EX-10.30



 Exhibit 10.30 

PURCHASE AND SALE AGREEMENT 

AND JOINT ESCROW INSTRUCTIONS 

This Purchase and Sale Agreement and Joint Escrow Instructions (the “Agreement”) is made and entered into this 18th day of November,
2013, by and between JOHN AND CANDY E. TERRY, husband and wife and TIMOTHY TERRY, a single man (collectively hereinafter referred to as “Seller”) and GLADSTONE LAND CORPORATION AND/OR NOMINEE (hereinafter referred to as
“Buyer”). 
 RECITALS: 

WHEREAS, Seller owns certain real property located in Cochise County, Arizona; and 

WHEREAS, Seller desires to sell and Buyer desires to purchase such real property according to the terms and conditions specified herein; and

 NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement, the parties hereby agree as follows: 

1. Agreement to Sell and to Purchase. Seller hereby agrees to sell, and Buyer hereby agrees to purchase that certain real property
commonly known as the Terry Brothers Farm consisting of approximately 1,810 gross fee acres and 160 Arizona State ag lease acres, and further described on Exhibit “A” attached hereto, together with all improvements and fixtures located on
such real property (including without limitation all irrigation or related equipment of any kind) and all privileges, rights-of-way, easements, licenses, water rights, and other rights and benefits appurtenant to or used in connection with the
beneficial use and enjoyment of such property (collectively, the “Property”). All such irrigation equipment shall be in good operating condition as of the date of Closing, defined below. 

2. Escrow. The parties shall establish an escrow with Kimberly Lockhart of Pioneer Title Security Agency, as Escrow Agent, at its
office located at 363 W. 4th Street, Benson, AZ 85602. Upon delivery to the Escrow Agent of a fully executed copy of this Agreement, Escrow Agent is instructed to open an escrow and to deliver
copies of the fully executed Agreement to Seller and Buyer. This Agreement, and the exhibits attached hereto, shall constitute escrow instructions to Escrow Agent in connection with this transaction. Should the Escrow Agent require, in addition to
this Agreement, the execution of its standard form printed Escrow Instructions, the Escrow Agent shall prepare such Escrow Instructions in accordance with the directions contained herein and in a form mutually acceptable to the parties and the
parties hereto shall execute such Escrow Instructions on receipt from the Escrow Agent. The Escrow Instructions shall not supersede, modify or amend any of the terms of this Agreement, and in the event of any conflict or ambiguity between any of the
terms of this Agreement and those of the Escrow Instructions, this Agreement shall govern and control. 
 3. Opening and Closing
Dates. “Opening of Escrow” shall occur when Escrow Agent accepts this Agreement in the space provided at the end of this Agreement. The closing of this transaction (the “Closing” or the “Close of Escrow”) shall take
place at the office of the Escrow Agent on or before fifteen (15) days following expiration of the Feasibility Period, as hereinafter defined. 







 4. Purchase Price and Terms. The purchase price for the Property shall be Seven Million
Five Hundred Sixty Thousand and 00/100 Dollars ($7,560,000.00) and shall be payable as follows: 
 (A) One Hundred Thousand and No/100
Dollars ($100,000.00) earnest money shall be paid to Escrow Agent within two (2) business days after Opening of Escrow (“Earnest Money Deposits”). Ten Thousand and No/100 Dollars ($10,000.00) of the Earnest Money Deposits shall become
non-refundable to Buyer upon deposit. The remaining Ninety Thousand and No/100 Dollars ($90,000.00) Earnest Money Deposits shall become non-refundable to Buyer upon expiration of the Feasibility Period; 

(B) Seven Million Four Hundred Sixty Thousand and No/100 Dollars ($7,460,000.00) in currently available funds to be deposited with Escrow
Agent on or before the Close of Escrow as the balance of Purchase Price. 
 5. Contingencies. It is understood and agreed by the
parties hereto that the obligations of Buyer hereunder are expressly contingent upon the satisfaction, at or prior to the Closing (or such earlier date as is set forth below) of the following conditions precedent (any of which may be waived by
Buyer, in its discretion): 
 (A) Buyer shall have twenty (20) days from Opening of Escrow to review a current preliminary title report
on the Property, together with full, complete and legible copies of all Schedule B exceptions of record shown therein, and ten (10) days from Buyer’s receipt of any amended title report reflecting any additional exceptions of record, and
copies of such additional title exceptions referenced therein, to object in writing to any matters appearing therein (the “Title Objection Notice”). If Buyer does submit a Title Objection Notice, Seller shall have ten (10) days to
remove any matters objected to by Buyer. Upon receipt of the Title Objection Notice, Seller shall use its best efforts to remove such matters, to the satisfaction of Buyer (and Seller shall cause any monetary liens on the Property to be released at
or before the Close of Escrow). If Seller is unable or elects not to remove such matters by the end of the ten (10) day “cure period” (or in the case of release of monetary liens, by Closing), then Buyer may, upon the expiration of
the applicable “cure period,” elect to waive the matters objected to, or provide written notice to Seller and Escrow Agent of its election to terminate this Escrow and Agreement (the “Title Termination Notice”), in which latter
case this Escrow and Agreement shall terminate and neither party shall have any further obligations or liabilities to the other and Ninety Thousand and No/100 Dollars ($90,000.00) of the Earnest Money Deposits shall be immediately returned to Buyer;
provided that, notwithstanding the foregoing, Seller shall be obligated to cause any monetary liens on the Property to be released at or before Closing. In the absence of the Title Termination Notice given in the manner and within the time described
above, the conditions in this Paragraph 5(A) shall conclusively be deemed waived by Buyer; 
 (B) Buyer shall have forty-five (45) days from
Opening of Escrow (the “Feasibility Period”) to make and obtain general and economic feasibility studies of the Property as Buyer deems appropriate and necessary including but not limited to soil test, water test, surveys, Phase I
environmental audit, drainage test, review of water rights, review of existing farm lease, if any, soil planning studies, engineering and feasibility studies on the Property, and the results of same, shall be subject to Buyer’s approval, in
Buyer’s sole discretion, which approval shall be deemed granted unless Buyer gives written notice to Seller and Escrow Agent of its disapproval prior to expiration of the Feasibility Period (the “Feasibility Disapproval Notice”).
Should Buyer provide the Feasibility Disapproval Notice prior to expiration of the Feasibility Period, Ninety Thousand and No/100 ($90,000.00) of the Earnest Money Deposits shall be returned to Buyer, all


  
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documents shall thereupon be returned to the parties depositing same, and Buyer and Seller shall thereupon be relieved and released from any and all further liability or obligation hereunder. In
the absence of the Feasibility Disapproval Notice given in the manner and within the time described above, the conditions in this Paragraph 5(B) shall conclusively be deemed waived by Buyer; 

(C) Prior to expiration of the Feasibility Period, Buyer shall have verified, to its reasonable satisfaction, that the Property includes at
least 1,810 gross fee acres and 160 state ag lease acres; and 
 (D) Seller shall have fully performed all of its obligations under this
Agreement, and all of Seller’s representation and warranties in this Agreement shall be true and correct in all material respects. 

If any of Buyer’s conditions to Closing as set forth above (or waived in writing by Buyer, in its discretion) have not been satisfied,
then Buyer may terminate this Agreement by written notice to Seller and Escrow Agent and receive a full refund of all Earnest Money Deposits, except as provided above. 

6. Title Insurance. Escrow Agent is hereby instructed to deliver to Buyer and Seller, as soon as possible following the Opening of
Escrow, at Seller’s expense, a title commitment for a standard title insurance policy (the “Title Report”) on the Property issued by Stewart Title Insurance Company or other title insurer reasonably acceptable to Purchaser, together
with full, complete and legible copies of all Schedule B exceptions of record referred to therein. At the Close of Escrow, Seller shall furnish to Buyer, at Seller’s expense, a Standard Owner’s Title Policy in the amount of the total
purchase price, effective as of the Close of Escrow, insuring that fee title to the Property is vested in Buyer, subject only to the printed exceptions normally contained in such policies and such other matters as may have been approved by Buyer. If
Buyer desires the issuance of extended coverage and/or any endorsements, Buyer shall pay the difference between the cost of a standard and an extended policy, and the cost for any endorsements Buyer desires. 

7. Due Diligence Materials. Within ten (10) days from Opening of Escrow Seller shall deliver to Buyer the original or legible
copies of each of the following documents to the extent such documents are in Seller’s possession: 
 (A) a current preliminary title
report on the Property together with full, complete and legible copies of all instruments of record referred to therein; 
 (B) if any, all
lease agreements, for the Property; 
 (C) all documents in Seller’s possession concerning the nature, quality, quantity, scope or
ownership of wells or water rights on or appurtenant to the Property, including copies of all well registrations and claims and records filed with the Arizona Department of Water Resources; 

(D) if any, all documents from the Farm Service Agency evidencing crop bases, historical crop production, cultivation history and acres of
cropland; and 
 (E) all existing surveys, farm plats, soil reports, production records, engineering studies, environmental audits or
reports, and other similar available information pertaining to the Property. 

  
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 8. Seller’s Representations and Warranties. Seller, to Seller’s knowledge,
represents and warrants to Buyer as follows, with the understanding that Buyer shall rely upon said representations and warranties: 
 (A)
Seller is owner of the Property, free and clear of all easements, liens, restrictions and encumbrances other than those specifically set forth herein or in the Title Report that are approved or waived by Buyer (“Permitted Title
Exceptions”); 
 (B) The undersigned individuals signing on behalf of Seller individually represent and warrant that he or she
collectively has full authority and power to execute this Agreement and to effectuate the sales transaction contemplated herein; 
 (C)
Except as expressly set forth in this Agreement, the Property is being sold in “as is” condition as of the date of Closing. Except as specifically set forth in this Agreement, no representations or warranties of any kind, express or
implied have been made or are made and no responsibility has or is assumed, by Seller or by any person, firm or agent acting or purporting to act on behalf of Seller as to the condition or repair of the Property, or the value, expense of operation
or income potential thereof; 
 (D) To Seller’s knowledge, Seller is not aware of any hazardous material on the Property other than the
storage and use of, in the ordinary course of business and in accordance with all applicable laws, rules, and regulations, fuel, oils, pesticides and fertilizers typically used in farming operations, or the migration of hazardous material from or to
other property. There are no (and to Seller’s knowledge have never been any) underground storage tanks at the Property. Seller is not aware of any proceedings or inquiry by any government authority with respect to the presence of hazardous
material from or to other property; 
 (C) All real estate taxes, assessments, water and sewer charges and other municipal charges, to the
extent due and owing, shall have been paid in full, as of the Close of Escrow; 
 (F) There are no contracts or agreements, written or oral,
affecting ownership or operation of the Property, other than those disclosed in this Agreement; 
 (G) There is no litigation or claim
pending against or involving the Property and, to Seller’s knowledge, there are no facts or circumstances, which could give rise to such claim or litigation; and 

(H) Seller is not a “foreign person” as that term is defined in Section 1445 of the United States Internal Revenue Code of
1986, as amended. 
 9. Soil Test, Water Test and Engineering Studies. During this escrow, the Buyer or its agents shall have the
right to enter upon the Property and examine same, and at its sole expense, conduct, soil tests, drainage tests, Phase I Environmental Study, engineering work and other matters relative to the development of the Property, but shall repair any damage
caused by Buyer so as to restore the Property to substantially its original condition in the event Escrow does not close for any reason. Buyer shall indemnify and hold harmless Seller and the Property from and against all claims, liabilities, costs
and expenses which may be asserted against Seller or the Property or incurred by Seller as a result of any entry or activities on the Property by Buyer or its agents except for diminution in value of the Property as a result of any condition
discovered by Buyer. 

  
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 10. Possession. Seller shall transfer to Buyer full and outright possession of the
Property, as follows: (i) individual farm fields at Close of Escrow, (ii) shop building, barn, equipment storage building and residences on the latter of January 15, 2014 or thirty (30) days from Closing, (iii) grain storage
bins on or before July 15, 2014. Seller’s access to the Property after Closing shall be subject to such reasonable rules, restrictions, and regulations as may be provided to Seller by Buyer in writing. At Buyer’s request, at Closing
Seller shall provide to Buyer a written indemnity agreement from Seller that is reasonably acceptable to Buyer and that provides, among other things, for Seller to (x) indemnify, defend and hold harmless Buyer from and against any loss,
liability, claim, damages or expenses (including without limitation reasonable attorney’s fees) arising out of Seller’s (or its employees’, agents’ or independent contractors’) entering on the Property or exercising
Seller’s rights to complete such harvest after Closing, and (y) maintain liability insurance reasonably acceptable to Buyer, and naming Buyer as an additional insured, with respect to all such activities by Seller, its employees, agents or
independent contractors. 
 11. Closing Matters. 

A) On or before the Close of Escrow, Seller shall execute and deliver to Escrow Agent the following: (i) a Special Warranty Deed
conveying fee simple title to the Property to Buyer, subject to Permitted Title Exceptions; (ii) an Affidavit of Real Property Value in connection with the conveyance of the real property; (iii) any documents that may be required to
transfer and convey to Buyer the Property, including without limitation any water rights or other rights appurtenant to the Property, or to obtain Buyer’s title policy; and (iv) an approved settlement statement; 

B) On or before the Close of Escrow, Buyer shall deliver to Escrow Agent the following: (i) certified funds or wire transfer of the funds
required by Buyer to close this transaction as shown on the approved settlement statement; and (ii) the Affidavit of Real Property Value; 

C) Escrow Agent is hereby instructed to furnish and deliver to Buyer, at the Close of Escrow, at Seller’s expense, a standard
owner’s title insurance policy (or binding commitment to issue same) in the amount of the purchase price insuring Buyer that Buyer has acquired good and marketable fee simple title to the Property subject only to (i) the permitted title
exceptions, and (ii) the printed exceptions and conditions customarily set forth in Escrow Agent’s standard form owner’s policy of title insurance; 

D) Assignment fees payable to the Arizona State Land Department with respect to the transfer of the state ag lease shall be paid by Buyer at
Closing; and 
 E) All real property taxes and assessments, utilities costs, and rents, if any, for the Property for the period in which
Closing occurs shall be prorated as of the date of Close of Escrow based on the latest information available to the Escrow Agent. Reasonable escrow fees shall be borne one-half by each party; each party shall pay its own attorneys fees; Seller shall
pay any transfer taxes or documentary stamps or comparable taxes or charges; and, unless provided elsewhere in this Agreement to the contrary, all other closing costs shall be charged and allocated to the parties in the manner customary for
commercial real estate transactions in Cochise County, Arizona. 
 12. Broker’s Commission. In the event the transaction
contemplated hereunder is consummated, Seller agrees to pay a real estate commission at Close of Escrow in the amount of three percent (3%) of the sales price for the Property to Three Rivers Ag Investments, as Seller’s broker
(“Broker”). Buyer shall have no liability for (and Seller indemnifies Buyer against any claim for) any commission to Broker. 

  
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 13. Remedies. In the event the escrow is unable to close because of the failure of Buyer
to perform or to satisfy the conditions hereunder, Seller shall be entitled to receive all of the earnest money as liquidated damages, and as Seller’s sole and exclusive remedy, Seller’s actual damages being difficult if not impossible to
determine, and this Agreement and escrow shall become null and void and of no further force and effect. In the event the escrow is unable to close because of the failure of the Sellers to perform or to satisfy the conditions hereunder, Buyer shall
be entitled to such remedies as it may have at law or in equity including specific performance. If legal action is brought by either party to enforce any of the terms of this Agreement, the prevailing party shall be entitled to recover from the
non-prevailing party its attorneys’ fees and costs incurred in the litigation. 
 14. Complete Agreement. No verbal statements
or conversations between the parties hereto or their representatives whether the same shall have been implied or direct, occurring either before or after the execution of this Agreement, shall be construed to have any bearing or effect upon this
Agreement or any portion thereof, it being understood that this written Agreement evidences the complete agreement between the parties hereto. Specifically, the parties agree that this Agreement shall supersede all prior contracts, agreements and
arrangements between the parties concerning the subject property. This Agreement may not be changed, modified or rescinded except in writing, signed by all parties hereto, and any attempt at oral modifications of this Agreement shall be void and of
no effect. 
 15. Nominee. Buyer shall have the right to assign this Agreement to, and nominate, another person or entity as Buyer
herein, provided the assignment and nomination is in writing, executed by Buyer and Nominee and deposited with Escrow Agent in which it accepts the terms hereof and agrees to be bound hereby. Such nomination shall serve to eliminate and release all
further liabilities and obligations of the original Buyer hereunder. 
 16. Notices. All notices, requests and other communications
hereunder shall be deemed to have been given, upon personal delivery, via e-mail, if an e-mail address is provided below, via facsimile, if a facsimile number is provided below, or when deposited in the United States mail in a sealed envelope,
postage prepaid, registered or certified mail, return receipt requested and addressed as follows: 
  

			
	If to Seller:	    	 John Terry
 Terry Brothers
Farms

		    	6405 S. Kansas Settlement Road
		    	Willcox, AZ 85643
		    	Telephone: (520) 508-2224
		    	Facsimile:
		    	E-mail: jjterry60@gmail.com
		
	With a copy to:	    	Jack Doughty
		    	Three Rivers Ag Investments
		    	4960 S. Gilbert Road, #1-606
		    	Chandler, AZ 85249
		    	Telephone: (480) 802-2305 –
		    	E-mail: jdoughty@threeriversag.com


  
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	If to Buyer:	    	Bill Reiman
		    	Gladstone Land Corporation
		    	1521 Westbranch Drive, Suite 200
		    	McLean, VA 22102
		    	Telephone: (805) 377-7701
		    	Facsimile: (703) 287-5801
		    	E-mail: billreiman@gladstoneland.com
		
	 With a copy to:
	    	Richard Spore
		    	Bass, Berry & Sims PLC
		    	100 Peabody Place, Suite 900
		    	Memphis, TN 38103
		    	Telephone: (901) 543-5902
		    	Facsimile: (888) 543-4346
		    	E-mail: rspore@bassberry.com
		
	 If to Escrow Agent:
	    	Kimberly Lockhart
		    	Pioneer Title Agency
		    	363 W. 4th Street
		    	Benson, AZ 85602
		    	Telephone: (520) 586-2474
		    	Facsimile: (866) 712-4001
		    	E-mail: kimberly.lockhart@ptaaz.com

 17. Tax Free Exchange. Seller or Buyer, or both of them, may close this transaction as part of a
like-kind exchange of properties under the Section 1031 of the Internal Revenue Code of 1986, as amended, and applicable rules and regulations. The exchanging party shall bear all costs of the exchange. The other party shall cooperate with the
exchanging party and do all things reasonably required and requested by the exchanging party (provided that such actions do not increase the other party’s obligations or liabilities under this Agreement or require a party to take title to other
property) to effect and facilitate such an exchange. The exchanging party shall and does hereby indemnify, defend and hold the other party harmless for and from all liabilities arising as a result of the exchange that would not have arisen had the
exchanging party not closed this transaction as part of a like-kind exchange. 
 18. Miscellaneous Provisions. 

(A) If any provisions of this Agreement are declared void or unenforceable, any such provision shall be deemed severed from this Agreement,
which shall otherwise remain in full force and effect. 
 (B) The waiver by either party hereto of any right granted to it hereunder shall
not be deemed to be a waiver of any other right granted herein, nor shall the same be deemed to be a waiver of a subsequent right obtained by reason of the continuation of any mater previously waived. 

(C) This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona. 

(D) This Agreement may be executed in counterparts, by original signature, e-mail or facsimile signature or combinations thereof. Each and
every counterpart so executed shall constitute one and the same original document. 

  
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 19. Time of the Essence. Buyer and Seller expressly and specifically agree time is of the
essence of this Agreement and all provisions, obligations and conditions thereof. All time periods set forth herein in terms of “days” refer to calendar days. Whenever notice must be given, documents delivered or an act done under
this Agreement on a day that is not a Business Day, the notice may be given, document delivered or act done on the next following day that is a Business Day. As used in this Agreement, “Business Day” shall mean a day other than a
Saturday, Sunday or a day observed as a legal holiday by the United States government, the State of Arizona, the County of Cochise, Arizona, or Escrow Agent. 

20. Offer and Acceptance. This Agreement will be executed by Buyer and delivered to Seller and will then constitute a written offer to
purchase the Property. Unless such offer is duly accepted by Seller and delivered to Buyer prior to 5:00 P.M. Mountain Standard Time, on November 18, 2013, this offer shall expire according to these terms. If the Agreement is executed by Seller
and delivered to Buyer, prior to such time and date, it shall constitute an enforceable and binding Agreement to Purchase and Sell Real Property. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first above stated. 

 

									
	SELLER:	 		 	BUYER:
	



	 		 	 GLADSTONE LAND CORPORATION,

a Maryland corporation

	  
	 		 		 	
	John Terry	 		 		 	
					
		 		 		 	By:	 	




		 		 		 		 	  

		 		 		 		 	Bill Reiman
				
	



	 		 	Its:	 	 Managing Director

	  
	 		 		 	
	Candy E. Terry	 		 		 	
				
	



	 		 		 	
	  
	 		 		 	
	Timothy Terry	 		 		 	
				
	ESCROW AGENT ACCEPTANCE:	 		 		 	
	PIONEER TITLE AGENCY	 		 		 	
					
	By:	 	



	 		 		 	
		 	  
	 		 		 	
		 	Kimberly Lockhart	 		 		 	
					
	Its:	 	 Escrow Officer
	 		 		 	
					
	Date:	 	 11-18-13
	 		 		 	


  
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 Exhibit “A” 

To Purchase and Sale Agreement 

REAL PROPERTY DESCRIPTION 

Terry Brothers Farm 
 Fee Land: 

SE1/4 S25 T15S R25E, NE1/4 S25 T15S R25E, SE1/4 S24 T15S R25E, NW1/4 S25 T15S R25E, E1/2 SW1/4 S24 T15S R25E, NE1/4 S35 T15S R25E, SW1/4 S26 T15S R25E, SE1/4
S1 T16S R25E, NE1/4 S1 T16S R25E, NW1/4 S6 T16S R26E, NW1/4 S25 T16S R25E, and NE1/4 S25 T16S R25E, Gila and Salt River Base and Meridian, Cochise County, Arizona. 

Cochise County Tax Parcel Nos. 
 204-24-049, 204-24-043B 2,
204-24-062 9, 204-28-002 7, 205-22-002 6, 205-22-004 2, 305-43- 007B 9 and 205-47-003 2 
 State Ag Lease No. 01-824: 

NW1/4 S35 T15S R25E 
 Exact, complete legal description shall be
provided through escrow. 

  
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