EX-10.9



 Exhibit 10.9 

PURCHASE AND SALE AGREEMENT 

BETWEEN 
 WEST VALLEY
DISTRIBUTION ASSOCIATES-I, LP, 
 a Washington limited partnership 

“SELLER” 
 and

 IIT ACQUISITIONS LLC, 

a Delaware limited liability company 

“BUYER” 

PROPERTY: 6846 South 190th Street, Kent, Washington 







 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	ARTICLE I	  	 Definitions
	  	 	- 1 -	  
	ARTICLE II	  	 Purchase and Sale of the Property
	  	 	- 1 -	  
	 2.1
	  	 Purchase
	  	 	- 1 -	  
	 2.2
	  	 Purchase Price
	  	 	- 1 -	  
	ARTICLE III	  	 Seller’s Deliveries
	  	 	- 2 -	  
	 3.1
	  	 Title Insurance Commitment
	  	 	- 2 -	  
	 3.2
	  	 Plans and Records, Permits, Contracts, Tax Records and Other Documents
	  	 	- 2 -	  
	ARTICLE IV	  	 Investigation of the Property
	  	 	- 2 -	  
	 4.1
	  	 Inspection of Property
	  	 	- 2 -	  
	 4.2
	  	 Conduct of Buyer’s Investigation
	  	 	- 2 -	  
	 4.3
	  	 Buyer’s Termination Right
	  	 	- 3 -	  
	ARTICLE V	  	 Title
	  	 	- 3 -	  
	 5.1
	  	 Buyer’s Objections and Resolutions of Buyer’s Objections
	  	 	- 3 -	  
	 5.2
	  	 Permitted Exceptions
	  	 	- 3 -	  
	 5.3
	  	 Issuance of Title Policy
	  	 	- 4 -	  
	ARTICLE VI	  	 Seller’s Representations and Warranties
	  	 	- 4 -	  
	 6.1
	  	 Authority
	  	 	- 4 -	  
	 6.2
	  	 No Conflicts
	  	 	- 4 -	  
	 6.3
	  	 Consents; Binding Obligations
	  	 	- 4 -	  
	 6.4
	  	 No Bankruptcy
	  	 	- 4 -	  
	 6.5
	  	 Tenant Leases and Contracts
	  	 	- 4 -	  
	 6.6
	  	 No Actions/Compliance With Laws
	  	 	- 5 -	  
	 6.7
	  	 Hazardous Materials
	  	 	- 5 -	  
	 6.8
	  	 Taxes and Special Assessments
	  	 	- 5 -	  
	 6.9
	  	 No Contractual or Donative Commitments
	  	 	- 5 -	  
	 6.10
	  	 Non-Foreign Status/Patriot Act
	  	 	- 6 -	  
	 6.11
	  	 Employees
	  	 	- 6 -	  
	 6.12
	  	 CC&Rs
	  	 	- 6 -	  
	 6.13
	  	 Definition of Seller’s Knowledge
	  	 	- 7 -	  
	ARTICLE VII	  	 Buyer’s Representations and Warranties
	  	 	- 7 -	  
	 7.1
	  	 Authority
	  	 	- 7 -	  
	 7.2
	  	 No Conflicts
	  	 	- 7 -	  
	 7.3
	  	 Consents; Binding Obligations
	  	 	- 7 -	  
	 7.4
	  	 No Bankruptcy
	  	 	- 7 -	  
	 7.5
	  	 Prohibited Person
	  	 	- 7 -	  
	ARTICLE VIII	  	 Seller’s Undertakings Pending Closing
	  	 	- 8 -	  
	 8.1
	  	 Operation of the Property
	  	 	- 8 -	  
	 8.2
	  	 Termination of Contracts and Employees
	  	 	- 9 -	  
	 8.3
	  	 Casualty Damage/Condemnation
	  	 	- 9 -	  
	 8.4
	  	 Risk of Loss
	  	 	- 10 -	  
	 8.5
	  	 Estoppels
	  	 	- 10 -	  
	ARTICLE IX	  	 Buyer’s Obligation to Close
	  	 	- 10 -	  
	 9.1
	  	 Buyer’s Conditions
	  	 	- 10 -	  
	 9.2
	  	 Failure of Conditions
	  	 	- 10 -	  
	ARTICLE X	  	 Seller’s Obligation to Close
	  	 	- 11 -	  
	 10.1
	  	 Seller’s Conditions
	  	 	- 11 -	  
	 10.2
	  	 Failure of Conditions
	  	 	- 11 -	  
	ARTICLE XI	  	 Closing
	  	 	- 11 -	  
	 11.1
	  	 Time of Closing
	  	 	- 11 -	  
	 11.2
	  	 Deliveries at Closing by Seller
	  	 	- 12 -	  
	 11.3
	  	 Deliveries at Closing by Buyer
	  	 	- 13 -	  
	 11.4
	  	 Deliveries Outside of Escrow
	  	 	- 13 -	  


  
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	 	  	 	  	Page	 
			
	ARTICLE XII	  	 Prorations and Closing Expenses
	  	 	- 13 -	  
	 12.1
	  	 Closing Adjustments
	  	 	- 13 -	  
	 12.2
	  	 Settlement Sheet
	  	 	- 16 -	  
	 12.3
	  	 Post Closing Adjustments
	  	 	- 16 -	  
	 ARTICLE XIII
	  	 Remedies
	  	 	- 16 -	  
	 13.1
	  	 Breach by Seller
	  	 	- 16 -	  
	 13.2
	  	 Breach by Buyer
	  	 	- 16 -	  
	 ARTICLE XIV
	  	 Escrow
	  	 	- 17 -	  
	 ARTICLE XV
	  	 Miscellaneous
	  	 	- 17 -	  
	 15.1
	  	 Brokers
	  	 	- 17 -	  
	 15.2
	  	 Expenses
	  	 	- 17 -	  
	 15.3
	  	 Further Assurances
	  	 	- 17 -	  
	 15.4
	  	 Survival of Representations and Warranties
	  	 	- 17 -	  
	 15.5
	  	 Partial Invalidity
	  	 	- 18 -	  
	 15.6
	  	 Time of Essence
	  	 	- 18 -	  
	 15.7
	  	 Construction of Agreement
	  	 	- 18 -	  
	 15.8
	  	 1031 Exchange
	  	 	- 18 -	  
	 15.9
	  	 Amendments/Waiver
	  	 	- 18 -	  
	 15.10
	  	 Entire Agreement
	  	 	- 18 -	  
	 15.11
	  	 Counterparts; Facsimile
	  	 	- 18 -	  
	 15.12
	  	 Dates
	  	 	- 18 -	  
	 15.13
	  	 Governing Law/Jurisdiction
	  	 	- 18 -	  
	 15.14
	  	 Notices
	  	 	- 19 -	  
	 15.15
	  	 Headings/Use of Terms/Exhibits
	  	 	- 20 -	  
	 15.16
	  	 Assignment
	  	 	- 20 -	  
	 15.17
	  	 Attorney’s Fees
	  	 	- 21 -	  
	 15.18
	  	 Bulk Sales Laws
	  	 	- 21 -	  
	 15.19
	  	 Post-Closing Access to Records
	  	 	- 21 -	  
	 15.20
	  	 Intentionally Omitted
	  	 	- 21 -	  
	 15.21
	  	 Confidentiality
	  	 	- 21 -	  


  
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 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of August    , 2013 (the
“Effective Date”), by and between WEST VALLEY DISTRIBUTION ASSOCIATES-I, LP, a Washington limited partnership, having an address at 3326 160th Ave., SE, Suite 150,
Bellevue, WA 98008 (“Seller”), and IIT ACQUISITIONS LLC, a Delaware limited liability company, having an address at 518 17th Street, 17th Floor, Denver, Colorado 80202 (“Buyer”). 
 RECITALS

 WHEREAS, Seller desires to sell, and Buyer desires to purchase, the Property (defined below), located at 6846 South 190th Street in the City of Kent, County of King, State of Washington, and which is more particularly described on Schedule A attached hereto and made a part hereof, upon the terms and
covenants and subject to the conditions set forth below. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, it is
agreed as follows: 
 AGREEMENT 

ARTICLE I 

Definitions 
 Unless
otherwise defined herein, any term capitalized in this Agreement shall have the meanings set forth on Schedule B to this Agreement. 

ARTICLE II 
 Purchase
and Sale of the Property 
 2.1 Purchase. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the
Property all in accordance with the terms and conditions set forth in this Agreement. 
 2.2 Purchase Price. The total purchase price
(the “Purchase Price”) for the Property shall be equal to $7,852,000.00, subject to adjustment as hereinafter provided. Buyer and Seller acknowledge and agree that all of the Purchase Price shall be allocated to the Real
Property, and no portion of the Purchase Price shall be allocated to the Personal Property. The Purchase Price shall be payable as follows: 

(a) Deposit. On or before the 2nd Business Day after the Effective Date, Buyer
shall deliver by wire transfer or by check payable to the order of Escrow Agent the amount of $150,000.00 to Escrow Agent. Escrow Agent shall deposit and hold such amount pursuant to the provisions of Article XIV (which earnest
money deposit, together with all interest and dividends earned thereon, is herein referred to as the “Deposit”). The Deposit (other than the Independent Contract consideration) shall be retained by Seller or returned to Buyer
in accordance with the terms and conditions of this Agreement. Seller and Buyer agree that a portion of the Deposit equal to the Independent Contract Consideration has been bargained for as consideration for Seller’s execution and
delivery of this Agreement and for Buyer’s right of review, inspection and termination, and is independent of any other consideration or payment provided for in this Agreement and, notwithstanding anything to the contrary contained herein, is
non-refundable in all events. 
 (b) Balance. The balance of the Purchase Price (after crediting the Deposit, subject to prorations
and adjustments in accordance with Article XII and elsewhere in this Agreement, shall be paid on the Closing Date. 

  
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 ARTICLE III 

Seller’s Deliveries 

Except as otherwise provided below, Seller shall, within the time frames noted below, at Seller’s sole cost and expense, deliver, or
cause to be delivered (which may include “delivery” pursuant to an on-line data site), to Buyer the information set forth in Sections 3.1 through 3.2 (collectively, the “Seller’s
Deliveries”): 
 3.1 Title Insurance Commitment. On or before the 10th Business Day after the Effective Date, a current
ALTA title insurance commitment issued by the Title Company, including legible copies of all recorded exceptions to title referred to therein (collectively, the “Title Commitment”), showing marketable, fee simple title to the Real
Property to be vested in Seller and committing to insure such title to the Real Property in Buyer (or its assignee) by the issuance of a 2006 ALTA form of extended coverage policy of owner’s title insurance, with the standard printed exceptions
deleted, in the amount of the Purchase Price. Seller also shall cause to be delivered to Buyer concurrently with the Title Commitment a current tax certificate for the Real Property showing the Real Property as a separately assessed parcel (the
“Tax Certificate”). 
 3.2 Plans and Records, Permits, Contracts, Tax Records and Other Documents. On or
before the 5th Business Day after the Effective Date, the following: 
 (a) a list of
all Contracts related to the operation and maintenance of the Property (collectively the “Contract List”); 
 (b)
copies of all Tenant Leases, Contracts, and Plans and Records; and 
 (c) copies of all other documents identified in
Schedule E which are within Seller’s Possession or Reasonable Control. 
 ARTICLE IV 

Investigation of the Property 

4.1 Inspection of Property. At all reasonable times during the period commencing on the Effective Date and ending on the Closing Date
or earlier termination of this Agreement, Buyer, and its employees, agents, consultants and representatives shall be entitled, at Buyer’s sole cost and expense and upon not less than 24 hours’ prior notice to Seller (which notice may be
solely by email), to investigate and evaluate the Property, all Seller’s Deliveries, and any other aspects or characteristics of the Property. Such right of investigation shall include the right to (a) enter the Property, and have made, at
Buyer’s expense, any studies, tests or inspections of the Property as Buyer may deem necessary or appropriate, and (b) review Tenant Leases and all other Property files. Seller agrees to cooperate reasonably with any such investigations,
tests, samplings, analyses, inspections, studies or meetings made by or at Buyer’s direction; provided, however, Seller may, if Seller so desires, have a representative present in connection with any tenant interviews; and in such event, Seller
agrees to reasonably cooperate to make such representative available. Buyer shall not conduct a Phase II environmental audit without Seller’s prior written approval, which shall be in Seller’s sole discretion. 

4.2 Conduct of Buyer’s Investigation. Buyer shall (i) use commercially reasonable efforts to conduct its investigations at
the Real Property in a manner that minimizes disruption to Tenants and Seller’s operation of the Real Property, and (ii) indemnify, hold harmless and defend Seller from any Losses to the extent caused by Buyer’s physical
investigations under Section 4.1, but expressly excluding Losses arising out of latent defects, the displacement or disturbance of Hazardous Materials not placed on the Real Property by Buyer or its consultants, the discovery of
pre-existing conditions, the negligence or misconduct of Seller, or any diminution in value in the Real Property arising from, or related to, matters discovered by Buyer during its investigation of the Real Property. In addition, if this Agreement
is terminated, Buyer shall repair any damage to the Real Property to the extent caused by its entry thereon and shall restore the same to the condition in which it existed prior to such entry; provided, however, that Buyer shall have no obligation
to repair any damage to the extent caused by Seller’s negligence or misconduct, to remediate, contain, abate or control any Hazardous Materials not placed on the Real Property by Buyer or its consultants, or to repair or restore any latent
condition discovered by Buyer or its consultants (as long as Buyer or its consultants take reasonable steps not to exacerbate such condition once discovered by Buyer). During its performance of any investigations at the Real Property, Buyer shall
maintain (a) commercial general liability 

  
 - 2 - 








 
insurance with coverages of not less than $1,000,000.00 for injury or death to any one person and $2,000,000.00 for injury or death to more than one person and $1,000,000.00 with respect to
property damage, and (b) worker’s compensation insurance for all of its employees. The requirement to carry the insurance specified in the preceding sentence may be satisfied through Buyer’s or its affiliates’ blanket or umbrella
insurance policies. 
 4.3 Buyer’s Termination Right. Buyer shall have the right at any time during the period commencing on the
Effective Date and ending on the 30th day after the Effective Date (the “Inspection Period”) to terminate this Agreement in its sole and absolute discretion; provided,
however, that the Inspection Period will be extended on a day-for-day basis, up to a maximum of five days, for each day that Seller’s Deliveries have not been delivered or made available to Buyer in accordance with
Article III and Buyer shall have the right to extend the Inspection Period for an additional 30 days if Buyer determines in its sole discretion (based upon the advice of Buyer’s environmental consultant) that additional
environmental investigation is warranted. If Buyer fails to deliver a written notice to Seller waiving its termination right hereunder on or before the expiration of the Inspection Period, then (a) Escrow Agent shall return the Deposit to
Buyer, less the Independent Contract Consideration (which Escrow Agent shall deliver to Seller), (b) the parties shall share equally the cancellation charges, if any, of Escrow Agent and Title Company, and (c) this Agreement shall
terminate automatically and be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision hereof which expressly survives the termination of this Agreement). If Buyer
delivers written notice waiving its termination right under this Section 4.3, then the Deposit shall be non-refundable, except for Seller default, failure of any Buyer condition to Closing, or any other provision of this Agreement
providing for return of the Deposit to Buyer. 
 ARTICLE V 

Title 
 5.1
Buyer’s Objections and Resolutions of Buyer’s Objections. Buyer may also order, at its sole cost and expense, a survey of the Real Property (the “Survey”), prepared by a surveyor selected by Buyer, and certified to
Buyer (and/or its assignee), any lender specified by Buyer and the Title Company. Buyer shall have until 5 days prior to the expiration of the Inspection Period (the “Buyer Objection Deadline”) to notify Seller in writing of
any objection (the “Buyer Objection Notice”) which Buyer may have to any matters reported or shown in the Title Documents. If Buyer delivers the Buyer Objection Notice, then, Seller may deliver in Seller’s sole and
absolute discretion, a response (the “Seller Response”) no later than 3 days after the date of the Buyer Objection Notice (the “Response Deadline”). If Seller fails to deliver the Seller Response on or
before the Response Deadline, Seller shall be deemed to have elected not to cure any of the matters set forth in the Buyer Objection Notice. If Buyer waives its right to terminate this Agreement pursuant to Section 4.3 and the
Seller Response contains any commitment to cure any of the items set forth in Buyer’s Objection Notice, Seller’s obligation to cause such cures as set forth in the Seller Response shall be an additional Seller covenant and also a condition
precedent to Buyer’s obligations to close. 
 Notwithstanding anything herein to the contrary, if the Title Documents are re-issued or
updated after the Buyer Objection Deadline, Buyer shall have the right to object (each, a “New Buyer Objection”) to any additional matter disclosed or contained (each, a “New Title Document Matter”) in
any such update of the Title Documents (notwithstanding the passage of the Inspection Period). If Seller is unable or unwilling to cure any such New Title Document Matter to the sole satisfaction of Buyer (in Buyer’s sole and absolute
discretion) within the lesser of 5 days following receipt by Seller of a New Buyer Objection or the Closing Date, Buyer shall have the right either to (i) waive such New Title Document Matter and proceed to Closing without any adjustment in the
Purchase Price, or (ii) terminate this Agreement and receive a return of the Deposit (in addition to any other remedies that Buyer may have under this Agreement if the New Title Document Matter was caused by a breach of a covenant or
representation of Seller under this Agreement). 
 5.2 Permitted Exceptions. The exceptions to title disclosed in the Title
Commitment, other than (a) those title exceptions to which Buyer has tendered an objection in the Buyer Objection Notice or New Buyer Objection which are not subsequently cured or waived, (b) any delinquent taxes or assessments, and
(c) any standard printed exceptions, shall be the “Permitted Exceptions” hereunder. Notwithstanding anything to the contrary contained herein, Seller shall discharge and remove any and all Liens affecting the Property
which secure an obligation to pay money (other than installments of real and personal property taxes and liens for special improvements not delinquent as of the Closing), and such Liens shall not be Permitted Exceptions (whether or not Buyer
expressly objects to such Liens). 

  
 - 3 - 








 5.3 Issuance of Title Policy. At the Closing, Seller shall cause the Title Company to
issue to Buyer (with an effective date not earlier than the Closing Date), a 2006 ALTA form of extended coverage owner’s policy of title insurance insuring good, marketable, insurable title to the Real Property in Buyer or its assignee in the
amount of the Purchase Price, subject only to the Permitted Exceptions and with all endorsements agreed to by Buyer in satisfaction of the items raised in the Buyer Objection Notice (the “Title Policy”). The issuance of the
Title Policy shall be a condition to Buyer’s obligation to close hereunder. The cost of the Title Policy shall be allocated as provided in Section 12.1(d) below. 

ARTICLE VI 

Seller’s Representations and Warranties 

Seller represents, warrants and covenants to Buyer as follows as of the Effective Date and Closing (collectively, “Seller’s
Representations”): 
 6.1 Authority. Seller is a limited partnership duly organized, validly existing and in good
standing under the laws of the state of its organization and the state in which the Property is located. Seller never has existed or operated under any other name. Seller has made all filings necessary in the state in which the Property is located
to own and operate the Property. Seller has the full right, power and authority to enter into this Agreement and all documents contemplated hereby, and consummate the transaction contemplated by this Agreement. All requisite action has been taken by
Seller in connection with entering into this Agreement, and will be taken by Seller prior to the Closing in connection with the execution and delivery of the instruments referenced herein, and the consummation of the transaction contemplated hereby.
Each of the persons and entities signing this Agreement and the other documents contemplated by this Agreement on behalf of Seller has the legal right, power and authority to bind Seller. 

6.2 No Conflicts. The execution, delivery and performance by Seller of this Agreement and the instruments referenced herein and the
transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, result in a breach of, violate any term or provision of, or constitute a default under any articles of formation, bylaws, partnership
agreement (oral or written), operating agreement, indenture, deed of trust, mortgage, contract, agreement, judicial or administrative order, or any Law to which Seller or any portion of the Property is bound. 

6.3 Consents; Binding Obligations. No approval or consent is required from any person (including any partner, shareholder, member,
creditor, investor or governmental body) for Seller to execute, deliver or perform this Agreement or the other instruments contemplated hereby or for Seller to consummate the transaction contemplated hereby. This Agreement and all documents required
hereby to be executed by Seller are and shall be valid, legally binding obligations of and enforceable against Seller in accordance with their terms. 

6.4 No Bankruptcy. No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of
creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal or state bankruptcy law is pending against or contemplated (or, to Seller’s Knowledge, threatened) by or against Seller or any
general partner or managing member of Seller. 
 6.5 Tenant Leases and Contracts. 

(a) The Rent Roll is true, correct and complete in all material respects to the best of Seller’s knowledge. True, correct and complete
copies of all Tenant Leases and all amendments, guaranties and other documents relating thereto will be delivered to Buyer in accordance with Article III. 

(b) Except for any parties in possession pursuant to, and any rights of possession granted under, the Tenant Leases shown on the Rent Roll,
there are no leases, subleases, occupancies or tenancies or parties in possession of any part of the Property. Seller has not granted to any party any option, rights of first refusal, license or other similar agreement with respect to a purchase or
sale of the Property or any portion thereof or any interest therein. Neither Seller’s interest in the Tenant Leases nor any of the rentals due or to become due under the Tenant Leases has been or will be assigned, encumbered or subject to any
Liens at the Closing Date. 

  
 - 4 - 








 (c) Seller has no Knowledge of and has neither given nor received any written notice of default
with respect to any of the Tenant Leases. 
 (d) Except as expressly stated in the Rent Roll and as referenced in Section 12.1(b)(vi),
all leasing commissions due to brokers under any of the Tenant Leases, and all tenant improvement obligations, concessions and other tenant inducements, have been fully paid and satisfied by Seller and no such commissions, obligations, concessions
or inducements become payable in the future. Without limiting the foregoing, the Rent Roll discloses all leasing commissions, and all tenant improvement obligations, concessions and other tenant inducements, which have not been paid and are now due
and payable or will become payable in the future with respect to any of the Tenant Leases, including the initial and renewal term(s) thereof and any expansion of the space leased thereunder. Except as set forth in the Rent Roll, Seller has not
received from any Tenant any notice to cancel, renew or extend any Tenant Lease. Seller has collected and remitted security deposits in accordance with the applicable Tenant Lease and Law. 

(e) The Contract List required by Article III is a true, correct and complete list of all management, service, supply,
repair and maintenance agreements, equipment leases and all other contracts and agreements (excluding the Tenant Leases) with respect to or affecting the Property as of the Effective Date and at Closing the Contract List shall not include those
Contracts being terminated pursuant to the provisions of Section 8.2. True, correct and complete copies of all Contracts (or written descriptions of oral Contracts) shall be provided to Buyer pursuant to
Article III. 
 (f) Seller has no Knowledge of and has neither given nor received any written notice of default with
respect to any of the Contracts. 
 6.6 No Actions/Compliance With Laws. There are no actions, suits, proceedings or claims pending,
or to Seller’s Knowledge, contemplated or threatened, before any court, commission, regulatory body, administrative agency or other governmental or quasi-governmental body with respect to the Property, or the ability of Seller to consummate the
transaction contemplated by this Agreement. Seller has not received written notice of any violations of any Laws affecting or applicable to any or all of the Property. 

6.7 Hazardous Materials. Seller has not received written notice from any governmental entity alleging that Seller is not in full
compliance with Environmental Laws. Except as set forth in any environmental report delivered by Seller to Buyer in connection herewith, Seller has not, and to Seller’s Knowledge, no other person or tenant has used, generated, processed,
stored, released, discharged, transported or disposed Hazardous Materials on the Property except for use and storage in compliance with all applicable Environmental Laws. There is no Environmental Claim pending or, to Seller’s Knowledge,
threatened with regard to the Property. Seller has provided to Buyer all written assessments, reports, data, results of investigations or audits, or other information that is in Seller’s Possession or Reasonable Control relating to the
environmental matters at or the environmental condition of the Property. 
 6.8 Taxes and Special Assessments. Seller has not
submitted an application for the creation of any special taxing district affecting the Property, or annexation thereby, or inclusion therein. Seller has not received notice that any governmental or quasi-governmental agency or authority intends to
impose or increase any special or other assessment against the Property, or any part thereof, including assessments attributable to revaluations of the Property. 

6.9 No Contractual or Donative Commitments. Seller has not made any contractual or donative commitments relating to the Property to any
governmental authority, quasi-governmental authority, utility company, community association, homeowners’ association or to any other organization, group, or individual which would impose any obligation upon Buyer to make any contribution or
dedication of money or land, or to construct, install or maintain any improvements of a public or private nature on or off the Property. 

6.10 Non-Foreign Status/Patriot Act. Seller is not a foreign person, foreign corporation, foreign partnership, foreign trust or foreign
estate, as those terms are defined in (a) the Code and the corresponding income 

  
 - 5 - 








 
tax regulations, and (b) similar provisions of state law. Buyer has no duty to collect withholding taxes for Seller pursuant to the Foreign Investors Real Property Tax Act of 1980, as
amended, or any applicable foreign, state, or local law. Seller is not a Prohibited Person. To Seller’s Knowledge, none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with
this Agreement is a Prohibited Person. The assets Seller will transfer to Buyer under this Agreement are not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person. The assets Seller will transfer to Buyer
under this Agreement are not the proceeds of specified unlawful activity as defined by 18 U.S.C. §1956(c)(7). 
 6.11 Employees.
There are no employees of Seller employed in connection with the use, management, maintenance or operation of the Property whose employment will continue after the Closing Date. There is no bargaining unit or union contract relating to any employees
of Seller. 
 6.12 CC&Rs. To Seller’s Knowledge, there are no covenants, conditions and restrictions actively enforced
against the Property, including without limitation, those covenants, conditions and restrictions referenced in that certain Bargain and Sale Deed recorded April 21, 1971 as Recording No. 7504210589 (the “1971 CC&Rs”). To
Seller’s Knowledge, the Property was constructed in compliance with, and is currently in compliance with, the 1971 CC&Rs. 

Without limiting the generality of the foregoing, except as expressly set forth in this Agreement or the Closing Documents, Buyer hereby
acknowledges and agrees that it is purchasing the Property and each portion thereof in its present “as is/where is” condition with all defects, and neither Seller nor any employee or agent of Seller has made or will make, either expressly
or impliedly, any representations, guaranties, promises, statements, assurances or warranties of any kind concerning any of the following matters: (i) the suitability or condition of the Property for any purpose or its fitness for any
particular use, including Buyer’s intended use; (ii) the profitability and/or feasibility of owning, developing, operating and/or improving the Property; (iii) the physical condition of the Property, including, without limitation, the
current or former presence or absence of environmental hazards or hazardous materials, asbestos, radon gas, underground storage tanks, electromagnetic fields, or other substances or conditions which may affect the Property or its current or future
uses, habitability, value or desirability; (iv) the rental, income, costs or expenses thereof; (v) the net or gross acreage, usable or unusable, contained therein; (vi) the condition of title; (vii) the compliance by the Property
with applicable zoning or building laws, codes or ordinances, or other laws, rules and regulations, including, without limitation, environmental and similar laws governing or relating to environmental hazards or hazardous materials, asbestos, radon
gas, underground storage tanks, electromagnetic fields, or other substances or conditions which may affect the Property or its current or future uses, habitability, value or desirability; (viii) water or any other utility availability or use
restrictions; (ix) geologic/seismic conditions, soil and terrain stability, or drainage; (x) sewer, septic and well systems and components; (xi) other neighborhood conditions, including schools, proximity and adequacy of law
enforcement and fire protection, crime statistics, noise or odor from any sources, landfills, proposed future developments, or other conditions or influences which may be significant to certain cultures or religions; and (xii) any other past,
present or future matter relating to the Property which may affect the Property or its current or future use, habitability, value or desirability. 

Seller’s Representations are acknowledged by Seller to be material and to be relied upon by Buyer in proceeding with this transaction,
and shall be deemed to have been remade by Seller as of the Closing Date. Seller will not cause or suffer any action to be taken which would cause any of the foregoing representations or warranties to be untrue as of the Closing Date. Seller shall
immediately notify Buyer, in writing, of any event or condition known to Seller which occurs prior to the Closing Date which causes a change in the facts relating to, or the truth of, any of the above representations or warranties; provided,
however, that upon such notification, (i) Buyer shall have the option to terminate this Agreement by delivering written notice thereof to Seller, in which case Escrow Agent shall return the Deposit to Buyer, the parties shall share equally the
cancellation charges, if any, of Escrow Agent and Title Company, and this Agreement shall be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision hereof which
expressly survives the termination of this Agreement, and (ii) to the extent that any of the events or conditions described in such notification are caused as a result of a breach by Seller of this Agreement, Buyer shall be entitled to all of
the rights and remedies set forth in Section 13.1, it being expressly understood that Seller’s obligation to provide such notification shall in no way relieve Seller of any liability for a breach by Seller of any of its representations,
warranties, covenants or agreements under this Agreement. Seller’s Representations shall survive the Closing to extent set forth in Section 15.4. 

  
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 6.13 Definition of Seller’s Knowledge. With respect to Seller’s Representations,
the term Seller’s Knowledge shall mean and refer to the Knowledge of Nick Westlund, a General Partner of Seller, and George Rockwell, a limited partner of, and leasing agent for, Seller . Seller represents and warrants to Buyer that such
persons are in an official position on behalf of Seller to have the information or the obligation to investigate to obtain such information and/or the responsibility on behalf of Seller for the matters and information which are the subject of
Seller’s Representations. Nothing contained in this Section 6.13 shall impose any personal liability on any of the foregoing individuals. 

ARTICLE VII 

Buyer’s Representations and Warranties 

Buyer represents and warrants to Seller as follows: 

7.1 Authority. Buyer is a Delaware limited liability company duly organized, validly existing and in good standing under the laws of
the state of its organization. Buyer has the full right, power and authority to enter into this Agreement and all documents contemplated hereby, and consummate the transaction contemplated by this Agreement, subject to
Section 7.3. All requisite action has been taken by Buyer in connection with entering into this Agreement, and will be taken by Buyer prior to the Closing in connection with the execution and delivery of the instruments referenced
herein, and the consummation of the transaction contemplated hereby, subject to Section 7.3. Each of the persons and entities signing this Agreement and the other documents contemplated by this Agreement on behalf of Buyer has the
legal right, power and authority to bind Buyer. 
 7.2 No Conflicts. The execution, delivery and performance by Buyer of this
Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, result in a breach of, violate any term or provision of, or constitute a
default under any articles of formation, bylaws, partnership agreement, operating agreement, indenture, deed of trust, mortgage, contract, agreement (oral or written), judicial or administrative order, or any Law to which Buyer is bound. 

7.3 Consents; Binding Obligations. No approval or consent from any person (including any partners, shareholder, member, creditor,
investor or governmental body) is required for Buyer to execute, deliver or perform this Agreement or the other instruments contemplated hereby or for Buyer to consummate the transaction at Closing contemplated hereby; provided, however, that Buyer
will require approval of its board of directors in order to consummate the acquisition of the Property, which approval Buyer intends to seek prior to the end of the Inspection Period. This Agreement and all documents required hereby to be executed
by Buyer are and shall be valid, legally binding obligations of and enforceable against Buyer in accordance with their terms. 
 7.4 No
Bankruptcy. No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal
or state bankruptcy law is pending against or contemplated (or, to buyer’s knowledge, threatened) by or against Buyer or any general partner or managing member of Buyer. 

7.5 Prohibited Person. Buyer is not a Prohibited Person. To Buyer’s knowledge, except for third-party persons who hold direct or
indirect ownership interests in Buyer, none of Buyer’s affiliates or parent entities is a Prohibited Person. To Buyer’s knowledge, except for third-party persons who hold direct or indirect ownership interests in Buyer, the Property is not
the property of or beneficially owned by a Prohibited Person. To Buyer’s knowledge, except for third-party persons who hold direct or indirect ownership interests in Buyer, the Property is not the proceeds of specified unlawful activity as
defined by 18 U.S.C. § 1956(c)(7). 
 ARTICLE VIII 

Seller’s Undertakings Pending Closing 

8.1 Operation of the Property. Until the earlier of Closing or termination of this Agreement, Seller agrees as follows: 

(a) Subject to Sections 8.1(b) and 8.1(c), without Buyer’s prior written approval, which may be withheld
in Buyer’s sole and absolute discretion, Seller shall not directly or indirectly (i) sell, contribute, assign or 

  
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create any right, title or interest whatsoever in or to the Property, (ii) cause or permit any mortgage, deed of trust, Lien, assessment, obligation, interest, encroachment or liability
whatsoever to be placed of record against the Property (other than the Permitted Exceptions), or (iii) enter into any agreement to do any of the foregoing. 

(b) Without Buyer’s prior written approval, which may be withheld in Buyer’s reasonable discretion prior to the date which is five
days prior to the end of the Inspection Period and in Buyer’s sole and absolute discretion thereafter, Seller shall not enter into any new (or extend, amend, renew or replace any existing) agreement, service contract, employment contract,
permit or obligation affecting the Property or which would be binding upon Buyer upon its acquisition of the Property, or file for, pursue, accept or obtain any zoning, land use permit or other development approval or entitlement, or consent to the
inclusion of the Property into any special district; provided, however, (i) prior to expiration of the Inspection Period, Seller may enter into service or similar contracts without Buyer’s approval if such contract is entered into in the
ordinary course of Seller’s business and is terminable without penalty or premium on not more than 30 days notice from the owner of the Property and is disclosed promptly in writing to Buyer; and (ii) Seller may enter new Tenant Leases
pursuant to Section 8.1(c). 
 (c) Without Buyer’s prior written approval, which may be withheld in Buyer’s
reasonable discretion prior to the date which is five days prior to the end of the Inspection Period and in Buyer’s sole and absolute discretion thereafter, Seller shall not (i) enter into any new lease (each, a “New
Lease”) for any portion of the Property, (ii) terminate any existing Tenant Lease, or (iii) extend, amend, renew or replace any Tenant Lease or expand the space leased by a Tenant thereunder (each, a “Lease
Renewal”). If Seller desires to enter into a New Lease or Lease Renewal after the Effective Date, it shall give written notice (the “New Lease Request”) to Buyer and include the following information and
documents with such New Lease Request: (i) the name of the proposed or existing Tenant, (ii) identification of the portion of the Property that is the subject of the New Lease or Lease Renewal, (iii) a summary of the material terms of
the New Lease or Lease Renewal, including base rent, reimbursement of operating expenses, security deposit, guaranties or other credit enhancement, concessions, proposed tenant improvements and tenant improvement allowance, term, renewal options,
early termination rights, permitted uses, and exclusive rights, (iv) a copy of the proposed New Lease or Lease Renewal and all exhibits thereto, and (v) financial information regarding the proposed or existing Tenant. If Buyer fails to
respond to any New Lease Request within 5 Business Days after receipt thereof, Buyer shall be deemed to have denied the request to enter into such New Lease or Lease Renewal. 

(d) Seller shall remove the Property from the market for sale, and not solicit, accept, entertain or enter into any negotiations or agreements
with respect to the sale or disposition of any or all of the Property, or any interest therein, or sell, contribute or assign any interest in the Property. 

(e) Seller shall, except as otherwise provided in this Agreement, operate and maintain the Property in accordance with Seller’s past
practice and all applicable Laws. Seller shall maintain all casualty and liability insurance in place as of the Effective Date with respect to the Property in amounts and with deductibles substantially the same as existing on the Effective Date.

 (f) Seller shall not remove any material item of Personal Property from the Real Property unless the same is obsolete and is replaced by
tangible personal property of equal or greater utility and value. Should any material equipment, fixtures or services fail between the Effective Date and the Closing Date, Seller shall be responsible for the repair or replacement of such equipment,
fixtures or services with a new unit of similar size and quality, or at Buyer’s option, Seller shall give Buyer an equivalent credit towards the Purchase Price at the Closing. 

(g) Seller shall not accept any rent from any Tenant (or any new tenant under any new lease permitted pursuant to the terms hereof) for more
than 1 month in advance of the payment date. Other than actions against a Tenant that do not seek eviction, Seller shall not commence or allow to be commenced on its behalf any action, suit or proceeding with respect to all or any portion of the
Property without the prior written consent of Buyer. 
 8.2 Termination of Contracts and Employees. 

(a) Seller agrees to terminate by written notice to the other party thereto and as otherwise required pursuant thereto, effective as of the
Closing, (i) any Contracts binding upon or relating to property in 

  
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addition to the Real Property and (ii) all of the Contracts (including, without limitation, those executed pursuant to Section 8.1(b)) that Buyer does not, by written
notice to Seller given on or prior to the expiration of the Inspection Period, elect to assume. With respect to any Contracts which Buyer requires to be terminated, Seller shall pay all termination costs, liquidated damages, fees and/or expenses
related thereto, it being understood and agreed that Buyer shall have no liability or obligations for any Contract which is terminated or not assumed hereunder. 

(b) Any property management and leasing contracts for the Property shall be terminated prior to the Closing. All employees of Seller and
Seller’s property managers and leasing agents shall have their employment at the Property terminated and shall be paid current by Seller through Closing, including accrued vacation and other benefits. Seller shall be responsible for, and
indemnify, protect, hold harmless and defend Buyer with respect to, any Losses arising from any WARN Act claims. Buyer shall have the right to interview any employees of Seller or Seller’s property managers at the Property for employment at the
Property. 
 8.3 Casualty Damage/Condemnation. Notwithstanding anything to the contrary set forth in this Agreement, if, prior to
Closing, either (a) $250,000.00 or more of damage is caused to the Property as a result of any earthquake, hurricane, tornado, flood, landslide, fire, act of war, terrorism, terrorist activity or other casualty, or any portion of the Property
equal to or greater than such amount is taken (or is threatened to be taken) under the power or threat of eminent domain (temporarily or permanently), (b) material access to the Property, or a material portion of the parking is destroyed as a
result of a casualty or is taken (or is threatened to be taken) under the power or threat of eminent domain (temporarily or permanently), (c) any portion of the Property is rendered untenantable or is taken (or threatened to be taken) under the
power or threat of eminent domain (temporarily or permanently) such that the use of the balance of the Property is materially impaired, (d) a casualty or condemnation occurs that is reasonably estimated to result in loss of rental income after
Closing in excess of $50,000.00, or (e) any Tenant has the right to terminate its respective Tenant Lease as a result of a casualty or a temporary or permanent taking (or threatened taking) under the power or threat of eminent domain, and such
tenant fails to waive such right (any event under subsections (a) through (e) of this Section 8.3 being a “Material Change”), then, in any such event, Buyer may elect to terminate
this Agreement by giving written notice to Seller of its election to terminate this Agreement (a “Material Event Termination Notice”) on or before the 30th day after Buyer receives written notice of such destruction, taking
or threatened taking. Buyer, at its option and in its sole discretion, may extend the Closing Date to allow Buyer such full 30-day period to determine if Buyer elects to issue a Material Event Termination Notice. If Buyer does not give (or has no
right to give) a Material Event Termination Notice within such 30-day period, then (i) this transaction shall close as set forth in this Agreement, (ii) Buyer shall pay the full Purchase Price (subject to clause (iv) below),
(iii) Seller shall assign to Buyer the proceeds of any insurance policies payable to Seller (or shall assign the right or claim to receive such proceeds after Closing), or Seller’s right to or portion of any condemnation award (or payment
in lieu thereof), and (iv) the amount of any deductible or self-insured or uninsured amount shall be a credit against the Purchase Price. If Buyer timely delivers a Material Event Termination Notice pursuant to this section, the Deposit, less
the Independent Contract Consideration (which Escrow Agent shall deliver to Seller), shall be returned to Buyer, the parties shall share equally the cancellation charges, if any, of Escrow Agent and Title Company, and this Agreement shall be of no
further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision which expressly survives the termination of this Agreement). Seller shall not settle or compromise any insurance
claim or condemnation action without the prior written consent of Buyer, and Buyer shall have the option to participate in any such claim or action. Seller shall obtain Buyer’s prior approval (which shall not be unreasonably withheld, delayed
or conditioned) with respect to (Y) the repair of any Material Change (including the plans, contracts and contractors for such repair work), and (Z) the repair of any other casualty or condemnation if such repair will not be fully and
completed repaired prior to the Closing.  
 8.4 Risk of Loss. Notwithstanding anything to the contrary herein, Seller shall
maintain risk of loss of the Property until the actual time of Closing, after which time the risk of loss shall pass to Buyer and Buyer shall be responsible for obtaining its own insurance thereafter. 

8.5 Estoppels. No later than 10 days after the Effective Date, Seller shall request estoppel certificates from each Tenant (and any
guarantor of a Tenant’s obligations under a Tenant Lease) in the form attached hereto as Exhibit D (each a “Tenant Estoppel Certificate”) or, if such Tenant is unwilling to execute such form, then the form
attached to such Tenant’s lease. Seller shall use commercially reasonable efforts to obtain and deliver each of the Tenant Estoppel Certificates to Buyer on or before 3 Business Days prior to Closing. Each Tenant Estoppel Certificate shall be
dated no earlier than 30 days prior to the Closing Date. Seller shall provide Buyer with an 

  
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opportunity to review each Tenant Estoppel Certificate prior to submitting same to each Tenant, and shall copy Buyer on its correspondence to each Tenant transmitting the Tenant Estoppel
Certificates. Seller shall deliver any Tenant Estoppel Certificates received from Tenants to Buyer promptly upon Seller’s receipt. Seller shall reasonably facilitate Buyer contacting any Tenant regarding the Tenant Estoppel Certificates. No
Tenant Estoppel Certificates shall show any materially adverse matters, including, without limitation, any verbal agreements or any default or purported default thereunder by any party. 

ARTICLE IX 

Buyer’s Obligation to Close 

9.1 Buyer’s Conditions. Buyer shall not be obligated to close hereunder unless each of the following conditions shall exist on the
Closing Date: 
 (a) Title Policy. The Title Company shall issue (or shall be prepared and irrevocably and unconditionally committed
to issue) the Title Policy as described in Section 5.3; 
 (b) Accuracy of Representations. All of the
representations and warranties made by Seller in this Agreement or any of the Closing Documents shall be true, correct and complete on and as of the Closing Date, and Seller will so certify; 

(c) Seller’s Performance. Seller shall have, in all material respects, (i) performed all covenants and obligations, and
(ii) complied with all conditions, required by this Agreement to be performed or complied with by Seller on or before the Closing Date or each such covenant, obligation and condition shall be waived by Buyer in writing and in its sole and
absolute discretion prior to the Closing; 
 (d) No Violations. There shall be no notice issued of any violation or alleged violation
of any Law with respect to any portion of the Property which has not been corrected to the satisfaction of the issuer of the notice; 
 (e)
No Liens. The Property, including the Personal Property, shall be conveyed free and clear of all Liens, except Permitted Exceptions; 

(f) Consents. All consents required to effect the transaction shall have been obtained by Seller; 

(g) Tenants. No Tenant shall have terminated, or given notice of intent to terminate, their Tenant Lease pursuant to the terms
of such Tenant Lease or otherwise. No Tenant, shall have vacated, abandoned, ceased operations or filed for voluntary bankruptcy or be subject to an involuntary bankruptcy proceeding. There shall be no material change in the economic condition or
business structure of Tenant between the end of the Inspection Period and the Closing. 
 (h) Estoppels. Seller shall have delivered
to Buyer Tenant Estoppel Certificates sufficient to reach the Estoppel Threshold. 
 (i) Other Conditions. Any other condition set
forth in this Agreement to Buyer’s obligation to close has been satisfied by the applicable date. 
 9.2 Failure of Conditions.
If any condition specified in Section 9.1(h) or (i) is not satisfied on or before the Closing Date, either Buyer or Seller may extend the Closing Date for a sufficient time (but not to exceed 15 days within which to cure or satisfy
such condition and if Seller elects to extend the Closing Date, Seller shall immediately commence prosecution of such cure or satisfaction and if any condition specified in any other provisions of this Article 9 is not satisfied on or before
the Closing Date, Buyer may, at its option, and in its sole and absolute discretion, (a) extend the Closing Date to allow Seller a sufficient time (but not to exceed 15 days) within which to cure or satisfy such condition, (b) waive any
such condition which can legally be waived either at the time originally established for Closing or at any time on or before the 15th day thereafter and proceed to Closing without adjustment or abatement of the Purchase Price, or (c) terminate
this Agreement by written notice thereof to Seller, in which case the Deposit, less the Independent Contract Consideration (which Escrow Agent shall deliver to Seller), 

  
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shall be returned to Buyer, and Buyer and Seller shall each pay one half of the cancellation charges as to the Property (unless Seller is in breach or default hereunder in which case Seller shall
pay the cancellation charges as to the Property), if any, of Escrow Agent and Title Company. In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Seller hereunder, Buyer may pursue any of its
remedies under Section 13.1. 
 ARTICLE X 

Seller’s Obligation to Close 

10.1 Seller’s Conditions. Seller shall not be obligated to close hereunder unless each of the following conditions shall exist on
the Closing Date: 
 (a) Accuracy of Representations. All of the representations and warranties made by Buyer in this Agreement or
any of the Closing Documents shall be true, correct and complete on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the Closing Date, and Buyer will so certify; and

 (b) Buyer’s Performance. Buyer shall have, in all material respects, (i) performed all covenants and obligations and
(ii) complied with all conditions, required by this Agreement to be performed or complied with by Buyer on or before the Closing Date or each such covenant, obligation and condition shall be waived by Seller in writing and in its sole and
absolute discretion prior to Closing. 
 10.2 Failure of Conditions. If any condition specified in Section 10.1 is
not satisfied on or before the Closing Date, Seller may, at its option, and in its sole and absolute discretion, (a) waive any such condition which can legally be waived and proceed to Closing without adjustment or abatement of the Purchase
Price, or (b) terminate this Agreement by written notice thereof to Buyer in which case the Deposit, less the Independent Contract Consideration (which Escrow Agent shall deliver to Seller), shall be returned to Buyer, and Buyer and Seller
shall each pay one half of the cancellation charges as to the Property (unless Buyer is in breach or default hereunder in which case Buyer shall pay the cancellation charges as to the Property), if any, of Escrow Agent and Title Company.
Notwithstanding the foregoing, if the failure of the condition is due to a breach by Buyer hereunder, Seller may pursue any of its remedies under Section 13.2. 

ARTICLE XI 
 Closing

 11.1 Time of Closing. Subject to the provisions of this Agreement, the closing of the transactions contemplated hereby
(the “Closing”) shall take place on or before 3:00 p.m. (EST) on the Closing Date through an escrow with Escrow Agent, whereby Seller, Buyer and their attorneys need not be physically present and may deliver documents by
overnight air courier or other means. The “Closing Date” shall be 10 days after the expiration of the Inspection Period. 

11.2 Deliveries at Closing by Seller. On or before the Closing, Seller, at its sole cost and expense, shall deliver to Escrow Agent the
following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Seller at the Closing: 

(a) Deed. Seller shall deliver an original duly executed and acknowledged bargain and sale deed (the “Deed”),
in the form attached hereto as Exhibit A, conveying good and marketable fee simple title to the Property to Buyer, free of all Liens but subject only to the Permitted Exceptions. 

(b) Bill of Sale and General Assignment. Seller shall deliver two duly executed originals of a bill of sale and general assignment (and
other instruments of conveyance, including, by way of example only, articles of transfer, as may be required to convey personal property), in the form attached hereto as Exhibit B (the “Bill of Sale”),
conveying good and marketable title to such Personal Property, Permits, Plans and Records and Intangible Property to Buyer, free and clear of all Liens but subject to the Permitted Exceptions. 

(c) Assignment of Leases and Contracts. Seller shall deliver two duly executed counterparts of an assignment and assumption of leases
and contracts in the form attached hereto as Exhibit C (the “Assignment of Leases and Contracts”), assigning to Buyer all of Seller’s right, title and interest in and to the Tenant Leases and Contracts
(if any are approved by Buyer). 

  
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 (d) Proof of Authority. Seller shall provide such proof of authority and authorization to
enter into this Agreement and the transactions contemplated hereby, and such proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Seller as may be reasonably required by Title
Company. 
 (e) Non-Foreign Affidavit. Seller shall deliver an original duly executed Non-Foreign Affidavit in a form reasonably
satisfactory to Buyer and the Title Company. If Seller does not furnish such Non-Foreign Affidavit, Buyer may withhold (or may direct Title Company to withhold) from the cash funds payable to Seller pursuant to this Agreement at Closing, an amount
equal to the amount required to be so withheld pursuant to Section 1445(a) of the Code and such withheld funds shall be deposited with the Internal Revenue Service as required by Section 1445(a) of the Code and the regulations promulgated
thereunder. Seller also shall execute and deliver to Buyer and the Title Company a duly executed affirmation reasonably satisfactory to the Title Company and Buyer for the purposes of satisfying the Title Company and Buyer that the transaction is
exempt from the withholding requirements under state and local law. If Seller fails to execute the appropriate documents under this subsection, or the transaction is not exempt from withholding requirements of state and local law, Buyer or the Title
Company may withhold the amount of such taxes (calculated at the highest rate required or permitted by Law) from proceeds otherwise to be paid to Seller at the Closing. 

(f) Title Affidavits. Seller shall execute and deliver to the Title Company such agreements or statements as may be reasonably required
by the Title Company in order to issue the Title Policy as described in Section 5.3, including as may be required by the Title Company in order to issue a gap endorsement and delete all standard exceptions to the Title Policy,
including, without limitation, the exceptions related to the parties in possession and mechanic’s lien, provided that Seller shall not be required to execute and deliver to the Title Company any agreements or statements to facilitate the
issuance of any other endorsements unless Seller specifically agrees to provide such endorsements. 
 (g) Updated Rent Roll and Contract
List. Seller shall deliver a duly executed original certification that the Rent Roll and Contract List are true, correct and complete as of the Closing Date. 

(h) Closing Statement. Seller shall deliver two duly executed counterparts of a settlement statement of all prorations, allocations,
closing costs and payments of moneys related to the Closing of the transactions contemplated by this Agreement (the “Closing Statement”). 

(i) Other Documents. Seller shall, as reasonably requested the Title Company or the Escrow Agent, execute, acknowledge and deliver, or
cause to be executed, acknowledged and delivered, any and all conveyances, assignments and all other instruments and documents as may be reasonably necessary in order to complete the transaction herein provided and to carry out the intent and
purposes of this Agreement. 
 11.3 Deliveries at Closing by Buyer. On or before the Closing, Buyer, at its sole cost and expense,
shall deliver to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Buyer at the Closing: 

(a) Purchase Price. Buyer shall deliver to Escrow Agent for delivery to Seller cash, in an amount equal to the Purchase Price as
provided in Section 2.2, subject to the credits set forth in this Agreement and the adjustments described in Article XII. 

(b) Bill of Sale and General Assignment. Buyer shall deliver two duly executed counterparts of the Bill of Sale. 

(c) Assignment of Leases and Contracts. Buyer shall deliver two duly executed counterparts of the Assignment of Leases and Contracts.

 (d) Proof of Authority. Buyer shall provide such proof of authority and authorization to enter into this Agreement and the
transactions contemplated hereby, and such proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Buyer as may be reasonably required by Title Company. 

  
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 (e) Closing Statement. Buyer shall deliver two duly executed counterparts of the Closing
Statement. 
 (f) Other Documents. Buyer shall, as reasonably requested by the Title Company or the Escrow Agent, execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all conveyances, assignments and all other instruments and documents as may be reasonably necessary in order to complete the transaction herein provided and to
carry out the intent and purposes of this Agreement. 
 11.4 Deliveries Outside of Escrow. Seller shall deliver possession of the
Property, subject only to the Permitted Exceptions, to Buyer upon the Closing. Further, Seller hereby covenants and agrees to deliver to Buyer, on or prior to the Closing, the following items: 

(a) Intangible Property. Seller shall deliver the originals of the Plans and Records, Tenant Leases, Contracts, Permits and Intangible
Property to the extent in Seller’s Possession or Reasonable Control or, if not, available copies thereof. 
 (b) Warranties.
Seller shall transfer to Buyer all warranties for the benefit of the Property, including, without limitation, any roof warranty. 
 (c)
Personal Property. Seller shall deliver the Personal Property, including any and all keys, pass cards, security codes, computer software and other devices relating to access to the Improvements. 

(d) Tenant Notification Letter. Seller shall deliver a tenant notification letter, in a form reasonably provided by Buyer and duly
executed by Seller, notifying each Tenant under a Tenant Lease that the Property has been conveyed to Buyer and directing each Tenant to make all payments of rent and to send any notices or other correspondence regarding their respective Tenant
Leases to the persons and addresses to be determined by Buyer and specified in each such letter, on and after the Closing Date. 
 (e)
Letters to Contractors. Seller shall deliver a letter to each vendor, to the extent Buyer has agreed to assume such vendor’s Contract, and each utility company serving the Property, in a form reasonably satisfactory to Buyer, duly
executed by Seller, advising them of the sale of the Property to Buyer and directing them to send to Buyer all bills for the services provided to the Property for the period from and after the Closing Date. 

(f) Termination of Contracts. Seller shall deliver to Buyer termination agreements or other evidence reasonably satisfactory to Buyer
that any Contracts which Buyer has elected not to assume have been terminated effective upon the Closing Date and at no cost to Buyer or to the Property. 

ARTICLE XII 

Prorations and Closing Expenses 

12.1 Closing Adjustments. In addition to any other credits or prorations provided elsewhere in this Agreement, the cash due at Closing
pursuant to Section 2.2 shall be adjusted as of the Closing Date in accordance with the provisions set forth in this Section 12.1. Buyer and Seller agree to prepare a proration schedule (the
“Proration Schedule”) of adjustments 5 Business Days prior to Closing. Such adjustments, if and to the extent known and agreed upon as of the Closing Date, shall be paid by Buyer to Seller (if the prorations result in a net
credit to Seller) or by Seller to Buyer (if the prorations result in a net credit to Buyer), by increasing or reducing the cash to be paid by Buyer at Closing. Any such adjustments not determined or agreed upon as of the Closing Date, shall be paid
by Buyer to Seller, or Seller to Buyer, as the case may be, in cash as soon as practicable following the Closing Date. For purposes of calculating prorations and the Proration Schedule, Buyer shall be deemed to be title holder of the Property, and
therefore entitled to the revenue and responsible for the expenses, after 12:00 a.m. on the Closing Date. 
 (a) Taxes. All
non-delinquent real and personal property taxes, assessments and any other governmental or quasi-governmental impositions of any kind on or relating to the Property shall be prorated to


  
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the Closing Date based on the most recent and available assessed valuations, mill levies and taxes available; provided, however, if real or personal property taxes are estimated and not known, or
supplemental taxes are assessed, then once known, after Closing, Seller and Buyer promptly shall pay to the other any amount required as a result of such adjustments. Prior to Closing, Seller shall pay all taxes and special assessments on the
Property as and when they become due and prior to delinquency. All assessments, for all special improvements installed and due and payable as of the Closing Date and any impact or similar fees imposed prior to the Closing Date shall, at Buyer’s
option, either be (i) paid by Seller at Closing, or (ii) credited against the Purchase Price. 
 (b) Revenue and Expenses.

 (i) All rent (whether fixed monthly rentals, additional rentals, escalation rentals, retroactive rentals, Operating Expense
pass-throughs (except as provided in Section 12.1(b)(v)) or other sums and charges payable by Tenants under Tenant Leases), revenue (including any and all fees or other compensation paid to Seller under any Contract or Tenant
Lease to be assumed by Buyer, whether paid monthly, upon contract execution or otherwise, as consideration for Seller entering into such Contract or Tenant Lease) and expenses from any portion of the Property shall be prorated as of the Closing Date
(based on a 365 day year). Buyer shall receive all rent and revenue accruing after the Closing Date (including, as a credit against the Purchase Price, the sum of any rentals already received by Seller attributable to the period after the Closing
Date and any rent concessions which accrue to any Tenant after the Closing Date). Seller shall receive rent and revenue accruing on or prior to the Closing Date. Notwithstanding the foregoing, Seller shall not be entitled to a credit for any prepaid
expenses which do not benefit Buyer after Buyer acquires the Property. Further, notwithstanding the foregoing, no prorations shall be made for any unpaid amounts due and payable prior to Closing or for delinquent rents existing, if any, as of the
Closing Date. Although no adjustments shall be made in Seller’s favor for rents which have accrued and are unpaid as of the Closing, Buyer shall pay Seller such accrued and unpaid rents as and when collected by Buyer, it being agreed, however,
that Buyer shall not be deemed to have collected such arrearages attributable to the period prior to Closing until such time as the Tenant is current in the payment of all rent and other sums accruing after the Closing. For a period of 90 days after
the Closing, Buyer agrees to bill Tenants of the Property for all past due rents that are accrued but unpaid as of the Closing; however, (A) Buyer shall not be obligated to incur any out-of-pocket expenses (unless paid by Seller),
(B) Buyer may deduct any of its reasonable costs of collection from any amounts due Seller, and (C) under any circumstance, Buyer shall not be obligated to file any legal action or terminate any Tenant Lease. Seller may take reasonable
action to collect any delinquent rents provided that Seller may not commence any legal action against any tenant seeking termination of any lease and Seller may not commence any other legal action against tenant prior to the date which is 30 days
after the applicable Closing. 
 (ii) The readings and billings for utilities will be made if possible as of the Closing Date, in which
case Seller shall pay all such bills as of the Closing Date and no proration shall be made at the Closing with respect to utility bills. Otherwise, a proration shall be made based upon the parties’ reasonable good faith estimate and a
readjustment made within 30 days after the Closing, if necessary. At Buyer’s sole option, (A) Buyer may assume any deposit(s) for any or all utility(ies), and Seller shall receive a credit for such deposit(s) at Closing, or (B) Seller
shall be entitled to the return of any deposit(s) posted by it with any utility company, and Seller shall notify each utility company serving the Property of the sale as of the Closing. Seller agrees to reasonably cooperate with Buyer in
transferring utility service and company accounts with respect to the Property and shall refrain from any action likely to result in a termination or interruption of utility service upon the Closing and transfer of ownership to Buyer. 

(iii) No proration shall be made for insurance premiums and insurance policies will not be assigned to Buyer. 

(iv) At Closing, Buyer shall receive as a credit against the Purchase Price in an amount equal to the sum of: (A) Tenant Deposits,
including all security, damage or other deposits required to be paid by any of the Tenants to secure their respective obligations under the Tenant Leases, together, in all cases, with any interest payable to the Tenants thereunder as may be required
by their respective Tenant Lease or Law; and (B) expenses and other sums owed by Seller to any Tenant for any work or any dispute which occurred prior to the Closing (as acknowledged in any agreement or correspondence executed by Seller or any
of its agents). At the Closing and at Seller’s sole cost and expense, Seller agrees to cause the transfer to Buyer of any letters of credit, bonds, notes or other instruments constituting Tenant Deposits under any of the Tenant Leases. If any
Tenant Deposit is in the form of a bond or letter of credit, then, unless and until Seller delivers to Buyer either a fully 

  
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executed assignment to Buyer of the beneficial interest under such bond or letter of credit together with the bond or letter of credit issuer’s express written consent to such assignment or
a full replacement for such bond or letter of credit issued by the bond or letter of credit issuer directly in favor of Buyer, the amount of such bond or letter of credit shall, at Buyer’s option, either be paid to Buyer at the Closing or
credited against the Purchase Price. 
 (v) At least 10 Business Days prior to the Closing Date, Seller shall provide Buyer with a
reasonably detailed reconciliation for each Tenant showing all common area maintenance charges, property taxes, insurance and other operating cost pass-throughs payable by Tenants (collectively, the “Operating Expenses”)
incurred by Seller from the beginning of the then-current calendar year (and if the prior calendar year has not been prorated, also for said prior year) (or, if different, such Tenants’ then-current annual billing period for Operating Expenses,
and if the prior period has not been prorated, also for said prior period) through the Closing Date, and any Operating Expense estimates or charges collected by Seller during the same period of time and relating to such Tenant, all in the form
customarily submitted to each Tenant (the “CAM Reconciliation”). To the extent that Seller has received as of the Closing any monthly or periodic payments of Operating Expenses allocable to periods subsequent to Closing, the
same shall be prorated and Buyer shall receive a credit therefor at the Closing. With respect to any monthly or periodic payments of Operating Expenses received by Buyer after the Closing allocable to a Seller prior to Closing, Buyer shall promptly
pay the same to the applicable Seller (subject to the provisions in Section 12.1(b)(i) for delinquent rentals). Notwithstanding the foregoing, to the extent that the CAM Reconciliation reveals that Seller has over-collected
Operating Expenses such that, if the end of the operating expense year under the Tenant Leases was the Closing Date, Seller would be obligated to refund money to the Tenants (an “Over Collection”), rather than collect
additional money from the Tenants (an “Under Collection”), said Over Collection shall be paid by Seller to Buyer at the Closing as a settlement statement credit; provided, in the event of an Under Collection, the amount of
the Under Collection shall be paid by Buyer to Seller outside of escrow within 5 Business Days after receipt from the applicable Tenant in connection with the year-end Operating Expense reconciliation process. 

(vi) All Tenant improvement work, Tenant incentives and leasing commissions for any New Lease or Lease Renewals approved by Buyer pursuant to
Section 8.1(c) and entered into by Seller between the Effective Date and the Closing Date shall be prorated over the term of the New Lease or Lease Renewal, except that Tenant improvement work and leasing commissions for
Metropolitan Gymnastics shall be the sole responsibility of Seller (excluding any free rent for the period following the Closing Date). Seller’s share of such costs shall be based on the portion of the lease term, renewal or extension, as the
case may be, occurring prior to the Closing, which amount shall be a credit against the Purchase Price, and Buyer shall be responsible for the remainder of such costs. Seller shall be responsible for all Tenant improvement costs, tenant incentives
and leasing commissions (x) for all Tenant Leases and Lease Renewals entered into by Seller or occurring prior to the Effective Date or entered into with respect to any free rent to Metropolitan Gymnastics, and (y) associated with any
Tenant Leases (whether relating to the initial or renewal term thereof or any expansion of the space leased thereunder) not disclosed in the Rent Roll whenever same may be payable (now or in the future). Buyer shall receive a credit against the
Purchase Price at Closing in an amount equal to the then-unpaid costs and commissions, if any, but excluding any free rent for Metropolitan Gymnastics for the period following the Closing Date, which are the responsibility of Seller under the
foregoing provision, and Seller shall retain responsibility for same to the extent not so credited at Closing. Buyer shall be responsible for all Tenant improvement work, Tenant incentives and leasing commissions disclosed in the Rent Roll with
respect to any Lease Renewal exercised after the Closing Date. 
 (c) Liens. The amount of any monetary Lien (including all
prepayment penalties) affecting the Property on the Closing Date, other than as a result of the actions by, through or under Buyer, shall be paid from the funds to which Seller otherwise shall be entitled. If such funds are insufficient to pay all
such encumbrances, Seller shall pay the deficiency. 
 (d) Closing Costs. Each party shall pay its own costs and expenses arising in
connection with the Closing (including its own attorneys’ and advisors’ fees, charges and disbursements), except the costs set forth in this paragraph which shall be allocated between the parties as set forth herein. Seller shall pay
(i) the premium for the standard Title Policy (and endorsements to such Title Policy for which Seller is responsible pursuant to this Agreement or which Seller has agreed to provide and Buyer in its sole and absolute discretion has agreed to
accept in satisfaction of an item raised in the Buyer Objection Notice), with Buyer paying the premium for extended coverage, (ii) any documentary, excise, transfer, stamp, sales, use, gross receipts or similar taxes related to the transfer of
the Property, (iii) the cost of discharging any Liens against the Property (provided that Buyer will 

  
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contribute up to Fifty Thousand Dollars ($50,000.00) upon the Closing for Seller to pre-pay Seller’s loan that currently encumbers the Property) and recording any instruments in connection
therewith, (iv) all recording costs, and (v) one-half of the customary closing costs and escrow fees of the Title Company and Escrow Agent related to the transfer of the Property. Buyer shall pay for one-half of the customary closing costs
and escrow fees of the Title Company and Escrow Agent related to the transfer of the Property and up to Fifty Thousand Dollars ($50,000.00) upon the Closing for Seller to pre-pay Seller’s loan that currently encumbers the Property. 

12.2 Settlement Sheet. At the Closing, Seller and Buyer shall execute a closing settlement sheet to reflect the credits, prorations and
adjustments contemplated by or specifically provided for in this Agreement. 
 12.3 Post Closing Adjustments. Buyer and Seller shall
undertake, following Closing, to adjust between themselves, as of the Closing Date, any revenue or expenses of the Property that are not adjusted on the settlement statement. Seller shall pay promptly upon receipt any bills relating to the operation
of the Property for periods prior to Closing. 
 ARTICLE XIII 

Remedies 
 13.1
Breach by Seller. If Seller defaults on any provision hereof, Buyer, as a condition precedent to the exercise of its remedies or termination of this Agreement, shall be required to give Seller written notice of the same. Seller shall have 3
Business Days from the receipt of such notice to cure the default. If Seller timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect. If Seller fails to timely cure such default, Buyer,
at Buyer’s option, either may: (i) terminate this Agreement, in which event (A) Seller shall reimburse Buyer for Buyer’s actual out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements)
related to the negotiation of this Agreement and the transactions contemplated hereby and Buyer’s due diligence, up to a maximum of $50,000, (B) the Deposit, less the Independent Contract Consideration (which Escrow Agent shall deliver to
Seller), shall be returned to Buyer, (C) Seller shall pay any cancellation charges of Escrow Agent and Title Company, and (D) both parties shall be discharged from all duties and performance hereunder, except for any obligations which by
their terms survive any termination of this Agreement; OR (ii) pursue and obtain specific performance of Seller’s obligations hereunder (without the necessity of proving irreparable harm or posting any security), including to convey the
Property as provided herein. If Buyer elects to pursue specific performance pursuant to this Section 13.1 but specific performance as contemplated in this Section 13.1 is unavailable to Buyer as a result of any
action taken by Seller, Seller shall reimburse Buyer for Buyer’s direct and actual damages, including without limitation all of its out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to
the negotiation of this Agreement and the transactions contemplated hereby and Buyer’s due diligence. 
 13.2 Breach by Buyer.
If Buyer defaults on any provision hereof, Seller, as a condition precedent to the exercise of its remedies or termination of this Agreement, shall be required to give Buyer written notice of the same. Buyer shall have 3 Business Days from the
receipt of such notice to cure the default. If Buyer timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect. If Buyer fails to timely cure such default, Seller shall be entitled to
terminate this Agreement pursuant to the terms of this Section 13.2. IF SELLER TERMINATES THIS AGREEMENT PURSUANT TO THIS SECTION 13.2 DUE TO BUYER’S FAILURE TO CONSUMMATE THE CLOSING IN BREACH HEREOF, BUYER AND
SELLER AGREE THAT SELLER’S ACTUAL DAMAGES WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX. THE PARTIES THEREFORE AGREE THAT, IN SUCH EVENT, SELLER, AS SELLER’S SOLE AND EXCLUSIVE REMEDY, IS ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT
OF THE DEPOSIT (EXCLUSIVE OF INTEREST AND DIVIDENDS EARNED THEREON), IN WHICH CASE (A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF BUYER AND SELLER HEREUNDER SHALL BE OF NO FURTHER FORCE OR EFFECT AND NEITHER PARTY SHALL HAVE ANY FURTHER
RIGHTS OR OBLIGATIONS HEREUNDER OTHER THAN PURSUANT TO ANY PROVISION HEREOF WHICH EXPRESSLY SURVIVES THE TERMINATION OF THIS AGREEMENT, (B) ESCROW AGENT SHALL DELIVER THE DEPOSIT (EXCLUSIVE OF INTEREST AND DIVIDENDS EARNED THEREON) TO SELLER
PURSUANT TO SELLER’S INSTRUCTIONS, AND THE SAME SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES, (C) ALL TITLE AND ESCROW CANCELLATION CHARGES, IF ANY, SHALL BE CHARGED TO BUYER, AND (D) ESCROW AGENT SHALL DELIVER TO BUYER ALL
INTEREST AND DIVIDENDS EARNED ON THE DEPOSIT. THE PARTIES HEREBY AGREE THAT THE AMOUNT OF THE 

  
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DEPOSIT IS A FAIR AND REASONABLE ESTIMATE OF THE TOTAL DETRIMENT THAT SELLER WOULD SUFFER IN THE EVENT OF BUYER’S FAILURE TO CONSUMMATE THE CLOSING IN BREACH HEREOF. SELLER IRREVOCABLY
WAIVES THE RIGHT TO SEEK OR OBTAIN ANY OTHER LEGAL OR EQUITABLE REMEDIES, INCLUDING THE REMEDIES OF DAMAGES AND SPECIFIC PERFORMANCE FOR BUYER’S FAILURE TO CONSUMMATE THE CLOSING IN BREACH HEREOF. 

SELLER AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS SECTION 13.2, AND BY THEIR INITIALS
IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS. 
  

													
		 		 		 		 	 /s/    NW
	 		  	 /s/    JRW

		 		 		 		 	Seller’s Initials	 		  	Buyer’s Initials

 ARTICLE XIV 

Escrow 
 Escrow
Agent is hereby appointed and designated to act as Escrow Agent hereunder and is instructed to hold and deliver, pursuant to the terms of this Agreement, the documents and funds to be deposited into escrow as provided in
Schedule F attached hereto. 
 ARTICLE XV 

Miscellaneous 
 15.1
Brokers. Seller and Buyer each hereby represent, warrant to and agree with the other that it has not had, and it shall not have, any dealings with (and it has not engaged and it will not engage) any third party to whom the payment of any
broker’s fee, finder’s fee, commission or similar compensation (“Commission”) shall or may become due or payable in connection with the transactions contemplated hereby, other than Colliers International and Andover
Co. (the “Companies”). Seller shall pay each of the Companies a commission of 1% of the Purchase Price. Seller and Buyer each hereby agree to indemnify, hold harmless, protect and defend each other from any Loss for or in
connection with any claims for Commissions claimed or asserted by or through it in connection with the transaction contemplated herein (or any breach of any of its representations under this Section 15.1). 

15.2 Expenses. Subject to the payment of Closing costs pursuant to Section 12.1(d) and any other provision of this
Agreement, whether or not the transactions contemplated by this Agreement are consummated, all fees and expenses incurred by any party hereto in connection with this Agreement shall be borne by such party. 

15.3 Further Assurances. Each of the parties hereto agrees to perform, execute and deliver such documents, writings, acts and further
assurances as may be necessary to carry out the intent and purpose of this Agreement. 
 15.4 Survival of Representations and
Warranties. 
 (a) Except as set forth in Section 15.4(b) below, all of Seller’s and Buyer’s respective
representations, warranties, covenants and indemnities set forth in this Agreement, and the provisions of Article XIV, shall survive the delivery of the Deed and the Closing and shall not be deemed merged into any instrument of
conveyance delivered at Closing. Subject to the foregoing, any provision of this Agreement which requires observance or performance subsequent to the Closing, whether or not there is an express survival provision, shall continue in force and effect
following such Closing. 
 (b) Seller and Buyer agree that Seller’s Representations shall survive for a period of 9 months after the
Closing except in the event Buyer provides Seller with written notice of any claims prior to the end of such 9-month period, in which event Seller’s liability hereunder shall continue with respect to such claims until such time as (i) such
claim(s) have been adjudicated by a court of competent jurisdiction resulting in a final, non-appealable judgment (or, alternatively, the party entitled to appeal any judgment has waived the right to do so in writing), (ii) such claims have
been settled pursuant to a written settlement agreement between Seller and Buyer or (iii) tolled by applicable statutes of limitation (the “Survival Period”). Except for fraud or intentional misrepresentation by


  
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Seller, under no circumstances shall Seller be liable to Buyer for more than 5% of the Purchase Price (the “Seller Liability Cap”) in any individual instance or in the
aggregate for all breaches of Seller’s Representations. Notwithstanding the foregoing, the Seller Liability Cap shall not apply to attorneys’ fees incurred by Buyer if Buyer is the prevailing party in any action or proceeding based on a
breach of Seller’s Representations. 
 15.5 Partial Invalidity. If any provision of this Agreement is determined to be
unenforceable, such provision shall be reformed and enforced to the maximum extent permitted by Law. If it cannot be reformed, it shall be stricken from and construed for all purposes not to constitute a part of this Agreement, and the remaining
portions of this Agreement shall remain in full force and effect and shall, for all purposes, constitute this entire Agreement. 
 15.6
Time of Essence. Time shall be of the essence with respect to all matters contemplated by this Agreement. 
 15.7 Construction of
Agreement. All parties hereto acknowledge that they have had the benefit of independent counsel with regard to this Agreement and that this Agreement has been prepared as a result of the joint efforts of all parties and their respective counsel.
Accordingly, all parties agree that the provisions of this Agreement shall not be construed or interpreted for or against any party hereto based upon authorship. 

15.8 1031 Exchange. Either party may structure the disposition or acquisition of the Property, as the case may be, as a like-kind
exchange under Internal Revenue Code Section 1031 at the exchanging party’s sole cost and expense. The other party shall reasonably cooperate, provided that such other party shall incur no material costs, expenses or liabilities in
connection with the exchanging party’s exchange. If either party uses a qualified intermediary or exchange accommodation title holder to effectuate an exchange, any assignment of the rights or obligations of such party shall not relieve,
release or absolve such party of its obligations to the other party. The exchanging party shall indemnify, defend and hold harmless the other party from all liability in connection with the indemnifying party’s exchange, and the indemnified
party shall not be required to take title to or contract for the purchase of any other property. 
 15.9 Amendments/Waiver. No
amendment, change or modification of this Agreement shall be valid unless the same is in writing and signed by the party or parties to be bound. No waiver of any of the provisions of this Agreement shall be valid unless in writing and signed by the
party against whom it is sought to be enforced. No waiver of any provision shall be deemed a continuing waiver of such provision or of this Agreement. 

15.10 Entire Agreement. This Agreement, together with the Exhibits and Schedules attached hereto, constitutes the entire agreement
between the parties relating to the subject matter hereof and supersedes all prior negotiations, agreements, understandings, letters of intent and discussions (whether oral or written) between the parties, and there are no promises, agreements,
conditions, undertakings, warranties or representations, oral or written, express or implied, between the parties other than as expressly herein set forth. 

15.11 Counterparts; Facsimile. This Agreement may be executed in one or more counterparts, each of which will constitute an original,
and all of which together shall constitute one and the same agreement. Executed copies hereof may be delivered by facsimile, PDF or email, and, upon receipt, shall be deemed originals and binding upon the parties hereto. Without limiting or
otherwise affecting the validity of executed copies hereof that have been delivered by facsimile, PDF or email, the parties will use their best efforts to deliver originals as promptly as possible after execution. 

15.12 Dates. If any date set forth in this Agreement for the delivery of any document or the happening of any event (such as, for
example, the expiration of the Inspection Period or the Closing Date) should, under the terms hereof, fall on a non-Business Day, then such date shall be extended automatically to the next succeeding Business Day. 

15.13 Governing Law/Jurisdiction. This Agreement and the legal relations between the parties hereto shall be governed by and construed
in accordance with the internal laws of the state in which the Property is located, without regard to the conflicts of laws principles thereof. Any action brought to interpret or enforce this Agreement shall be brought in a court of competent
jurisdiction in the state in which the Property is located and each party hereto hereby consents to jurisdiction and venue in such court. 

  
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 15.14 Notices. All notices, consents, reports, demands, requests and other communications
required or permitted hereunder (“Notices”) shall be in writing, and shall be: (a) personally delivered with a written receipt of delivery; (b) sent by a nationally recognized overnight delivery service requiring a
written acknowledgement of receipt or providing a certification of delivery or attempted delivery; or (c) sent by PDF or email with an original copy thereof transmitted to the recipient by one of the means described in
subsections (a) or (b). All Notices shall be deemed effective when actually delivered as documented in a delivery receipt; provided, however, that if the Notice was sent by overnight courier or mail as aforesaid and
is affirmatively refused or cannot be delivered during customary business hours by reason of the absence of a signatory to acknowledge receipt, or by reason of a change of address with respect to which the addressor did not have either knowledge or
written notice delivered in accordance with this section, then the first attempted delivery shall be deemed to constitute delivery; and provided further, however, that Notices given by PDF or email shall be deemed given when received. Each party
shall be entitled to change its address for Notices from time to time by delivering to the other party Notice thereof in the manner herein provided for the delivery of Notices. All Notices shall be sent to the addressee at its address set forth
below: 
  

	
	To Seller:
	
	West Valley Distribution Associates-I, LP
	3326 160th Ave., SE, Suite 150
	Bellevue, WA 98008
	
	Attention: Nick Westlund
	Email: nick@wesmarinv.com
	
	With a copy to:
	
	Tousley Brain Stephens PLLC
	1700 Seventh Ave., Suite 2200
	Seattle, WA 98101
	Attention: Mark D. Deife, Esq.
	Email: mdeife@tousley.com


  
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	To Buyer:
	
	c/o Industrial Income Trust, Inc.
	518 17th Street, 17th Floor
	Denver, Colorado 80202
	Attention: Thomas McGonagle
	Email: tmcgonagle@industrialincome.com
	
	With a copy to:
	
	Joshua J. Widoff
	General Counsel
	Industrial Income Trust, Inc.
	518 17th Street, 17th Floor
	Denver, Colorado 80202
	Email: jwidoff@dividendcapital.com
	
	and a copy to:
	Allen Matkins Leck Gamble Mallory & Natsis LLP
	1900 Main Street, 5th Floor
	Irvine, California 92614-7321
	Attention: Sandra A. Jacobson, Esq.
	Email: sjacobson@allenmatkins.com

 Any notice required hereunder to be delivered to the Escrow Agent shall be delivered in accordance with above
provisions as follows: 
  

	
	First American Title Insurance Company
	1850 Mt. Diablo Blvd., Ste. 300
	Walnut Creek, CA 94596
	Attention: Shirley Fox
	Email: shirleyfox@firstam.com

 Unless specifically required to be delivered to the Escrow Agent pursuant to the terms of this Agreement, no
notice hereunder must be delivered to the Escrow Agent in order to be effective so long as it is delivered to the other party in accordance with the above provisions. 

15.15 Headings/Use of Terms/Exhibits. The paragraph and section headings that appear in this Agreement are for purposes of convenience
of reference only and are not to be construed as modifying, explaining, restricting or affecting the substance of the paragraphs and sections in which they appear. Wherever the singular number is used, and when the context requires, the same shall
include the plural and the masculine gender shall include the feminine and neuter genders. The term “including” means “including, but not limited to” and “such as” means
“such as, but not limited to” and similar words are intended to be inclusive. All references to Sections and articles mean the Sections and articles in this Agreement. All Exhibits and Schedules attached hereto are hereby
incorporated herein by reference as though set out in full herein. 
 15.16 Assignment. Buyer may assign all or any portion of this
Agreement or its rights hereunder, or delegate all or any portion of its duties or obligations to an affiliate without Seller’s written consent, provided that Buyer gives Seller notice of the assignment or delegation and that such assignment or
delegation does not relieve Buyer of its obligations hereunder. Seller shall not assign this Agreement or any rights hereunder, or delegate any of its obligations, without the prior written approval of Buyer. Subject to the provisions of this
section, this Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, successors and permitted assigns. Except as specifically set forth or referred to herein, nothing herein
expressed or implied is intended or shall be construed to confer upon or give to any person or entity, other than the parties hereto and their successors or permitted assigns, any rights or remedies under or by reason of this Agreement. For purposes
of this Section 15.16, an affiliate of Buyer shall include (a) any entity that is owned, controlled by or is under common control with Buyer (a “Buyer Control Entity”), (b) any entity in which one
or more Buyer 

  
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Controlled Entities directly or indirectly is the general partner (or similar managing partner, member or manager) or owns more than 50% of the economic interests of such entity, or (c) any
entity (or subsidiary thereof) that is advised by an affiliate of Industrial Income Advisors LLC. 
 15.17 Attorney’s Fees. If
litigation or arbitration is required by either party to enforce or interpret the terms of this Agreement, the substantially prevailing party of such action or arbitration shall, in addition to all other relief granted or awarded by the court or
arbitrator, be awarded costs and reasonable attorneys’ fees, charges and disbursements (including those of in-house counsel) and expert witnesses fees and costs incurred by reason of such action or arbitration and those incurred in preparation
thereof at both the trial or arbitration and appellate levels. 
 15.18 Bulk Sales Laws. Seller shall comply with the bulk transfer
provisions of the state in which the Property is located or similar laws and indemnify, protect, defend and hold harmless Buyer for any Loss related thereto. 

15.19 Post-Closing Access to Records. Upon receipt by Seller of Buyer’s reasonable written request at anytime and from time to
time within a period from the Closing until the later of (i) 2 years after Closing, or (ii) for the period any Tenant has the right under its lease for the Property to audit such books and records of Seller, Seller shall, at Seller’s
principal place of business, during Seller’s normal business hours, make all of Seller’s records relating to the Property available to Buyer for inspection and copying (at Buyer’s sole cost and expense). 

15.20 Intentionally Omitted. 

15.21 Confidentiality. All of the terms and conditions of this Agreement (including the identity of Buyer and the existence of this
Agreement) are confidential, and Seller shall not disclose such terms and conditions or the existence of this Agreement to anyone outside Seller other than to Seller’s legal counsel and other agents and representatives who need to know such
information in connection with the acquisition. Buyer may disclose this Agreement’s terms and conditions and the existence of this Agreement (a) to its affiliates and its legal counsel and other agents and representatives, including
prospective partners and lenders, and (b) as required by law, including without limitation, any disclosure required by the United States Securities and Exchange Commission. Subject to the disclosures permitted above, neither Seller nor Buyer
shall issue any press release with respect to Buyer’s acquisition of the Property or the terms of this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first
set forth above. 
  

			
	SELLER:
	
	WEST VALLEY DISTRIBUTION ASSOCIATES-I, LP,
	a Washington limited partnership
		
	By:	 	 /s/ Nick Westlund

	Name:	 	 Nick Westlund

	Title:	 	 General Partner

	
	BUYER:
	
	IIT ACQUISITIONS LLC,
	a Delaware limited liability company
		
	By:	 	IIT Real Estate Holdco LLC,
		 	Its Sole Member
		
	By:	 	Industrial Income Operating Partnership LP,
		 	Its Sole Member
		
	By:	 	Industrial Income Trust Inc.,
		 	Its General Partner
		
	By:	 	 /s/ J.R. Wetzel

	Name:	 	 J.R. Wetzel

	Title:	 	 Managing Director




  
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