1. Purchase Price. The purchase price for the Property shall be the sum of Five Million Nine Hundred Thousand Dollars ($5,900,000.00) (the "Purchase Price") and shall be payable in cash on or before one (1) business day prior to the Close of Escrow (as hereinafter defined), plus such additional sums as may be necessary for Buyer's share of escrow and other costs as set forth herein.

2. Title. Title to the Property shall be conveyed to Buyer, or a nominee of Buyer, by quitclaim deed in the form attached as Exhibit "C" hereto (the "Deed") with respect to the Improvements (which Deed shall be duly executed and acknowledged and shall be delivered and deposited by Seller into escrow at least two (2) Business Days prior to the Close of Escrow), a bill of sale in the form attached as Exhibit "D" hereto ("Bill of Sale") with respect to the Equipment, and an Assignment and Assumption Agreement, in the form attached as Exhibit "E" hereto (the "Assignment") with respect to the Ground Lease, subject only to the following conditions of title (the "Conditions of Title"):

(a)

a lien to secure payment ofreal estate taxes not delinquent;

(b) matters affecting the condition of title suffered or created by, or with the written consent of Buyer; and

(c) any other matters disclosed by a preliminary title report covering the Property, issued in connection with the transfer of title with respect to the Property by a title company mutually approved by the parties (the "Preliminary Title Report"), and not disapproved in writing by Buyer within fifteen (15) calendar days after receipt by Buyer of the Preliminary Title Report and all documents referred to therein; failure to disapprove any such matter within said fifteen (15) day period by giving written notice thereof to Seller and Escrow Holder shall be conclusively deemed to be the approval thereof by Buyer.

3. "AS-IS" SALE. Since the initial effective date of the Lease, Buyer has remained in possession of the Property continuously as tenant through the date hereof. Buyer and its representatives have had adequate opportunity to enter upon the Property and to make such inspections of the Property and matters related thereto, including the conduct of soil, environmental and engineering tests, as Buyer and its representatives desire to satisfy itself as to the condition of the Property and the existence or nonexistence or curative action to be taken with respect to any hazardous or toxic substances on or discharged from the Property, and will rely solely upon the same. Buyer further acknowledges that (i) neither Seller, nor any principal, agent, attorney, employee, broker or other representative of Seller, has made any representations or warranties of any kind whatsoever, either express or implied, with respect to the Property or any of such related matters, including, but not limited to, any warranties or representations as to habitability, merchantability or fitness for a particular purpose or as to the physical, structural or environmental conditions of the Property or its compliance with laws, and (ii) Buyer is not relying on any warranty, representation or covenant, express or implied, with respect to the Property and that Buyer is acquiring the Property in an "AS-IS, WHERE IS, WITH ALL FAULTS" condition. Buyer acknowledges that it is knowledgeable in real estate matters, and Buyer has made all of the investigations and inspections Buyer deems necessary in connection with its purchase of the Property. Upon the Close of Escrow, Buyer shall assume the risk that adverse matters, including but not limited to, construction defects and adverse physical and environmental conditions, may not have been revealed by Buyer's investigations, and Buyer, upon Close of Escrow, shall be deemed to have waived, relinquished and released Seller (and Seller's officers, directions, shareholders, employees and agents) from and against any and all claims, demands, causes of action (including causes of action in tort), losses, damages, liabilities, costs and expenses (including reasonable attorneys' fees) of any and every kind or character, known or unknown, which Buyer might have asserted or alleged against Seller (and Seller's officers, directors, shareholder, employees and agents) at any time by reason of or arising out of the physical and environmental conditions of the land or improvements, any latent or patent construction defects, violations of any applicable laws and any and all other acts, omissions, events, circumstances or matters regarding the Property. Buyer expressly understands and acknowledges that it is possible that unknown losses or claims exist or that present losses may have been underestimated in amount or severity, and Buyer explicitly took that into account in determining the consideration for the execution of this Agreement, and a portion of said consideration, having been bargained for between the parties with the knowledge of the possibility of such unknown losses or claims, was given in exchange for a full accord, satisfaction and discharge of all such losses or claims.

4. Escrow.

(a) As used herein, the term "Opening of Escrow" shall mean the date counterparts of this Agreement shall have been executed by Buyer and Seller and delivered to any commercial escrow company mutually agreed upon by the parties (the "Escrow Holder"); Opening of Escrow shall be on or before a date which is five (5) Business Days after the date the Exercise Notice is delivered to Seller.

(b) As used herein, the term "Close of Escrow" shall be May 31, 2020, time being of the essence of this Agreement.

(c) At least 2 Business Days prior to the Close of Escrow, Seller shall deliver the following to Escrow Holder:

(i) The Deed, duly executed and acknowledged by Seller, in recordable form, and ready for recordation;

(ii)

The Bill of Sale, duly executed by Seller;

(iii)

The Assignment, duly executed by Seller; and

(iv) Any other documents or instruments called for hereunder which have not previously been delivered.

(d) At least 2 Business Days prior to the Close of Escrow, Buyer shall deliver the following to Escrow Holder:

(i)

The Bill of Sale, duly executed by Buyer;

(ii)

The Assignment, duly executed by Buyer; and

(iii) Any other documents or instruments called for hereunder which have not previously been delivered.

5. Title Insurance. At the Close of Escrow, Escrow Holder shall furnish to Buyer a standard owner's coverage policy of title insurance, insuring title in fee simple to the Improvements and leasehold title with respect to the Leased Site, each as vested in Buyer and subject only to the Conditions of Title (the "Title Policy"). The Title Policy shall be in an amount equal to the Purchase Price, shall be dated as of the date and time of recordation of the Deed, and shall be issued and delivered to Buyer and Seller as promptly as practicable following such recordation. Buyer shall bear the costs of the issuance of the Title Policy.

6. Expenses/Prorations.

(a) Buyer shall pay all escrow fees, and all costs in connection with the recordation of the Deed.

(b)

All taxes and assessments pertaining to the Property shall be paid or assumed by

7. Broker's Commission. Seller warrants and represents to Buyer that Seller has not incurred any obligation for the payment of any real estate commission, finder's fee or other like sum in connection with the transactions contemplated herein, and Buyer likewise warrants and represents to Seller that Buyer has not incurred any such obligation. Buyer and Seller hereby agree to indemnify and hold the other harmless from any and all causes of action, claims, demands, suits, and expenses, including attorneys' fees, which any broker, agent, or finder, licensed or otherwise, may have or claim to have by reason of the conduct or contracts of the indemnifying party.

8. Possession of Land. Possession of the Property shall be delivered to Buyer at the Close of Escrow.

9. Notices. All written notices and demands of any kind which either party may be required or may desire to serve on the other in connection with this Agreement may be served by personal delivery or registered or certified mail, return receipt requested. Any notices or demands so served by registered or certified mail shall be deposited in the United States mail, with postage thereon fully prepaid, addressed to the other party to be so served at the address set forth in the Lease. Any such communication shall be deemed to have been given at the time of such personal delivery or seventy-two (72) hours after the mailing thereof as hereinabove provided. Any party may change the address at which it is to receive notices by so notifying the other party to this Agreement in writing.

10. No Waiver. The waiver by either party of any term, condition or provision of this Agreement shall not be construed as a waiver of any other or subsequent term, condition or provision of this Agreement.

11. Time Is Of The Essence. Time is of the essence of the parties' obligations hereunder.

12. Gender. Whenever the context of this Agreement so requires, the masculine gender includes the feminine and neuter, the singular in number includes the plural, and the plural number includes the singular.

13. Attorneys' Fees. If either party hereto commences an action against the other to enforce any of the tenns hereof, the losing or defaulting party shall pay to the prevailing party reasonable attorneys' fees and costs incurred in connection with the prosecution of such action (and upon any appeal).

14. Agreement. This Agreement, together with the Lease, (a) constitutes the entire agreement between the parties hereto with respect to the subject matter hereof; (b) supersedes all prior or simultaneous negotiations or agreements; and (c) may not be modified, amended or otherwise changed in any manner except by a writing executed by the party to be charged.

15. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State ofNew York, without giving effect to the principles of conflicts oflaw.

16. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the parties hereto; Buyer's rights and obligations hereunder may be assigned without the prior consent of Seller.

17. General Escrow Provisions. Escrow Holder's standard general provisions are hereby incorporated herein to the extent such provisions do not conflict with the terms and conditions contained in this Agreement.

18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.



By:

/s/ James D. Vandever



Name:

James D. Vandever



Title:

Manager



By:

/s/ Ellen M. Cotter



Name:

Ellen M. Cotter



Title:

Chair

A. Reference is made to certain Indenture of Lease dated as of January 31, 1987 between Senyar Holding Company, as landlord ("Senyar"), and M-Square Theaters, Inc., as tenant ("M-Square"), the predecessor-in-interest to Assignor, covering premises at 181-189 Second Avenue, New York, New York 10003, containing the Village East Theatre ("Demised Premises"), as amended by that certain First Amendment to Lease, dated as of June 15, 1989, between Senyar and M-Square, and the letter regarding notices, dated December 20, 1993 from Senyar to M-Square (collectively, "Ground Lease").

B. Under that certain Purchase and Sale Agreement and Joint Escrow Instructions, dated as , 20_, by and between Assignor, as seller, and Assignee, as buyer (the "PSA"), Assignee has agreed to buy and such Assignor has agreed to sell, among other things, its interest in the Ground Lease. In connection with the PSA, Assignor now intends to assign all of its right, title and interest as tenant under the Ground Lease to Assignee, who intends to assume the obligations of the tenant under the Ground Lease from Assignor. Capitalized terms used herein shall have their meanings set forth in the PSA unless otherwise defined herein.

1. Assignment. As of the Closing of Escrow, Assignor hereby transfers and assigns to Assignee all of its right, title and interest as tenant in and to the Ground Lease, including, without limitation, any possessory rights and rights to any monies which on the Closing of Escrow or thereafter become due to such Assignor from landlord under the Ground Lease.

2. Assumption. Effective on the Closing of Escrow, Assignee hereby (a) assumes the perfonnance of all the obligations of the tenant under the Ground Leases accruing on and after the Closing of Escrow and (b) agrees to fully perform all the terms, covenants, provisions and conditions of the Ground Lease herein assigned, all with the full force and effect as if the Assignee had signed the Ground Lease originally as the named tenant therein.

3. Indemnity. As of the Closing of Escrow, Assignee hereby agrees that it shall indemnify and save harmless Assignor from all manners of suit, actions, damages, charges and expense, including attorneys' fees and court costs that Assignor may sustain by reason of Assignee's breach of any of the terms, covenants and conditions of the Ground Lease occurring on or after the Closing of Escrow.

4. Entire Agreement. This Agreement, together with the PSA, contains the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes any prior agreements, whether oral or in writing, previously entered into between the parties hereto with respect to the subject matter hereof.

5. Counterparts. This Agreement may be executed in two or more counterparts, each of which, when combined, constitutes one single, binding and valid agreement.