink:label="label961" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LitigationLossReservesPreviouslyAccrued_en-US">Amount of litigation loss reserves accrued in prior periods</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element961" xlink:to="label961" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_GainLossOnSaleOfLand" xlink:label="element962" />
        <label xlink:type="resource" xlink:label="label962" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_GainLossOnSaleOfLand_en-US">Gain Loss On Sale Of Land</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element962" xlink:to="label962" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_GainLossOnSaleOfLand" xlink:label="element963" />
        <label xlink:type="resource" xlink:label="label963" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_GainLossOnSaleOfLand_en-US">The estimated gain on the sale of the property in the event the tenant exercises its purchase option</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element963" xlink:to="label963" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedPerDirector" xlink:label="element964" />
        <label xlink:type="resource" xlink:label="label964" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedPerDirector_en-US">Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Per Director</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element964" xlink:to="label964" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedPerDirector" xlink:label="element965" />
        <label xlink:type="resource" xlink:label="label965" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedPerDirector_en-US">Number of restricted stock units granted to each of the members of the board of directors during the period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element965" xlink:to="label965" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedPerDirector" xlink:label="element966" />
        <label xlink:type="resource" xlink:label="label966" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedPerDirector_en-US">Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Per Director (in shares)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element966" xlink:to="label966" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationReversalOfStockCompensationExpense" xlink:label="element967" />
        <label xlink:type="resource" xlink:label="label967" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_alx_ShareBasedCompensationReversalOfStockCompensationExpense_en-US">Liability for stock appreciation rights</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element967" xlink:to="label967" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationReversalOfStockCompensationExpense" xlink:label="element968" />
        <label xlink:type="resource" xlink:label="label968" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ShareBasedCompensationReversalOfStockCompensationExpense_en-US">Share Based Compensation Reversal Of Stock Compensation Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element968" xlink:to="label968" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationReversalOfStockCompensationExpense" xlink:label="element969" />
        <label xlink:type="resource" xlink:label="label969" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ShareBasedCompensationReversalOfStockCompensationExpense_en-US">The reversal of stock based compensation liabilities, expensed in prior years.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element969" xlink:to="label969" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationReversalOfStockCompensationExpense" xlink:label="element970" />
        <label xlink:type="resource" xlink:label="label970" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ShareBasedCompensationReversalOfStockCompensationExpense_en-US">Reversal of stock appreciation rights expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element970" xlink:to="label970" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationReversalOfStockCompensationLiability" xlink:label="element971" />
        <label xlink:type="resource" xlink:label="label971" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ShareBasedCompensationReversalOfStockCompensationLiability_en-US">Share Based Compensation Reversal Of Stock Compensation Liability</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element971" xlink:to="label971" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationReversalOfStockCompensationLiability" xlink:label="element972" />
        <label xlink:type="resource" xlink:label="label972" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_alx_ShareBasedCompensationReversalOfStockCompensationLiability_en-US">Liability for stock appreciation rights</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element972" xlink:to="label972" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationReversalOfStockCompensationLiability" xlink:label="element973" />
        <label xlink:type="resource" xlink:label="label973" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ShareBasedCompensationReversalOfStockCompensationLiability_en-US">The reversal of stock based compensation liabilities, expensed in prior years.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element973" xlink:to="label973" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OccupantTypeAxis" xlink:label="element974" />
        <label xlink:type="resource" xlink:label="label974" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OccupantTypeAxis_en-US">Occupant Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element974" xlink:to="label974" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OccupantTypeDomain" xlink:label="element975" />
        <label xlink:type="resource" xlink:label="label975" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OccupantTypeDomain_en-US">Occupant Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element975" xlink:to="label975" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OccupantTypeDomain" xlink:label="element976" />
        <label xlink:type="resource" xlink:label="label976" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OccupantTypeDomain_en-US">Identifies whether the tenant is an anchor tenant in the property.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element976" xlink:to="label976" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AnchorMember" xlink:label="element977" />
        <label xlink:type="resource" xlink:label="label977" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AnchorMember_en-US">Anchor [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element977" xlink:to="label977" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AnchorMember" xlink:label="element978" />
        <label xlink:type="resource" xlink:label="label978" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_AnchorMember_en-US">Identifies occupant as an anchor in a retail center</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element978" xlink:to="label978" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BestBuyMember" xlink:label="element979" />
        <label xlink:type="resource" xlink:label="label979" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_BestBuyMember_en-US">Best Buy [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element979" xlink:to="label979" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_BestBuyMember" xlink:label="element980" />
        <label xlink:type="resource" xlink:label="label980" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_BestBuyMember_en-US">Best Buy.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element980" xlink:to="label980" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnpaidBalanceEffectiveInterest" xlink:label="element981" />
        <label xlink:type="resource" xlink:label="label981" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_UnpaidBalanceEffectiveInterest_en-US">Unpaid Balance Effective Interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element981" xlink:to="label981" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnpaidBalanceEffectiveInterest" xlink:label="element982" />
        <label xlink:type="resource" xlink:label="label982" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_UnpaidBalanceEffectiveInterest_en-US">Unpaid balance interest rate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element982" xlink:to="label982" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnpaidBalanceEffectiveInterest" xlink:label="element983" />
        <label xlink:type="resource" xlink:label="label983" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_UnpaidBalanceEffectiveInterest_en-US">Interest rate charged on unpaid commissions as of at end of the current reporting period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element983" xlink:to="label983" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NbcrMember" xlink:label="element984" />
        <label xlink:type="resource" xlink:label="label984" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_NbcrMember_en-US">NBCR [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element984" xlink:to="label984" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NbcrMember" xlink:label="element985" />
        <label xlink:type="resource" xlink:label="label985" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_NbcrMember_en-US">NBCR [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element985" xlink:to="label985" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LoanAmortizationPeriod" xlink:label="element986" />
        <label xlink:type="resource" xlink:label="label986" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LoanAmortizationPeriod_en-US">Loan Amortization Period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element986" xlink:to="label986" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LoanAmortizationPeriod" xlink:label="element987" />
        <label xlink:type="resource" xlink:label="label987" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LoanAmortizationPeriod_en-US">In the event the tenant does not exercise its purchase option, the period over which the tenant's debt service portion of its rent must be sufficient to fully amortize the loan on the property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element987" xlink:to="label987" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationCarryingAmount" xlink:label="element988" />
        <label xlink:type="resource" xlink:label="label988" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateAndAccumulatedDepreciationCarryingAmount_en-US">Real Estate and Accumulated Depreciation Carrying Amount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element988" xlink:to="label988" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationCarryingAmount" xlink:label="element989" />
        <label xlink:type="resource" xlink:label="label989" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_alx_RealEstateAndAccumulatedDepreciationCarryingAmount_en-US">Total carrying value of property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element989" xlink:to="label989" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationCarryingAmount" xlink:label="element990" />
        <label xlink:type="resource" xlink:label="label990" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateAndAccumulatedDepreciationCarryingAmount_en-US">The carrying amount at which land, buildings and improvements and construction in progress are carried at the end of the period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element990" xlink:to="label990" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InternalTaxableIncomeDistributionPolicy" xlink:label="element991" />
        <label xlink:type="resource" xlink:label="label991" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_InternalTaxableIncomeDistributionPolicy_en-US">Internal Taxable Income Distribution Policy</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element991" xlink:to="label991" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InternalTaxableIncomeDistributionPolicy" xlink:label="element992" />
        <label xlink:type="resource" xlink:label="label992" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_InternalTaxableIncomeDistributionPolicy_en-US">Percentage of taxable income distributed to stockholders each year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element992" xlink:to="label992" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_InternalTaxableIncomeDistributionPolicy" xlink:label="element993" />
        <label xlink:type="resource" xlink:label="label993" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_InternalTaxableIncomeDistributionPolicy_en-US">Internal Taxable Income Distribution Policy (in percentage)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element993" xlink:to="label993" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DeferredStockUnitsMember" xlink:label="element994" />
        <label xlink:type="resource" xlink:label="label994" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DeferredStockUnitsMember_en-US">Deferred Stock Units [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element994" xlink:to="label994" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DeferredStockUnitsMember" xlink:label="element995" />
        <label xlink:type="resource" xlink:label="label995" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DeferredStockUnitsMember_en-US">Deferred Stock Units.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element995" xlink:to="label995" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingNumber" xlink:label="element996" />
        <label xlink:type="resource" xlink:label="label996" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingNumber_en-US">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Number</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element996" xlink:to="label996" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingNumber" xlink:label="element997" />
        <label xlink:type="resource" xlink:label="label997" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingNumber_en-US">Outstanding number of share based awards other than options.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element997" xlink:to="label997" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OwnershipPercentageInCompany" xlink:label="element998" />
        <label xlink:type="resource" xlink:label="label998" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OwnershipPercentageInCompany_en-US">Ownership Percentage In Company</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element998" xlink:to="label998" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OwnershipPercentageInCompany" xlink:label="element999" />
        <label xlink:type="resource" xlink:label="label999" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OwnershipPercentageInCompany_en-US">Ownership in the Company persons or entities other than the parent.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element999" xlink:to="label999" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OwnershipPercentageInCompany" xlink:label="element1000" />
        <label xlink:type="resource" xlink:label="label1000" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_OwnershipPercentageInCompany_en-US">Ownership Interest in the Company</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1000" xlink:to="label1000" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther" xlink:label="element1001" />
        <label xlink:type="resource" xlink:label="label1001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther_en-US">Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities And Other</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1001" xlink:to="label1001" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther" xlink:label="element1002" />
        <label xlink:type="resource" xlink:label="label1002" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther_en-US">Settlements &amp; other, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1002" xlink:to="label1002" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther" xlink:label="element1003" />
        <label xlink:type="resource" xlink:label="label1003" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther_en-US">The gross amount of decreases in unrecognized tax benefits resulting from settlements with taxing authorities and other adjustments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1003" xlink:to="label1003" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther" xlink:label="element1004" />
        <label xlink:type="resource" xlink:label="label1004" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_alx_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthoritiesAndOther_en-US">Settlements &amp; other, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1004" xlink:to="label1004" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesLeaseTermsAbstract" xlink:label="element1005" />
        <label xlink:type="resource" xlink:label="label1005" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasesLeaseTermsAbstract_en-US">Leases Lease Terms [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1005" xlink:to="label1005" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_Deductible" xlink:label="element1006" />
        <label xlink:type="resource" xlink:label="label1006" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_Deductible_en-US">The deductible owed by our wholly owned insurance subsidiary in the event of a covered loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1006" xlink:to="label1006" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_Deductible" xlink:label="element1007" />
        <label xlink:type="resource" xlink:label="label1007" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_Deductible_en-US">Deductible</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1007" xlink:to="label1007" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_Deductible" xlink:label="element1008" />
        <label xlink:type="resource" xlink:label="label1008" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_Deductible_en-US">Deductible</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1008" xlink:to="label1008" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SelfInsuredResponsibility" xlink:label="element1009" />
        <label xlink:type="resource" xlink:label="label1009" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_SelfInsuredResponsibility_en-US">Self Insured Responsibility</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1009" xlink:to="label1009" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SelfInsuredResponsibility" xlink:label="element1010" />
        <label xlink:type="resource" xlink:label="label1010" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_SelfInsuredResponsibility_en-US">The percentage of the covered portion of a loss above the deductible for which our wholly owned insurance subsidiary is responsible for covered losses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1010" xlink:to="label1010" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SelfInsuredResponsibility" xlink:label="element1011" />
        <label xlink:type="resource" xlink:label="label1011" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_SelfInsuredResponsibility_en-US">Self Insured Responsibility (in percentage)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1011" xlink:to="label1011" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_FederalGovernmentResponsibility" xlink:label="element1012" />
        <label xlink:type="resource" xlink:label="label1012" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_FederalGovernmentResponsibility_en-US">Federal Government Responsibility</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1012" xlink:to="label1012" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_FederalGovernmentResponsibility" xlink:label="element1013" />
        <label xlink:type="resource" xlink:label="label1013" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_FederalGovernmentResponsibility_en-US">The percentage of the covered portion of a loss above the deductible for which the Federal Government is responsible for covered losses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1013" xlink:to="label1013" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_FederalGovernmentResponsibility" xlink:label="element1014" />
        <label xlink:type="resource" xlink:label="label1014" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_FederalGovernmentResponsibility_en-US">Federal Government Responsibility (in percentage)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1014" xlink:to="label1014" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SummaryOfFeesToRelatedPartyAbstract" xlink:label="element1015" />
        <label xlink:type="resource" xlink:label="label1015" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_SummaryOfFeesToRelatedPartyAbstract_en-US">Summary Of Fees To Related Party [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1015" xlink:to="label1015" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_SummaryOfFeesToRelatedPartyAbstract" xlink:label="element1016" />
        <label xlink:type="resource" xlink:label="label1016" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_SummaryOfFeesToRelatedPartyAbstract_en-US">Summary of fees to Vornado</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1016" xlink:to="label1016" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ManagmentAndDevelopmentAgreementAbstract" xlink:label="element1017" />
        <label xlink:type="resource" xlink:label="label1017" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ManagmentAndDevelopmentAgreementAbstract_en-US">Managment and Development Agreement [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1017" xlink:to="label1017" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesOfLesseeRentalTermRange" xlink:label="element1018" />
        <label xlink:type="resource" xlink:label="label1018" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasesOfLesseeRentalTermRange_en-US">Leases Of Lessee Rental Term Range</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1018" xlink:to="label1018" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesOfLesseeRentalTermRange" xlink:label="element1019" />
        <label xlink:type="resource" xlink:label="label1019" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeasesOfLesseeRentalTermRange_en-US">Approximate lease term range where the Company is the lessee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1019" xlink:to="label1019" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesOfLesseeRentalTermRange" xlink:label="element1020" />
        <label xlink:type="resource" xlink:label="label1020" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_LeasesOfLesseeRentalTermRange_en-US">Lease term range as Lessee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1020" xlink:to="label1020" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerHealthPlansMember" xlink:label="element1021" />
        <label xlink:type="resource" xlink:label="label1021" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MultiemployerHealthPlansMember_en-US">Multiemployer Health Plans [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1021" xlink:to="label1021" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerHealthPlansMember" xlink:label="element1022" />
        <label xlink:type="resource" xlink:label="label1022" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MultiemployerHealthPlansMember_en-US">Health benefit plan to which two or more unrelated employers contribute where assets contributed by one participating employer may be used to provide benefits to employees of other participating employers.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1022" xlink:to="label1022" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtensionOptionTermsAxis" xlink:label="element1023" />
        <label xlink:type="resource" xlink:label="label1023" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ExtensionOptionTermsAxis_en-US">Extension Option Terms [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1023" xlink:to="label1023" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtensionOptionTermsDomain" xlink:label="element1024" />
        <label xlink:type="resource" xlink:label="label1024" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ExtensionOptionTermsDomain_en-US">Extension Option Terms [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1024" xlink:to="label1024" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExtensionOptionTermsDomain" xlink:label="element1025" />
        <label xlink:type="resource" xlink:label="label1025" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ExtensionOptionTermsDomain_en-US">Information regarding extention options available under leases.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1025" xlink:to="label1025" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TenYearExtensionOptionMember" xlink:label="element1026" />
        <label xlink:type="resource" xlink:label="label1026" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TenYearExtensionOptionMember_en-US">Ten Year Extension Option [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1026" xlink:to="label1026" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TenYearExtensionOptionMember" xlink:label="element1027" />
        <label xlink:type="resource" xlink:label="label1027" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TenYearExtensionOptionMember_en-US">Ten year extension option.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1027" xlink:to="label1027" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NumberOfGroundLeases" xlink:label="element1028" />
        <label xlink:type="resource" xlink:label="label1028" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_NumberOfGroundLeases_en-US">Number of Ground Leases</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1028" xlink:to="label1028" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NumberOfGroundLeases" xlink:label="element1029" />
        <label xlink:type="resource" xlink:label="label1029" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_NumberOfGroundLeases_en-US">The number of ground leases under which the company is a lessee.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1029" xlink:to="label1029" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExpirationYear" xlink:label="element1030" />
        <label xlink:type="resource" xlink:label="label1030" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ExpirationYear_en-US">Expiration year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1030" xlink:to="label1030" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ExpirationYear" xlink:label="element1031" />
        <label xlink:type="resource" xlink:label="label1031" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ExpirationYear_en-US">Year of ground lease expiration</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1031" xlink:to="label1031" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NumberOfExtensionOptions" xlink:label="element1032" />
        <label xlink:type="resource" xlink:label="label1032" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_NumberOfExtensionOptions_en-US">Number Of Extension Options</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1032" xlink:to="label1032" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NumberOfExtensionOptions" xlink:label="element1033" />
        <label xlink:type="resource" xlink:label="label1033" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_NumberOfExtensionOptions_en-US">The remaining number of extension options under a ground lease</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1033" xlink:to="label1033" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_KingsPlazaEnergyJointVentureMember" xlink:label="element1034" />
        <label xlink:type="resource" xlink:label="label1034" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_KingsPlazaEnergyJointVentureMember_en-US">Kings Plaza Energy Joint Venture [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1034" xlink:to="label1034" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_KingsPlazaEnergyJointVentureMember" xlink:label="element1035" />
        <label xlink:type="resource" xlink:label="label1035" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_KingsPlazaEnergyJointVentureMember_en-US">Kings Plaza Energy Plant Joint Venture</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1035" xlink:to="label1035" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaserOfAssetsAxis" xlink:label="element1036" />
        <label xlink:type="resource" xlink:label="label1036" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PurchaserOfAssetsAxis_en-US">Purchaser Of Assets [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1036" xlink:to="label1036" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaserOfAssetsAxis" xlink:label="element1037" />
        <label xlink:type="resource" xlink:label="label1037" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PurchaserOfAssetsAxis_en-US">Information the purchaser of assets in the Company's asset sales.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1037" xlink:to="label1037" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaserOfAssetsDomain" xlink:label="element1038" />
        <label xlink:type="resource" xlink:label="label1038" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PurchaserOfAssetsDomain_en-US">Purchaser Of Assets [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1038" xlink:to="label1038" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PurchaserOfAssetsDomain" xlink:label="element1039" />
        <label xlink:type="resource" xlink:label="label1039" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PurchaserOfAssetsDomain_en-US">Information the purchaser of assets in the Company's asset sales.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1039" xlink:to="label1039" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MacerichMember" xlink:label="element1040" />
        <label xlink:type="resource" xlink:label="label1040" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MacerichMember_en-US">Macerich [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1040" xlink:to="label1040" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MacerichMember" xlink:label="element1041" />
        <label xlink:type="resource" xlink:label="label1041" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MacerichMember_en-US">The Macerich Company.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1041" xlink:to="label1041" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertySoldGross" xlink:label="element1042" />
        <label xlink:type="resource" xlink:label="label1042" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstatePropertySoldGross_en-US">Real Estate Property Sold Gross</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1042" xlink:to="label1042" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertySoldGross" xlink:label="element1043" />
        <label xlink:type="resource" xlink:label="label1043" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstatePropertySoldGross_en-US">Gross sales price for the sale of real estate.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1043" xlink:to="label1043" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockFromSaleOfRealEstate" xlink:label="element1044" />
        <label xlink:type="resource" xlink:label="label1044" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CommonStockFromSaleOfRealEstate_en-US">Common Stock From Sale of Real Estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1044" xlink:to="label1044" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockFromSaleOfRealEstate" xlink:label="element1045" />
        <label xlink:type="resource" xlink:label="label1045" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CommonStockFromSaleOfRealEstate_en-US">Value of common shares received from sale of real estate.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1045" xlink:to="label1045" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockFromSaleOfRealEstate" xlink:label="element1046" />
        <label xlink:type="resource" xlink:label="label1046" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_CommonStockFromSaleOfRealEstate_en-US">Marketable securities received in connection with the sale of real estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1046" xlink:to="label1046" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DiscontinuedOperationGainLossOnExtinguishmentOfDebtAndClosingCosts" xlink:label="element1047" />
        <label xlink:type="resource" xlink:label="label1047" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DiscontinuedOperationGainLossOnExtinguishmentOfDebtAndClosingCosts_en-US">Discontinued Operation Gain Loss On Extinguishment Of Debt And Closing Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1047" xlink:to="label1047" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DiscontinuedOperationGainLossOnExtinguishmentOfDebtAndClosingCosts" xlink:label="element1048" />
        <label xlink:type="resource" xlink:label="label1048" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DiscontinuedOperationGainLossOnExtinguishmentOfDebtAndClosingCosts_en-US">Net proceeds from sale after paying loan and closing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1048" xlink:to="label1048" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DiscontinuedOperationGainLossOnExtinguishmentOfDebtAndClosingCosts" xlink:label="element1049" />
        <label xlink:type="resource" xlink:label="label1049" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DiscontinuedOperationGainLossOnExtinguishmentOfDebtAndClosingCosts_en-US">This element represents the net proceeds from the sale of the property after repaying the loan and closing costs.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1049" xlink:to="label1049" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxGain" xlink:label="element1050" />
        <label xlink:type="resource" xlink:label="label1050" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TaxGain_en-US">This element represents the tax gain for the sale of a disposal group.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1050" xlink:to="label1050" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxGain" xlink:label="element1051" />
        <label xlink:type="resource" xlink:label="label1051" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TaxGain_en-US">Tax Gain</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1051" xlink:to="label1051" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupIncludingDiscontinuedOperationTotalExpenses" xlink:label="element1052" />
        <label xlink:type="resource" xlink:label="label1052" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DisposalGroupIncludingDiscontinuedOperationTotalExpenses_en-US">Disposal Group Including Discontinued Operation Total Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1052" xlink:to="label1052" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupIncludingDiscontinuedOperationTotalExpenses" xlink:label="element1053" />
        <label xlink:type="resource" xlink:label="label1053" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DisposalGroupIncludingDiscontinuedOperationTotalExpenses_en-US">Total expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1053" xlink:to="label1053" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupIncludingDiscontinuedOperationTotalExpenses" xlink:label="element1054" />
        <label xlink:type="resource" xlink:label="label1054" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DisposalGroupIncludingDiscontinuedOperationTotalExpenses_en-US">Total expenses related to discontinued operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1054" xlink:to="label1054" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RemainingEquityInterestPercentageAcquired" xlink:label="element1055" />
        <label xlink:type="resource" xlink:label="label1055" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RemainingEquityInterestPercentageAcquired_en-US">The element represents the remaining equity interest percentage to be acquired.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1055" xlink:to="label1055" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RemainingEquityInterestPercentageAcquired" xlink:label="element1056" />
        <label xlink:type="resource" xlink:label="label1056" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RemainingEquityInterestPercentageAcquired_en-US">Remaining Equity Interest Percentage Acquired</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1056" xlink:to="label1056" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsPerShareDeclaredLongTermCapital" xlink:label="element1057" />
        <label xlink:type="resource" xlink:label="label1057" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CommonStockDividendsPerShareDeclaredLongTermCapital_en-US">Common Stock Dividends Per Share Declared Long Term Capital</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1057" xlink:to="label1057" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsPerShareDeclaredLongTermCapital" xlink:label="element1058" />
        <label xlink:type="resource" xlink:label="label1058" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_CommonStockDividendsPerShareDeclaredLongTermCapital_en-US">Special long-term capital gain dividend per share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1058" xlink:to="label1058" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsPerShareDeclaredLongTermCapital" xlink:label="element1059" />
        <label xlink:type="resource" xlink:label="label1059" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CommonStockDividendsPerShareDeclaredLongTermCapital_en-US">Special long term capital gain dividend per share to distribute the tax gain resulting from sale of property.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1059" xlink:to="label1059" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsPerShareDeclaredLongTermCapital" xlink:label="element1060" />
        <label xlink:type="resource" xlink:label="label1060" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_alx_CommonStockDividendsPerShareDeclaredLongTermCapital_en-US">Special long-term capital gain dividend (in dollars per share) per share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1060" xlink:to="label1060" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NonCashTransactionsAbstract" xlink:label="element1061" />
        <label xlink:type="resource" xlink:label="label1061" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_NonCashTransactionsAbstract_en-US">Non Cash Transactions [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1061" xlink:to="label1061" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_NonCashTransactionsAbstract" xlink:label="element1062" />
        <label xlink:type="resource" xlink:label="label1062" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_NonCashTransactionsAbstract_en-US">NON-CASH TRANSACTIONS</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1062" xlink:to="label1062" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesTextBlock" xlink:label="element1063" />
        <label xlink:type="resource" xlink:label="label1063" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeasesTextBlock_en-US">Leases [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1063" xlink:to="label1063" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeasesTextBlock" xlink:label="element1064" />
        <label xlink:type="resource" xlink:label="label1064" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeasesTextBlock_en-US">The entire disclosure of leases as lessor and lessee.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1064" xlink:to="label1064" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstatePropertiesAbstract" xlink:label="element1065" />
        <label xlink:type="resource" xlink:label="label1065" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstatePropertiesAbstract_en-US">Real Estate Properties [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1065" xlink:to="label1065" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MalpracticeInsuranceLimitPerOccurrence" xlink:label="element1066" />
        <label xlink:type="resource" xlink:label="label1066" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_MalpracticeInsuranceLimitPerOccurrence_en-US">Insurance Limit Per Occurrence</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1066" xlink:to="label1066" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MalpracticeInsuranceLimitPerOccurrence" xlink:label="element1067" />
        <label xlink:type="resource" xlink:label="label1067" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MalpracticeInsuranceLimitPerOccurrence_en-US">Malpractice Insurance Limit Per Occurrence</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1067" xlink:to="label1067" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MalpracticeInsuranceLimitPerOccurrence" xlink:label="element1068" />
        <label xlink:type="resource" xlink:label="label1068" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MalpracticeInsuranceLimitPerOccurrence_en-US">Malpractice Insurance Maximum Coverage Per Incident</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1068" xlink:to="label1068" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommissionPayableIncurredInConnectionWithSaleOfRealEstate" xlink:label="element1069" />
        <label xlink:type="resource" xlink:label="label1069" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CommissionPayableIncurredInConnectionWithSaleOfRealEstate_en-US">Commission Payable Incurred In Connection With Sale Of Real Estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1069" xlink:to="label1069" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommissionPayableIncurredInConnectionWithSaleOfRealEstate" xlink:label="element1070" />
        <label xlink:type="resource" xlink:label="label1070" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CommissionPayableIncurredInConnectionWithSaleOfRealEstate_en-US">Commission Payable Incurred In Connection With Sale Of Real Estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1070" xlink:to="label1070" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommissionPayableIncurredInConnectionWithSaleOfRealEstate" xlink:label="element1071" />
        <label xlink:type="resource" xlink:label="label1071" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_CommissionPayableIncurredInConnectionWithSaleOfRealEstate_en-US">Commission payable to Vornado incurred in connection with the sale of real estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1071" xlink:to="label1071" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsDeclaredLongTermCapital" xlink:label="element1072" />
        <label xlink:type="resource" xlink:label="label1072" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_CommonStockDividendsDeclaredLongTermCapital_en-US">Common Stock Dividends Declared Long Term Capital</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1072" xlink:to="label1072" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsDeclaredLongTermCapital" xlink:label="element1073" />
        <label xlink:type="resource" xlink:label="label1073" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_CommonStockDividendsDeclaredLongTermCapital_en-US">Special long-term capital gain dividend</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1073" xlink:to="label1073" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsDeclaredLongTermCapital" xlink:label="element1074" />
        <label xlink:type="resource" xlink:label="label1074" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_CommonStockDividendsDeclaredLongTermCapital_en-US">Special dividend paid to distribute the long term capital gain from the sale of real estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1074" xlink:to="label1074" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_CommonStockDividendsDeclaredLongTermCapital" xlink:label="element1075" />
        <label xlink:type="resource" xlink:label="label1075" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_alx_CommonStockDividendsDeclaredLongTermCapital_en-US">Dividends paid, including a special dividend of $623,178, or $122.00 per share in 2012</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1075" xlink:to="label1075" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AssetSaleCommissionThreshold" xlink:label="element1076" />
        <label xlink:type="resource" xlink:label="label1076" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AssetSaleCommissionThreshold_en-US">Asset Sale Commission Threshold</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1076" xlink:to="label1076" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AssetSaleCommissionThreshold" xlink:label="element1077" />
        <label xlink:type="resource" xlink:label="label1077" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_AssetSaleCommissionThreshold_en-US">Asset Sale Commission Threshold</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1077" xlink:to="label1077" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AssetSaleCommissionThreshold" xlink:label="element1078" />
        <label xlink:type="resource" xlink:label="label1078" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_AssetSaleCommissionThreshold_en-US">Asset Sale Commission Threshold (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1078" xlink:to="label1078" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OperatingIncomeFromDiscontinuedOperations" xlink:label="element1079" />
        <label xlink:type="resource" xlink:label="label1079" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OperatingIncomeFromDiscontinuedOperations_en-US">Operating Income From Discontinued Operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1079" xlink:to="label1079" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OperatingIncomeFromDiscontinuedOperations" xlink:label="element1080" />
        <label xlink:type="resource" xlink:label="label1080" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OperatingIncomeFromDiscontinuedOperations_en-US">This element represents the operating income from the properties that were sold or the income from discontinued operations before gains on sale of real estate.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1080" xlink:to="label1080" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OperatingIncomeFromDiscontinuedOperations" xlink:label="element1081" />
        <label xlink:type="resource" xlink:label="label1081" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_alx_OperatingIncomeFromDiscontinuedOperations_en-US">Operating income from discontinued operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1081" xlink:to="label1081" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OperatingIncomeFromDiscontinuedOperations" xlink:label="element1082" />
        <label xlink:type="resource" xlink:label="label1082" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_OperatingIncomeFromDiscontinuedOperations_en-US">Operating income from discontinued operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1082" xlink:to="label1082" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseExtensionPeriodMaximum" xlink:label="element1083" />
        <label xlink:type="resource" xlink:label="label1083" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LeaseExtensionPeriodMaximum_en-US">Lease Extension Period Maximum</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1083" xlink:to="label1083" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LeaseExtensionPeriodMaximum" xlink:label="element1084" />
        <label xlink:type="resource" xlink:label="label1084" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LeaseExtensionPeriodMaximum_en-US">This element represents number of years available to extend the lease on optional basis.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1084" xlink:to="label1084" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReversalOfLiabilityForIncomeTaxes" xlink:label="element1085" />
        <label xlink:type="resource" xlink:label="label1085" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="negatedLabel_alx_ReversalOfLiabilityForIncomeTaxes_en-US">Reduction of income tax liability</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1085" xlink:to="label1085" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReversalOfLiabilityForIncomeTaxes" xlink:label="element1086" />
        <label xlink:type="resource" xlink:label="label1086" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ReversalOfLiabilityForIncomeTaxes_en-US">Reversal Of Liability For Income Taxes</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1086" xlink:to="label1086" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ReversalOfLiabilityForIncomeTaxes" xlink:label="element1087" />
        <label xlink:type="resource" xlink:label="label1087" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ReversalOfLiabilityForIncomeTaxes_en-US">The reversal of liabilities related to income taxes as a result of the expiration of the applicable statute of limitations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1087" xlink:to="label1087" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationDateOfConstruction2" xlink:label="element1088" />
        <label xlink:type="resource" xlink:label="label1088" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateAndAccumulatedDepreciationDateOfConstruction2_en-US">Real Estate And Accumulated Depreciation Date Of Construction 2</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1088" xlink:to="label1088" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationDateOfConstruction2" xlink:label="element1089" />
        <label xlink:type="resource" xlink:label="label1089" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RealEstateAndAccumulatedDepreciationDateOfConstruction2_en-US">Date of construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1089" xlink:to="label1089" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationDateOfConstruction2" xlink:label="element1090" />
        <label xlink:type="resource" xlink:label="label1090" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateAndAccumulatedDepreciationDateOfConstruction2_en-US">Date the property was constructed, in YYYY format.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1090" xlink:to="label1090" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationDateAcquired2" xlink:label="element1091" />
        <label xlink:type="resource" xlink:label="label1091" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateAndAccumulatedDepreciationDateAcquired2_en-US">Real Estate And Accumulated Depreciation Date Acquired 2</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1091" xlink:to="label1091" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationDateAcquired2" xlink:label="element1092" />
        <label xlink:type="resource" xlink:label="label1092" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RealEstateAndAccumulatedDepreciationDateAcquired2_en-US">Date acquired</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1092" xlink:to="label1092" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAndAccumulatedDepreciationDateAcquired2" xlink:label="element1093" />
        <label xlink:type="resource" xlink:label="label1093" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateAndAccumulatedDepreciationDateAcquired2_en-US">Date the property was acquired, in YYYY format.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1093" xlink:to="label1093" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxReconciliationGainOnSaleDifference" xlink:label="element1094" />
        <label xlink:type="resource" xlink:label="label1094" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_IncomeTaxReconciliationGainOnSaleDifference_en-US">Income Tax Reconciliation Gain On Sale Difference</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1094" xlink:to="label1094" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxReconciliationGainOnSaleDifference" xlink:label="element1095" />
        <label xlink:type="resource" xlink:label="label1095" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_IncomeTaxReconciliationGainOnSaleDifference_en-US">Difference in the amount of gain on sale of real estate between GAAP and Tax</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1095" xlink:to="label1095" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxReconciliationGainOnSaleDifference" xlink:label="element1096" />
        <label xlink:type="resource" xlink:label="label1096" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_IncomeTaxReconciliationGainOnSaleDifference_en-US">Additional tax gain on sale of the Kings Plaza Regional Shopping Center</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1096" xlink:to="label1096" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AvailableForSaleSecuritiesDebtMaturityLowDateRange" xlink:label="element1097" />
        <label xlink:type="resource" xlink:label="label1097" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AvailableForSaleSecuritiesDebtMaturityLowDateRange_en-US">Available For Sale Securities Debt Maturity Low Date Range</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1097" xlink:to="label1097" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AvailableForSaleSecuritiesDebtMaturityLowDateRange" xlink:label="element1098" />
        <label xlink:type="resource" xlink:label="label1098" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_AvailableForSaleSecuritiesDebtMaturityLowDateRange_en-US">The earliest date,, in a range of maturity dates, that a debt security categorized as neither trading nor held-to-maturity is scheduled to be repaid.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1098" xlink:to="label1098" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AvailableForSaleSecuritiesDebtMaturityLowDateRange" xlink:label="element1099" />
        <label xlink:type="resource" xlink:label="label1099" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_AvailableForSaleSecuritiesDebtMaturityLowDateRange_en-US">Available-for-sale Securities, Debt Maturity, Date Range, Low</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1099" xlink:to="label1099" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AvailableForSaleSecuritiesDebtMaturityHighDateRange" xlink:label="element1100" />
        <label xlink:type="resource" xlink:label="label1100" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_AvailableForSaleSecuritiesDebtMaturityHighDateRange_en-US">Available For Sale Securities Debt Maturity High Date Range</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1100" xlink:to="label1100" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AvailableForSaleSecuritiesDebtMaturityHighDateRange" xlink:label="element1101" />
        <label xlink:type="resource" xlink:label="label1101" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_AvailableForSaleSecuritiesDebtMaturityHighDateRange_en-US">The latest date, in a range of maturity dates, that a debt security categorized as neither trading nor held-to-maturity is scheduled to be repaid.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1101" xlink:to="label1101" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_AvailableForSaleSecuritiesDebtMaturityHighDateRange" xlink:label="element1102" />
        <label xlink:type="resource" xlink:label="label1102" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_AvailableForSaleSecuritiesDebtMaturityHighDateRange_en-US">Available-for-sale Securities, Debt Maturity, Date Range, High</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1102" xlink:to="label1102" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DescriptionOfTransactionAbstract" xlink:label="element1103" />
        <label xlink:type="resource" xlink:label="label1103" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DescriptionOfTransactionAbstract_en-US">Description of Transaction [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1103" xlink:to="label1103" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DescriptionOfTransactionAbstract" xlink:label="element1104" />
        <label xlink:type="resource" xlink:label="label1104" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DescriptionOfTransactionAbstract_en-US">Description of Transaction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1104" xlink:to="label1104" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DescriptionOfTransactionAbstract" xlink:label="element1105" />
        <label xlink:type="resource" xlink:label="label1105" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DescriptionOfTransactionAbstract_en-US">Description of Transaction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1105" xlink:to="label1105" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerPlanPeriodContributionsContinuingOperations" xlink:label="element1106" />
        <label xlink:type="resource" xlink:label="label1106" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MultiemployerPlanPeriodContributionsContinuingOperations_en-US">Multiemployer Plan Period Contributions Continuing Operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1106" xlink:to="label1106" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerPlanPeriodContributionsContinuingOperations" xlink:label="element1107" />
        <label xlink:type="resource" xlink:label="label1107" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MultiemployerPlanPeriodContributionsContinuingOperations_en-US">Multiemployer plan period contributions relating to continuing operations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1107" xlink:to="label1107" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerPlanPeriodContributionsContinuingOperations" xlink:label="element1108" />
        <label xlink:type="resource" xlink:label="label1108" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_MultiemployerPlanPeriodContributionsContinuingOperations_en-US">Multiemployer plan period contributions from continuing operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1108" xlink:to="label1108" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupProceedsFromSaleOfRealEstate" xlink:label="element1109" />
        <label xlink:type="resource" xlink:label="label1109" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DisposalGroupProceedsFromSaleOfRealEstate_en-US">Disposal Group Proceeds from Sale of Real Estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1109" xlink:to="label1109" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupProceedsFromSaleOfRealEstate" xlink:label="element1110" />
        <label xlink:type="resource" xlink:label="label1110" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_DisposalGroupProceedsFromSaleOfRealEstate_en-US">This element represents the net proceeds from the sale of the property (including all forms of consideration received) after repaying the loan and closing costs.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1110" xlink:to="label1110" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupProceedsFromSaleOfRealEstate" xlink:label="element1111" />
        <label xlink:type="resource" xlink:label="label1111" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DisposalGroupProceedsFromSaleOfRealEstate_en-US">Proceeds from sale of real estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1111" xlink:to="label1111" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupAssetsAndLiabilitiesAbstract" xlink:label="element1112" />
        <label xlink:type="resource" xlink:label="label1112" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_DisposalGroupAssetsAndLiabilitiesAbstract_en-US">Disposal Group Assets And Liabilities [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1112" xlink:to="label1112" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_DisposalGroupAssetsAndLiabilitiesAbstract" xlink:label="element1113" />
        <label xlink:type="resource" xlink:label="label1113" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_DisposalGroupAssetsAndLiabilitiesAbstract_en-US">Disposal Group Assets And Liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1113" xlink:to="label1113" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TotalGainOnSaleOfRealEstate" xlink:label="element1114" />
        <label xlink:type="resource" xlink:label="label1114" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TotalGainOnSaleOfRealEstate_en-US">Total Gain On Sale Of Real Estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1114" xlink:to="label1114" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TotalGainOnSaleOfRealEstate" xlink:label="element1115" />
        <label xlink:type="resource" xlink:label="label1115" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TotalGainOnSaleOfRealEstate_en-US">Gain on sale of real estate including portion recognized in income and portion deferred</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1115" xlink:to="label1115" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TotalGainOnSaleOfRealEstate" xlink:label="element1116" />
        <label xlink:type="resource" xlink:label="label1116" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_TotalGainOnSaleOfRealEstate_en-US">Financial Statement Gain</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1116" xlink:to="label1116" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RestrictedStockExpenseFairValuePerGrant" xlink:label="element1117" />
        <label xlink:type="resource" xlink:label="label1117" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RestrictedStockExpenseFairValuePerGrant_en-US">Restricted Stock Expense Fair Value Per Grant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1117" xlink:to="label1117" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RestrictedStockExpenseFairValuePerGrant" xlink:label="element1118" />
        <label xlink:type="resource" xlink:label="label1118" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RestrictedStockExpenseFairValuePerGrant_en-US">The noncash expense that represents the cost of restricted stock or unit distributed to employees as compensation. Represents the expense recognized for each grantee.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1118" xlink:to="label1118" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RestrictedStockExpenseFairValuePerGrant" xlink:label="element1119" />
        <label xlink:type="resource" xlink:label="label1119" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RestrictedStockExpenseFairValuePerGrant_en-US">Expense per grant recognized in connection with the issuance of Deferred Stock Units (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1119" xlink:to="label1119" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ApproximateNumberOfApartmentUnits" xlink:label="element1120" />
        <label xlink:type="resource" xlink:label="label1120" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ApproximateNumberOfApartmentUnits_en-US">Approximate Number Of Apartment Units</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1120" xlink:to="label1120" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ApproximateNumberOfApartmentUnits" xlink:label="element1121" />
        <label xlink:type="resource" xlink:label="label1121" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ApproximateNumberOfApartmentUnits_en-US">The approximate unit of apartment units</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1121" xlink:to="label1121" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ApproximateNumberOfApartmentUnits" xlink:label="element1122" />
        <label xlink:type="resource" xlink:label="label1122" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_ApproximateNumberOfApartmentUnits_en-US">Approximate number of apartment units</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1122" xlink:to="label1122" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_EconomicBasisOfMarketableSecuritiesPerShare" xlink:label="element1123" />
        <label xlink:type="resource" xlink:label="label1123" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_EconomicBasisOfMarketableSecuritiesPerShare_en-US">Economic Basis Of Marketable Securities Per Share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1123" xlink:to="label1123" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_EconomicBasisOfMarketableSecuritiesPerShare" xlink:label="element1124" />
        <label xlink:type="resource" xlink:label="label1124" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_EconomicBasisOfMarketableSecuritiesPerShare_en-US">Economic basis per share of marketable securities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1124" xlink:to="label1124" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_EconomicBasisOfMarketableSecuritiesPerShare" xlink:label="element1125" />
        <label xlink:type="resource" xlink:label="label1125" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_EconomicBasisOfMarketableSecuritiesPerShare_en-US">Economic basis per share (in dollars per share)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1125" xlink:to="label1125" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TotalAssetsNotMeasuredAtFairValue" xlink:label="element1126" />
        <label xlink:type="resource" xlink:label="label1126" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TotalAssetsNotMeasuredAtFairValue_en-US">Total Assets Not Measured At Fair Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1126" xlink:to="label1126" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TotalAssetsNotMeasuredAtFairValue" xlink:label="element1127" />
        <label xlink:type="resource" xlink:label="label1127" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TotalAssetsNotMeasuredAtFairValue_en-US">Total assets not measured at fair value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1127" xlink:to="label1127" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TotalAssetsNotMeasuredAtFairValue" xlink:label="element1128" />
        <label xlink:type="resource" xlink:label="label1128" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_alx_TotalAssetsNotMeasuredAtFairValue_en-US">Total assets not measured at fair value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1128" xlink:to="label1128" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MacerichInterestMember" xlink:label="element1129" />
        <label xlink:type="resource" xlink:label="label1129" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MacerichInterestMember_en-US">Macerich Interest [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1129" xlink:to="label1129" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MacerichInterestMember" xlink:label="element1130" />
        <label xlink:type="resource" xlink:label="label1130" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MacerichInterestMember_en-US">Macerich interest that company holds.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1130" xlink:to="label1130" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MacerichInterestMember" xlink:label="element1131" />
        <label xlink:type="resource" xlink:label="label1131" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_MacerichInterestMember_en-US">Macerich interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1131" xlink:to="label1131" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ApartmentTowerMember" xlink:label="element1132" />
        <label xlink:type="resource" xlink:label="label1132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ApartmentTowerMember_en-US">Apartment Tower [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1132" xlink:to="label1132" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ApartmentTowerMember" xlink:label="element1133" />
        <label xlink:type="resource" xlink:label="label1133" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ApartmentTowerMember_en-US">Apartment Tower.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1133" xlink:to="label1133" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ConcentrationRiskPercentageThreshold" xlink:label="element1134" />
        <label xlink:type="resource" xlink:label="label1134" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_ConcentrationRiskPercentageThreshold_en-US">Concentration Risk Percentage Threshold</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1134" xlink:to="label1134" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_ConcentrationRiskPercentageThreshold" xlink:label="element1135" />
        <label xlink:type="resource" xlink:label="label1135" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_ConcentrationRiskPercentageThreshold_en-US">Amount, stated as a percentage, representing a threshold, above which the Company is deemed to have a significant concentration of risk; to be used when comparing a risk item to a quantitative amount, stated as a percentage.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1135" xlink:to="label1135" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyOperatingStatusAxis" xlink:label="element1136" />
        <label xlink:type="resource" xlink:label="label1136" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyOperatingStatusAxis_en-US">Property Operating Status [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1136" xlink:to="label1136" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyOperatingStatusAxis" xlink:label="element1137" />
        <label xlink:type="resource" xlink:label="label1137" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyOperatingStatusAxis_en-US">Information regarding the operational staus of the property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1137" xlink:to="label1137" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyOperatingStatusDomain" xlink:label="element1138" />
        <label xlink:type="resource" xlink:label="label1138" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyOperatingStatusDomain_en-US">Property Operating Status [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1138" xlink:to="label1138" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyOperatingStatusDomain" xlink:label="element1139" />
        <label xlink:type="resource" xlink:label="label1139" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyOperatingStatusDomain_en-US">Information regarding the operational staus of the property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1139" xlink:to="label1139" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OperatingPropertyMember" xlink:label="element1140" />
        <label xlink:type="resource" xlink:label="label1140" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OperatingPropertyMember_en-US">Operating Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1140" xlink:to="label1140" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OperatingPropertyMember" xlink:label="element1141" />
        <label xlink:type="resource" xlink:label="label1141" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OperatingPropertyMember_en-US">Operating property</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1141" xlink:to="label1141" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertiesToBeDeveloped1Member" xlink:label="element1142" />
        <label xlink:type="resource" xlink:label="label1142" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertiesToBeDeveloped1Member_en-US">Properties To Be Developed 1 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1142" xlink:to="label1142" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertiesToBeDeveloped1Member" xlink:label="element1143" />
        <label xlink:type="resource" xlink:label="label1143" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PropertiesToBeDeveloped1Member_en-US">Properties to be developed [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1143" xlink:to="label1143" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxReconciliationStraightLineRentAdjustment" xlink:label="element1144" />
        <label xlink:type="resource" xlink:label="label1144" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_IncomeTaxReconciliationStraightLineRentAdjustment_en-US">Income Tax Reconciliation Straight Line Rent Adjustment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1144" xlink:to="label1144" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxReconciliationStraightLineRentAdjustment" xlink:label="element1145" />
        <label xlink:type="resource" xlink:label="label1145" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_IncomeTaxReconciliationStraightLineRentAdjustment_en-US">Straight-line rent adjustments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1145" xlink:to="label1145" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_IncomeTaxReconciliationStraightLineRentAdjustment" xlink:label="element1146" />
        <label xlink:type="resource" xlink:label="label1146" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_IncomeTaxReconciliationStraightLineRentAdjustment_en-US">Income Tax Reconciliation Straight Line Rent Adjustment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1146" xlink:to="label1146" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageOutstandingCommonSharesOwned" xlink:label="element1147" />
        <label xlink:type="resource" xlink:label="label1147" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PercentageOutstandingCommonSharesOwned_en-US">Percentage Outstanding Common Shares Owned</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1147" xlink:to="label1147" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageOutstandingCommonSharesOwned" xlink:label="element1148" />
        <label xlink:type="resource" xlink:label="label1148" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PercentageOutstandingCommonSharesOwned_en-US">Percentage of Macerich outstanding common shares owned</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1148" xlink:to="label1148" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PercentageOutstandingCommonSharesOwned" xlink:label="element1149" />
        <label xlink:type="resource" xlink:label="label1149" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PercentageOutstandingCommonSharesOwned_en-US">Percentage of outstanding common shares owned</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1149" xlink:to="label1149" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LiabilitiesNotMeasuredAtFairValue" xlink:label="element1150" />
        <label xlink:type="resource" xlink:label="label1150" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LiabilitiesNotMeasuredAtFairValue_en-US">Liabilities Not Measured At Fair Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1150" xlink:to="label1150" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LiabilitiesNotMeasuredAtFairValue" xlink:label="element1151" />
        <label xlink:type="resource" xlink:label="label1151" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_alx_LiabilitiesNotMeasuredAtFairValue_en-US">Total liabilities not measured at fair value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1151" xlink:to="label1151" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LiabilitiesNotMeasuredAtFairValue" xlink:label="element1152" />
        <label xlink:type="resource" xlink:label="label1152" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LiabilitiesNotMeasuredAtFairValue_en-US">Total liabilities not measured at fair value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1152" xlink:to="label1152" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark2ResidentialPropertyMember" xlink:label="element1153" />
        <label xlink:type="resource" xlink:label="label1153" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RegoPark2ResidentialPropertyMember_en-US">Rego Park 2 Residential Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1153" xlink:to="label1153" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark2ResidentialPropertyMember" xlink:label="element1154" />
        <label xlink:type="resource" xlink:label="label1154" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RegoPark2ResidentialPropertyMember_en-US">Rego Park 2 Residential Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1154" xlink:to="label1154" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark2RetailPropertyMember" xlink:label="element1155" />
        <label xlink:type="resource" xlink:label="label1155" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RegoPark2RetailPropertyMember_en-US">Rego Park 2 Retail Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1155" xlink:to="label1155" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RegoPark2RetailPropertyMember" xlink:label="element1156" />
        <label xlink:type="resource" xlink:label="label1156" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RegoPark2RetailPropertyMember_en-US">Rego Park 2 Retail Property [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1156" xlink:to="label1156" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendAxis" xlink:label="element1157" />
        <label xlink:type="resource" xlink:label="label1157" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TaxTreatmentOfDividendAxis_en-US">Tax Treatment Of Dividend [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1157" xlink:to="label1157" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendAxis" xlink:label="element1158" />
        <label xlink:type="resource" xlink:label="label1158" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TaxTreatmentOfDividendAxis_en-US">Tax Treatment Of Dividend [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1158" xlink:to="label1158" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendDomain" xlink:label="element1159" />
        <label xlink:type="resource" xlink:label="label1159" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TaxTreatmentOfDividendDomain_en-US">Tax Treatment Of Dividend [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1159" xlink:to="label1159" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendDomain" xlink:label="element1160" />
        <label xlink:type="resource" xlink:label="label1160" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TaxTreatmentOfDividendDomain_en-US">Tax Treatment Of Dividend [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1160" xlink:to="label1160" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OrdinaryIncomeMember" xlink:label="element1161" />
        <label xlink:type="resource" xlink:label="label1161" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_OrdinaryIncomeMember_en-US">Ordinary Income [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1161" xlink:to="label1161" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_OrdinaryIncomeMember" xlink:label="element1162" />
        <label xlink:type="resource" xlink:label="label1162" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_OrdinaryIncomeMember_en-US">Ordinary Income [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1162" xlink:to="label1162" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LongTermCapitalGainMember" xlink:label="element1163" />
        <label xlink:type="resource" xlink:label="label1163" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_LongTermCapitalGainMember_en-US">Long Term Capital Gain [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1163" xlink:to="label1163" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_LongTermCapitalGainMember" xlink:label="element1164" />
        <label xlink:type="resource" xlink:label="label1164" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_LongTermCapitalGainMember_en-US">Long Term Capital Gain [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1164" xlink:to="label1164" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendLineItems" xlink:label="element1165" />
        <label xlink:type="resource" xlink:label="label1165" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TaxTreatmentOfDividendLineItems_en-US">Tax Treatment Of Dividend [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1165" xlink:to="label1165" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendLineItems" xlink:label="element1166" />
        <label xlink:type="resource" xlink:label="label1166" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TaxTreatmentOfDividendLineItems_en-US">Tax Treatment Of Dividend Line Items</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1166" xlink:to="label1166" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendTable" xlink:label="element1167" />
        <label xlink:type="resource" xlink:label="label1167" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_TaxTreatmentOfDividendTable_en-US">Tax Treatment Of Dividend [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1167" xlink:to="label1167" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_TaxTreatmentOfDividendTable" xlink:label="element1168" />
        <label xlink:type="resource" xlink:label="label1168" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_TaxTreatmentOfDividendTable_en-US">Tax Treatment Of Dividend Table</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1168" xlink:to="label1168" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_EstimatedDateOfCompletion" xlink:label="element1169" />
        <label xlink:type="resource" xlink:label="label1169" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_EstimatedDateOfCompletion_en-US">Estimated Date Of Completion</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1169" xlink:to="label1169" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_EstimatedDateOfCompletion" xlink:label="element1170" />
        <label xlink:type="resource" xlink:label="label1170" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_EstimatedDateOfCompletion_en-US">Estimated Date Of Completion of a real estate property.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1170" xlink:to="label1170" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerPlanPeriodContributionsDiscontinuingOperations" xlink:label="element1171" />
        <label xlink:type="resource" xlink:label="label1171" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_MultiemployerPlanPeriodContributionsDiscontinuingOperations_en-US">Multiemployer Plan Period Contributions Discontinuing Operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1171" xlink:to="label1171" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerPlanPeriodContributionsDiscontinuingOperations" xlink:label="element1172" />
        <label xlink:type="resource" xlink:label="label1172" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_MultiemployerPlanPeriodContributionsDiscontinuingOperations_en-US">Multiemployer plan period contributions relating to discontinuing operations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1172" xlink:to="label1172" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_MultiemployerPlanPeriodContributionsDiscontinuingOperations" xlink:label="element1173" />
        <label xlink:type="resource" xlink:label="label1173" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_MultiemployerPlanPeriodContributionsDiscontinuingOperations_en-US">Multiemployer plan period contributions from discontinuing operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1173" xlink:to="label1173" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementAndLeasingFeesToRelatedPartyRelatedToDiscontinuedOperations" xlink:label="element1174" />
        <label xlink:type="resource" xlink:label="label1174" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_PropertyManagementAndLeasingFeesToRelatedPartyRelatedToDiscontinuedOperations_en-US">Property Management And Leasing Fees To Related Party Related To Discontinued Operations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1174" xlink:to="label1174" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementAndLeasingFeesToRelatedPartyRelatedToDiscontinuedOperations" xlink:label="element1175" />
        <label xlink:type="resource" xlink:label="label1175" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_PropertyManagementAndLeasingFeesToRelatedPartyRelatedToDiscontinuedOperations_en-US">Property management and leasing fees to Vornado related to discontinued operations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1175" xlink:to="label1175" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_PropertyManagementAndLeasingFeesToRelatedPartyRelatedToDiscontinuedOperations" xlink:label="element1176" />
        <label xlink:type="resource" xlink:label="label1176" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_PropertyManagementAndLeasingFeesToRelatedPartyRelatedToDiscontinuedOperations_en-US">Property management and leasing fees to Vornado related to Kings Plaza (in US dollars)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1176" xlink:to="label1176" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff" xlink:label="element1177" />
        <label xlink:type="resource" xlink:label="label1177" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff_en-US">Real Estate Accumulated Depreciation Before Accumulated Depreciation On Asset Sold And Written Off</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1177" xlink:to="label1177" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff" xlink:label="element1178" />
        <label xlink:type="resource" xlink:label="label1178" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_alx_RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff_en-US">The subtotal of accumulated depreciation balance excluding accumulated depreciation on assets sold and write-off of accumulated depreciation on fully depreciated assets.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1178" xlink:to="label1178" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff" xlink:label="element1179" />
        <label xlink:type="resource" xlink:label="label1179" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_alx_RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff_en-US">Subtotal real estate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1179" xlink:to="label1179" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateBeforeRealEstateSoldAndWrittenOff" xlink:label="element1180" />
        <label xlink:type="resource" xlink:label="label1180" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_alx_RealEstateBeforeRealEstateSoldAndWrittenOff_en-US">Real Estate Before Real Estate Sold And Written Off</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1180" xlink:to="label1180" />
        <loc xlink:type="locator" xlink:href="alx-20140331.xsd#alx_RealEstateBeforeRealEstateSoldAndWrittenOff" xlink:label="element1181" />
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<TYPE>EX-101.PRE
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<DESCRIPTION>XBRL PRESENTATION FILE
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>24
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E1VBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments and Contingencies (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="5">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Lexington Avenue Property [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Paramus Property [Member]

</div>
          <div>Tenant Occupant [Member]

</div>
          <div>Ikea [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2001

</div>
          <div>Paramus Property [Member]

</div>
          <div>Tenant Occupant [Member]

</div>
          <div>Ikea [Member]

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2021

</div>
          <div>Paramus Property [Member]

</div>
          <div>Tenant Occupant [Member]

</div>
          <div>Ikea [Member]

</div>
          <div>Scenario Forecast [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Flushing Property [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>General Liability [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>All Risk Property And Rental Value [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Terrorism Coverage Including Nbcr [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>NBCR [Member]</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InsuranceAbstract', window );"><strong>Insurance [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_MortgageLoanConvertedToRecourse', window );">Mortgage loans, recourse</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 75,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Mortgages payable</a></td>
        <td class="nump">1,035,022,000<span></span></td>
        <td class="nump">1,049,959,000<span></span></td>
        <td class="nump">320,000,000<span></span></td>
        <td class="nump">68,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_InsuranceMaximumCoveragePerIncident', window );">Insurance Maximum Coverage Per Incident</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">300,000,000<span></span></td>
        <td class="nump">1,700,000,000<span></span></td>
        <td class="nump">1,700,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_Deductible', window );">Deductible</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">275,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_SelfInsuredResponsibility', window );">Self Insured Responsibility (in percentage)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">15.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_FederalGovernmentResponsibility', window );">Federal Government Responsibility (in percentage)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">85.00%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_FlushingPropertyAbstract', window );"><strong>Flushing Property [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecurityDepositLiability', window );">Non-refundable purchase deposit</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,875,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LossContingencyIndemnificationSought', window );">Indemnification Sought by Tenant</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">50,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_ParamusPropertyAbstract', window );"><strong>Paramus Property [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area Of Land (in acre)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30.3<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PropertyPurchaseOptionExcercisableByLessee', window );">Property purchase option exercisable be leasee with purchase option in 2021</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">75,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Mortgages payable</a></td>
        <td class="nump">1,035,022,000<span></span></td>
        <td class="nump">1,049,959,000<span></span></td>
        <td class="nump">320,000,000<span></span></td>
        <td class="nump">68,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateAtPeriodEnd', window );">Fixed interest rate on the debt (in percentage)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2.90%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_TripleNetRentAnnualAmount', window );">Triple-net rent, annual amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse', window );">Purchase option exercised, proceeds from sale of land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations', window );">Purchase option excercised, gain on sale of land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">60,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease', window );">Purchase option not excercised amount included in triple net rent over remainder of lease</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">68,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LoanAmortizationPeriod', window );">Loan Amortization Period</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">20 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LettersOfCreditAbstract', window );"><strong>Letters Of Credit [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LettersOfCreditOutstandingAmount', window );">Standby letters of credit, issued and outstanding</a></td>
        <td class="nump">$ 3,308,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_Deductible">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The deductible owed by our wholly owned insurance subsidiary in the event of a covered loss</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_Deductible</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_FederalGovernmentResponsibility">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of the covered portion of a loss above the deductible for which the Federal Government is responsible for covered losses</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_FederalGovernmentResponsibility</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_FlushingPropertyAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_FlushingPropertyAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_InsuranceMaximumCoveragePerIncident">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Insurance maximum coverage limit per incident</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_InsuranceMaximumCoveragePerIncident</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LettersOfCreditAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LettersOfCreditAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LoanAmortizationPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>In the event the tenant does not exercise its purchase option, the period over which the tenant's debt service portion of its rent must be sufficient to fully amortize the loan on the property</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LoanAmortizationPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LossContingencyIndemnificationSought">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indemnification sought by the tenant for legal action brought against the tenant by a 3rd party.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LossContingencyIndemnificationSought</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_MortgageLoanConvertedToRecourse">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of loan that will become recourse in case of a substantial casualty</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_MortgageLoanConvertedToRecourse</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_ParamusPropertyAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_ParamusPropertyAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PropertyPurchaseOptionExcercisableByLessee">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Lease with purchase option to be exercised by lessee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PropertyPurchaseOptionExcercisableByLessee</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the sale of land held for use in case the purchase option is exercised by leasee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PurchaseOptionExercisedProceedsFromSaleOfLandHeldForUse</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount to be amortized over the remainder of the lease term if the purchase option is not exercised.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PurchaseOptionNotExcercisedAmountIncludedInTripleNetRentOverRemainderOfLease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_SelfInsuredResponsibility">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of the covered portion of a loss above the deductible for which our wholly owned insurance subsidiary is responsible for covered losses</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_SelfInsuredResponsibility</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_TripleNetRentAnnualAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Triple-net rent, annual amount</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_TripleNetRentAnnualAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfLand">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of land held.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AreaOfLand</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateAtPeriodEnd">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The effective interest rate at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentInterestRateAtPeriodEnd</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of difference between the carrying amount and the sales price of real estate properties sold as part of discontinued operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td>duration</td>
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          <td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>us-gaap_InsuranceAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of the contingent obligation under letters of credit outstanding as of the reporting date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>us-gaap_LettersOfCreditOutstandingAmount</nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                <p>Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 13, 16<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_NotesPayable</nobr></td>
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                <p>This element represents money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.15(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SecurityDepositLiability</nobr></td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EEDAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Marketable Securities (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentHoldingsLineItems', window );"><strong>Investment Holdings [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair Value</a></td>
        <td class="nump">$ 33,363,000<span></span></td>
        <td class="nump">$ 31,522,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Macerich Interest [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentHoldingsLineItems', window );"><strong>Investment Holdings [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceShares', window );">Macerich Common Shares (in shares)</a></td>
        <td class="nump">535,265<span></span></td>
        <td class="nump">535,265<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_EconomicBasisOfMarketableSecuritiesPerShare', window );">Economic basis per share (in dollars per share)</a></td>
        <td class="nump">$ 56.05<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost', window );">GAAP Cost</a></td>
        <td class="nump">30,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair Value</a></td>
        <td class="nump">$ 33,363,000<span></span></td>
        <td class="nump">$ 31,522,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Closing share price (in dollars per share)</a></td>
        <td class="nump">$ 62.33<span></span></td>
        <td class="nump">$ 58.89<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_EconomicBasisOfMarketableSecuritiesPerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Economic basis per share of marketable securities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_EconomicBasisOfMarketableSecuritiesPerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28360136&amp;loc=d3e22054-111558<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -Subparagraph (aa)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26610-111562<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecurities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecuritiesAmortizedCost</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentHoldingsLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentHoldingsLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalanceShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Balance held at close of period in number of shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SX 210.12-12C.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611225-123010<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.12-14.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611322-123010<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-12.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611133-123010<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12C<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentOwnedBalanceShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Price of a single share of a number of saleable stocks of a company.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E6KAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Rego Park II Apartment Tower (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Rego Park 2 Property [Member]

</div>
          <div>Property Under Development [Member]

</div>
          <div>sqft

</div>
          <div>aptunits</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units in real estate property (in units)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">300<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfRealEstateProperty', window );">Square Footage of Real Estate Property (in square feet)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">250,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_EstimatedBudgetedCost', window );">Estimated total cost</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 125,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DevelopmentInProcess', window );">Development and construction in progress</a></td>
        <td class="nump">$ 6,085,000<span></span></td>
        <td class="nump">$ 4,924,000<span></span></td>
        <td class="nump">$ 4,109,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_EstimatedBudgetedCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Estimated total cost for proposed development.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_EstimatedBudgetedCost</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfRealEstateProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of a real estate property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AreaOfRealEstateProperty</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DevelopmentInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current amount of expenditures for a real estate project that has not yet been completed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.10)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DevelopmentInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfUnitsInRealEstateProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of units in a real estate property owned as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NumberOfUnitsInRealEstateProperty</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstatePropertiesLineItems</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<TYPE>XML
<SEQUENCE>32
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EWLAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Tenants (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue, net (in dollars)</a></td>
        <td class="nump">$ 49,468,000<span></span></td>
        <td class="nump">$ 48,775,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Sales Revenue Services Net [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Percentage Rent Contributed By Tenant</a></td>
        <td class="nump">10.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Bloomberg [Member] | Customer Concentration Risk [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue, net (in dollars)</a></td>
        <td class="nump">$ 22,017,000<span></span></td>
        <td class="nump">$ 21,802,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Bloomberg [Member] | Customer Concentration Risk [Member] | Sales Revenue Services Net [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Percentage Rent Contributed By Tenant</a></td>
        <td class="nump">45.00%<span></span></td>
        <td class="nump">45.00%<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13537-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6404-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13531-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6351-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConcentrationRiskPercentage1</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstatePropertiesLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstatePropertiesLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate revenue from real estate operations during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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  </body>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E5ABI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Mortgages Payable (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
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</div>
          <div>Rego Park 1 Shopping [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Rego Park 1 Shopping [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Rego Park 2 Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Rego Park 2 Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Lexington Avenue Property [Member]</div>
        </th>
        <th class="th">
          <div>Feb. 28, 2014

</div>
          <div>Lexington Avenue Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]

</div>
          <div>Office Space [Member]

</div>
          <div>Extensions</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Lexington Avenue Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]

</div>
          <div>Office Space [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Lexington Avenue Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]

</div>
          <div>Office Space [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Lexington Avenue Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]

</div>
          <div>Retail Space [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Lexington Avenue Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]

</div>
          <div>Retail Space [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Lexington Avenue Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]

</div>
          <div>Retail Space [Member]

</div>
          <div>Maximum [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014

</div>
          <div>Paramus Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Paramus Property [Member]

</div>
          <div>Mortgages [Member]

</div>
          <div>Secured [Member]</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PercentageOfCashMortgageCollateralized', window );">Percentage of cash mortgage collateralized</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">100.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_DebtInstrumentMaturityDateString', window );">Debt Instrument Maturity Date String</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2015-03<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2018-11<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2021-03<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2015-07<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2018-10<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateAtPeriodEnd', window );">Interest rate (in percentage)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0.40%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1.11%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4.93%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2.90%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Balance</a></td>
        <td class="nump">$ 1,035,022,000<span></span></td>
        <td class="nump">$ 1,049,959,000<span></span></td>
        <td class="nump">$ 78,246,000<span></span></td>
        <td class="nump">$ 78,246,000<span></span></td>
        <td class="nump">$ 268,776,000<span></span></td>
        <td class="nump">$ 269,496,000<span></span></td>
        <td class="nump">$ 320,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 300,000,000<span></span></td>
        <td class="nump">$ 314,217,000<span></span></td>
        <td class="nump">$ 320,000,000<span></span></td>
        <td class="nump">$ 320,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 68,000,000<span></span></td>
        <td class="nump">$ 68,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Basis spread over LIBOR (in percentage)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1.85%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0.95%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_MortgageLoanConvertedToRecourse', window );">Mortgage Loan Converted To Recourse</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">75,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">75,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfDebt', window );">Proceeds from (Repayments of) Debt</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">300,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_NumberOfExtensionsAvailable', window );">Number Of Extensions Available (Extensions)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LengthOfExtensionAvailable', window );">Length Of Extension Available</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">1 year<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Derivative Notional Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 300,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeCapInterestRate', window );">Derivative cap interest rate, LIBOR</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_DebtInstrumentMaturityDateString">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Debt instrument maturity date</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_DebtInstrumentMaturityDateString</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>invest:dateStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LengthOfExtensionAvailable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The term of the extension available, in years.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LengthOfExtensionAvailable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_MortgageLoanConvertedToRecourse">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of loan that will become recourse in case of a substantial casualty</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_MortgageLoanConvertedToRecourse</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_NumberOfExtensionsAvailable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total number of term extensions available to the borrower.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_NumberOfExtensionsAvailable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PercentageOfCashMortgageCollateralized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of cash mortgage collateralized</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PercentageOfCashMortgageCollateralized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_DerivativeNotionalAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 12<br><br> -Section 13<br><br> -Sentence Column B<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>invest_DerivativeNotionalAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>invest_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateAtPeriodEnd">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The effective interest rate at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentInterestRateAtPeriodEnd</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeCapInterestRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeCapInterestRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MortgageLoansOnRealEstateLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 13, 16<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow in aggregate debt due to repayments and proceeds from additional borrowings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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  </body>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E4GAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump">$ 15,244<span></span></td>
        <td class="nump">$ 14,162<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization, including amortization of debt issuance costs</a></td>
        <td class="nump">7,898<span></span></td>
        <td class="nump">7,821<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StraightLineRent', window );">Straight-lining of rental income</a></td>
        <td class="num">(641)<span></span></td>
        <td class="num">(949)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Change in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Tenant and other receivables, net</a></td>
        <td class="nump">193<span></span></td>
        <td class="num">(424)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">Other assets</a></td>
        <td class="nump">9,547<span></span></td>
        <td class="nump">9,277<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToRelatedParties', window );">Amounts due to Vornado</a></td>
        <td class="num">(815)<span></span></td>
        <td class="num">(822)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">8,888<span></span></td>
        <td class="nump">4,488<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Other liabilities</a></td>
        <td class="num">(3)<span></span></td>
        <td class="num">(1)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities</a></td>
        <td class="nump">40,311<span></span></td>
        <td class="nump">33,552<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Restricted cash</a></td>
        <td class="nump">4,510<span></span></td>
        <td class="nump">919<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PaymentsForCapitalImprovementsAndConstructionInProcess', window );">Construction in progress and real estate additions</a></td>
        <td class="num">(1,444)<span></span></td>
        <td class="num">(1,267)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
        <td class="nump">3,066<span></span></td>
        <td class="num">(348)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Debt repayments</a></td>
        <td class="num">(314,937)<span></span></td>
        <td class="num">(3,963)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from borrowing</a></td>
        <td class="nump">300,000<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends paid</a></td>
        <td class="num">(16,607)<span></span></td>
        <td class="num">(14,047)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Debt issuance costs</a></td>
        <td class="num">(4,223)<span></span></td>
        <td class="num">(82)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash used in financing activities</a></td>
        <td class="num">(35,767)<span></span></td>
        <td class="num">(18,092)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase in cash and cash equivalents</a></td>
        <td class="nump">7,610<span></span></td>
        <td class="nump">15,112<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">347,718<span></span></td>
        <td class="nump">353,396<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">355,328<span></span></td>
        <td class="nump">368,508<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowElementsAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash payments for interest, excluding capitalized interest of $30 in 2014</a></td>
        <td class="nump">10,291<span></span></td>
        <td class="nump">10,472<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_NonCashTransactionsAbstract', window );"><strong>NON-CASH TRANSACTIONS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_NonCashAdditionsToRealEstate', window );">Liability for real estate additions included in accounts payable and accrued expenses</a></td>
        <td class="nump">1,750<span></span></td>
        <td class="nump">603<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_WriteOffOfFullyAmortizedAndDepreciatedAssets', window );">Write-off of fully amortized and depreciated assets</a></td>
        <td class="nump">$ 10,569<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_NonCashAdditionsToRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Non-cash additions to real estate included in accounts payable and accrued expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_NonCashAdditionsToRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_NonCashTransactionsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_NonCashTransactionsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PaymentsForCapitalImprovementsAndConstructionInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use and the cash outflow from construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PaymentsForCapitalImprovementsAndConstructionInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_WriteOffOfFullyAmortizedAndDepreciatedAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents written off amount of fully amortized and depreciated assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_WriteOffOfFullyAmortizedAndDepreciatedAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families; affiliates; or other parties with the ability to exert significant influence.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDueToRelatedParties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInRestrictedCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInRestrictedCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDebtIssuanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDebtIssuanceCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                  <tr>
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                    <td>duration</td>
                  </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StraightLineRent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference between actual rental income due and rental income recognized on a straight-line basis.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StraightLineRent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowElementsAbstract</nobr></td>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E11AG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Fair Value Measurements (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueNetAssetLiabilityAbstract', window );"><strong>Financial Assets And Liabilities Measured At Fair Value</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Marketable securities</a></td>
        <td class="nump">$ 33,363<span></span></td>
        <td class="nump">$ 31,522<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Interest rate cap (included in other assets)</a></td>
        <td class="nump">242<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Total assets</a></td>
        <td class="nump">33,605<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Carrying Reported Amount Fair Value Disclosure [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash Equivalents</a></td>
        <td class="nump">341,294<span></span></td>
        <td class="nump">184,796<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
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        <td class="nump">1,035,022<span></span></td>
        <td class="nump">1,049,959<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty', window );">Leasing commissions (included in amounts due to Vornado)</a></td>
        <td class="nump">42,102<span></span></td>
        <td class="nump">42,924<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LiabilitiesNotMeasuredAtFairValue', window );">Total liabilities not measured at fair value</a></td>
        <td class="nump">1,077,124<span></span></td>
        <td class="nump">1,092,883<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Estimate Of Fair Value Fair Value Disclosure [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash Equivalents</a></td>
        <td class="nump">341,294<span></span></td>
        <td class="nump">184,796<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableFairValueDisclosure', window );">Mortgages Payable</a></td>
        <td class="nump">1,055,000<span></span></td>
        <td class="nump">1,072,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty', window );">Leasing commissions (included in amounts due to Vornado)</a></td>
        <td class="nump">42,000<span></span></td>
        <td class="nump">43,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LiabilitiesNotMeasuredAtFairValue', window );">Total liabilities not measured at fair value</a></td>
        <td class="nump">1,097,000<span></span></td>
        <td class="nump">1,115,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value, Inputs, Level 1 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueNetAssetLiabilityAbstract', window );"><strong>Financial Assets And Liabilities Measured At Fair Value</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Marketable securities</a></td>
        <td class="nump">33,363<span></span></td>
        <td class="nump">31,522<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Interest rate cap (included in other assets)</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Total assets</a></td>
        <td class="nump">33,363<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value, Inputs, Level 2 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueNetAssetLiabilityAbstract', window );"><strong>Financial Assets And Liabilities Measured At Fair Value</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Marketable securities</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Interest rate cap (included in other assets)</a></td>
        <td class="nump">242<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Total assets</a></td>
        <td class="nump">242<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value, Inputs, Level 3 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueNetAssetLiabilityAbstract', window );"><strong>Financial Assets And Liabilities Measured At Fair Value</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Marketable securities</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Interest rate cap (included in other assets)</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Total assets</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LiabilitiesNotMeasuredAtFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total liabilities not measured at fair value</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LiabilitiesNotMeasuredAtFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsFairValueDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28360136&amp;loc=d3e22054-111558<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -Subparagraph (aa)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26610-111562<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsFairValueDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeFairValueOfDerivativeAsset">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28370219&amp;loc=SL20226000-175313<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225523&amp;loc=SL20225862-175312<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4B<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624163-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeFairValueOfDerivativeAsset</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueNetAssetLiabilityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueNetAssetLiabilityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableFairValueDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value portion of notes payable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableFairValueDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionDueFromToRelatedParty</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ESMAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCostAbstract', window );"><strong>Real estate, at cost:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Land', window );">Land</a></td>
        <td class="nump">$ 44,971<span></span></td>
        <td class="nump">$ 44,971<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BuildingsAndImprovementsGross', window );">Buildings and leasehold improvements</a></td>
        <td class="nump">870,630<span></span></td>
        <td class="nump">869,681<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DevelopmentInProcess', window );">Development and construction in progress</a></td>
        <td class="nump">6,085<span></span></td>
        <td class="nump">4,924<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Total</a></td>
        <td class="nump">921,686<span></span></td>
        <td class="nump">919,576<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Accumulated depreciation and amortization</a></td>
        <td class="num">(191,526)<span></span></td>
        <td class="num">(185,375)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate, net</a></td>
        <td class="nump">730,160<span></span></td>
        <td class="nump">734,201<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">355,328<span></span></td>
        <td class="nump">347,718<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
        <td class="nump">85,534<span></span></td>
        <td class="nump">90,044<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecurities', window );">Marketable securities</a></td>
        <td class="nump">33,363<span></span></td>
        <td class="nump">31,522<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Tenant and other receivables, net of allowance for doubtful accounts of $1,960 and $1,993, respectively</a></td>
        <td class="nump">2,732<span></span></td>
        <td class="nump">2,925<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentReceivablesNet', window );">Receivable arising from the straight-lining of rents</a></td>
        <td class="nump">178,042<span></span></td>
        <td class="nump">177,401<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsLeasingNet', window );">Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $35,868 and $36,728, respectively</a></td>
        <td class="nump">49,161<span></span></td>
        <td class="nump">50,273<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Deferred debt issuance costs, net of accumulated amortization of $9,243 and $19,187, respectively</a></td>
        <td class="nump">6,844<span></span></td>
        <td class="nump">3,246<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="nump">10,879<span></span></td>
        <td class="nump">20,394<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">1,452,043<span></span></td>
        <td class="nump">1,457,724<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>Liabilities and Equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Mortgages payable</a></td>
        <td class="nump">1,035,022<span></span></td>
        <td class="nump">1,049,959<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent', window );">Amounts due to Vornado</a></td>
        <td class="nump">42,492<span></span></td>
        <td class="nump">43,307<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">37,004<span></span></td>
        <td class="nump">27,450<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilities', window );">Other liabilities</a></td>
        <td class="nump">3,424<span></span></td>
        <td class="nump">3,427<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">1,117,942<span></span></td>
        <td class="nump">1,124,143<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,106,196 shares</a></td>
        <td class="nump">5,173<span></span></td>
        <td class="nump">5,173<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional capital</a></td>
        <td class="nump">29,745<span></span></td>
        <td class="nump">29,745<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump">296,152<span></span></td>
        <td class="nump">297,515<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
        <td class="nump">3,405<span></span></td>
        <td class="nump">1,522<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityBeforeTreasuryStock', window );">Equity before treasury stock</a></td>
        <td class="nump">334,475<span></span></td>
        <td class="nump">333,955<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock: 67,254 shares, at cost</a></td>
        <td class="num">(374)<span></span></td>
        <td class="num">(374)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total equity</a></td>
        <td class="nump">334,101<span></span></td>
        <td class="nump">333,581<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and equity</a></td>
        <td class="nump">$ 1,452,043<span></span></td>
        <td class="nump">$ 1,457,724<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(1),(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph 1, 5<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.5)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=SL7669686-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BuildingsAndImprovementsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BuildingsAndImprovementsGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCostsLeasingNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents costs incurred by the lessor that are (a) costs to originate a lease incurred in transactions with independent third parties that (i) result directly from and are essential to acquire that lease and (ii) would not have been incurred had that leasing transaction not occurred and (b) certain costs directly related to specified activities performed by the lessor for that lease. Those activities are: evaluating the prospective lessee's financial condition; evaluating and recording guarantees, collateral, and other security arrangements; negotiating lease terms; preparing and processing lease documents; and closing the transaction. This element is net of accumulated amortization.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 17<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6748888&amp;loc=d3e40246-112709<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6748888&amp;loc=d3e40588-112709<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCostsLeasingNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the carrying amount (net of accumulated amortization) as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28555-108399<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredFinanceCostsNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentReceivablesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39927-112707<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRentReceivablesNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DevelopmentInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current amount of expenditures for a real estate project that has not yet been completed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DevelopmentInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of obligations due all related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(3),(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph 3, 4<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueToRelatedPartiesCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Land">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depletion of real estate held for productive use, excluding land held for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Land</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27161-111563<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13, 16<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation for real estate property held for investment purposes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAtCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestmentPropertyAtCost</nobr></td>
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                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestmentPropertyAtCostAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestmentPropertyNet</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RestrictedCashAndCashEquivalents</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
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                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total amount of stockholders' equity (deficit) items including stock value, paid in capital, retained earnings and including equity attributable to noncontrolling interests and before deducting the carrying value of treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityBeforeTreasuryStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EDHAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump">$ 15,244<span></span></td>
        <td class="nump">$ 14,162<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive income:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent', window );">Change in unrealized net gain on available-for-sale securities</a></td>
        <td class="nump">1,841<span></span></td>
        <td class="nump">3,254<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent', window );">Change in value of interest rate cap</a></td>
        <td class="nump">42<span></span></td>
        <td class="nump">0<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income</a></td>
        <td class="nump">$ 17,127<span></span></td>
        <td class="nump">$ 17,416<span></span></td>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
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                <p>Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p>
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                <p>Amount after tax and reclassification adjustments, of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss), attributable to parent entity.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Relationship with Vornado (Tables)<br></strong></div>
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                <p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair value measurements (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
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          <div>Mar. 31, 2014</div>
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        <td class="text">&#xA0;<span></span></td>
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text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;"> (Amounts in thousands)</font></td><td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td><td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2"  style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:60px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">Level 1</font></td><td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2"  style="width: 60px; 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border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td></tr><tr style="height: 16px"><td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;">&#160;</td><td colspan="11"  style="width: 270px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:270px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">As of December 31, 2013</font></td><td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td></tr><tr style="height: 16px"><td   style="width: 80px; 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border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 31,522</font></td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> -</font></td><td   style="width: 80px; text-align:center;border-color:#000000;min-width:80px;">&#160;</td></tr><tr style="height: 16px"><td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 50px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td   style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td></tr></table></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByBalanceSheetGroupingTextBlock', window );">Fair Value, by Balance Sheet Grouping [Table Text Block]</a></td>
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text-align:left;border-color:#000000;min-width:71px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;">&#160;</td><td   style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;">&#160;</td></tr><tr style="height: 16px"><td colspan="2"  style="width: 334px; text-align:left;border-color:#000000;min-width:334px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Liabilities:</font></td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 71px; text-align:left;border-color:#000000;min-width:71px;">&#160;</td><td   style="width: 10px; 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                <p>Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance, at Dec. 31, 2013</a></td>
        <td class="nump">333,581<span></span></td>
        <td class="nump">5,173<span></span></td>
        <td class="nump">29,745<span></span></td>
        <td class="nump">297,515<span></span></td>
        <td class="nump">1,522<span></span></td>
        <td class="num">(374)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Shares Issued, Beginning Balance (in shares) at Dec. 31, 2013</a></td>
        <td class="nump">5,173,450<span></span></td>
        <td class="nump">5,173,450<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump">15,244<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">15,244<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends paid</a></td>
        <td class="num">(16,607)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(16,607)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent', window );">Change in unrealized net gain on available-for-sale securities</a></td>
        <td class="nump">1,841<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,841<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent', window );">Change in value of interest rate cap</a></td>
        <td class="nump">42<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">42<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance, at Mar. 31, 2014</a></td>
        <td class="nump">$ 334,101<span></span></td>
        <td class="nump">$ 5,173<span></span></td>
        <td class="nump">$ 29,745<span></span></td>
        <td class="nump">$ 296,152<span></span></td>
        <td class="nump">$ 3,405<span></span></td>
        <td class="num">$ (374)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Shares Issued, Ending Balance (in shares) at Mar. 31, 2014</a></td>
        <td class="nump">5,173,450<span></span></td>
        <td class="nump">5,173,450<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsCommonStockCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569643-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (c)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax and reclassification adjustments, of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss), attributable to parent entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569643-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (c)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ETIAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (Parentheticals) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Allowance for doubtful accounts (in US dollars)</a></td>
        <td class="nump">$ 1,960<span></span></td>
        <td class="nump">$ 1,993<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_UnamortizedLeasingFeesToRelatedParty', window );">Unamortized leasing fees to Vornado (in US dollars)</a></td>
        <td class="nump">35,868<span></span></td>
        <td class="nump">36,728<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedAmortizationDeferredFinanceCosts', window );">Deferred debt issuance costs, accumulated amortization (in US dollars)</a></td>
        <td class="nump">$ 9,243<span></span></td>
        <td class="nump">$ 19,187<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementLineItems', window );"><strong>Liabilities and Equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock: par value per share (in dollars per share)</a></td>
        <td class="nump">$ 1.00<span></span></td>
        <td class="nump">$ 1.00<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock: authorized shares</a></td>
        <td class="nump">3,000,000<span></span></td>
        <td class="nump">3,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock: issued shares</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock: outstanding shares</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock: par value per share (in dollars per share)</a></td>
        <td class="nump">$ 1.00<span></span></td>
        <td class="nump">$ 1.00<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock: authorized shares</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock: issued shares</a></td>
        <td class="nump">5,173,450<span></span></td>
        <td class="nump">5,173,450<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock: outstanding shares</a></td>
        <td class="nump">5,106,196<span></span></td>
        <td class="nump">5,106,196<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock: shares</a></td>
        <td class="nump">67,254<span></span></td>
        <td class="nump">67,254<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_UnamortizedLeasingFeesToRelatedParty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unamortized leasing fees paid to a related party.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_UnamortizedLeasingFeesToRelatedParty</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedAmortizationDeferredFinanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the accumulated amortization, as of the reporting date, representing the periodic charge to earnings of deferred costs which are associated with debt obligations existing as of the end of the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 17<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedAmortizationDeferredFinanceCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28368275&amp;loc=d3e5074-111524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of common stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:sharesItemType</td>
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                    <td>na</td>
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                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
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                    <td>na</td>
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                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
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                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
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                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
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                <p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Mortgages Payable<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Mar. 31, 2014</div>
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        <td class="text"><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">8</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgages Payable</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">On February 28, 2014, we completed a $300,000</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> refinancing of the office portion of 731 Lexington Avenue.  The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options.  The proceeds of the new loan </font><font style="font-family:Times New Roman;font-size:10pt;">and existing cash </font><font style="font-family:Times New Roman;font-size:10pt;">were used to repay the existing loan and closing costs.  </font><font style="font-family:Times New Roman;font-size:10pt;">In connection </font><font style="font-family:Times New Roman;font-size:10pt;">there</font><font style="font-family:Times New Roman;font-size:10pt;">with</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> we purchased an interest rate cap with a notional amount of $300,000,000</font><font style="font-family:Times New Roman;font-size:10pt;"> that</font><font style="font-family:Times New Roman;font-size:10pt;"> caps LIBOR at </font><font style="font-family:Times New Roman;font-size:10pt;">a rate of </font><font style="font-family:Times New Roman;font-size:10pt;">6.0%</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">The </font><font style="font-family:Times New Roman;font-size:10pt;">following is a summary of our outstanding </font><font style="font-family:Times New Roman;font-size:10pt;">mortgage</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> payable</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;">  We </font><font style="font-family:Times New Roman;font-size:10pt;">may</font><font style="font-family:Times New Roman;font-size:10pt;"> refinance </font><font style="font-family:Times New Roman;font-size:10pt;">our </font><font style="font-family:Times New Roman;font-size:10pt;">maturing </font><font style="font-family:Times New Roman;font-size:10pt;">debt as it comes due</font><font style="font-family:Times New Roman;font-size:10pt;"> or choose to repay it at maturity</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; 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                    <td>na</td>
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                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
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                <p>No definition available.</p>
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                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>No definition available.</p>
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Fair value measurements<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
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          <div>Mar. 31, 2014</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value Measurements [Text Block]</a></td>
        <td class="text"><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">9</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair Value</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Measurements</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">ASC</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;">20</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Fair Value Measurement</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Disclosures</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">defines</font><font style="font-family:Times New Roman;font-size:10pt;"> fair value and establishes a framework for measuring fair value.  ASC 820</font><font style="font-family:Times New Roman;font-size:10pt;"> establishes a fair value hierarchy that prioritizes observable</font><font style="font-family:Times New Roman;font-size:10pt;"> and unobservable inputs used to measure fair value into three levels: Level 1 &#8211; quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 &#8211; observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 &#8211; unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. </font><font style="font-family:Times New Roman;font-size:10pt;">In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20.15px;">Financial </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Assets and Liabilities Measured at Fair Value</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">Financial assets </font><font style="font-family:Times New Roman;font-size:10pt;">measured</font><font style="font-family:Times New Roman;font-size:10pt;"> at fair value </font><font style="font-family:Times New Roman;font-size:10pt;">on</font><font style="font-family:Times New Roman;font-size:10pt;"> our consolidated </font><font style="font-family:Times New Roman;font-size:10pt;">balance sheets</font><font style="font-family:Times New Roman;font-size:10pt;"> at </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, 2013,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">consist</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">marketable securities</font><font style="font-family:Times New Roman;font-size:10pt;"> and an interest rate cap</font><font style="font-family:Times New Roman;font-size:10pt;">, which</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">are</font><font style="font-family:Times New Roman;font-size:10pt;"> presented in the table below</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> based on </font><font style="font-family:Times New Roman;font-size:10pt;">their</font><font style="font-family:Times New Roman;font-size:10pt;"> level in the fair value hierarchy.</font><font style="font-family:Times New Roman;font-size:10pt;">  </font><font style="font-family:Times New Roman;font-size:10pt;">There were no </font><font style="font-family:Times New Roman;font-size:10pt;">financial liabilities </font><font style="font-family:Times New Roman;font-size:10pt;">measured</font><font style="font-family:Times New Roman;font-size:10pt;"> at fair value at </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2013</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; 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text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td   style="width: 35px; text-align:left;border-color:#000000;min-width:35px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Marketable securities</font></td><td   style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td   style="width: 50px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:50px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 31,522</font></td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 10px; 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Cash equivalents are carried at cost, which approximates fair value due</font><font style="font-family:Times New Roman;font-size:10pt;"> to</font><font style="font-family:Times New Roman;font-size:10pt;"> their short</font><font style="font-family:Times New Roman;font-size:10pt;">-</font><font style="font-family:Times New Roman;font-size:10pt;">term maturities</font><font style="font-family:Times New Roman;font-size:10pt;">.  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text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,097,000</font></td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td   style="width: 71px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:71px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;"> 1,092,883</font></td><td   style="width: 9px; 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                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13537-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13433-108611<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28364263&amp;loc=d3e13504-108611<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERSAE">
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          <div style="width: 200px;"><strong>Consolidated Statements of Income (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">7,261<span></span></td>
        <td class="nump">7,223<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative, including management fees to Vornado of $595 in each period</a></td>
        <td class="nump">1,187<span></span></td>
        <td class="nump">1,017<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
        <td class="nump">24,938<span></span></td>
        <td class="nump">23,847<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">OPERATING INCOME</a></td>
        <td class="nump">24,530<span></span></td>
        <td class="nump">24,928<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest and other income, net</a></td>
        <td class="nump">401<span></span></td>
        <td class="nump">385<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDebtExpense', window );">Interest and debt expense</a></td>
        <td class="num">(9,684)<span></span></td>
        <td class="num">(11,148)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
        <td class="nump">15,247<span></span></td>
        <td class="nump">14,165<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
        <td class="num">(3)<span></span></td>
        <td class="num">(3)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump">$ 15,244<span></span></td>
        <td class="nump">$ 14,162<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract', window );"><strong>Income per common share- basic and diluted:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net income per common share- basic and diluted (in dollars per share)</a></td>
        <td class="nump">$ 2.98<span></span></td>
        <td class="nump">$ 2.77<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average shares outstanding - (in shares)</a></td>
        <td class="nump">5,109,717<span></span></td>
        <td class="nump">5,108,016<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividends per common share (in dollars per share)</a></td>
        <td class="nump">$ 3.25<span></span></td>
        <td class="nump">$ 2.75<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends declared during the period for each share of common stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockDividendsPerShareDeclared</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDilutedAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndDebtExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest and debt related expenses associated with nonoperating financing activities of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndDebtExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndOtherIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingCostsAndExpenses</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpenses</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpensesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesIncomeStatementLeaseRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate revenue from real estate operations during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateRevenueNet</nobr></td>
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                    <td>us-gaap_</td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateRevenueNetAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TenantReimbursements</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Recently Issued Accounting Literature<br></strong></div>
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          <div>Mar. 31, 2014</div>
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                <p>The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.</p>
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                <p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p>
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text-align:left;border-color:#000000;min-width:196px;">&#160;<sup></sup></td><td   style="width: 70px; text-align:left;border-color:#000000;min-width:70px;">&#160;<sup></sup></td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 65px; text-align:left;border-color:#000000;min-width:65px;">&#160;</td><td   style="width: 40px; text-align:left;border-color:#000000;min-width:40px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 66px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:66px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 65px; 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      </tr>
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                <p>Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div>
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        <td class="text"><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">10</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments and Contingencies</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Insurance</font></p><p style='margin-top:6pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;">We maintain general liability insurance with limits of $300,000,000 per occurrence and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts</font><font style="font-family:Times New Roman;font-size:10pt;"> of terrorism</font><font style="font-family:Times New Roman;font-size:10pt;">, with sub-limits for certain perils such as floods and earthquakes on each of our properties.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;">Fifty Ninth Street Insurance Company, LLC (&#8220;FNSIC&#8221;), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (&#8220;NBCR&#8221;) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act</font><font style="font-family:Times New Roman;font-size:10pt;"> of 2007, which expires in December 2014</font><font style="font-family:Times New Roman;font-size:10pt;">.&#160; Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence</font><font style="font-family:Times New Roman;font-size:10pt;"> and in the aggregate</font><font style="font-family:Times New Roman;font-size:10pt;">.&#160; Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies with no exposure to FNSIC.&#160; For NBCR acts, FNSIC is responsible for a $275,000 deductible and 15% of the balance of a covered loss and the Federal government is responsible for the remaining 85% of a covered loss.&#160; We are ultimately responsible for any loss </font><font style="font-family:Times New Roman;font-size:10pt;">incurred</font><font style="font-family:Times New Roman;font-size:10pt;"> by FNSIC.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;">We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism.  However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future.  </font><font style="font-family:Times New Roman;font-size:10pt;">We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;">Our m</font><font style="font-family:Times New Roman;font-size:10pt;">ortgage</font><font style="font-family:Times New Roman;font-size:10pt;"> loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on our 731 Lexington Avenue property, in the event of a substantial casualty, as defined.&#160; Our mortgage loans contain customary covenants requiring us to maintain insurance.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future.  </font><font style="font-family:Times New Roman;font-size:10pt;">If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">10.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments and Contingencies</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> &#8211; continued </font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Flushing Property</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;">In 2002</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> Flushing Expo, Inc. (&#8220;Expo&#8221;) agreed to purchase the stock of the entity which owns the Flushing property from us (&#8220;Purchase of the Property&#8221;) and gave us a non-refundable deposit of $1,875,000.  Pursuant to a stipulation of settlement, we settled the action Expo brought against us regarding the Purchase of the Property and in June 2011, deposited the settlement amount with the Court, in exchange for which we received a stipulation of discontinuance, with prejudice, as well as general releases.  In November 2011, Expo filed another action, this time against our tenant at the Flushing property asserting, among other things, that such tenant interfered with Expo's Purchase of the Property from us and sought $50,000,000 in damages from our tenant, who sought indemnification from us for such amount.  In August 2012, the Court entered judgment denying Expo's claim for damages.  Expo filed a motion to re-argue the decision, which the Court denied on December 7, 2012.  Expo appealed the Court's </font><font style="font-family:Times New Roman;font-size:10pt;">August 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> decision</font><font style="font-family:Times New Roman;font-size:10pt;">, which the </font><font style="font-family:Times New Roman;font-size:10pt;">C</font><font style="font-family:Times New Roman;font-size:10pt;">ourt denied o</font><font style="font-family:Times New Roman;font-size:10pt;">n April 16, 2014</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Paramus</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;">In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures in October 2018.  The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.</font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Letters of Credit</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;">Approximately $3,308,000 of standby letters of credit were outstanding as of March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014.</font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Other</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:13.7px;">There are various other legal actions against us in the ordinary course of business.  In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.</font></p><span></span></td>
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                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Marketable Securities<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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        <td class="text"><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">6</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Marketable Securities</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">As of</font><font style="font-family:Times New Roman;font-size:10pt;"> March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, 2013</font><font style="font-family:Times New Roman;font-size:10pt;">, we own</font><font style="font-family:Times New Roman;font-size:10pt;">ed</font><font style="font-family:Times New Roman;font-size:10pt;"> 535,265 </font><font style="font-family:Times New Roman;font-size:10pt;">common shares</font><font style="font-family:Times New Roman;font-size:10pt;"> of The </font><font style="font-family:Times New Roman;font-size:10pt;">Macerich</font><font style="font-family:Times New Roman;font-size:10pt;"> Company</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Macerich</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> (NYSE: MAC)</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">which we</font><font style="font-family:Times New Roman;font-size:10pt;">re</font><font style="font-family:Times New Roman;font-size:10pt;"> received </font><font style="font-family:Times New Roman;font-size:10pt;">in connection with the sale of</font><font style="font-family:Times New Roman;font-size:10pt;"> the</font><font style="font-family:Times New Roman;font-size:10pt;"> Kings Plaza</font><font style="font-family:Times New Roman;font-size:10pt;"> Regional Shopping Center</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">Macerich</font><font style="font-family:Times New Roman;font-size:10pt;"> in November 2012</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">These shares </font><font style="font-family:Times New Roman;font-size:10pt;">have an economic </font><font style="font-family:Times New Roman;font-size:10pt;">cost</font><font style="font-family:Times New Roman;font-size:10pt;"> of $56.05 per share, or $30,000,000 in the aggregate</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">A</font><font style="font-family:Times New Roman;font-size:10pt;">s of</font><font style="font-family:Times New Roman;font-size:10pt;"> March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014</font><font style="font-family:Times New Roman;font-size:10pt;"> and December 31, 2013</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> fair value</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of</font><font style="font-family:Times New Roman;font-size:10pt;"> these shares </font><font style="font-family:Times New Roman;font-size:10pt;">w</font><font style="font-family:Times New Roman;font-size:10pt;">ere</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">33,363,000</font><font style="font-family:Times New Roman;font-size:10pt;"> and $31,522,000, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">based on </font><font style="font-family:Times New Roman;font-size:10pt;">Macerich's</font><font style="font-family:Times New Roman;font-size:10pt;"> closing share price </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">62.33 per share and $58.89</font><font style="font-family:Times New Roman;font-size:10pt;"> per </font><font style="font-family:Times New Roman;font-size:10pt;">share</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;">  These shares are included in </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">marketable securities&#8221; on our consolidated balance sheets and are classified as available-for-sale.  </font><font style="font-family:Times New Roman;font-size:10pt;">Available-for-sale securities are presented at fair value</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">u</font><font style="font-family:Times New Roman;font-size:10pt;">nrealized gains and losses resulting from the mark-to-market of these securities are included</font><font style="font-family:Times New Roman;font-size:10pt;"> in &#8220;other comprehensive income</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for  investments in certain debt and equity securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27290-111563<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -Glossary Debt Security<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509901<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 320<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62557-112803<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27161-111563<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27405-111563<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -Glossary Equity Security<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6511694<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Relationship with Vornado<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Mar. 31, 2014</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related party transactions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">4</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Relationship with </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">At </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2014</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> owned </font><font style="font-family:Times New Roman;font-size:10pt;">32.4</font><font style="font-family:Times New Roman;font-size:10pt;">% of our outstanding common stock.  We are managed by, and our properties are leased and developed by, </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> pursuant to </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">agreements</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">described below</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">which </font><font style="font-family:Times New Roman;font-size:10pt;">expire in March of each year and are automatically renewable.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Management and Development Agreements</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">W</font><font style="font-family:Times New Roman;font-size:10pt;">e</font><font style="font-family:Times New Roman;font-size:10pt;"> pay</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> an annual management fee equal to the sum of (</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">) $</font><font style="font-family:Times New Roman;font-size:10pt;">2,8</font><font style="font-family:Times New Roman;font-size:10pt;">00,000, (ii) </font><font style="font-family:Times New Roman;font-size:10pt;">2% of gross </font><font style="font-family:Times New Roman;font-size:10pt;">revenue</font><font style="font-family:Times New Roman;font-size:10pt;"> from the </font><font style="font-family:Times New Roman;font-size:10pt;">Rego</font><font style="font-family:Times New Roman;font-size:10pt;"> Park II </font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">hopping </font><font style="font-family:Times New Roman;font-size:10pt;">c</font><font style="font-family:Times New Roman;font-size:10pt;">enter, (i</font><font style="font-family:Times New Roman;font-size:10pt;">ii</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (</font><font style="font-family:Times New Roman;font-size:10pt;">i</font><font style="font-family:Times New Roman;font-size:10pt;">v) $</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">72</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">In addition, </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> is entitled to a development fee of 6% of development costs, as defined</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Leasing Agreements</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants.  In the event third-party real estate brokers are used, the fees to </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> increase by 1% and </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> is responsible for the fees to the third-party real estate brokers.  </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.  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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Rego Park II Apartment Tower<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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                <p>The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 970<br><br> -SubTopic 360<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 28<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph c<br><br> -Subparagraph Schedule III<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Subparagraph 4<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 11<br><br> -Article 9<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Significant Tenants<br></strong></div>
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          <div>Mar. 31, 2014</div>
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        <td class="text"><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">7</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Significant Tenants</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">Bloomberg L.P. </font><font style="font-family:Times New Roman;font-size:10pt;">(&#8220;Bloomberg&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;">accounted for</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">22,017</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and $</font><font style="font-family:Times New Roman;font-size:10pt;">21,802</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">representing</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">45</font><font style="font-family:Times New Roman;font-size:10pt;">% </font><font style="font-family:Times New Roman;font-size:10pt;">of our </font><font style="font-family:Times New Roman;font-size:10pt;">t</font><font style="font-family:Times New Roman;font-size:10pt;">otal</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">r</font><font style="font-family:Times New Roman;font-size:10pt;">evenues</font><font style="font-family:Times New Roman;font-size:10pt;"> in </font><font style="font-family:Times New Roman;font-size:10pt;">each of </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">three</font><font style="font-family:Times New Roman;font-size:10pt;">-</font><font style="font-family:Times New Roman;font-size:10pt;">month</font><font style="font-family:Times New Roman;font-size:10pt;"> periods</font><font style="font-family:Times New Roman;font-size:10pt;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2014</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">2013</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">No other tenant accounted for more than 10% of our </font><font style="font-family:Times New Roman;font-size:10pt;">total</font><font style="font-family:Times New Roman;font-size:10pt;"> revenues.</font><font style="font-family:Times New Roman;font-size:10pt;">  If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to </font><font style="font-family:Times New Roman;font-size:10pt;">fulfill</font><font style="font-family:Times New Roman;font-size:10pt;"> its obligations under its lease, it would adversely affect our results of operations and financial condition.  We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis.  In addition, we access and evaluate financial information regarding Bloomberg from private source</font><font style="font-family:Times New Roman;font-size:10pt;">s, as well as publicly available data.</font></p><span></span></td>
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                <p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p>
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<TEXT>
<html>
  <head>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E1EAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Earnings Per Share (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump">$ 15,244<span></span></td>
        <td class="nump">$ 14,162<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average shares outstanding - (in shares)</a></td>
        <td class="nump">5,109,717<span></span></td>
        <td class="nump">5,108,016<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net income per common share- basic and diluted (in dollars per share)</a></td>
        <td class="nump">$ 2.98<span></span></td>
        <td class="nump">$ 2.77<span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EWAAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant accounting policies (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Summary of Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Accounting [Policy Text Block]</a></td>
        <td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">2</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Basis of Presentation</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">The accompanying consolidated financial statements are unaudited and include </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> accounts </font><font style="font-family:Times New Roman;font-size:10pt;">of Alexander's </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">its</font><font style="font-family:Times New Roman;font-size:10pt;"> consolidated subsidiaries.  All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the </font><font style="font-family:Times New Roman;font-size:10pt;">United&#160;States of America</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;GAAP&#8221;) have been condensed or omitted.  </font><font style="font-family:Times New Roman;font-size:10pt;">These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the &#8220;SEC&#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:Times New Roman;font-size:10pt;">December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2013</font><font style="font-family:Times New Roman;font-size:10pt;">, as filed with the SEC.  </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.  Actual results could differ from those estimates.</font><font style="font-family:Times New Roman;font-size:10pt;">  </font><font style="font-family:Times New Roman;font-size:10pt;">The results of operations for the </font><font style="font-family:Times New Roman;font-size:10pt;">three months</font><font style="font-family:Times New Roman;font-size:10pt;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;">March 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2014</font><font style="font-family:Times New Roman;font-size:10pt;"> are not necessarily indicative of the operating results for the full year.</font><font style="font-family:Times New Roman;font-size:10pt;">  Certain prior year balances have been reclassified in order to conform to current year presentation.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">We currently operate in one business segment.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recently Issued Accounting Literature [Policy Text Block]</a></td>
        <td class="text"><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">3</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Recently Issued Accounting Literature</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">In April 2014, the FASB issued an update (&#8220;ASU 2014-08&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity</font><font style="font-family:Times New Roman;font-size:10pt;"> to ASC Topic 205, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Presentation of Financial Statements</font><font style="font-family:Times New Roman;font-size:10pt;"> and ASC Topic 360, </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Property Plant and Equipment</font><font style="font-family:Times New Roman;font-size:10pt;">.  Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations.  In addition, the ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> requires entities to disclose information about disposals of individually significant components</font><font style="font-family:Times New Roman;font-size:10pt;"> that do not meet the definition of discontinued operations.</font><font style="font-family:Times New Roman;font-size:10pt;">  ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014.  </font><font style="font-family:Times New Roman;font-size:10pt;">The adoption of this update on January 1, 2015 </font><font style="font-family:Times New Roman;font-size:10pt;">is not expected to</font><font style="font-family:Times New Roman;font-size:10pt;"> have any impact on our consolidated financial statements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy', window );">Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]</a></td>
        <td class="text"><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">Available-for-sale securities are presented at fair value</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">u</font><font style="font-family:Times New Roman;font-size:10pt;">nrealized gains and losses resulting from the mark-to-market of these securities are included</font><font style="font-family:Times New Roman;font-size:10pt;"> in &#8220;other comprehensive income</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurement Policy [Policy Text Block]</a></td>
        <td class="text"><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. </font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BasisOfAccountingPolicyPolicyTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                <p>Disclosure of accounting policy for investments in debt and equity securities that are classified as available-for-sale. This policy also may describe the entity's accounting treatment for transfers between investment categories, how the entity determines whether impairments of available-for-sale securities are other than temporary, and how the fair values of such securities are determined.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2196929<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section M<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 2, 12<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <div style="width: 200px;"><strong>Basis of Presentation (Details)<br></strong></div>
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      <tr>
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          <div>Mar. 31, 2014

</div>
          <div>Segment</div>
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        <td class="text">&#xA0;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EHBAC">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Income (Parentheticals) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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      <tr>
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          <div>Mar. 31, 2013</div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs of sales and operating expenses for the period incurred from transactions with related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <p>Amount of selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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        <td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Organization</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">Alexander's, Inc. (NYSE: ALX) is a real estate investment trust (&#8220;REIT&#8221;), incorporated in </font><font style="font-family:Times New Roman;font-size:10pt;">Delaware</font><font style="font-family:Times New Roman;font-size:10pt;">, engaged in leasing, managing, developing and redeveloping its properties. All references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company&#8221; and &#8220;Alexander's&#8221; refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#8220;Vornado&#8221;) (NYSE: VNO).</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><span></span></td>
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                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ES5BG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Relationship with Vornado (Details) (Vornado [member], USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Noncontrolling Interest, Ownership Percentage by Parent</a></td>
        <td class="nump">32.40%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_ManagmentAndDevelopmentAgreementAbstract', window );"><strong>Managment and Development Agreement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_ManagementFeeAgreementValue', window );">Management Fee Agreement Value (in US dollars)</a></td>
        <td class="nump">$ 2,800,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LeasingAgreementAbstract', window );"><strong>Leasing Agreement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_AssetSaleCommissionThreshold', window );">Asset Sale Commission Threshold (in US dollars)</a></td>
        <td class="nump">50,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion', window );">Percentage Commissions On Sale Of Assets Under Fifty Million</a></td>
        <td class="nump">3.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PercentageCommissionsOnSaleOfAssetsOverFiftyMillion', window );">Percentage Commissions On Sale Of Assets Over Fifty Million</a></td>
        <td class="nump">1.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum', window );">Leasing services fee and commission on asset sale, annual installment, maximum. (in US dollars)</a></td>
        <td class="nump">4,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt Instrument, Description of Variable Rate Basis</a></td>
        <td class="text">LIBOR<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Basis spread over LIBOR</a></td>
        <td class="nump">1.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_UnpaidBalanceEffectiveInterest', window );">Unpaid Balance Effective Interest</a></td>
        <td class="nump">1.58%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_OtherAgreementsAbstract', window );"><strong>Other Agreements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_OtherSupervisoryFees', window );">Other Supervisory Fees</a></td>
        <td class="nump">6.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_SummaryOfFeesToRelatedPartyAbstract', window );"><strong>Summary of fees to Vornado</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Fees to related party (in US dollars)</a></td>
        <td class="nump">1,748,000<span></span></td>
        <td class="nump">1,881,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Lexington Avenue Property [Member] | Office And Retail Space [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_ManagmentAndDevelopmentAgreementAbstract', window );"><strong>Managment and Development Agreement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PropertyManagementFeeAgreementPricePerSquareFoot', window );">Property Management Fee Agreement Price Per Square Foot</a></td>
        <td class="nump">0.5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Lexington Avenue Property [Member] | Common Area [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_ManagmentAndDevelopmentAgreementAbstract', window );"><strong>Managment and Development Agreement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PropertyManagementFeeAgreementValue', window );">Property Management Fee Agreement Value (in US dollars)</a></td>
        <td class="nump">272,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PropertyManagementFeeEscalationPercentagePerAnnum', window );">Property Management Fee Escalation Percentage Per Annum</a></td>
        <td class="nump">3.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Rego Park 2 Property [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_ManagmentAndDevelopmentAgreementAbstract', window );"><strong>Managment and Development Agreement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyManagementFeePercentFee', window );">Property Management Fee Agreement Percentage Of Income</a></td>
        <td class="nump">2.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Company Management Fees [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_SummaryOfFeesToRelatedPartyAbstract', window );"><strong>Summary of fees to Vornado</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Fees to related party (in US dollars)</a></td>
        <td class="nump">700,000<span></span></td>
        <td class="nump">700,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Development fees [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_ManagmentAndDevelopmentAgreementAbstract', window );"><strong>Managment and Development Agreement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_DevelopmentFeePercentage', window );">Development fee as percentage of development costs</a></td>
        <td class="nump">6.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Leasing Fees [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LeasingAgreementAbstract', window );"><strong>Leasing Agreement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LeaseFeePercentageOfRentOneToTenYears', window );">Lease Fee Percentage Of Rent One To Ten Years</a></td>
        <td class="nump">3.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LeaseFeePercentageOfRentElevenToTwentyYears', window );">Lease Fee Percentage Of Rent Eleven To Twenty Years</a></td>
        <td class="nump">2.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_LeaseFeePercentageOfRentTwentyFirstToThirtyYears', window );">Lease Fee Percentage Of Rent Twenty First To Thirty Years</a></td>
        <td class="nump">1.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_PercentageIncreaseLeaseFeeIfBrokerUsed', window );">Percentage Increase Lease Fee If Broker Used</a></td>
        <td class="nump">1.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_SummaryOfFeesToRelatedPartyAbstract', window );"><strong>Summary of fees to Vornado</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Fees to related party (in US dollars)</a></td>
        <td class="nump">178,000<span></span></td>
        <td class="nump">386,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty', window );">Fees owed to Vornado (in US dollars)</a></td>
        <td class="nump">42,102,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Property Management Fees [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_alx_SummaryOfFeesToRelatedPartyAbstract', window );"><strong>Summary of fees to Vornado</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Fees to related party (in US dollars)</a></td>
        <td class="nump">870,000<span></span></td>
        <td class="nump">795,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty', window );">Fees owed to Vornado (in US dollars)</a></td>
        <td class="nump">$ 390,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_AssetSaleCommissionThreshold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Asset Sale Commission Threshold</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_AssetSaleCommissionThreshold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_DevelopmentFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of development costs that the related party will receive as per the Development agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_DevelopmentFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LeaseFeePercentageOfRentElevenToTwentyYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of rent payable to related party for leasing services for the eleventh through twentieth years of the lease</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LeaseFeePercentageOfRentElevenToTwentyYears</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LeaseFeePercentageOfRentOneToTenYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of rent payable to related party for leasing services for the first ten years of the lease</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LeaseFeePercentageOfRentOneToTenYears</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LeaseFeePercentageOfRentTwentyFirstToThirtyYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of rent payable to related party for leasing services for the twenty-first through thirtieth years of the lease</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LeaseFeePercentageOfRentTwentyFirstToThirtyYears</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LeasingAgreementAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LeasingAgreementAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum annual installments payable for leasing services and commission on asset sales under the leasing agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_LeasingServicesFeeAndCommissionOnAssetSalesAnnualInstallmentMaximum</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_ManagementFeeAgreementValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of management fee paid to related party to manage corporate activities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_ManagementFeeAgreementValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_ManagmentAndDevelopmentAgreementAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_ManagmentAndDevelopmentAgreementAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_OtherAgreementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_OtherAgreementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_OtherSupervisoryFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fee charged to supervise cleaning, engineering and security services</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_OtherSupervisoryFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PercentageCommissionsOnSaleOfAssetsOverFiftyMillion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of gross proceeds over $50,000,000 from the sale of any assets, payable to related party</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PercentageCommissionsOnSaleOfAssetsOverFiftyMillion</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of gross proceeds under $50,000,000 from the sale of any assets, payable to related party</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PercentageCommissionsOnSaleOfAssetsUnderFiftyMillion</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PercentageIncreaseLeaseFeeIfBrokerUsed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of increase in leasing services payable to related party if a real estate broker is used</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PercentageIncreaseLeaseFeeIfBrokerUsed</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PropertyManagementFeeAgreementPricePerSquareFoot">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount per square foot paid to related party as property management fees</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PropertyManagementFeeAgreementPricePerSquareFoot</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>us-types:perUnitItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PropertyManagementFeeAgreementValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Annual amount paid to related party as property management fees</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PropertyManagementFeeAgreementValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_PropertyManagementFeeEscalationPercentagePerAnnum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Annual increase in the amount paid to related party as property management fees</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_PropertyManagementFeeEscalationPercentagePerAnnum</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_SummaryOfFeesToRelatedPartyAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>alx_SummaryOfFeesToRelatedPartyAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>alx_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_alx_UnpaidBalanceEffectiveInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
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          <div style="width: 200px;"><strong>Earnings Per Share<br></strong></div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>duration</td>
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