First Amendment to Credit Agreement

This First Amendment to Credit Agreement (herein, this “First Amendment”) is
entered into as of June 30, 2020, among Alpine Income Property OP, LP, a
Delaware limited partnership (the “Borrower”), Alpine Income Property Trust,
Inc., a Maryland corporation, as a Guarantor (“Parent”), the other Guarantors
party hereto, the Lenders party hereto and Bank of Montreal, as Administrative
Agent (the “Administrative Agent”).

Preliminary Statements

A.The Borrower, the Parent, the Guarantors party thereto (the “Guarantors”), the
financial institutions party thereto (the “Lenders”), and the Administrative
Agent entered into that certain Credit Agreement, dated as of November 26, 2019
(such Credit Agreement, as heretofore amended, being referred to herein as the
“Credit Agreement”).  All capitalized terms used herein without definition shall
have the same meanings herein as such terms have in the Credit Agreement.

B.The Borrower has requested that the Administrative Agent and Lenders agree to,
among other things, to (i) amend the definition of Tangible Net Worth, (ii)
amend the minimum Tangible Net Worth covenant set forth in Section 8.20 of the
Credit Agreement and (iii) make certain other revisions to the Credit Agreement,
and the Administrative Agent and the Lenders are willing to do so on the terms
and conditions set forth herein.

Now, Therefore, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

Section 1.

Amendments.

Subject to the satisfaction of the conditions precedent set forth in Section 2
below, the Credit Agreement will be amended as follows:

1.1.  The definition of “Tangible Net Worth” in Section 5.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

“Tangible Net Worth” means for each applicable period, total shareholder’s
equity and any non-controlling equity interests on the Parent’s consolidated
balance sheet as reported in its Form 10-K or 10-Q for such period, plus (i)
accumulated depreciation and amortization and (ii) unrealized losses related to
marketable securities, minus, to the extent included when determining
stockholders’ equity, (x) all unrealized gains related to marketable securities
and (y) all amounts appearing on the assets side of the Parent’s consolidated
balance sheet representing an intangible asset under GAAP (other than lease
intangibles, net of lease liabilities) net of all amounts appearing on the
liabilities side of its consolidated

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balance sheet representing an intangible liability under GAAP, in each case as
determined on a consolidated basis in accordance with GAAP.

1.2.  Section 5.1 of the Credit Agreement is hereby amended to insert therein in
proper alphabetical order the following new definition of “First Amendment
Effective Date”:

“First Amendment Effective Date” means June 30, 2020.

1.3.  Clause (e) of Section 8.20 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

(e)  Maintenance of Net Worth.  The Borrower shall, as of the last day of each
Fiscal Quarter, maintain a Tangible Net Worth of not less than the sum of
(a) $136,017,557, plus (b) 75% of the aggregate net proceeds received by Parent
or any of its Subsidiaries after the First Amendment Effective Date in
connection with any offering of Stock or Stock Equivalents of the Borrower,
Parent or the Subsidiaries.

1.4.  Exhibit E (Compliance Certificate) to the Credit Agreement is hereby
amended and restated in its entirety to read as set forth on Exhibit E attached
hereto.

Section 2.

Conditions Precedent.

The effectiveness of this First Amendment is subject to the satisfaction of all
of the following conditions precedent:

2.1.  The Borrower, the Parent, the other Guarantors, the Lenders and the
Administrative Agent shall have executed and delivered to the Administrative
Agent this First Amendment.

2.2.  Legal matters incident to the execution and delivery of this First
Amendment shall be reasonably satisfactory to the Administrative Agent and its
counsel.

Section 3.

Representations.

In order to induce the Administrative Agent and the Lenders to execute and
deliver this First Amendment, the Borrower hereby represents to the
Administrative Agent and the Lenders that (a) after giving effect to this First
Amendment, the representations and warranties set forth in Section 6 of the
Credit Agreement are and shall be and remain true and correct in all material
respects (except in the case of a representation or warranty qualified by
materiality in which case such representation or warranty shall be true and
correct in all respects) as of the date hereof (or, if any such representation
and warranty is expressly stated to have been made as of a specific date, as of
such specific date) and (b) no Default or Event of Default has occurred and is
continuing under the Credit Agreement or shall result after giving effect to
this First Amendment.

-2-

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Section 4.

Miscellaneous.

4.1.Except as specifically amended herein, the Credit Agreement shall continue
in full force and effect in accordance with its original terms.  Reference to
this specific First Amendment need not be made in the Credit Agreement, the
Notes, the other Loan Documents, or any other instrument or document executed in
connection therewith, or in any certificate, letter or communication issued or
made pursuant to or with respect to the Credit Agreement, any reference in any
of such items to the Credit Agreement being sufficient to refer to the Credit
Agreement as amended hereby.

4.2.The Borrower agrees to pay on demand all reasonable costs and out-of-pocket
expenses of or incurred by the Administrative Agent in connection with the
negotiation, preparation, execution and delivery of this First Amendment,
including the reasonable fees and out-of-pocket expenses of counsel for the
Administrative Agent.

4.3.Each Guarantor consents to the amendments and modifications to the Credit
Agreement as set forth herein and confirms all of its obligations under its
Guaranty remain in full force and effect.  Furthermore, each Guarantor
acknowledges and agrees that the consent of the Guarantors, or any of them, to
any further amendments to the Credit Agreement shall not be required as a result
of this consent having been obtained.

4.4.This First Amendment is a Loan Document.  This First Amendment may be
executed in any number of counterparts, and by the different parties on
different counterpart signature pages, all of which taken together shall
constitute one and the same agreement.  Any of the parties hereto may execute
this First Amendment by signing any such counterpart and each of such
counterparts shall for all purposes be deemed to be an original.  Delivery of
executed counterparts of this First Amendment by Adobe portable document format
(a “PDF”) via e-mail or by facsimile shall be effective as an original.  This
First Amendment, and the rights and the duties of the parties hereto, shall be
construed and determined in accordance with the internal laws of the State of
New York.

[Signature Pages Follow]

-3-

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This First Amendment to Credit Agreement is entered into as of the date and year
first above written.

“Borrower”

Alpine Income Property OP, LP,
a Delaware limited partnership

By: Alpine Income Property GP, LLC, a Delaware limited liability company, its
General Partner

By: Alpine Income Property Trust, Inc., a Maryland corporation, its sole member

By: /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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“Guarantors”

“Parent”

Alpine Income Property Trust, Inc., a Maryland corporation

By

/s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

“Material Subsidiaries”

CTO17 Hillsboro OR LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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Bluebird Metrowest Orlando LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

CTO16 Raleigh LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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CTO16 Reno LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

CTO19 Winston Salem NC LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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Indigo Henry LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

CTO17 Saugus LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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CTO16 Charlottesville LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

CTLC18 Lynn MA LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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CTO16 Huntersville LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

CTO19 Birmingham LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole me

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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PINE19 Alpharetta GA LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

PINE19 Jacksonville FL LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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LHC15 Glendale AZ LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

CTO19 Troy WI LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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CTO17 Brandon FL LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

CTO19 Albany GA LLC, a Delaware limited liability company

By: Alpine Income Property OP, LP,
a Delaware limited partnership, its member

By: Alpine Income Property GP, LLC,

a Delaware limited liability company,

its General Partner,

By: Alpine Income Property Trust, Inc.,

a Maryland corporation,

its sole member

By /s/ Mark E. Patten

Name: Mark E. Patten

Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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Accepted and Agreed to.

“Administrative Agent and L/C Issuer”

Bank of Montreal, as L/C Issuer and as Administrative Agent

By /s/ Gwendolyn Gatz

Name: Gwendolyn Gatz

Title: Director

“Lenders”

Bank of Montreal, a Canadian chartered bank acting through its Chicago branch,
as a Lender and Swing Line Lender

By /s/ Gwendolyn Gatz
Name: Gwendolyn Gatz

Title: Director

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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Raymond James Bank, N.A., as a Lender

By: /s/ Mark Specht______________________

Name: Mark Specht

Title: Vice President

[Signature Page to First Amendment to Credit Agreement –
Alpine Income Property OP, LP]

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Exhibit E

Compliance Certificate

To:

Bank of Montreal, as Administrative Agent under, and the Lenders party to, the
Credit Agreement described below

This Compliance Certificate is furnished to the Administrative Agent and the
Lenders pursuant to that certain Credit Agreement dated as of November 26, 2019,
as amended, among Alpine Income Property OP, LP, as Borrower, the Guarantors
signatory thereto, the Administrative Agent and the Lenders party thereto (the
“Credit Agreement”).  Unless otherwise defined herein, the terms used in this
Compliance Certificate have the meanings ascribed thereto in the Credit
Agreement

The Undersigned hereby certifies that:

1.I am the duly elected ____________ of Alpine Income Property OP, LP;

2.I have reviewed the terms of the Credit Agreement and I have made, or have
caused to be made under my supervision, a detailed review of the transactions
and conditions of the Borrower and its Subsidiaries during the accounting period
covered by the attached financial statements;

3.The examinations described in paragraph 2 did not disclose, and I have no
knowledge of, the existence of any condition or the occurrence of any event
which constitutes a Default or Event of Default during or at the end of the
accounting period covered by the attached financial statements or as of the date
of this Compliance Certificate, except as set forth below;

4.The financial statements required by Section 8.5 of the Credit Agreement and
being furnished to you concurrently with this Compliance Certificate are true,
correct and complete as of the date and for the periods covered thereby; and

5.The Schedule I hereto sets forth financial data and computations evidencing
the Borrower’s compliance with certain covenants of the Credit Agreement, all of
which data and computations are, to the best of my knowledge, true, complete and
correct and have been made in accordance with the relevant Sections of the
Credit Agreement.

Described below are the exceptions, if any, to paragraph 3 by listing, in
detail, the nature of the condition or event, the period during which it has
existed and the action which the Borrower has taken, is taking, or proposes to
take with respect to each such condition or event:

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The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered this ______ day of __________________,
20___.

Alpine Income Property OP, LP

By: Alpine Income Property GP, LLC, a Delaware limited liability company, its
General Partner

By: Alpine Income Property Trust, Inc., a Maryland corporation, its sole member

By:

  Name:

  Title:

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Schedule I

to Compliance Certificate

_________________________________________________

Compliance Calculations

for Credit Agreement
dated as of November 26, 2019, as amended

Calculations as of _____________, _______

A.

Maximum Total Indebtedness to Total Asset Value Ratio (Section 8.20(a))

1.

Total Indebtedness

$___________

2.

Total Asset Value as calculated on Exhibit A hereto

___________

3.

Ratio of Line A1 to A2

____:1.0

4.

Line A3 must not exceed

0.60:1.0

5.

The Borrower is in compliance (circle yes or no)

yes/no

B.

Maximum Secured Indebtedness to Total Asset Value Ratio (Section 8.20(b))

1.

Secured Indebtedness

$___________

2.

Total Asset Value as calculated on Exhibit A hereto

___________

3.

Ratio of Line B1 to B2

____:1.0

4.

Line B3 must not exceed

0.40:1.0

5.

The Borrower is in compliance (circle yes or no)

yes/no

C.

Minimum Adjusted EBITDA to Fixed Charges Ratio (Section 8.20(c))

1.

Net Income

$___________

2.

Depreciation and amortization expense

___________

3.

Interest Expense

___________

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4.

Income tax expense

___________

5.

Extraordinary, unrealized or non-recurring losses

___________

6.

Non-Cash Compensation Paid in Equity Securities

___________

7.

Extraordinary, unrealized or non-recurring gains

___________

8.

Income tax benefits

___________

9.

Sum of Lines C2, C3, C4, C5 and C6

___________

10.

Sum of Lines C7 and C8

___________

11.

Line C1 plus Line C9 minus Line C10 (“EBITDA”)

___________

12.

Annual Capital Expenditure Reserve

___________

13.

Line C11 minus Line C12 (“Adjusted EBITDA”)

___________

14.

Interest Expense

___________

15.

Principal Amortization Payments

___________

16.

Dividends on Preferred Stock

___________

17.

Income Taxes Paid

___________

18.

Sum of Lines C14, C15, C16 and C17 (“Fixed Charges”)

___________

19.

Ratio of Line C13 to Line C18

____:1.0

20.

Line C19 shall not be less than

1.50:1.0

21.

The Borrower is in compliance (circle yes or no)

yes/no

D.

Maximum Secured Recourse Indebtedness to Total Asset Value Ratio (Section
8.20(d))

1.

Secured Recourse Indebtedness

$___________

2.

Total Asset Value as calculated on Exhibit A hereto

___________

3.

Ratio of Line D1 to Line D2

____:1.0

4.

Line D3 shall not exceed

0.05:1.0

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5.

The Borrower is in compliance (circle yes or no)

yes/no

E.

Tangible Net Worth (Section 8.20(e))

1.

Tangible Net Worth

$___________

2.

Aggregate net proceeds of Stock and Stock Equivalent offerings after the First
Amendment Effective Date

___________

3.

75% of Line E2

___________

4.

$136,017,557 plus Line E3

___________

5.

Line E1 shall not be less than Line E4

6.

The Borrower is in compliance (circle yes or no)

yes/no

F.

Investments (Joint Ventures) (Section 8.8(i))

1.

Cash Investments in Joint Ventures

$___________

2.

Total Asset Value

$___________

3.

Line F1 divided by Line F2

___________

4.

Line F3 shall not exceed 10%

5.

The Borrower is in compliance (circle yes or no)

yes/no

G.

Investments (Assets Under Development) (Section 8.8(j))

1.

Assets Under Development

$___________

2.

Total Asset Value

$___________

3.

Line G1 divided by Line G2

___________

4.

Line G3 shall not exceed 10%

5.

The Borrower is in compliance (circle yes or no)

yes/no

H.

Investments (Stock Repurchases) (Section 8.8(k))

1.

Stock Repurchases

$___________

2.

Total Asset Value

$___________

3.

Line H1 divided by Line H2

___________

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4.

Line H3 shall not exceed 10%

$___________

5.

The Borrower is in compliance (circle yes or no)

yes/no

I.

Aggregate Investment Limitation to Total Asset Value (Section 8.8)

1.

Sum of Lines F1, G1 and H1

$___________

2.

Total Asset Value

____________

3.

Line I1 divided by Line I2

___________

4.

Line I3 shall not exceed 30%

5.

The Borrower is in compliance (circle yes or no)

yes/no

J.

Restricted Payments (Section 8.25(a))

1.

Aggregate amount of cash distributions made by the Parent to its equity holders
during such period

$___________

2.

Parent’s Adjusted FFO for such period

____________

3.

95% of Line J2

____________

4.

Amount necessary for the Parent to be able to make distributions required to
maintain its status as a REIT (i.e., to satisfy the distribution requirements
set forth in Section 4981 of the Code)

____________

5.

Greater of Line J3 and Line J4

____________

6.

Line J1 shall not exceed Line J5

7.

The Borrower is in compliance (circle yes or no)

yes/no

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Exhibit A to Schedule I

to Compliance Certificate

of Alpine Income Property OP, LP

This Exhibit A, with a calculation date of __________,______, is attached to
Schedule I to the Compliance Certificate of Alpine Income Property OP, LP dated
November 26, 2019, as amended, and delivered to Bank of Montreal, as
Administrative Agent, and the Lenders party to the Credit Agreement, as amended,
referred to therein.  The undersigned hereby certifies that the following is a
true, correct and complete calculation of Total Asset Value for Rolling Period
most recently ended:

[Insert Calculation]

Alpine Income Property OP, LP

By: Alpine Income Property GP, LLC, a Delaware limited liability company, its
General Partner

By: Alpine Income Property Trust, Inc., a Maryland corporation, its sole member

By:

  Name:

  Title:

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Exhibit B to Schedule I

to Compliance Certificate

of Alpine Income Property OP, LP

This Exhibit B, with a calculation date of __________,______, is attached to
Schedule I to the Compliance Certificate of Alpine Income Property OP, LP dated
November 26, 2019, as amended, and delivered to Bank of Montreal, as
Administrative Agent, and the Lenders party to the Credit Agreement, as amended,
referred to therein.  The undersigned hereby certifies that the following is a
true, correct and complete calculation of Property NOI for all Properties for
Rolling Period most recently ended:

Property

Property Income

Minus

Property Expenses (without Cap. Ex. Reserve or Management Fees)

Minus

Annual Capital Expenditure Reserve

Minus

Greater of 3% of rents or actual management fees

equals

Property NOI

$________

-

$___________

=

$________

$________

-

$___________

=

$________

$________

-

$___________

=

$________

$_______

-

$___________

=

$________

Total Property NOI for all Properties:$_____________

Alpine Income Property OP, LP

By: Alpine Income Property GP, LLC, a Delaware limited liability company, its
General Partner

By: Alpine Income Property Trust, Inc., a Maryland corporation, its sole member

By:

  Name:

  Title:

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