Exhibit 10.3


 


PURCHASE AND SALE AGREEMENT


(SUMMIT POINT, FAYETTEVILLE, GEORGIA)


 


THIS PURCHASE AND
SALE AGREEMENT (“Agreement”) is dated as of September 25, 2015 (the “Effective Date”),
by and between TNP SRT SUMMIT POINT, LLC, a Delaware limited liability company (“Seller”), and
NEW MARKET PROPERTIES LLC, a Delaware limited liability company (“Buyer”).


 


Recitals


 


A.           Buyer
desires to acquire the Property from Seller and Seller desires to sell the Property to Buyer, upon the terms and subject to the
conditions set forth in this Agreement.


 


NOW, THEREFORE,
in consideration of the premises, the mutual representations, warranties, covenants and agreements hereinafter contained, and other
good and valuable consideration the receipt and sufficiency of which are hereby acknowledged and intending to be legally bound,
the Parties hereby agree as follows:


 


1.            Definitions.
Capitalized terms used in this Agreement shall have the meanings set forth in Addendum I attached hereto.


 


2.            Agreement
to Purchase and Sell. Subject to and upon the terms and conditions herein set forth and the representations and warranties
contained herein, Seller agrees to sell the Property to Buyer, and Buyer agrees to purchase the Property from Seller.


 


3.            Consideration.
Seller and Buyer agree that the total Consideration for the Property shall be Nineteen Million Six Hundred Thousand and No/100ths
Dollars ($19,600,000.00).


 


(a)          Deposit;
Additional Deposit; Balance of Consideration. The Consideration shall comprise the following components:


 


(i)          Initial
Earnest Money Deposit; Remaining Earnest Money Deposit. Within two (2) Business Days of the Effective Date, Buyer shall deposit
the Initial Earnest Money Deposit in escrow with the Title Agent. If Buyer notifies Seller in writing on or before the end of the
Due Diligence Period of Buyer’s election to proceed to close pursuant to the terms hereof, Buyer shall deposit the Remaining
Earnest Money Deposit with the Title Agent within two (2) Business Days after the Approval Date. At Buyer’s election and
direction to the Title Agent, the Earnest Money shall be held in a federally insured interest-bearing account and interest accruing
thereon shall be for the account of Buyer. In the event the transaction contemplated hereby is consummated, the Earnest Money plus
interest accrued thereon while held by the Title Agent shall be credited against Buyer’s payment obligations under this Agreement.








 




    Purchase and Sale Agreement
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(ii)         Cash.
Immediately available funds, in an amount equal to the Consideration, less the Earnest Money and the Non-Refundable Payment, subject
to prorations, adjustments and credits as otherwise specified in this Agreement.


 


(b)          Non-Refundable
Payment. As consideration for Seller’s agreement to the terms of Section 4, below, and Buyer’s right to
terminate this Agreement under Section 4(l), below, and as a condition precedent to the effectiveness of this Agreement,
Seller shall be entitled to retain from the Deposit, and the Title Agent shall pay to Seller, following any timely termination
of this Agreement pursuant to Section 4(l), the sum of One Hundred and No/100ths Dollars ($100.00) (the “Non-Refundable
Payment”) as independent consideration for the transaction contemplated by this Agreement. The Non-Refundable Payment
shall not constitute a part of the Earnest Money, but shall be applicable to the Consideration at the Closing. Buyer acknowledges
that Seller would not have agreed to the terms of Section 4 of this Agreement had Buyer not made the Non-Refundable Payment
to Seller on the terms set forth in this Section 3(b).


 


4.          Buyer’s
Due Diligence. As more fully provided below, Seller agrees to assist and cooperate with Buyer in obtaining access to the Property
and certain documents relating thereto for purposes of inspection and due diligence.


 


(a)          Physical
Inspection of the Property. See Section 1 of the Access Agreement.


 


(b)          Invasive
Testing. See Section 2 of the Access Agreement.


 


(c)          Damage;
Indemnity. See Section 3 of the Access Agreement.


 


(d)          Liability
Insurance. See Section 4 of the Access Agreement.


 


(e)          Delivery
of Documents and Records. See Section 5 of the Access Agreement.


 


(f)          Contacts
with Property Managers. See Section 6 of the Access Agreement


 


(g)          Service
Contracts. At or before the Closing Seller will terminate all existing Service Contracts for the Property. Schedule 3
to this Agreement identifies all Service Contracts to be assumed by Buyer at Closing, and shall state “None.”








 




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(h)          Approval
of Title. Seller has provided to Buyer a copy of Seller’s existing title policy. Buyer shall cause the Title Agent, in
its capacity as the agent of the Title Company, to prepare a title commitment issued by the Title Company covering the Property
and including endorsements as Buyer may request for the Title Policy (the “Commitment”), together with copies
of all documents referenced in the Commitment, agreeing to issue to Buyer, upon recording of the Deed, the Title Policy. Prior
to the Approval Date, Buyer shall advise Seller what exceptions to title, if any, will be accepted by Buyer. Seller shall have
three (3) Business Days after receipt of Buyer’s objections to give to Buyer: (A) written notice that Seller will remove
such objectionable exceptions on or before the Closing Date; or (B) written notice that Seller elects not to cause such exceptions
to be removed. Seller’s failure to give notice to Buyer within the three (3) Business Day period shall be deemed to be Seller’s
election not to cause such exceptions to be removed. If Seller gives Buyer notice or is otherwise deemed to have elected to proceed
under clause (B), Buyer shall have until three (3) Business Days after receipt of Seller’s actual or deemed notice as to
Seller’s unwillingness to cause such exceptions to be removed, to elect to proceed with the transaction or terminate this
Agreement. If Buyer fails to give Seller notice of its election on or before the expiration of such three (3) Business Day period,
Buyer shall be deemed to have elected to terminate this Agreement. If Seller gives notice pursuant to clause (A) and fails to remove
any such objectionable exceptions from title prior to the Closing Date, and Buyer is unwilling to take title subject thereto, Buyer
shall have the right to elect to terminate this Agreement and Section 14(b)(i) shall apply. Notwithstanding the foregoing,
Buyer shall be deemed to have objected to any lien encumbering the Property that secures the payment of money, such as mechanic’s
liens, materialmen’s liens and judgment liens, and the liens of deeds of trust and mortgages (collectively, “Monetary
Liens”), unless Buyer otherwise notifies Seller in writing. Monetary Liens shall not include assessments or bond amounts
encumbering the property and reflected in the tax bills for the Property, non-delinquent property taxes or assessments, or non-delinquent
dues, costs or assessments under declarations, reciprocal easements, or other covenants, conditions or restrictions to which the
Property is subject. Seller hereby agrees to remove at or before the Closing and shall cause the Property to be delivered free
and clear of, Monetary Liens caused by Seller, subject in the case of the lien in favor of the Senior Lender, to the Senior Lender’s
consent to the release of the Property from the lien. Buyer agrees that “removal” of an exception shall include the
Title Company’s willingness to endorse over such exception or provide affirmative assurance to Buyer of no loss or damage
to Buyer from such exception.


 


(i)          New
Exceptions. In the event the Title Company notifies Buyer of any New Exceptions to title after the Approval Date, Buyer shall
have two (2) Business Days in which to notify Seller of its approval or disapproval of such New Exception. Failure to deliver notice
of approval of such New Exception shall be deemed disapproval of the New Exception. If Buyer disapproves such New Exception, Seller
shall notify Buyer within two (2) Business Days thereafter whether or not Seller can or will cause the removal of such New Exception.
Failure to deliver such notice by Seller shall be deemed Seller’s refusal to cause the removal of such New Exception. If
Seller is unwilling or unable to cause the removal of such New Exception, Buyer shall have the right within two (2) Business Days
thereafter in which to waive such objection to title and proceed to Closing, or terminate this Agreement, in which case Section
14(a) shall apply. Failure by Buyer to deliver notice of waiver shall be deemed Buyer's objection to title and election to
terminate this Agreement. Buyer agrees that “removal” of a New Exception shall include the Title Company’s willingness
to endorse over such exception or provide affirmative assurance to Buyer of no loss or damage to Buyer from such New Exception.








 




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(j)          Survey.
Seller has delivered the Survey to Buyer as part of the Due Diligence Materials. If Buyer elects ALTA extended coverage title insurance,
with survey coverage, Buyer shall have the right, at its cost, to update, modify, amend or re-certify the Survey as necessary in
order for the Title Company to delete the survey exception from the Title Policy or to otherwise satisfy Buyer’s objectives.
Seller shall consent to the use and update of such Survey by Buyer, at Buyer’s cost. Buyer shall have the right to approve
or disapprove of any matters shown in the Survey prior to the end of the Due Diligence Period in accordance with Section 4(h).
Buyer shall use diligent, good faith efforts to obtain an updated Survey as soon as practicable after the Effective Date and no
later than one (1) Business Day prior to the end of the Due Diligence Period; and provided further, if through no fault of Buyer
the updated Survey is not delivered to Buyer until after such date, any matters shown on the Survey that are not (i) included in
or referenced in any preliminary report delivered to Buyer prior to the Approval Date, (ii) in any exception document delivered
to Buyer by the Title Company prior to the Approval Date, (iii) disclosed to Buyer in any of the Due Diligence Materials,
or (iv) caused by Buyer or any of Buyer’s Agents, shall be treated as New Exceptions subject to review and approval or disapproval
as permitted in Section 4(h), above. The receipt of an updated Survey shall not be a condition precedent to Buyer’s obligation
to close hereunder.


 


(k)          Title
Commitment during Due Diligence Period. Delivery of the Approval Notice to Seller prior to the end of the Due Diligence Period
shall constitute Buyer’s approval of matters affecting title to the Property, including any such matters as are shown on
the Survey, subject to Buyer’s rights under Section 4(h) and any New Exceptions. Buyer may elect to obtain a Title
Policy, and such endorsements as Buyer may require, at Buyer’s cost. Seller shall execute and deliver to the Title Company
its standard owner’s title affidavit in the form attached hereto as Exhibit I; provided, however, the statements made
therein by Seller (i) are for the benefit of the Title Company only and may be relied upon solely by the Title Company and (ii)
do not constitute representations, warranties or certifications of Seller in or under this Agreement and may not be relied upon
by Buyer. Buyer expressly waives and disclaims any such right of reliance or benefit on the title affidavit of Seller. It shall
be a condition to Buyer’s obligation to close hereunder that the Title Company not be unwilling or unable to deliver to Buyer
as of the Closing its irrevocable Commitment to issue to Buyer its Title Policy consistent in all material respects with the Commitment
made by the Title Company as of the Approval Date, subject to New Exceptions approved by Buyer. If Buyer fails to obtain a Commitment
from the Title Company prior to the Approval Date, Buyer shall be deemed, as of the Approval Date, to have approved all exceptions
to title other than Monetary Liens and subsequent New Exceptions, subject to Buyer’s rights under Section 4(h), above.


 


(l)          Buyer’s
Right to Terminate. At any time up to the Approval Date, Buyer has the unqualified right to terminate this Agreement and obtain
a full refund of the Earnest Money (and any interest thereon), subject to Buyer’s obligations to return Due Diligence Materials
to Seller as provided in the Section entitled “Conditions to Closing.” On or before the end of the Due Diligence Period,
if Buyer is satisfied with its due diligence review of the Property and matters affecting the Property and wishes to proceed with
the acquisition of the Property under this Agreement, Buyer shall give the Seller written notice of its approval of the Property
and election to proceed under this Agreement (the “Approval Notice”). If Buyer fails to deliver an Approval
Notice to Seller on or before the end of the Due Diligence Period, Buyer shall be deemed to have elected to terminate this Agreement,
the Agreement shall automatically terminate as of the end of the Due Diligence Period, and Buyer’s Initial Earnest Money
Deposit (and any interest thereon) shall immediately be returned to Buyer. If Buyer timely delivers its Approval Notice to Seller
and timely deposits the Remaining Earnest Money with the Escrow Holder, the Earnest Money shall become non-refundable to Buyer
except as specifically set forth herein.








 




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		5.	Conditions to Closing.



 


(a)          Buyer
Closing Conditions. The conditions set forth in this Section 5(a) are conditions precedent to Buyer’s obligation
to acquire the Property (“Buyer Closing Conditions”). The Buyer Closing Conditions are intended solely for the
benefit of Buyer. If any of the Buyer Closing Conditions is not satisfied, Buyer shall have the right in its sole discretion either
to waive the Buyer Closing Condition and proceed with the acquisition of the Property without adjustment to the Consideration or
terminate this Agreement by written notice to Seller and the Title Company.


 


(i)          Conveyances
by Seller. At the Closing, Seller shall convey to Buyer all of its right, title and interest to the Property by executing and
delivering all documents required to be delivered by Seller pursuant to the Section entitled “Closing and Escrow.”


 


(ii)         Representations
and Warranties; Performance. The representations and warranties of the Seller contained in Addendum II shall be true
and correct in all material respects as of the Closing Date as though made at and as of the Closing Date, and Seller shall have
timely performed all obligations and covenants of Seller under this Agreement requiring performance prior to the Closing.


 


(iii)        Title
Company Commitment. The Title Company shall not have withdrawn or modified in any material respect its Commitment made as of
the Approval Date (if any), to issue the Title Policy at the Closing, subject to New Exceptions approved by Buyer.


 


(iv)        Tenant
Estoppels. Seller shall have delivered to Buyer the Tenant Estoppels from the Required Tenants, or Seller Estoppels, if any,
no later than three (3) Business Days prior to the Closing Date, as required under Section 8 hereunder.


 


(b)          Seller
Closing Conditions. The conditions set forth in this Section 5(b) are conditions precedent to Seller’s obligation
to sell the Property (“Seller Closing Conditions”). The Seller Closing Conditions are intended solely for the
benefit of Seller. If any of the Seller Closing Conditions is not satisfied, Seller shall have the right in its sole discretion
either to waive the Seller Closing Condition and proceed with the transaction or terminate this Agreement by written notice to
Buyer and the Title Company.








 




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(i)          Lender
Consent and Agreement. The Senior Lender shall have confirmed in writing to Seller that all conditions to the release of the
Property from the lien of such lender’s deed to secure debt have been satisfied, and the Senior Lender shall have released
its lien on the Property. Seller shall use commercially reasonable efforts to secure the release of the lien of the Senior Lender.


 


(ii)         Representations
and Warranties; Performance. The representations and warranties of Buyer contained herein shall be true and correct in all
material respects as of the Closing Date as though made at and as of the Closing Date, and Buyer shall have timely performed all
covenants and obligations of Buyer under this Agreement requiring performance prior to the Closing.


 


(c)          Deemed
Approval of Conditions. In the event that any Party having the right of cancellation hereunder based on failure of a condition
precedent set forth herein does not inform the other Party and Title Company in writing of the failure of any condition precedent
made for the benefit of such Party prior to the Closing, such failure shall be deemed to have been waived, effective as of the
Closing; provided that a Party shall not be deemed to have waived any claim for breach of any representation or warranty by the
other Party unless such Party has Actual Knowledge of such breach prior to Closing.


 


(d)          Return
of Materials. Upon termination of this Agreement and the escrow for failure of a condition precedent or upon termination by
Buyer prior to the end of the Due Diligence Period, and upon Seller’s written request, Buyer shall return to Seller or otherwise
delete or destroy all Due Diligence Materials delivered to Buyer by Seller.


 


		6.	Closing and Escrow.



 


(a)          Closing.
The Closing shall occur through the Title Agent.


 


(b)          Deposit
of Agreement and Escrow Instructions. The Parties shall promptly deposit a fully executed copy of this Agreement with Title
Agent and this Agreement shall serve as escrow instructions to the Title Agent for consummation of the transactions contemplated
hereby. The Title Agent is not a party to this Agreement and its execution and acknowledgement of this Agreement is solely for
the purpose of acknowledging receipt of a copy of this Agreement, and is not a condition to the effectiveness of this Agreement
as between Buyer and Seller. The Parties agree to execute such additional escrow instructions as may be appropriate to enable the
Title Agent to comply with the terms of this Agreement; provided, however, that in the event of any conflict between the provisions
of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control unless such supplementary
instructions are signed by both Buyer and Seller and a contrary intent is expressly indicated in such supplementary instructions.
Seller and Buyer hereby designate the Title Agent as the Reporting Person for the transaction pursuant to Section 6045(e) of the
Internal Revenue Code and the regulations promulgated thereunder.








 




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(c)          Seller’s
Deliveries to Escrow. At or before the Closing, Seller shall deliver to the Title Company, in escrow, the following:


 


		(i)	the duly executed and acknowledged Deed;



		(ii)	a duly executed Assignment of Leases;



		(iii)	a duly executed Bill of Sale;



		(iv)	a duly executed Assignment of Contracts;



		(v)	a FIRPTA affidavit (in the form attached as Exhibit
E) pursuant to Section 1445(b)(2) of the Internal Revenue Code of 1986 (the code ), and on which Buyer is entitled to rely,
that Seller is not a foreign person within the meaning of Section 1445(f)(3) of the Internal Revenue Code, and any
equivalents required by the states in which the property is located;



		(vi)	a duly executed and acknowledged Owner’s Affidavit;



		(vii)	a duly executed and acknowledged Affidavit of Seller’s Residence pursuant to O.C.G.A. Section
48-7-128, et seq., and on which Buyer is entitled to rely, that Seller is a resident or deemed to be a resident of Georgia such
that withholding from the proceeds of the sale of property are not subject to the withholding laws of the State of Georgia;



		(viii)	a duly executed certificate of Seller that all the representations and warranties of Seller contained
in this Agreement are true, correct and complete in all material respects as of the Closing Date, but for identified inaccuracies
which are material in neither scope nor nature;



		(ix)	a Rent Roll for the Property certified to Buyer to be true, complete and correct in all material
respects, prepared no more than one (1) Business Day prior to the Closing Date, and showing no material adverse change since the
date of the Rent Roll attached to and made a part of this Agreement as Schedule 5;



		(x)	a termination of any existing property management agreement affecting the Property;



		(xi)	Evidence reasonably required to satisfy the Title Company and Buyer of Seller’s
                                                                                                                            authority to enter into this Agreement and the transactions contemplated hereby, and such proof of the power and authority of
                                                                                                                            the individual(s) executing and/or delivering any instruments, documents or certificates on behalf of Seller to act and bind
                                                                                                                            Seller;



		(xii)	originals of the Leases; and



		(xiii)	any other instruments, records or correspondence called for hereunder which have not previously
been delivered.



 


(d)          Seller’s
Deliveries to Buyer.


 


		(i)	Deliveries at Closing. At or before the Closing,
Seller shall deliver to Buyer the following:









 




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(a)          operating
statements for that portion of the current year ending at the end of the calendar month preceding the month in which the Closing
Date occurs, provided, however, that if the Closing occurs during the first fifteen days of a month, the operating statement shall
be updated to the end of the calendar month that is two months prior to the Closing;


 


(b)          subject
to Seller’s obligations in Section 8, duly executed original Tenant Estoppels, Seller Estoppels or SNDAs, to the extent
required hereunder;


 


(c)          one
original form notice to each Tenant, informing it of this transaction; and


 


(d)          all
keys, combinations and electronic passwords to the Property.


 


(ii)         Deliveries
After Closing. Promptly after closing, Seller shall deliver to Buyer the following, to the extent they have not already been
delivered:


 


(a)          originals
of the Leases, to the extent available; and


 


(b)          any
other instruments, records or correspondence called for hereunder which have not previously been delivered, to the extent available.


 


(e)          Buyer’s
Deliveries to Escrow. At or before the Closing, Buyer shall deliver or cause to be delivered in escrow to the Title Company
the following:


 


(i)          a
duly executed Assignment of Leases;


(ii)         a
duly executed Assignment of Contracts; and


(ii)         the
Cash.


 


(f)          Deposit
of Other Instruments. Seller and Buyer shall each deposit such other instruments as are reasonably required by Title Company
or otherwise required to close the escrow and consummate the transactions described herein in accordance with the terms hereof.


 


7.           Closing
Adjustments and Prorations. With respect to the Property, the following adjustments shall be made, and the following procedures
shall be followed:


 


(a)          Basis
of Prorations. All prorations shall be calculated as of the end of the day before the Closing Date, on the basis of a 365-day
year, with the day of Closing to belong to the Buyer .


 


(b)          Items
Not to be Prorated. There shall be no prorations or adjustments of any kind with respect to:








 




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(i)          Insurance
Premiums. Buyer shall be responsible to obtain insurance covering such risks as Buyer deems necessary or appropriate, commencing
as of the Closing Date.


 


(ii)         Delinquent
Rents for Full Months Prior to the Month in which the Closing Occurred. Delinquent rents for full months prior to the month
in which the Closing occurred shall remain the property of Seller, and Buyer shall have no claim thereto, whether collected before
or after the Closing. Seller shall have the right to take collection measures against any delinquent Tenant (including litigation),
however Seller shall not seek any remedy which would interfere with Tenant’s continued occupancy and full use of its premises
under such Tenant’s Lease, or Buyer’s rights to receive Rent or Additional Rent with respect to any period from or
after the Closing Date. In the event that Buyer collects any delinquent rents relating to any period before the Closing Date, Buyer
shall promptly pay such amounts over to Seller in accordance with the procedures set forth in subsection (d) below. Buyer shall
use commercially reasonable efforts to collect such amounts due from any Tenant; provided that Buyer shall not be required to interfere
with the Tenant’s continued occupancy and full use of its premises under such Tenant’s Lease, or Buyer’s rights
to receive Rent or Additional Rent with respect to any period beginning on the Closing Date.


 


(iii)        Additional
Rents Relating to Full or Partial Months Prior to the Closing Date. If Additional Rents relating to full or partial months
prior to the Closing Date are not finally adjusted between Seller and any Tenant until after the Closing Date, then any refund
to which any Tenant may be entitled shall be the obligation of Seller, and any additional amounts due from the Tenant for such
period shall be the property of Seller. Buyer shall have no obligation with respect to any such refund due to any Tenant and no
claim to any such amounts due from any Tenant, except that Buyer shall promptly pay to Seller any such delinquent Additional Rent
amounts as it actually collects, in accordance with the procedures set forth in subsection (d) below. Seller shall have the right
to take collection measures against any delinquent Tenants (including litigation), however Seller shall not seek any remedy which
would interfere with the Tenant’s continued occupancy and full use of its premises under such Tenant’s Lease, or Buyer’s
rights to receive Rent or Additional Rent with respect to any period from or after the Closing Date. If Seller receives any refund
of expenses paid prior to the Closing and relating to a period prior to the Closing, and such expenses were reimbursed in whole
or in part by any Tenant, Seller shall refund to each Tenant its share of any such refund. Buyer shall use commercially reasonable
efforts to collect such amounts due from any Tenant; provided that Buyer shall not be required to interfere with the Tenant’s
continued occupancy and full use of its premises under such Tenant’s Lease, or Buyer’s rights to receive Rent or Additional
Rent with respect to any period beginning on the Closing Date.


  




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(c)          Closing
Adjustments. Prior to Closing, Seller shall prepare and deliver to Buyer for review, comment and agreement, a proration statement
for the Property, and each Party shall be credited or charged at the Closing, in accordance with the following:


 


(i)          Rents
and Additional Rents. Seller shall account to Buyer for any Rents and Additional Rents actually collected by Seller for the
rental period in which the Closing occurs, and Buyer shall be credited for its pro rata share.


 


(ii)         Expenses.


 


a)         Prepaid
Expenses. To the extent Expenses have been paid prior to the Closing Date for the rental period in which the Closing occurs,
Seller shall account to Buyer for such prepaid Expenses, and Seller shall be credited for the amount of such prepaid expenses applicable
to the period after the Closing Date.


 


b)         Unpaid
Expenses. To the extent Expenses relating to the rental period in which the Closing occurs are unpaid as of the Closing Date
but are ascertainable, Buyer shall be credited for Seller’s pro rata share of such Expenses for the period prior to the Closing
date.


 


c)         Property
Taxes. For purposes of this subsection entitled “Expenses,” and subject to the limitations described in this subsection,
the Title Company shall pro-rate real property taxes and any special assessments (collectively, “Property Taxes”)
based on the most recent available tax bills. Property Taxes shall be subject to a post-closing adjustment once the actual tax
bills are available (to the extent that the same are not available at Closing for the period in which the Closing occurs), provided,
however, that Buyer shall be solely responsible for any increased taxes resulting from the change in ownership of the Property
from Seller to Buyer or resulting from an increased tax levy based upon the Consideration paid hereunder. Notwithstanding the foregoing,
to the extent any Tenant is obligated to pay a tax bill directly to the taxing authority, the amounts payable by such Tenant shall
not be prorated at Closing. If Seller has paid the Property Taxes payable by any such Tenant, but Seller has not been reimbursed
by the Tenant, Buyer shall thereafter collect those Property Taxes directly from such Tenant after the Closing and remit to Seller
its pro rata share of such reimbursed Property Taxes within ten (10) days after receipt. In the event such Tenant reimburses Seller
rather than Buyer for Tenant’s pro rata share of Property Taxes after the Closing Date, Seller shall remit to Buyer its pro
rata share of such reimbursed Property Taxes within ten (10) days after receipt.


 


(iii)        Security
Deposits. Seller shall deliver to or credit Buyer for all prepaid rents, security deposits, letters of credit and other collateral
actually held by Seller or any of its Affiliates under any of the Leases, to the extent not applied by Seller to amounts owing
by a Tenant as permitted by the Leases prior to the Closing Date.








 




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(d)          Post-Closing
Adjustments. After the Closing Date, Seller and Buyer shall make post-closing adjustments in accordance with the following;


 


(i)          Non-delinquent
Rents. If either Buyer or Seller collects any non-delinquent Rents or Additional Rents applicable to the month in which the
Closing occurred, such Rents or Additional Rents shall be prorated as of the Closing Date and paid to the Party entitled thereto
within ten (10) days after receipt.


 


(ii)         Delinquent
Rents for month in which the Closing occurred. If either Buyer or Seller collects any Tenant Rents or Additional Rents that
were delinquent as of the Closing Date and that relate to the rental period in which the Closing occurred, then such Rents or Additional
Rents shall be applied in the following order of priority: first, to satisfy such Tenant’s Rent or Additional Rent obligations
relating to the period after the Closing Date; second, to reimburse Buyer or Seller for all reasonable out-of-pocket third-party
collection costs actually incurred by Buyer or Seller in collecting such Rents or Additional Rents (including the portion thereof
relating to the period after the Closing Date); and third, to satisfy such delinquent Rent or Additional Rent obligations relating
to the period prior to the Closing Date. Seller shall have the right to take collection measures against any delinquent Tenants
(including litigation), however Seller shall not seek any remedy which would interfere with the Tenant’s continued occupancy
and full use of its premises under such Tenant’s Lease, or Buyer’s rights to receive Rent with respect to any period
from or after the Closing Date. Buyer shall use commercially reasonable efforts to collect such amounts due from any Tenant; provided
that Buyer shall not be required to interfere with the Tenant’s continued occupancy and full use of its premises under such
Tenant’s Lease, or Buyer’s rights to receive Rent or Additional Rent with respect to any period beginning on the Closing
Date.


 


(iii)        Percentage
Rents. To the extent that Buyer receives any Percentage Rents after the Closing Date that are applicable to the period of time
before the Closing Date (including any such amounts received after any cut-off date for prorated rents set forth in this Section
7), Buyer shall render an accounting to Seller with respect to such Percentage Rents and such Percentage Rents shall be applied
in the following order of priority: (i) first to Buyer for the period covered by such Percentage Rents following the calendar month
in which the Closing occurred until the Tenant under its Lease is current with respect to all Percentage Rents applicable to periods
after the Closing Date, and all expenses reasonably incurred by Buyer collecting such rents, (ii) then to Seller and Buyer for
the calendar month in which the Closing occurred with such rents and other similar payments being prorated in the same manner as
otherwise provided in this Section 8.14(d) at Closing and on the Closing Statement, and (iii) then to Seller for the period prior
to the month in which the Closing occurred. If Percentage Rents are based on other than a month-to-month basis (e.g., on a quarterly
or annual basis), Percentage Rents collected by Buyer after the Closing Date and applicable to the period of time before the Closing
Date shall be prorated as of the Closing Date based on the number of days in such period for which such Percentage Rents are paid.





 




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(iv)        Expenses.
With respect to any invoice received by Buyer or Seller after the Closing Date for Expenses that relate to the period in which
the Closing occurred and for which a proration was not made at the Closing pursuant to the proration statement delivered to Buyer
by Seller prior to the Closing, the Party receiving such invoice shall give the other Party written notice of such invoice, and
the other Party shall have thirty days to review and approve the accuracy of any such invoice. If the Parties agree that the invoice
is accurate and should be paid, Seller shall compute Seller’s pro rata share, write a check for that amount in favor of the
vendor, and then send the invoice and check to Buyer, in which case Buyer agrees that it will pay for its share and forward the
invoice and the two payments to the vendor.


 


(v)         Payment
of 2015 Expenses by Tenants; True Ups. To the extent that Seller has actually collected any portion of Expenses from Tenants
under the Leases as Additional Rent, Seller may retain all such Additional Rent in amounts not to exceed such Tenants’ share
of Expenses actually paid. If a Tenant owes (or will owe) Seller Additional Rent for Expenses for any month (or partial month)
prior to Closing, Buyer shall reasonably cooperate with Seller to collect such Additional Rent, provided that such cooperation
shall not require Buyer to declare a Tenant in default under its Lease or commence any litigation or other formal collection efforts
beyond correspondence and telephone calls. After the Closing, Seller shall provide to Purchaser on or before February 28, 2016
a final reconciliation of Expenses that accrued during Seller’s period of ownership, including an analysis of any sums due
by each Tenant to Seller but the reconciliation shall be based upon Expenses actually collected and Purchaser shall not be responsible
for payment to Seller of any amounts which the Tenant(s) have not paid to Purchaser or Seller. If Seller under-collected Expenses
from Tenants, Buyer shall pay to Seller any additional amounts collected which are attributable to such Additional Rent for any
month (or partial month) prior to Closing within thirty (30) days following receipt by Buyer, provided Buyer may first apply additional
amounts collected to Buyer's share of such Additional Rent for any month (or partial month) on and after Closing and Buyer’s
reasonable costs of collection. If Seller has over-collected Additional Rent from Tenants and Buyer did not receive a credit at
Closing for the Expenses to which such Additional Rent applies, Seller shall pay such over-collected amounts to Buyer within thirty
(30) days after discovery of such over-collection and Buyer shall thereafter be responsible for making reimbursement to the Tenants
or applying the same to post-closing Expenses in accordance with the Leases.








 




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(vi)        Survival
of Obligations. The obligations of Seller and Buyer under the Subsection entitled “Post-Closing Adjustments” shall
survive the Closing for a period of six (6) months from the Closing Date, at which point all such adjustments shall be made in
a final accounting and all prorations hereunder shall be deemed final for all purposes; provided, however, the final true up of
2015 Expenses shall be made based on the 2015 year end Expense statement prepared by Buyer.


 


(e)          Allocation
of Closing Costs. Closing costs shall be allocated as set forth below:


 


(i)          Escrow
charges: 50% to Buyer and 50% to Seller.


(ii)         Recording
fees for Deed: 100% to Seller.


(iii)        Title
insurance premium for the Title Policy: 100% to Buyer. Buyer shall also be responsible for the cost of survey and extended coverage
and all endorsements other than endorsements obtained by Buyer to remove exceptions Seller agrees to remove, which shall be at
Seller’s cost.


(iv)        Transfer
taxes: 100% to Seller.


(v)         Survey
costs: 100% to Seller for the initial Survey; 100% to Buyer for updates, modifications and certification.


(vi)        Attorneys’
Fees: Each party to pay its own fees.


(vii)       Other:
According to custom where the Property is located.


 


8.            Tenant
Estoppel and SNDAs. Seller shall use all reasonable efforts to obtain a Tenant Estoppel from all Tenants. Seller shall deliver
completed Tenant Estoppels to Buyer as they are received by Seller, and shall use all reasonable efforts to deliver all Tenant
Estoppels to Buyer no later than three (3) Business Days prior the Closing Date. In the event that Buyer’s lender, if any,
requires subordination, non-disturbance and attornment agreements (“SNDAs”) from Publix, Wendy’s,
Subway or any other Tenant at the Property, Seller agrees to cooperate with Buyer in requesting SNDAs from Publix, Wendy’s,
Subway and any such other Tenants in the form required by Buyer’s lender (or on such other form as may be prescribed in the
Tenant Lease for Publix, Wendy’s, and Subway or such other Tenant). It shall be a condition to Buyer’s obligation to
close the acquisition of the Property that not later than the Closing Date:


 


(a)          Seller
shall have delivered to Buyer Tenant Estoppels from the Major Tenant and other Required Tenants, which Tenant Estoppels shall (i)
be dated no earlier than thirty (30) days prior to the Closing Date, (ii) conform to the most recent Rent Roll, (iii) allege no
defaults, offsets, or claims against Seller, and (iv) allege no facts that are inconsistent in any material respect with the representations
and warranties of Seller in this Agreement or the Due Diligence Materials provided by Seller to Buyer; or


 


(b)          In
the event that Seller obtains Tenant Estoppels from fewer than the requisite Minor Tenants, Seller shall have delivered to Buyer
on the Closing Date a certification (a “Seller Estoppel”) in the form and on the terms attached hereto as Exhibit
G (or as otherwise provided in Section 8(c) below). Seller shall have the right, but not the obligation, to fulfill
such condition to closing by delivery of a Seller Estoppel (i) dated no earlier than thirty (30) days prior to the Closing Date,
(ii) conforms to the most recent Rent Roll, (iii) alleges no defaults, offsets, or claims against Seller, and (iv) alleges no facts
that are inconsistent in any material respect with the representations and warranties of Seller in this Agreement or the Due Diligence
Materials provided by Seller to Buyer. If Seller is later able to deliver to Buyer a Tenant Estoppel from any Tenant as to which
Seller has provided a Seller Estoppel, the Seller Estoppel shall be and become null and void as to each statement of fact or representation
that is substantially identical to a similar fact or representation in the Tenant Estoppel, and to the extent the Tenant Estoppel
covers in all material respects the information covered in the Seller Estoppel, the Seller Estoppel as to such Tenant shall become
null and void.








 




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(c)          Notwithstanding
anything in this Agreement, Buyer agrees that the delivery by a Tenant of an estoppel certificate either (i) substantially in the
form attached to or required under such Tenant’s Lease, or (ii) on a commercially reasonable, standard form of the Tenant
in the case of any Tenant with a national or regional presence and multiple locations, shall be accepted by Buyer, and if and to
the extent Seller delivers a Seller Estoppel to Buyer in connection with such Tenant, such Seller Estoppel shall be substantially
in the form attached hereto as Exhibit G, as modified to reflect only the factual information required of the Tenant under
the estoppel certificate required under such Tenant’s Lease or on such standard form.


 


It shall not be a condition to Buyer’s
obligation to close the acquisition of the Property that Seller shall have delivered to Buyer SNDAs from all or any of Publix,
Wendy’s, or Subway, or any other Tenant.


 


		9.	Transfer of Property “As Is”.



 


(a)          Except
for the representations and warranties of Seller made in this Agreement, Buyer acknowledges that no Seller Related Party has made
any oral or written representations, warranties, promises or guarantees whatsoever to Buyer, whether express or implied, regarding
the Property or any constituent element of the Property (including the Land, Improvements, Leases, Personal Property, General Intangibles
or Contracts) and, in particular, no such representations, warranties, guaranties or promises have been made with respect to the
physical condition or operation of the Property, title to or the boundaries of the Property, soil conditions, the environmental
condition of the Property, including, without limitation, the presence, discovery, release, threatened release or removal of Hazardous
Materials (including, without limitation, the presence of asbestos or asbestos containing materials), the actual or projected revenue
and expenses or the Property, the zoning and other laws, regulations or rules applicable to the Property or the compliance of the
Property therewith, the quantity, quality or condition of the Personal Property included in the transactions contemplated hereby,
the use or occupancy of the Property or any part thereof, or any other matter or thing affecting or related to the Property or
the transactions contemplated hereby, except as, and solely to the extent, specifically set forth in this Agreement. Except for
its reliance on the representations and warranties of Seller specifically set forth herein, Buyer agrees to accept Property “AS
IS, WHERE-IS, AND WITH ALL FAULTS” in its present condition, subject in the case of the Real Property and Personal Property
to reasonable use, wear and tear but excluding casualty and condemnation, between the date hereof and the Closing Date, and further
agrees that except for any breach of its representations and warranties specifically set forth herein, Seller shall not be liable
for any latent defects in the Property or bound in any manner whatsoever by any guarantees, promises, projections, operating statements,
setups or other information pertaining to the Property made, furnished or claimed to have been made or furnished by Seller or any
Seller Related Party, whether orally or in writing.








 




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(b)          Buyer’s
approval of the Property under Section 4(l) above is Buyer’s acknowledgement that it will have reviewed or have had adequate
time and opportunity to review the Due Diligence Materials and conduct its diligence review of the Property and matters affecting
the Property.


 


(c)          Buyer
further acknowledges that certain of the Due Diligence Materials may have been prepared by parties other than Seller and Seller
makes no representation or warranty of any kind whatsoever, express or implied, as to the accuracy or completeness of any Due Diligence
Materials prepared by third parties.


 


(d)          Buyer
acknowledges that it has not relied upon any representations or warranties by Seller or any Seller Related Party not specifically
set forth herein, and has entered into this Agreement after having made and relied solely on its own independent investigation,
inspections, analyses, appraisals and evaluations of facts and circumstances.


 


(e)          Buyer
is a sophisticated purchaser, with experience in acquiring, owning and operating real property in the nature of the Property. Buyer
is familiar with the risks associated with sale transactions that involve purchases based on limited information, representations
and disclosures. Buyer understands and is freely taking all risks involved in connection with this transaction.


 


(f)          Buyer
acknowledges that, except as specifically set forth herein, Seller hereby specifically disclaims any warranty or guaranty, oral
or written, implied or arising by operation of law, and any warranty of condition, habitability, merchantability or fitness for
a particular purpose, in respect to the Property.


 


(g)          Except
for those matters expressly set forth in this Agreement to survive the Closing and except for the agreements of Seller and Buyer
set forth in the closing documents or otherwise entered into at the Closing, Buyer agrees that Buyer’s acceptance of the
Deed shall be and be deemed to be an agreement by Buyer that Seller has fully performed, discharged and complied with all of Seller’s
obligations, covenants and agreements hereunder and that Seller shall have no further liability with respect thereto.





 




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(h)          As
a material inducement to Seller to agree to sell the Property to Buyer and to execute this Agreement, except to the extent specifically
provided to the contrary herein or in the Deed and other instruments to be executed and delivered by Seller at the Closing, or
any action for breach of any representation, warranty and/or covenant of Seller specifically set forth herein, Buyer hereby waives,
releases and forever discharges the Seller Related Parties from all claims, causes of action, demands, losses, damages, liabilities,
costs and expenses (including attorney’s fees and disbursements whether suit is instituted or not) which Buyer has or may
have in the future on account of or in any way arising out of the Property or any of its constituent elements (including the Land,
the Improvements, the Personal Property, the General Intangibles, the Leases or the Contracts), including, without limitation,
with respect to (i) all matters described in subparagraph (a), above as accepted by Buyer in “as is, where is, with all faults”
condition, (ii) the structural and physical condition of the Real Property or its surroundings, (iii) the financial condition of
the operation of the Property either before or after the Closing Date, (iv) any law, ordinance, rule, regulation, restriction or
legal requirement which is now or may hereafter be applicable to the Property, (v) the financial condition or status of any tenant
or tenancy for the Property, (vi) the environmental condition of the Property, including, without limitation, the presence, discovery
or removal of any Hazardous Materials in, at, about or under the Property or the applicability to the Property of any Environmental
Laws, as such acts may be amended from time to time, or any other federal, state or local statute or regulation relating to environmental
contamination at, in or under the Property; provided, however, Seller shall remain liable for, and Buyer does not waive or release
claims based on fraud, gross negligence or willful misconduct on the part of Seller or any Seller Related Party, or based on Seller’s
failure to disclose to Buyer any material fact of which Seller has Actual Knowledge. Buyer shall not make or institute any claims
against any of the Seller Related Parties which are inconsistent with the foregoing. Buyer agrees that this release shall be given
full force and effect according to each of its expressed terms and provisions. This release includes claims of which Buyer is presently
unaware or which Buyer does not presently suspect to exist, which if known by Buyer, would materially affect Buyer’s release
to Seller. In this connection and to the maximum extent permitted by law, Buyer agrees and acknowledges that factual matters now
unknown to it may have given or may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs,
losses and expenses which are presently unknown, unanticipated and unsuspected, and Buyer further agrees and acknowledges that
the waivers and releases herein have been negotiated and agreed upon in light of that realization and that Buyer nevertheless hereby
intends to release, discharge, and acquit the Seller Related Parties from any such unknown causes of action, claims, demands, debts,
controversies, damages, costs, losses and expenses except to the extent caused by fraud, gross negligence or willful misconduct
on the part of Seller or any Seller Related Party.


 


Buyer’s
Initials _JRS__


 


(i)          In
no event shall Seller be liable to Buyer for any incidental, special, exemplary, punitive or consequential damages, including,
without limitation, loss of profits or revenue, interference with business operations, loss of tenants, lenders, investors, buyers,
diminution in value of the Property, or inability to use the Property, due to the condition of the Property.


 


(j)          The
provisions of this Section 9 shall survive the Closing or any termination of this Agreement.








 




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10.         Seller’s
Representations and Warranties. Seller represents and warrants to Buyer the matters set forth on Addendum II, which
is incorporated herein by this reference as though fully set forth herein. Other than as expressly contained in this Agreement
and Addendum II, Seller makes no representations or warranties of any kind relating to the Property or its condition or
fitness. Buyer is entitled to rely on Seller’s representations and warranties notwithstanding Buyer’s inspection and
investigation of the Property, except to the extent that Buyer has Actual Knowledge on or before the Closing Date that any such
representation or warranty is inaccurate in any material respect, and such inaccuracy did not result from a Seller R&W Breach
(as defined below). Seller shall promptly notify Buyer if prior to the Closing Seller has Actual Knowledge that any representation
or warranty of Seller was inaccurate in any material respect on the Effective Date (a “Seller R&W Breach”),
or was true when given on the Effective Date but became inaccurate in any material respect after the Effective Date (a “Seller
R&W Change”). If prior to the Closing, Buyer has Actual Knowledge (whether from Seller or its own investigation)
that a Seller R&W Breach has occurred and Seller is unable to cure such R&W Breach within ten (10) days after notice from
Buyer of such R&W Breach, such Seller R&W Breach shall be a default on the part of Seller, and Buyer shall have the right,
as its sole and exclusive remedy, to terminate this Agreement, upon which termination the Earnest Money (plus interest earned thereon)
shall be returned to Buyer, Seller shall pay the Expense Reimbursement to Buyer, and the Parties shall have no further rights or
obligations under this Agreement except for those rights and obligations which expressly survive termination of this Agreement.
If prior to the Closing Buyer has Actual Knowledge (whether from Seller or its own investigation) that a Seller R&W Change
has occurred, such change was not caused by a material breach by Seller of its covenants under this Agreement or by an affirmative,
intentional act on the part of Seller which caused such representation and warranty to become inaccurate in any material respect
(in which case such Seller R&W Change shall be deemed to be a Seller R&W Breach), and Seller is unable within ten (10)
days after notice from Buyer of such R&W Change to eliminate such inaccuracy, Buyer shall have the right, as its sole and exclusive
remedy, to terminate this Agreement, upon which termination the Earnest Money (plus interest earned thereon) shall be returned
to Buyer and the Parties shall have no further rights or obligations under this Agreement except for those rights and obligations
which expressly survive termination of this Agreement. If prior to the Closing Buyer has Actual Knowledge that any representation
or warranty of Seller is inaccurate in any material respect and Buyer consummates the Closing, such representation or warranty
shall be deemed modified by Buyer’s Actual Knowledge.


 


11.         Buyer’s
Representations and Warranties. Buyer hereby represents and warrants as of the Effective Date and as of the Closing Date to
Seller as follows:


 


(a)          Buyer
is duly organized, validly existing and in good standing under the laws of the State of its formation, and as of the Closing will
be qualified to do business in the State in which the Property is located.


 


(b)          Buyer
has full power and authority to execute and deliver this Agreement and to perform all of the terms and conditions hereof to be
performed by Buyer and to consummate the transactions contemplated hereby. This Agreement and all documents executed by Buyer which
are to be delivered to Seller at Closing have been duly executed and delivered by Buyer and are or at the time of Closing will
be the legal, valid and binding obligation of Buyer and is enforceable against Buyer in accordance with its terms, except as the
enforcement thereof may be limited by applicable Creditors’ Rights Laws. Buyer is not presently subject to any bankruptcy,
insolvency, reorganization, moratorium, or similar proceeding.








 




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(c)          The
entities and individuals executing this Agreement and the instruments referenced herein on behalf of Buyer and its constituent
entities, if any, have the legal power, right and actual authority to bind Buyer to the terms and conditions hereof and thereof.


 


(d)          Neither
the execution and delivery of this Agreement, the consummation of the transactions contemplated by this Agreement, nor the compliance
with the terms and conditions hereof will violate or conflict, in any material respect, with any provision of Buyer’s organizational
documents or to Buyer’s Actual Knowledge any statute, regulation or rule, or, to Buyer’s Actual Knowledge, any injunction,
judgment, order, decree, ruling, charge or other restrictions of any government, governmental agency or court to which Buyer is
subject, and which violation or conflict would have a material adverse effect on Buyer. Buyer is not a party to any contract or
subject to any other legal restriction that would prevent fulfillment by Buyer of all of the terms and conditions of this Agreement
or compliance with any of the obligations under it


 


(e)          To
Buyer’s Actual Knowledge all material consents required from any governmental authority or third party in connection with
the execution and delivery of this Agreement by Buyer or the consummation by Buyer of the transactions contemplated hereby have
been made or obtained or shall have been made or obtained by the Closing Date. Complete and correct copies of all such required
consents, if any, shall be delivered to Seller.


 


(f)          Buyer
has made (or will make prior to the Closing Date) an independent investigation with regard to the Property, will have ascertained
to its satisfaction the extent to which the Property complies with applicable zoning, building, environmental, health and safety
and all other laws codes and regulations, and Buyer’s intended use thereof, including without limitation, review and/or approval
of matters disclosed by Seller pursuant to this Agreement.


 


(g)          There
is no litigation pending or, to Buyer’s Actual Knowledge, threatened, against Buyer or any basis therefor that might materially
and detrimentally affect the ability of Buyer to perform its obligations under this Agreement. Buyer shall notify Seller promptly
of any such litigation of which Buyer becomes aware.








 




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(h)          Buyer
is not, nor is any person who owns a controlling interest in or otherwise controls Buyer, (a) listed on the Specially Designated
Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control (“OFAC”), Department of
the Treasury, and/or on any other similar list maintained by the OFAC pursuant to any authorizing statute, Executive Order or regulation
(collectively, “OFAC Laws and Regulations”); or (b) a person either (i) included within the term “designated
national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (ii) designated under Sections 1(a),
1(b), 1(c) or 1(d) of Executive Order No. 13224 (Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten
to Commit, or Support Terrorism), 66 Fed. Reg. 49079 (effective September 24, 2001, and published September 25, 2001) or similarly
designated under any related enabling legislation or any other similar Executive Orders (collectively, the “Executive
Orders”). Neither Buyer nor any of its principals or affiliates is (x) a person or entity with which Seller is prohibited
from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, or that commits, threatens or conspires to commit
or supports “terrorism” as defined in the Executive Orders, or (y) is directly or indirectly affiliated or associated
with a person or entity listed in the preceding clause (x). To the best knowledge of Buyer, neither Buyer nor any of its principals
or affiliates, nor any brokers or other agents acting in any capacity in connection with the transactions contemplated herein (I)
directly or indirectly deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked
pursuant to the Executive Orders, (II) directly or indirectly engages in any transaction in violation of any Laws relating to drug
trafficking, money laundering or predicate crimes to money laundering or (III) engages in or conspires to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
any Anti-Terrorism Law. As used herein, “Anti-Terrorism Law” means the OFAC Laws and Regulations, the Executive
Orders and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001), as amended.


 


		12.	Risk of Loss.



 


(a)          Notice
of Loss. If, prior to the Closing Date, any portion of the Property suffers a Minor or Major Loss, Seller shall immediately
notify Buyer of that fact, which notice shall include sufficient detail to apprise Buyer of the current status of the Property
following such loss.


 


(b)          Minor
Loss. Buyer’s obligations hereunder shall not be affected by the occurrence of a Minor Loss, provided that: (i) upon
the Closing, there shall be a credit against the Consideration equal to the amount of any insurance proceeds or condemnation awards
collected by Seller as a result of such Minor Loss, plus the amount of any insurance deductible; or (ii) insurance or condemnation
proceeds available to Seller are sufficient to cover the cost of restoration and the insurance carrier has admitted liability for
the payment of such costs. If the proceeds or awards have not been collected as of the Closing, then Seller’s right, title
and interest to such proceeds or awards shall be assigned to Buyer at the Closing, together with a credit against the Consideration
in the amount of any insurance deductible. This provision shall not limit any of the Buyer’s repair obligations under the
Leases. If there is a Minor Loss and insurance coverage as set forth above is not available, Buyer shall have the same rights as
if it was a Major Loss.








 




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(c)          Major
Loss. In the event of a Major Loss, Buyer may, at its option to be exercised by written notice to Seller within twenty (20)
days of Seller’s notice to Buyer of the occurrence thereof, elect to either (i) terminate this Agreement, or (ii) consummate
the acquisition of the Property for the full Consideration, subject to the following. If Buyer elects to proceed with the acquisition
of the Property, then the Closing shall be postponed to the later of the Closing Date or the date which is ten (10) Business Days
after Buyer makes such election and, upon the Closing, Buyer shall be given a credit against the Consideration equal to the amount
of any insurance proceeds or condemnation awards collected by Seller as a result of such Major Loss, plus the amount of any insurance
deductible. If the proceeds or awards have not been collected as of the Closing, then Seller’s right, title and interest
to such proceeds or awards shall be assigned to Buyer, and Seller will cooperate with Buyer as reasonably requested by Buyer in
the collection of such proceeds or award. If Buyer fails to give Seller notice within such 20-day period, then Buyer will be deemed
to have elected to terminate this Agreement. If the Agreement is not terminated, Buyer shall be responsible on and after the Closing
Date for performance by Buyer as “landlord” under the Leases, including any repair obligations of landlord, and nothing
herein shall limit Buyer’s repair obligations or other obligations under the Leases.


 


		13.	Seller’s Continued Operation of the Property.



 


(a)          General.
Except as otherwise contemplated or permitted by this Agreement or approved by Buyer in writing, from the Effective Date to the
Closing Date, Seller will operate, maintain, repair and lease of the Property in a prudent manner, in the ordinary course of business,
on an arm’s-length basis and consistent with its past practices (and without limiting the foregoing, Seller shall, in the
ordinary course, negotiate with prospective tenants and enter into leases of the Property, enforce leases in all material respects,
pay all costs and expenses of the Property, including, without limitation, debt service, real estate taxes and assessments, and
maintain insurance and pay and perform loan obligations) and will not dispose of or encumber the Property or any part thereof,
except for dispositions of personal property in the ordinary course of business.


 


(b)          Actions
Requiring Buyer’s Consent. Notwithstanding the above terms of this Section 13, from the Approval Date until the Closing
Date, Seller shall not, without the prior written approval of Buyer, which approval shall not be unreasonably withheld or delayed,
take any of the following actions:


 


(i)          Leases.
Execute or renew any Lease; or bring an action to enforce any Lease; or apply any security deposit under any Lease; or terminate
any Lease; or modify or waive any material term of any Lease; provided, however, that if Seller has delivered notice to Buyer of
Seller’s request for Buyer’s approval and Buyer has not responded to Seller’s request for Lease approval within
three (3) Business Days, then Buyer shall be deemed to have approved the Lease activity in question; or








 




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(ii)         Contracts.
Except as otherwise required under this Agreement, enter into, execute or terminate any operating agreement, easement agreement,
management agreement or any lease, contract, agreement or other commitment of any sort (including any contract for capital items
or expenditures), with respect to the Property that will survive the Closing or otherwise bind the Buyer after the Closing.


 


(c)          Cost
of Tenant Improvements and Leasing Commissions.


 


(i)          New
Leases, Renewals, Modifications. In connection with any new lease, or any renewal of a lease or modification of an existing
Lease which extends the term or expands the premises under the Lease other than under an option or right governed by subsections
(c)(iii) or (c)(iv) below, and is entered into between the Effective Date and the Closing, the cost of tenant improvement work
and leasing commissions in connection with any such new lease, renewal or modification, shall be prorated between Buyer and Seller
in proportion to the ratio between the portion of the new lease term or renewal term which occurs prior to the Closing Date and
the portion of the new lease term or renewal term which occurs after the Closing Date.


 


(ii)         Existing
Leases. Subject to subsections (c)(iii) and (c)(iv)below, Seller shall be responsible for the cost of all tenant improvement
work and leasing commissions for all Leases (and amendments thereto) entered into prior to the Effective Date, and Seller’s
obligations with respect thereto shall survive the Closing.


 


(iii)        Tenant
Rights Under Existing Leases. If during the period between the Effective Date and the Closing Date, any Tenant shall exercise
an option or right under an existing Lease to renew the Lease, extend the Term of the Lease or expand its premises, any obligation
for tenant improvement work and leasing commissions associated with the exercise of such option or right shall be prorated between
Seller and Buyer in proportion to the ratio between the portion of the extended lease term resulting from the exercise of the option
which occurs prior to the Closing Date and the portion thereof which occurs after the Closing Date.


 


(iv)        Post-Closing
Extensions, Renewals, Modifications. If on or after the Closing Date, any Tenant shall exercise an option or right under an
existing Lease to renew the Lease, extend the Term of the Lease or expand its premises, any obligation for tenant improvement work
and leasing commissions associated with the exercise of such option or right shall be the responsibility of Buyer.


 


(d)          Escrow
Holdback; Batteries-Bulbs & More. At the Closing, funds in the amount of Forty-Three Thousand One Hundred Ten and No/100ths
Dollars ($43,110.00) shall be withheld from the amount payable to Seller pursuant to this Agreement (the “Holdback Amount”)
and shall be held in escrow by the Title Company on and pursuant to the terms and conditions set forth below. The Holdback Amount
is intended to offset certain lost rent, and re-leasing commissions and tenant improvement costs, in connection with the premises
(the “BB&M Premises”) subject to the Lease under which Batteries-Bulbs & More is Tenant, and shall be
disbursed to Seller or Buyer, as applicable, as provided below. The Title Company shall disburse funds from the Holdback Amount
only upon receipt of written disbursement authorization from both Parties. Seller shall authorize the disbursement of the Holdback
Amount to Buyer as follows:








 




    Purchase and Sale Agreement
Page 21 of 31


     


    

 


(i)          On
the first day of each calendar month from and after the Closing Date, in the amount of One Thousand Nine Hundred Eighteen and No/100th
Dollars ($1,918.00) per month, through and including the earlier to occur of (A) the disbursement of twelve (12) such payments,
or (B) the date on which rent commences (or would have commenced absent any free or discounted rent period) under any lease entered
into by Buyer for all or any portion of the BB&M Premises (the earlier of which is the “Cut-Off Date”);
and


 


(ii)         As
reimbursement to Buyer of leasing commissions paid by Buyer and tenant improvement costs incurred by Buyer (and not reimbursed
or reimbursable by the tenant) in connection with the re-leasing of the BB&M Premises, subject to delivery to Seller of reasonable
documentation of the expenditure of such funds.


 


Any remaining balance of the
Holdback Amount not disbursed to Buyer under the foregoing subsections (d)(i) and (d)(ii) prior to the Cut-Off Date (or as to which
Buyer has submitted to Seller supporting documentation for reimbursement on or before the Cut-Off Date), shall be disbursed to
Seller.


 


14.         Non-Consummation
of the Transaction. If the transaction is not consummated on or before the Closing Date, the following provisions shall apply:


 


(a)          No
Default. If the purchase and sale of the Property under this Agreement is not consummated for a reason other than a default
by one of the Parties, then (i) Title Company and each Party shall return to the depositor thereof the Earnest Money and all other
funds and items which were deposited hereunder (except that Seller shall retain the Non-Refundable Payment); and (ii) Seller and
Buyer shall each bear one-half of any Escrow cancellation charges. Any return of funds or other items by the Title Company or any
Party as provided herein shall not relieve either Party of any liability it may have for its wrongful failure to close.








 




    Purchase and Sale Agreement
Page 22 of 31


     


    

 


(b)          Default
by Seller. If the transaction is not consummated as a result of a default by Seller, then Buyer, as its sole and only remedies
hereunder, to the exclusion of all other potential remedies under this Agreement, at law or in equity, may either (i) terminate
this Agreement by delivery of notice of termination to Seller, whereupon (A) the Earnest Money plus interest accrued thereon
shall be immediately returned to Buyer (less the Non-Refundable Payment, which shall be retained by Seller), and (B) Seller
shall pay to Buyer its Expense Reimbursement, in which case neither Party shall have any further rights or obligations hereunder
other than those rights and obligations which expressly survive termination of this Agreement; or (ii) continue this Agreement
pending Buyer’s action for specific performance, provided, however, that any such action for specific performance shall be
filed and served by Buyer within thirty (30) days after the scheduled Closing Date, it being the intent of the Parties hereto that
any failure of Buyer to meet the time deadline set for filing shall be deemed to be Buyer’s election to waive and relinquish
any rights to enforce specific performance of this Agreement. In no event shall Seller be liable to Buyer in connection with any
breach or default on the part of Seller under this Agreement for any incidental, special, exemplary, punitive or consequential
damages, including, without limitation, loss of profits or revenue, interference with business operations, loss of tenants, lenders,
investors, buyers, diminution in value of the Property, or inability to use the Property. The foregoing notwithstanding, Buyer
shall not be entitled to the Expense Reimbursement unless all of the following have occurred: (x) following Seller’s default
but prior to electing to terminate this Agreement Buyer delivers written notice to Seller of its default and Seller is unable to
cure such default on or before the date ten (10) days after receipt of such notice, or, if earlier, the date of expiration of the
loan commitment under which the Lender Expense has been incurred, provided such commitment does not expire sooner than fifteen
(15) days prior to the scheduled Closing Date and (y) Buyer in good faith shall have requested that its lender reimburse Buyer
for some or all of the Lender Expense or provide a credit to Buyer of some or all of such Lender Expense in a subsequent financing,
and Buyer’s lender shall have denied such requests, and (z) Buyer elects to terminate this Agreement as a result of Seller’s
default; provided, however, if all or any portion of the Lender Expense is returned to Buyer or credited against subsequent financing
obtained by Buyer within one (1) year of the termination of this Agreement, Buyer shall reimburse Seller for the amount returned
to, or credited to, Buyer.


 


Buyer’s Initials  JRS


 


(c)          Failure
of Senior Lender Condition. The Parties acknowledge that if the transaction is not consummated due to failure of a Seller Closing
Condition in Section 5(b)(i) regarding release by the Senior Lender, Seller shall not be in default under this Agreement,
but this Agreement shall terminate, the Earnest Money plus interest accrued thereon shall be immediately returned to Buyer, and
Seller shall pay to Buyer its Expense Reimbursement, upon which neither Party shall have any further rights or obligations hereunder
other than those rights and obligations which expressly survive termination of this Agreement.








 




    Purchase and Sale Agreement
Page 23 of 31


     


    

 


(d)          Default
by Buyer. If the Closing does not occur as a result of a default by Buyer, then (i) Buyer shall pay all escrow cancellation
charges, (ii) to the extent it has not previously been delivered to Seller, the Title Company shall deliver the Earnest Money to
Seller as its full and complete liquidated damages and its sole and exclusive remedy for Buyer’s default (provided that this
provision shall not limit the Seller’s right to enforce Buyer’s obligations pursuant to Section 4(d), 15(f)
and 15(l), and to obtain monetary damages from Buyer pursuant to those provisions above and beyond any amounts collected
pursuant to this liquidated damages provision). If the transaction is not consummated because of a default by Buyer, the Earnest
Money together with the interest accrued thereon shall be paid to and retained by Seller as liquidated damages. THE PARTIES HAVE
AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A DEFAULT BY BUYER, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO
DETERMINE. THEREFORE, BY PLACING THEIR INITIALS BELOW, THE PARTIES ACKNOWLEDGE THAT THE EARNEST MONEY HAS BEEN AGREED UPON, AFTER
NEGOTIATION, AS THE PARTIES’ REASONABLE ESTIMATE OF SELLER’S DAMAGES (IN ADDITION TO ANY FEES AND COSTS TO WHICH SELLER
IS ENTITLED UNDER SECTION 15(l)) AND AS SELLER’S EXCLUSIVE REMEDY AGAINST BUYER, AT LAW OR IN EQUITY, IN THE EVENT OF A DEFAULT
UNDER THIS AGREEMENT ON THE PART OF BUYER; PROVIDED, HOWEVER, NOTHING HEREIN SHALL RELIEVE BUYER OF THE INDEMNITY OBLIGATIONS OF
BUYER UNDER SECTIONS 4(d) AND 15(f), WHICH EXPRESSLY SURVIVE THE TERMINATION OF THIS AGREEMENT. Notwithstanding anything to the
contrary contained in this Section 14(d), in the event of Buyer’s default or a termination of this Agreement not permitted
by the terms of this Agreement, Seller shall have all remedies available at law or in equity in the event Buyer or any Person related
to or affiliated with Buyer is asserting any claims or right to the Property that would otherwise delay or prevent Seller from
having clear, indefeasible, and marketable title to the Property. In all other events, Seller’s remedies shall be limited
to those described in this Section 14(d) and Sections 4(d), 15(f) and 15(l) hereof.


 


INITIALS: Seller _AB__   Buyer  _JRS__


 


		15.	Miscellaneous



 


(a)          Disclosure
of Transaction. Except as may be permitted in Section 15(o) below, prior to Closing neither Party shall publicly announce
or discuss the execution of this Agreement or the transaction contemplated hereby without the prior written consent of the other
Party, which shall not be unreasonably withheld. Notwithstanding the foregoing, nothing herein shall limit or restrict any public
announcement or notification which Seller or Buyer or any Affiliate is required to make under the applicable provisions of the
Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended and the rules and regulations adopted by
the Securities and Exchange Commission thereunder.


 


(b)          Possession.
Possession of the Property shall be delivered to Buyer upon the Closing.


 


(c)          Force
Majeure. Seller’s corporate headquarters are located in San Mateo, California. If during the term of this Agreement,
there occurs a Force Majeure Event (a fire or other casualty, act of God, riot or other civil disturbance, or any other event out
of the control of Seller that prevents Seller from having access to and use of its headquarters facility for the conduct of its
operations), Seller shall have the right, exercisable by written notice to Buyer within five (5) Business Days of the date of the
Force Majeure Event, to extend any period for Seller’s performance hereunder by an period of time equal to the time that
Seller reasonably anticipates that it will be unable to use its headquarters, but not to exceed fourteen (14) days.








 




    Purchase and Sale Agreement
Page 24 of 31


     


    

 


(d)          Tax
Protest. If as a result of any tax protest or otherwise any refund or reduction of real property or other tax or assessment
relating to the Property during the period prior to Closing, Seller shall be entitled to receive or retain such refund or the benefit
of such reduction, less equitable prorated costs of collection and subject to the rights of tenants under leases as to any such
refunds. To the extent any such tax protest or proceedings are ongoing as of the Closing, Seller shall have the right, but not
the obligation, to continue to pursue such protest or proceeding following the Closing, but only to the extent that it applies
to the pre-closing tax periods.


 


(e)          Notices.
Any notice, consent or approval required or permitted to be given under this Agreement shall be in writing and shall be deemed
to have been given upon (i) delivery of email on a Business Day between the hours of 9:00 a.m. and 5:00 p.m. the recipient’s
time (otherwise, the next following Business Day) (provided that such email contains in all uppercase letters the words “SUMMIT
POINT –OFFICIAL NOTICE” in the subject line and generates no “out of office receipt” or other message that
such delivery was ineffective or delayed), (ii) personal delivery, (iii) confirmed telecopy delivery on a Business Day between
the hours of 9:00 a.m. and 5:00 p.m. the recipient’s time (otherwise, the next following Business Day), (iv) one (1) Business
Day after being deposited with Federal Express, DHL Worldwide Express or another reliable overnight courier service prior to the
specified delivery deadline for next day service, specifying an address to which such courier makes overnight deliveries, or (v)
two (2) Business Days after being deposited in the United States mail, registered or certified mail, postage prepaid, return receipt
required, and addressed as indicated below, or such other address as either Party may from time to time specify in writing to the
other.


 


	If to Buyer:	If to Seller:
	 	 
	New Market Properties, LLC	TNP SRT Summit Point, LLC
	3284 Northside Parkway, NW	c/o 400 South El Camino, 11th Floor
	Suite 150	San Mateo, CA 94402-1708
	Atlanta, GA 30327	Attention:  Alan Shapiro
	Attention:  Joel T. Murphy	Fax No. (650) 343-9690
	Email: joel@newmarketprop.com	Email: alan.shapiro@glenborough.com
	 	 
	With a copy to:	with a copy to:
	 	 
	New Market Properties, LLC	TNP SRT Summit Point, LLC
	3284 Northside Parkway, NW	c/o Glenborough LLC
	Suite 150	400 South El Camino, 11th Floor
	Atlanta, GA 30327	San Mateo, CA 94402-1708
	Attention:  Michael Aide	Attention:  G. Lee Burns, Jr.
	Email: michael@newmarketprop.com	Fax No. (650) 343-9690
	 	Email: chip.burns@glenborough.com 








 




    Purchase and Sale Agreement
Page 25 of 31


     


    

 


(f)          Brokers
and Finder. Seller has engaged Seller’s Broker to act as Seller’s representative in this transaction, and Seller
has sole responsibility for the payment of any amounts due to Seller’s Broker as a result of this transaction. Except as
set forth in the preceding sentence, neither Party has had any contact or dealings regarding the Property, or any communication
in connection with the subject matter of this transaction through any real estate broker or other person who can claim a right
to a commission or finder’s fee in connection with the transactions contemplated in this Agreement. In the event that any
broker or finder perfects a claim for a commission or finder’s fee based upon any such contact, dealings or communication,
the Party through whom the broker or finder makes its claim shall be responsible for said commission or fee and shall indemnify
and hold harmless the other Party from and against all liabilities, losses, costs and expenses (including reasonable attorneys’
fees) arising in connection with such claim for a commission or finder’s fee. The provisions of this subsection shall survive
the Closing or the termination of this Agreement.


 


(g)          Successors
and Assigns. Subject to the following, this Agreement shall be binding upon, and inure to the benefit of, the Parties
and their respective successors, heirs, administrators and assigns. Buyer shall have the right, with notice to Seller, but without
Seller’s consent, to assign this Agreement to an Affiliate of Buyer. Buyer shall have the right, with notice to Seller, and
subject to receipt of Seller’s written consent, which shall not be unreasonably withheld, conditioned or delayed, to assign
its right, title and interest in and to this Agreement to one or more assignees other than an Affiliate of Buyer, at any time before
the Closing Date. Any such assignee(s) shall assume all obligations of Buyer, and such assignment and assumption shall not release
Buyer from any obligation hereunder. Seller shall not have the right to assign its interest in this Agreement.


 


(h)          Amendments.
Except as otherwise provided herein, this Agreement may be amended or modified only by a written instrument executed by Seller
and Buyer.


 


(i)          Governing
Law. The substantive laws of the State of Georgia, without reference to its conflict of law provisions, will govern the validity,
construction, and enforcement of this Agreement and the Transaction Documents.


 


(j)          Merger
of Prior Agreements. The Access Agreement and this Agreement, and the Addenda, Exhibits and Schedules thereto and hereto,
constitute the entire agreement between the Parties and supersede all prior or other agreements and understandings between the
Parties relating to the subject matter hereof.


 


(k)          Time
for Performance. Any time deadlines contained herein shall be calculated by reference to calendar days unless otherwise specifically
notes. For notice purposes hereunder, days shall be deemed to end at 5:00 P.M. California time. In the event that any time periods
for performance hereunder fall on a day that is not a Business Day, the date for performance shall be the next following Business
Day.


  




    Purchase and Sale Agreement
Page 26 of 31


     


    

 


(l)          Enforcement.
If either Party fails to perform any of its obligations under this Agreement or if a dispute arises between the Parties concerning
the meaning or interpretation of any provision of this Agreement, then the defaulting Party or the Party not prevailing in such
dispute shall pay any and all costs and expenses incurred by the other Party on account of such default and/or in enforcing or
establishing its rights hereunder, including, without limitation, arbitration or court costs and attorneys’ fees and disbursements.
Any such attorneys’ fees and other expenses incurred by either Party in enforcing a judgment in its favor under this Agreement
shall be recoverable separately from and in addition to any other amount included in such judgment, and such attorneys’ fees
obligation is intended to be severable from the other provisions of this Agreement and to survive and not be merged into any such
judgment.


 


(m)          Time
of the Essence. THE TIME FRAMES AND DEADLINES FOR PERFORMANCE IN THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, THE
TIME FRAMES AND DEADLINES SET FORTH IN SECTIONS 2, 3 AND 4 WITH RESPECT TO THE EARNEST MONEY, TITLE APPROVAL AND DILIGENCE REVIEW)
HAVE BEEN NEGOTIATED BY THE PARTIES AND ARE A MATERIAL PART OF THE CONSIDERATION BETWEEN THE PARTIES. THE PARTIES HERETO AGREE
THAT TIME IS OF THE ESSENCE WITH RESPECT TO THIS AGREEMENT, AND ALL OF THE TIME FRAMES AND DEADLINES SET FORTH IN THIS AGREEMENT.


 


INITIALS: Seller _AB__ Buyer
_JRS__


 


(n)          Severability.
If any provision of this Agreement, or the application thereof to any person, place, or circumstance, shall be held by a court
of competent jurisdiction to be invalid, unenforceable or void, the remainder of this Agreement and such provisions as applied
to other persons, places and circumstances shall remain in full force and effect.


 


(o)          Confidentiality.
Buyer and Seller shall each maintain as confidential any and all material or information about the other, or in the case of Buyer
and its agents, employees, consultants and contractors, about the Property, and shall not disclose such information to any third
party, except, in the case of information about the Property or the Seller, to Buyer’s investment bankers, investors, lender
or prospective lenders, insurance and reinsurance firms, attorneys, environmental assessment and remediation service firms and
consultants, as may be reasonably required for the consummation of this transaction and/or as required by law, or to comply with
laws, rules, regulations and court orders, including without limitation, governmental regulatory, disclosure, tax and reporting
requirements. Notwithstanding the foregoing, Buyer shall have the right to release a press notice containing only such information
as Buyer is required to include in its filing of Form 8-K with the Securities and Exchange Commission reporting the entry of a
“Material Definitive Agreement” immediately following the full execution of this Agreement by the Parties.





 




    Purchase and Sale Agreement
Page 27 of 31


     


    

 


(p)          Counterparts.
This Agreement may be executed in counterparts or duplicate originals, each of which shall be deemed an original but all or
which together shall constitute as one and the same instrument, and which shall be the official and governing version in the interpretation
of this Agreement. The executed Agreement may be delivered by facsimile or electronic transmission and the Parties agree that such
facsimile or electronic (e.g., pdf) delivery shall have the same force and effect as delivery of an original document with original
signatures, and that each Party may use such facsimile or electronic signatures as evidence of the execution and delivery of this
Agreement by the Parties to the same extent that an original signature could be used.


 


(q)          Addenda,
Exhibits and Schedules. All addenda, exhibits and schedules referred to herein are, unless otherwise indicated, incorporated
herein by this reference as though set forth herein in full. The Exhibits, Addenda and Schedules to this Agreement are:


 


Exhibit A – Deed


Exhibit B – Assignment and
Assumption of Leases


Exhibit C – Bill of Sale


Exhibit
D – Assignment and Assumption of Service Contracts, Warranties and Guaranties, and other General Intangibles


Exhibit
E – Certificate of Transferor Other than an Individual (FIRPTA Affidavit)


Exhibit
F – Form of Tenant Estoppel


Exhibit
G – Form of Seller Estoppel


Exhibit
H – Access Agreement


Exhibit
I – Owner’s Affidavit


 


Addendum
I – Definitions


Addendum
II – Seller’s Representations and Warranties


 


Schedule
1 – Due Diligence Materials


Schedule
2 – Description of Land


Schedule
3 – Assumed Service Contracts


Schedule
4 – Environmental Reports


Schedule
5 – Rent Roll


Schedule
6 – Exceptions to Seller Representations and Warranties


 


(r)          Construction.
Headings at the beginning of each section and subsection are solely for the convenience of the Parties and are not a part of the
Agreement. Whenever required by the context of this Agreement, the singular shall include the plural and the masculine shall include
the feminine and vice versa. This Agreement shall not be construed as if it had been prepared by one of the Parties, but rather
as if both Parties had prepared the same.








 




    Purchase and Sale Agreement
Page 28 of 31


     


    

 


(s)          Tax
Free Exchange. As an accommodation to Buyer, Seller agrees to cooperate with Buyer to accomplish an I.R.C. Section 1031 like
kind tax deferred exchange, provided that the following terms and conditions are met; (i) Buyer shall give Seller notice of any
desired exchange not later than five (5) days prior to the Closing Date; (ii) Seller shall in no way be liable for any additional
costs, fees and/or expenses relating to the exchange; (iii) if, for whatever reason, the Closing does not occur, Seller shall have
no responsibility or liability to the third party involved in the exchange transaction, if any; and (iv) Seller shall not be required
to make any representations or warranties nor assume or incur any obligations or personal liability whatsoever in connection with
the exchange transaction. Buyer indemnifies and agrees to hold Seller and its constituent partners harmless from and against any
and all causes, claims, demands, liabilities, costs and expenses, including attorneys’ fees, as a result of or in connection
with any such exchange. As an accommodation to Seller, Buyer agrees to cooperate with Seller to accomplish an I.R.C. Section 1031
like kind tax deferred exchange, provided that the following terms and conditions are met; (i) Seller shall give Buyer notice of
any desired exchange not later than five (5) days prior to the Closing Date; (ii) Buyer shall in no way be liable for any additional
costs, fees and/or expenses relating to the exchange; (iii) if, for whatever reason, the Closing does not occur, Buyer shall have
no responsibility or liability to the third party involved in the exchange transaction, if any; and (iv) Buyer shall not be required
to make any representations or warranties nor assume or incur any obligations or personal liability whatsoever in connection with
the exchange transaction. Seller indemnifies and agrees to hold Buyer and its partners harmless from and against any and all causes,
claims, demands, liabilities, costs and expenses, including attorneys’ fees, as a result of or in connection with any such
exchange.


 


(t)          Audited
Financial Statements. Seller hereby agrees to reasonably cooperate (at no third party cost to Seller) with Buyer during the
term of this Agreement in the preparation by Buyer and its advisors, at Buyer’s sole cost and expense, of audited financial
statements of the Property for the most recent completed fiscal year of Seller and the current fiscal year-to-date that comply
with Form 8-K filing requirements and Rule 3-14 of Regulation S-X, both as promulgated by the United States Securities and Exchange
Commission, including current and historical operating statements and information regarding the Property.


 


[Signatures on following page]


 







    Purchase and Sale Agreement
Page 29 of 31


     


    

 


 


IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first set forth above.


 


SELLER:


 


TNP SRT SUMMIT POINT, LLC,


a Delaware limited liability company


 


	By: 	/s/ Andrew Batinovich	 
	Name:  	Andrew Batinovich	 
	Title:  	CEO	 


 


BUYER:


 


NEW MARKET PROPERTIES LLC,


a Delaware limited liability company


 


	By: 	/s/ Jeffrey R. Sprain	 
	Name:	Jeffrey R. Sprain	 
	Title: 	General Counsel	 


 


[SIGNATURES CONTINUE ON FOLLOWING PAGE]


  




    Purchase and Sale Agreement
Page 30 of 31


     


    

 


Republic Commercial Title Company, LLC 


 


The undersigned executes
this Agreement for the purpose of acknowledging its agreement to serve as escrow agent in accordance with the terms of this Agreement
and to acknowledge receipt of a fully executed copy of the Agreement.


 


Republic Commercial Title Company, LLC


 


	By:	/s/ J. Gregory Kala	 
	 	 	 
	Its:	Member	 








 




    Purchase and Sale Agreement
Page 31 of 31


     


    

 


EXHIBIT A


 


LIMITED WARRANTY DEED


 


[SUBJECT TO APPROVAL BY TITLE COMPANY,
AS TO FORM ONLY]


 


	 
	 	After recording, return to:
	 	 
	 	J. Gregory Kala
	 	Republic Commercial Title Company, LLC
	 	6111 Peachtree Dunwoody Road
	 	Building D
	 	Atlanta, Georgia  30328


 


LIMITED WARRANTY DEED


 


THIS INDENTURE, made as of the _______
day of _____________, 2015, between TNP SRT SUMMIT POINT, LLC, a Delaware limited liability company (hereinafter referred to as
“Grantor”) and _____________________________ (hereinafter referred to as “Grantee”).


 


WITNESSETH:


 


That Grantor for and
in consideration of the sum of Ten and No/100ths Dollars ($10.00) and other good and valuable consideration, in hand paid, at and
before the sealing and delivery of these presents, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained,
sold and conveyed, and by these presents does hereby grant, bargain, sell and convey unto said Grantee, all of Grantor’s
right, title and interest in and to that tract or parcel of land lying and being in Land Lots 70 and 91, 5th District,
Fayette County, Georgia, and being more particularly described as follows:


 


See Exhibit A attached hereto and incorporated herein
by this reference.








 




    Purchase and Sale Agreement
Exhibit A – Deed
Page 1 of 3


     


    

 


TO HAVE AND TO HOLD the said tract or parcel
of land, with all and singular the rights, members and appurtenances thereof, to the same being, belonging, or in anywise appertaining,
to the only proper use, benefit and behoof of the Grantee forever, in Fee Simple; subject to all easements, covenants, restrictions
and other matters of record (hereinafter referred to as “Permitted Exceptions”) as set forth on Exhibit B
attached hereto and incorporated herein by this reference.


 


AND THE SAID Grantor
will warrant and forever defend the right and title to the above described property unto the Grantee against the claims of all
persons owning, holding or claiming by, through and under the Grantor, except for claims arising under or by virtue of the Permitted
Exceptions.


 


IN WITNESS WHEREOF, the Grantor has signed
and sealed this Limited Warranty Deed, the day and year above written.


 





GRANTOR:


 


TNP SRT SUMMIT POINT, LLC,


a Delaware limited liability company


 


	By:	 	 
	Name:	 	 
	Title:	 	 


 


Signed, sealed and delivered in the presence of:


 





	 	 
	Witness	 
	 	 
	 	 
	Notary Public	 
	 	 
	(Notary Seal)	 


 


	My Commissions Expires:    	 	 









 









    Purchase and Sale Agreement
Exhibit A – Deed
Page 2 of 3


     


    

 


ACKNOWLEDGMENT


 


	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached and not the truthfulness accuracy or validity of that document.




 


	State of	 	)	 
	 	 	)	ss.
	County of	 	)	 


 


On                                  ,
before me,                                   (here
insert name and title of officer), personally appeared                                                                                 ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person (s), or the entity(ies) upon behalf of which the person(s) acted, executed the instrument.


 


I certify under PENALTY OF PERJURY under
the laws of the State of California that the foregoing is true and correct.


 


WITNESS my hand and official seal.


 


		 	[Seal]









 




    Purchase and Sale Agreement
Exhibit A – Deed
Page 3 of 3


     


    

 


EXHIBIT A


TO LIMITED WARRANTY DEED


 


REAL PROPERTY DESCRIPTION





 




    	Purchase and Sale Agreement
Exhibit A – Deed
Exhibit A - Real Property Description




     


    

 


EXHIBIT B


TO LIMITED WARRANTY DEED


 


PERMITTED EXCEPTIONS









 




    	Purchase and Sale Agreement
Exhibit A – Deed
Exhibit A - Real Property Description




     


    

 


EXHIBIT B


 


ASSIGNMENT AND ASSUMPTION OF LEASES


 


THIS ASSIGNMENT AND
ASSUMPTION OF LEASES (“Assignment”) dated as of __________, 2015, is entered into by and between TNP SRT SUMMIT
POINT, LLC, a Delaware limited liability company (“Assignor”), and ____________________________ a _________________________
(“Assignee”).


 


WITNESSETH:


 


WHEREAS, Assignor is
the lessor under certain leases executed with respect to that certain real property commonly known as Summit Point and located
at 840 Glynn Street South, Fayetteville, GA (the “Property”) as more fully described in Exhibit A attached
hereto, which leases are described in the Rent Roll attached hereto as Schedule 1 (the “Leases”); and


 


WHEREAS, Assignor has
entered into that certain Purchase and Sale Agreement (the “Agreement”) by which title to the Property is being
transferred to Assignee; and


 


WHEREAS, Assignor desires
to assign its interest as lessor in the Leases to Assignee, and Assignee desires to accept the assignment thereof;


 


NOW, THEREFORE, in
consideration of the promises and conditions contained herein, the Parties hereby agree as follows:


 


1.          Effective
as of the Closing Date (as defined in the Agreement), Assignor hereby assigns to Assignee all of its right, title and interest
in and to the Leases, and any guarantees related thereto, and Assignee hereby accepts such assignment and agrees to assume the
obligations of Landlord under the Leases; provided, however, Assignor hereby indemnifies and holds Assignee harmless from any action,
cause of action, loss, cost, claim or expense, including without limitation reasonable attorneys’ fees arising out of or
related to a breach or default on the part of Assignor as Landlord under the Leases occurring before the date of this Assignment.
Assignee hereby indemnifies and holds Assignor harmless from any action, cause of action, loss, cost, claim or expense, including
without limitation reasonable attorneys’ fees arising out of or related to a breach or default on the part of Assignee as
Landlord under the Leases occurring on or after the date of recordation of this Assignment. Notwithstanding the foregoing, if Assignee
acquires the Property and any Tenant Estoppel delivered to Assignee on or before the Closing identifies any event, occurrence or
matter (whether or not characterized as a breach, default or failure to perform on the part of Assignor) as to which Assignor is
or would be required to indemnify Assignee hereunder if such event, occurrence or matter would, with the passage of time or notice
or both, constitute a breach, default or failure to perform under such Lease on the part of Assignor, Assignor shall not be responsible
for, or obligated to indemnify Assignee for, any such event, occurrence or matter or the resulting breach, default or failure to
perform.








 




    Purchase and Sale Agreement
Exhibit B – Assignment and Assumption of Leases
Page 1 of 3


     


    

 


2.          If
either Party hereto fails to perform any of its obligations under this Assignment or if a dispute arises between the Parties hereto
concerning the meaning or interpretation of any provision of this Assignment, then the defaulting Party or the Party not prevailing
in such dispute shall pay any and all costs and expenses incurred by the other Party on account of such default and/or in enforcing
or establishing its rights hereunder including, without limitation, court costs and attorneys’ fees and disbursements. Any
such attorneys’ fees and other expenses incurred by either Party in enforcing a judgment in its favor under this Assignment
shall be recoverable separately from and in addition to any other amount included in such judgment and such attorneys’ fees
obligation is intended to be severable from the other provisions of this Assignment and to survive and not be merged into any such
judgment.


 


3.          This
Assignment shall be binding on and inure to the benefit of the Parties hereto, their heirs, executors, administrators, successors
in interest and assigns.


 


4.          The
substantive laws of the State of Georgia, without reference to its conflict of law provisions, will govern the validity, construction,
and enforcement of this Assignment.


 


5.          This
Assignment may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument. Capitalized terms used but not defined in this Assignment have the meaning given to such terms in
the Agreement.


 


[Signatures on following page]









 




    Purchase and Sale Agreement
Exhibit B – Assignment and Assumption of Leases
Page 2 of 3


     


    

 


IN WITNESS WHEREOF Assignor and Assignee
have executed this Assignment the day and year first above written.


 


ASSIGNOR:


 


TNP SRT SUMMIT POINT, LLC,


a Delaware limited liability company


 


	By:	 	 
	Name:	 	 
	Title:	 	 


 


ASSIGNEE:


 


	 	,
	a	 	 


 


	By:	 	 
	Name:	 	 
	Title:	 	 









 




    Purchase and Sale Agreement
Exhibit B – Assignment and Assumption of Leases
Page 3 of 3


     


    

 


EXHIBIT A


TO ASSIGNMENT AND ASSUMPTION OF LEASES


 


REAL PROPERTY DESCRIPTION











 




    Purchase and Sale Agreement
Exhibit B – Assignment and Assumption of Leases
 Exhibit A - Real Property Description



     


    

 


SCHEDULE 1


TO ASSIGNMENT AND ASSUMPTION OF LEASES


 


RENT ROLL








 




    Purchase and Sale Agreement
Exhibit B – Assignment and Assumption of Leases
 Schedule 1 - Rent Roll



     


    

 


EXHIBIT C


 


BILL OF SALE


 


For good and valuable
consideration the receipt of which is hereby acknowledged, TNP SRT SUMMIT POINT, LLC, a Delaware limited liability company (“Transferor”),
does hereby sell, transfer, and convey to _________________________, a _________________ (“Transferee”)
all personal property owned by Transferor and located on or in or used in connection with the Real Property commonly known as Summit
Point and located at 840 Glynn Street South, Fayetteville, GA, including, without limitation, those items described in Schedule
1 attached hereto (collectively, the “Personal Property”), pursuant to that certain Purchase and Sale Agreement
between Transferor and Transferee for the purchase and sale of the Real Property (the “Agreement”). Transferor
is conveying the Personal Property to Transferee free and clear of free of any lien or encumbrance thereon except as previously
disclosed to and accepted by Transferee. Capitalized terms used but not defined in this Bill of Sale have the meaning given to
such terms in the Agreement.


 


Transferor makes no representation or warranty
regarding the condition, merchantability, fitness or usefulness of the Personal Property, and Transferee acknowledges and agrees
that it is acquiring the Personal Property in its AS-IS, WHERE-IS, WITH ALL FAULTS CONDITION, WITHOUT WARRANTY, EITHER EXPRESS
OR IMPLIED, except that all of the Personal Property will be free of all liens and encumbrances.


 


This Bill of Sale shall be binding upon
and inure to the benefit of the successors and assigns of Transferor and Transferee.


 


The substantive laws of the State of Georgia,
without reference to its conflict of law provisions, will govern the validity, construction, and enforcement of this Bill of Sale.


 


This Bill of Sale may be executed in one
or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the
same instrument.


 


Dated: ____________________, 2015.


 


[Signatures on following page]








 




    Purchase and Sale Agreement
Exhibit C – Bill of Sale
Page 1 of 2


     


    

 


TRANSFEROR:


 


TNP SRT SUMMIT POINT, LLC,


a Delaware limited liability company


 


	By:	 	 
	Name:	 	 
	Title:	 	 


 


TRANSFEREE:


 


	 	,
	a	 	 


 


	By:	 	 
	Name:	 	 
	Title:	 	 









 




    Purchase and Sale Agreement
Exhibit C – Bill of Sale
Page 2 of 2


     


    

 


SCHEDULE 1 


TO BILL OF SALE


 


PERSONAL PROPERTY





 




    Purchase and Sale Agreement
Exhibit C – Bill of Sale
 Schedule 1 - Personal Property



     


    

 


EXHIBIT D


 


ASSIGNMENT AND ASSUMPTION OF


WARRANTIES AND GUARANTIES, AND OTHER
GENERAL INTANGIBLES


 


This Assignment of
Service Contracts, Warranties and Guaranties and Other Intangible Property (“Assignment”) is made and entered
into as of ________, 2015, by TNP SRT SUMMIT POINT, LLC, a Delaware limited liability company (“Assignor”),
to _________________________, a ________________ (“Assignee”), pursuant to that certain Purchase and
Sale Agreement (the “Agreement”) between Assignor and Assignee relating to the real property commonly known
as Summit Point and located at 840 Glynn Street South, Fayetteville, GA. Capitalized terms used but not defined in this Assignment
have the meaning given to such terms in the Agreement.


 


1.            For
good and valuable consideration, the receipt of which is hereby acknowledged, effective as of the Closing Date (as defined in the
Agreement), Assignor hereby assigns and transfers unto Assignee all of its right, title, claim and interest in and under:


 


(a)          all
warranties and guaranties made by or received from any third party with respect to any building, building component, structure,
fixture, machinery, equipment, or material situated on, contained in any building or other improvement situated on, or comprising
a part of any building or other improvement situated on, any part of that certain real property described in Exhibit A attached
hereto including, without limitation, those warranties and guaranties listed in Schedule 1 attached hereto (collectively,
“Warranties”); provided however, that to the extent there are any third party costs, expenses or fees in connection
with the assignment of any Warranties, including, without limitation, reliance fees or transfer fees, Seller shall not be obligated
to assign such Warranties to Buyer unless Buyer pays all such costs, expenses and fees; and


 


(b)          any
General Intangibles (as defined in the Agreement).


 


Assignor and Assignee
further hereby agree and covenant as follows:


 


2.            If
either Party hereto fails to perform any of its obligations under this Assignment or if a dispute arises between the Parties hereto
concerning the meaning or interpretation of any provision of this Assignment, then the defaulting Party or the Party not prevailing
in such dispute shall pay any and all costs and expenses incurred by the other Party on account of such default and/or in enforcing
or establishing its rights hereunder, including, without limitation, court costs and attorneys’ fees and disbursements. Any
such attorneys’ fees and other expenses incurred by either Party in enforcing a judgment in its favor under this Assignment
shall be recoverable separately from and in addition to any other amount included in such judgment, and such attorneys, fees obligation
is intended to be severable from the other provisions of this Assignment and to survive and not be merged into any such judgment.


  




    Purchase and Sale Agreement
Exhibit D – Assignment and Assumption of Service Contracts, Warranties and Guaranties,
and other General Intangibles
 
Page 1 of 3


     


    

 


4.            Assignor
hereby covenants that Assignor will, at any time and from time to time, upon written request therefor, execute and deliver to Assignee
any new or confirmatory instruments which Assignee may reasonably request in order to fully assign, transfer to and vest in Assignee,
and to protect Assignee’s right, title and interest in and to, any of the items assigned herein or to otherwise realize upon
or enjoy such rights in and to those items.


 


5.            This
Assignment shall be binding on and inure to the benefit of the Parties hereto, their heirs, executors, administrators, successors
in interest and assigns


 


6.            The
substantive laws of the State of Georgia, without reference to its conflict of law provisions, will govern the validity, construction,
and enforcement of this Assignment.


 


7.            This
Assignment may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument.


 


[Signatures on following page]









 




    Purchase and Sale Agreement
Exhibit D – Assignment and Assumption of Service Contracts, Warranties and Guaranties,
and other General Intangibles
 
Page 2 of 3


     


    

 


IN WITNESS WHEREOF,
Assignor and Assignee have executed this Assignment the day and year first above written.


 


ASSIGNOR:


 


TNP SRT SUMMIT POINT, LLC,


a Delaware limited liability company


 


	By:	 	 
	Name:	 	 
	Title:	 	 


 


ASSIGNEE:


 


	 	,
	a	 	 


 


	By:	 	 
	Name:	 	 
	Title:	 	 









 




    Purchase and Sale Agreement
Exhibit D – Assignment and Assumption of Service Contracts, Warranties and Guaranties,
and other General Intangibles
 
Page 3 of 3


     


    

 





EXHIBIT A


TO


ASSIGNMENT AND ASSUMPTION OF WARRANTIES
AND GUARANTIES, AND OTHER GENERAL INTANGIBLES


 


REAL PROPERTY DESCRIPTION








 




    Purchase and Sale Agreement
Exhibit D – Assignment and Assumption of Service Contracts, Warranties and Guaranties,
 and other General Intangibles
 Exhibit A – Real Property Description



     


    

 


SCHEDULE 1


TO


ASSIGNMENT AND ASSUMPTION OF 


WARRANTIES AND GUARANTIES, AND OTHER
INTANGIBLE PROPERTY


 


WARRANTIES AND GUARANTIES





 




    Purchase and Sale Agreement
Exhibit D – Assignment and Assumption of Service Contracts, Warranties and Guaranties,
 and other General Intangibles
 Schedule 1 – Warranties and Guaranties



     


    

 


SCHEDULE 2


TO


ASSIGNMENT AND ASSUMPTION OF 


WARRANTIES AND GUARANTIES, AND OTHER
INTANGIBLE PROPERTY


 


SERVICE CONTRACTS





 




    Purchase and Sale Agreement
Exhibit D – Assignment and Assumption of Service Contracts, Warranties and Guaranties,
 and other General Intangibles
 Schedule 2 – Service Contracts



     


    

 


EXHIBIT E


 


CERTIFICATE OF TRANSFEROR


OTHER THAN AN INDIVIDUAL


(FIRPTA AFFIDAVIT)


 


Section 1445 of the Internal Revenue Code
provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform
_______________________________, a __________________________, the transferee of certain real property commonly known as Summit
Point and located at 840 Glynn Street South, Fayetteville, GA, that withholding of tax is not required upon the disposition of
such U.S. real property interest by TNP SRT SUMMIT POINT, LLC, a Delaware limited liability company and wholly owned subsidiary
of STRATEGIC REALTY OPERATING PARTNERSHIP, L.P. (“Transferor”), the undersigned hereby certifies the following
on behalf of Transferor:


 


1.          Transferor
is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal
Revenue Code and Income Tax Regulations);


 


2.          Transferor
is not a disregarded entity as defined in Income Tax Regulations §1.1445-2(b)(2)(iii);


 


3.          Transferor’s
U.S. employer identification number is __________; and


 





	 	4.	Transferor’s office address is :	c/o 400 El Camino Real, 11th Floor
	 	 	 	San Mateo, California 94402




 





Transferor understands that this certification
may be disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein could be punished
by fine, imprisonment, or both.


 


Under penalty of perjury, I declare that
I have examined this certificate and to the best of my knowledge and belief it is true, correct and complete, and I further declare
that I have authority to sign this document on behalf of Transferor.


 


Dated: ______________________, 2015.


 


	 	
	 	
	 	on behalf of:
	 	 
	 	STRATEGIC REALTY OPERATING PARTNERSHIP, L.P.








 




    Purchase and Sale Agreement
Exhibit E – Certificate of Transferor Other than an Individual (FIRPTA Affidavit)



     


    

 


EXHIBIT F


 


FORM OF TENANT ESTOPPEL 


 


	To:	 	 (“Buyer”)
	To:	 	 (“Lender”)
	 	 	 
	Dated:	 	 


 


		Re:	Lease Pertaining to Summit Point, Fayetteville, Georgia (the “Property”)



 


Ladies and Gentlemen:


 


Buyer is entering into an agreement to
acquire the Property, and the Lender identified above will be making a loan (the “Loan”) to Buyer in connection
with its acquisition of the Property. The undersigned, as tenant (“Tenant”), acknowledges the right of Buyer
and Lender to rely upon the statements and representations of the undersigned contained in this certificate, and further acknowledges
that Buyer will be acquiring the Property and Lender will be making the Loan in material reliance on this certificate. Given the
foregoing, Tenant hereby certifies and represents to Buyer and Lender (and their respective successors and assigns), and Landlord
(and its successors and assigns) with respect to the above-described Lease, as follows (if any blanks do not apply, simply state
“None”):


 


		1.	Tenant is the lessee under that certain lease (the “Lease”) pertaining to the
Property which is dated [_____________], and includes the following amendments: [Describe Lease and amendments]



 


		2.	The name of the current landlord (“Landlord”) is: TNP SRT SUMMIT POINT, LLC.



 


		3.	The Lease is for the following portion of the Property (the “Premises”): That
certain space identified as [__________] having approximately [___________] of rentable square feet.



 


		4.	The initial term of the Lease commenced on [_________] and shall expire on [__________], unless
sooner terminated in accordance with the terms of the Lease. Tenant has no option to renew or extend the term of the Lease, except
as follows (if none, so state): [_________].



 


		5.	The Lease, as it may have been modified or amended, contains the entire agreement of Landlord and
Tenant with respect to the Premises, and is in full force and effect.



 


		6.	As of the date hereof, Tenant is occupying the Premises and is paying rent on a current basis under
the Lease.









 




    Purchase and Sale Agreement
Exhibit F – Form of Tenant Estoppel

Page 1 of 4


     


    

 


		(a)	The minimum monthly or base rent currently being paid by
Tenant for the Premises pursuant to the terms of the Lease is [________] per month.



 


		(b)	Percentage rent (“Percentage Rent”),
if any, due under the Lease has been paid through [________] and the amount of Percentage Rent for [________] was [________].



 


		(c)	Common area maintenance, taxes, insurance and other charges
(the “Reimbursables”) due under the Lease, currently in the amount of $__________ per month, have been paid
through [________].



 


		7.	Tenant has accepted possession of the Premises, and all
construction to be performed by Landlord for the Premises under the Lease has been completed in accordance with the terms of the
Lease and within the time periods set forth in the Lease. Landlord has paid in full any required contribution towards work to
be performed by Tenant under the Lease, except as follows (if none, so state):                                                           .



 


		8.	The Premises shall be expanded by the addition of the following space on the dates hereinafter
indicated (if none, so state):                                                                                              .



 


		9.	No default or event that with the passage of time or notice would constitute a default (hereinafter
collectively a “Default”) on the part of Tenant exists under the Lease in the performance of the terms, covenants
and conditions of the Lease required to be performed on the part of the Tenant.



 


		10.	To the best of Tenant’s knowledge no Default on the part of Landlord exists under the Lease
in the performance of the terms, covenants and conditions of the Lease required to be performed on the part of Landlord.



 


		11.	Tenant has no option or right to purchase all or any part of the Property.



 


		12.	Tenant has not assigned, sublet, transferred, hypothecated or otherwise disposed of its interest
in the Lease and/or the Premises, or any part thereof.



 


		13.	Neither the Lease nor any obligations of Tenant thereunder have been guaranteed by any person or
entity, except as follows (if none, so state):                                                                         .



 


		14.	No hazardous substances are being generated, used, handled, stored or disposed of by Tenant on
the Premises or on the Property in violation of any applicable laws, rules or regulations or the terms of the Lease.










 




    Purchase and Sale Agreement
Exhibit F – Form of Tenant Estoppel

Page 2 of 4


     


    

 


		15.	No rentals are accrued and unpaid under the Lease, except for Percentage Rent, if any, or Reimbursables,
if any, which are not yet due and payable.



 


		16.	No prepayments of rentals due under the Lease have been made for more than one month in advance.
No security or similar deposit has been made under the Lease, except for the sum of [________] which has been deposited by Tenant
with Landlord pursuant to the terms of the Lease.



 


		17.	Tenant has no defense as to its obligations under the Lease, and to date has not asserted any rights
of setoff, claim or counterclaim against Landlord.



 


		18.	Tenant has not received notice
of any assignment, hypothecation, mortgage or pledge of Landlord’s interest in the Lease or the rents or other amounts payable
thereunder, except as follows (if none, so state):                              .



 


		19.	The undersigned is authorized to execute this Tenant Estoppel on behalf of Tenant.



 





	 	Very truly yours,
	 	 
	 	TENANT:
	 	 
	 	[___________________________________]
	 	[___________________________________] 
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 







 


GUARANTOR'S ESTOPPEL CERTIFICATE


 


The undersigned (“Guarantor”)
certifies to Buyer, Lender and Lender’s successors and assigns that he/she/it is guarantor of the Lease described in this
Tenant Estoppel Certificate pursuant to a Guaranty dated __________ ____, 2015 (the “Guaranty”). Guarantor certifies
that the Guaranty remains in full force and effect, and that Guarantor has no offsets or defenses or counterclaims with respect
thereto. Guarantor further certifies that, to the best of its knowledge, each statement of Tenant set forth in this Tenant Estoppel
Certificate is true, correct and complete. Guarantor acknowledges that Buyer, in its acquisition of the Property, and Lender, in
making a Loan, are relying upon the accuracy of the statements in this Guarantor’s Estoppel Certificate. This Guarantor’s
Estoppel Certificate shall be binding upon Guarantor and its successors and assigns, and shall inure to the benefit of and be enforceable
by Buyer and Lender and their respective successors, assigns and designees.









 




    Purchase and Sale Agreement
Exhibit F – Form of Tenant Estoppel

Page 3 of 4


     


    

 


	Signed by Guarantor on:	GUARANTOR:
	 	 
	_________________ ____, 2015	[________________]
	 	 
	 	By:	 
	 	Name:
	 	Title:









 




    Purchase and Sale Agreement
Exhibit F – Form of Tenant Estoppel

Page 4 of 4


     


    

 


EXHIBIT G


 


FORM OF SELLER ESTOPPEL 


 


	To:	 	(“Buyer”)
	To:	 	(“Lender”)


 


		Re:	Lease Pertaining to Summit Point, Fayetteville, Georgia (the “Property”)



 


Ladies and Gentlemen:


 


The undersigned (“Seller”)
hereby acknowledges that Buyer is entering into an agreement to acquire the Property and the Lender identified above will be making
a loan (the “Loan”) to Buyer in connection with its acquisition of the Property. The undersigned further acknowledges
the right of Buyer and Lender to rely upon the statements and representations of the undersigned contained in this Certificate
and further acknowledges that Buyer will be acquiring the Property and Lender will be making the Loan in material reliance on this
Certificate. This Certificate shall survive the Buyer’s acquisition of the Property for a period of six (6) months from the
Closing. Any undefined terms herein shall have the same meaning as set forth in the Purchase and Sale Agreement between the undersigned
and the Buyer.


 


Given the foregoing,
the undersigned hereby certifies and represents to Buyer and Lender (and their respective successors and assigns), with respect
to the above-described Lease, that to the Actual Knowledge of Seller:


 


		1.	Tenant is the lessee under that certain lease (the “Lease”) pertaining to the
Project which is dated [_____________] and includes the following amendments: [Describe Lease and amendments]



 


		2.	The name of the current landlord (“Landlord”) is: TNP SRT SUMMIT POINT, LLC.



 


		3.	The Lease is for the following portion of the Property (the “Premises”): That
certain space identified as [__________] having approximately [___________] of rentable square feet.



 


		4.	The initial term of the Lease commenced on [_________] and shall expire on [__________], unless
sooner terminated in accordance with the terms of the Lease. Tenant has no option to renew or extend the term of the Lease, except
as follows (if none, so state): [_________].



 


		5.	The Lease, as it may have been modified or amended, contains the entire agreement of Landlord and
Tenant with respect to the Premises, and is in full force and effect.






 




    Purchase and Sale Agreement
Exhibit G – Form of Seller Estoppel

Page 1 of 3


     


    

 


		6.	As of the date hereof, Tenant is occupying the Premises and is paying rent on a current basis under
the Lease.



 


		(d)	The minimum monthly or base rent currently being paid by
Tenant for the Premises pursuant to the terms of the Lease is [________] per month.



 


		(e)	Percentage rent (“Percentage Rent”),
if any, due under the Lease has been paid through [________] and the amount of Percentage Rent for [________] was [________].



 


		(f)	Common area maintenance, taxes, insurance and other charges
(the “Reimbursables”) due under the Lease, currently in the amount of $__________ per month, have been paid
through [________].



 


		7.	Tenant has accepted possession of the Premises, and all construction to be performed by Landlord
for the Premises under the Lease has been completed in accordance with the terms of the Lease and within the time periods set forth
in the Lease. Landlord has paid in full any required contribution towards work to be performed by Tenant under the Lease, except
as follows (if none, so state):                                            .



 


		8.	The
Premises shall be expanded by the addition of the following space on the dates hereinafter indicated (if none, so state):                                                          .



 


		9.	No default or event that with the passage of time or notice would constitute a default (hereinafter
collectively a “Default”) on the part of Tenant exists under the Lease in the performance of the terms, covenants
and conditions of the Lease required to be performed on the part of the Tenant.



 


		10.	No Default on the part of Landlord exists under the Lease in the performance of the terms, covenants
and conditions of the Lease required to be performed on the part of Landlord.



 


		11.	Tenant has no option or right to purchase all or any part of the Property.



 


		12	Tenant has not assigned, sublet, transferred, hypothecated or otherwise disposed of its interest
in the Lease and/or the Premises, or any part thereof.



 


		13.	Neither the Lease nor any obligations of Tenant thereunder have been guaranteed by any person or
entity, except as follows (if none, so state):                                         .









 




    Purchase and Sale Agreement
Exhibit G – Form of Seller Estoppel

Page 2 of 3


     


    

 


		14.	No hazardous substances are being generated, used, handled, stored or disposed of by Tenant on
the Premises or on the Property in violation of any applicable laws, rules or regulations or the terms of the Lease.



 


		15.	No rentals are accrued and unpaid under the Lease, except for Percentage Rent, if any, or Reimbursables,
if any, which are not yet due and payable.



 


		16.	No prepayments of rentals due under the Lease have been made for more than one month in advance.
No security or similar deposit has been made under the Lease, except for the sum of [________] which has been deposited by Tenant
with Landlord pursuant to the terms of the Lease.



 


		17.	Tenant has no defense as to its obligations under the Lease, and to date has not asserted any rights
of setoff, claim or counterclaim against Landlord.



 


		18.	Tenant has not received notice
of any assignment, hypothecation, mortgage or pledge of Landlord’s interest in the Lease or the rents or other amounts payable
thereunder, except as follows (if none, so state):                                           .



 


		19.	The undersigned is authorized to execute this Seller Estoppel on behalf of Seller.



 


SELLER:









 




    Purchase and Sale Agreement
Exhibit G – Form of Seller Estoppel

Page 3 of 3


     


    

 


EXHIBIT H


 


ACCESS AGREEMENT


 


ACCESS AND INDEMNITY AGREEMENT


 


THIS ACCESS AND
INDEMNITY AGREEMENT (“Agreement”) is dated as of September 8, 2015 (the “Effective Date”),
by and between TNP SRT SUMMIT POINT, LLC, a Delaware limited liability company (“Seller”) and NEW
MARKET PROPERTIES LLC, a Delaware limited liability company (“Buyer”).


 


Recitals


 


A.           Seller
is the owner of the property commonly known as Summit Point and located at 840 Glynn Street South, Fayetteville, Georgia (the “Property””);


 


B.           Seller
and Buyer are negotiating a Purchase and Sale Agreement (“Purchase Agreement”) with regard to Seller’s
sale of the Property to Buyer and Buyer’s acquisition of the Property from Seller.


 


C.           Buyer
desires to commence its investigation of the Property before execution of the Purchase Agreement, and Seller is willing to permit
Buyer access to the Property to perform such investigation upon the terms and conditions set forth in this Agreement.


 


D.           Capitalized
terms used in this Agreement and separately defined in the text of this Agreement have the meaning given to such terms in Section
14 of this Agreement.


 


NOW, THEREFORE,
in consideration of the non-refundable sum of Ten and No/100th Dollars ($10.00) paid by Buyer to Seller and the mutual covenants
of Seller and Buyer contained herein, the parties hereby agree as follows:


 


1.          Physical
Inspection of the Property. Subject to the terms of this Section 1, Buyer shall have until the termination of this Agreement
to conduct due diligence review of the Property and matters affecting the Property and otherwise determine the suitability of the
Property for Buyer’s intended purposes. Seller shall afford Buyer and its authorized representatives reasonable access to
the Property; provided, however, Buyer shall use commercially reasonable efforts not to unreasonably disturb or interfere with
the rights of Tenants. Buyer shall provide Seller with notice on a Business Day not less than twenty-four (24) hours prior to any
such inspections, and Seller, at its election, shall have the right to have a representative present during any such investigations.
Seller shall have the right at all times to have a representative of Seller accompany any of Buyer or Buyer’s Agents while
such persons are on a Property. Buyer may conduct an interview with the Tenants on a Business Day, provided Buyer has given Seller
notice on a Business Day not less than twenty-four (24) hours prior to any such interview, and provided further that Seller shall
have the right to be present at all such interviews. Notices to Seller pursuant to this Section 1 may be delivered orally
(if made in person, and not via voicemail, to Alan Shapiro at 650-343-9300), or by email (if made to Alan Shapiro at alan.shapiro@glenborough.com
and no “out of office” response or other “undelivered” response is generated).





 




    Purchase and Sale Agreemen
Exhibit H – Access Agreement

Page 1 of 6


     


    

 


2.          Invasive
Testing. Buyer shall not conduct or allow any physically intrusive, invasive or destructive testing of, on or under any Property,
including, without limitation, for Hazardous Materials, without Seller’s prior written consent, which consent may be withheld
or conditioned at Seller’s sole and absolute discretion. Buyer shall provide Seller with notice not less than two (2) Business
Days prior to the commencement of any physically intrusive or destructive testing, accompanied by a detailed work plan describing
the nature, scope, location and purpose of the proposed work, and if approved by Seller, Seller shall have the right, at Buyer’s
cost, to have its own consultant present for any such work. Buyer acknowledges and agrees that Seller’s review of Buyer’s
work plan is solely for the purpose of protecting Seller’s interests, and shall not be deemed to create any liability of
any kind on the part of Seller in connection with such review that, for example, the work plan is adequate or appropriate for any
purpose or complies with applicable legal requirements. All work and investigations shall be performed in compliance with all local,
state and federal laws, rules and regulations, including, without limitation, any and all permits required thereunder, all of which
shall be at the sole cost and expense of Buyer. For purposes of this Section 2, “intrusive” or “invasive”
testing includes, without limitation, (i) taking, sampling or testing groundwater or soils, (ii) air quality sampling or testing,
and (iii) probing, cutting, penetrating, removing or otherwise disturbing any interior or exterior feature of the Improvements
in order to sample, test, observe or monitor normally inaccessible areas, components, features or systems.


 


3.          Damage;
Indemnity. Notwithstanding anything in this Agreement to the contrary, any entry upon, inspection, or investigation of any
Property by Buyer or Buyer’s Agents, whether performed before or after the Effective Date, shall be performed at the sole
risk and expense of Buyer, and Buyer shall be solely and absolutely responsible for the acts or omissions of Buyer and any of Buyer’s
Agents. Furthermore, subject to the limitations set forth in this Section 3, Buyer shall protect, indemnify, defend and
hold Seller, and its successors, assigns, and affiliates harmless from and against any and all losses, damages (whether general,
punitive or otherwise), liabilities, claims, causes of action, judgments, costs and legal or other expenses (including, but not
limited to, reasonable attorneys’ fees and costs) (collectively, “Access Claims”) suffered or incurred
by any or all of such indemnified Persons to the extent resulting from (i) any act or omission of Buyer or Buyer’s Agents
in connection with entry upon any Property by Buyer or Buyer’s Agents, or the activities, studies or investigations conducted
at, to or on any Property by Buyer or Buyer’s Agents, or (ii) any breach on the part of Buyer of its obligations under this
Section 3. If at any time prior to the closing under the Purchase Agreement, Buyer or Buyer’s Agents cause any damage
to any Property, Buyer shall, at its sole expense, immediately repair such damage. Buyer’s obligation to indemnify, defend
and hold Seller harmless shall not apply to matters to the extent arising or resulting from (i) the mere discovery by Buyer of
any pre-existing defects affecting a Property (except to the extent Buyer or Buyer’s Agents exacerbate any such pre-existing
condition as a result of their negligence or willful misconduct or except to the extent such discovery is made in violation of
the terms of this Agreement pertaining to invasive, intrusive or destructive testing); or (ii) the mere discovery by Buyer of any
Hazardous Materials within, on or adjacent to the Property that were not released or deposited by Buyer or any of Buyer’s
Agents (except to the extent Buyer or Buyer’s Agents exacerbate the scope or effect of or cause additional or further release
of any such Hazardous Materials as a result of their negligence or willful misconduct, or except to the extent such discovery is
made in violation of the terms of this Agreement pertaining to invasive, intrusive or destructive testing). Buyer’s obligations
under this Section 3 shall survive the termination or expiration of this Agreement. Buyer shall, at all times prior to the
closing under the Purchase Agreement, keep the Property free and clear of any claims or liens arising out of or relating to the
activities of Buyer or Buyer’s Agents on the Property, whether occurring before or after the Effective Date.









 




    Purchase and Sale Agreemen
Exhibit H – Access Agreement

Page 2 of 6


     


    

  


4.          Liability
Insurance. Prior to any entry onto the Property by Buyer or Buyer’s Agents, Buyer shall provide Seller written evidence
that Buyer has procured commercial general liability insurance specific to the Property (or with the requisite limits dedicated
to the Property) on an “occurrence” form policy covering (at a minimum) the activities of Buyer and Buyer’s Agents
on the Property, providing for a combined single limit in the minimum amount of $2,000,000, issued by a company licensed in the
State in which the Property is located and with a deductible or retention in a commercially reasonable amount not to exceed $10,000.
Seller shall be named as an additional insured under all such liability insurance and prior to any entry onto any Property by Buyer
or Buyer’s Agents, Buyer shall (i) deliver to Seller a copy of the insurer’s endorsement naming Seller as an additional
insured, and (ii) deliver to Seller certificates evidencing that the insurance required under this section is in full force and
effect.


 


5.          Delivery
of Documents and Records. Seller shall provide Buyer with access to the Due Diligence Materials promptly after the Effective
Date. Seller makes no representations or warranties as to the truth, accuracy or completeness of any materials, data or other information
supplied to Buyer in connection with Buyer’s inspection of the Property (e.g., that such materials are complete, accurate,
or the final version thereof, or that all such materials are in the Seller’s possession). It is the parties’ express
understanding and agreement that such materials are provided only for Buyer’s convenience in making its own examination and
determination as to whether or not it wishes to purchase the Property, and, in doing so, Buyer shall rely exclusively on its own
independent investigation and evaluation of every aspect of the Property and not on any materials supplied by Seller. Buyer expressly
disclaims any intent to rely on any such materials provided to it by Seller in connection with its own inspections and agrees that
it shall rely solely on its own independently developed or verified information. Buyer agrees that delivery may be accomplished
by access to the Due Diligence Materials in an electronic data room established by or for Seller.









 




    Purchase and Sale Agreemen
Exhibit H – Access Agreement

Page 3 of 6


     


    

 


6.          Contacts
with Property Managers. At any time reasonably requested by Buyer, Buyer may contact and interview the property manager/leasing
agent(s) on a Business Day, provided Buyer shall give Seller written notice on a Business Day not less than twenty-four (24) hours
in advance of the time Buyer desires to conduct such interview, and Seller or its representative may be present during such interview.


 


7.          Termination.
Either Seller or Buyer may terminate this Agreement at any time prior to the execution and delivery by the parties of the Purchase
Agreement, and thereafter at any time prior to the Approval Date (as defined in the Purchase Agreement) by delivering written notice
to the other party hereto. This Agreement shall terminate upon the date set forth in the termination notice and Buyer and Seller
shall have no further obligations pursuant to this Agreement other than those which explicitly survive termination or expiration.
In the event that Buyer and Seller enter into the Purchase Agreement, this Agreement shall be incorporated into the Purchase Agreement.


 


8.          Amendment.
This Agreement may not be altered, changed or amended except by an instrument in writing, executed by the party against whom enforcement
is sought.


 


9.          Governing
Law. The substantive laws of the State of California, without reference to its conflict of law provisions, will govern the
validity, construction, and enforcement of this Agreement. The foregoing notwithstanding, nothing herein shall prohibit a party
from the exercise of rights under the law of the State in which the Property is located, as necessary to protect, preserve and
enforce the rights and remedies of such party under this Agreement. For the avoidance of doubt, and without limiting the foregoing,
if the enforcement by Buyer or Seller of their respective rights and remedies under this Agreement require the filing of an action
or other enforcement action in the State in which the Property is located, nothing herein shall prohibit Buyer or Seller from exercising
such rights and enforcing such remedies in accordance with local law applicable thereto.


 


10.         Counterparts.
This Agreement may be executed in counterparts and each such counterpart shall be deemed to be an original, but all such counterparts
together shall constitute but one agreement.


 


11.         Binding
Agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.


 


12.         Assignment.
Buyer shall not assign its rights and obligations under this Agreement without Seller’s prior written consent, which may
be granted or withheld in Seller’s sole discretion.









 




    Purchase and Sale Agreemen
Exhibit H – Access Agreement

Page 4 of 6


     


    

 


13.         Confidentiality.
Buyer and Seller shall each maintain as confidential any and all material or information about the other, or in the case of
Buyer and its agents, employees, consultants and contractors, about the Property, and shall not disclose such information to any
third party, except, in the case of information about the Property or the Seller, to Buyer’s investment bankers, investors,
lender or prospective lenders, insurance and reinsurance firms, attorneys, environmental assessment and remediation service firms
and consultants, as may be reasonably required for the consummation of this transaction and/or as required by law.


 


14.         Definitions.
Capitalized terms used in this Agreement shall have the meaninings set forth below:


 


(a)          Affiliate.
Any Person that, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control
with another Person. An Affiliate of a Person includes any officer, director, managing member or general partner, and any record
or beneficial owner of more than 10% of any class of ownership interests in such Person.


 


(b)          Business
Day. Any day other than a Saturday, Sunday or holiday on which banks in the State of California are closed for business or
authorized by law to close for business.


 


(c)          Buyer’s
Agents. The employees, agents, contractors, consultants, officers, directors, representatives, managers and members of Buyer
or its Affiliates, and such other Persons as are acting under the direction of, or on behalf of, Buyer or any Affiliate of Buyer.


 


(d)          Due
Diligence Materials. The documents and instruments described on Schedule 1 to this Agreement.


 


(e)          Hazardous
Materials. Any substance which is designated, defined, classified or regulated as (i) a hazardous substance, hazardous material,
hazardous waste, toxic substance, pollutant or contaminant under any federal or state law or regulation applicable to the Property,
(ii) a petroleum hydrocarbon, including crude oil or any fraction thereof and all petroleum products, (iii) PCBs, (iv) asbestos
or asbestos-containing products, (v) a flammable explosive, (vi) an infectious material, (vii) a radioactive material, (viii) a
carcinogenic, or (ix) a reproductive toxicant.


 


(f)          Person.
An individual, partnership, corporation, business trust, joint stock company, limited liability company, trust, unincorporated
association, joint venture or governmental authority.


 


(g)         Tenants.
The tenants under the leases for the Property.


 


[REMAINDER OF PAGE INTENTIONALLY BLANK]






 




    Purchase and Sale Agreemen
Exhibit H – Access Agreement

Page 5 of 6


     


    

 


IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.


 


SELLER:


 


SELLER:


 


TNP SRT SUMMIT POINT, LLC,


a Delaware limited liability company


 


	By:	 	 
	Name:	 	 
	Title:	 	 


 


BUYER:


 


	NEW MARKET PROPERTIES LLC,	 
	a	 	 


 


	By:	 	 
	Name:	 	 
	Title:	 	 









 




    Purchase and Sale Agreemen
Exhibit H – Access Agreement

Page 6 of 6


     


    

 


SCHEDULE 1


 


SUMMIT POINT


DUE DILIGENCE MATERIALS


 


		·	ALTA Survey



 


		o	Preliminary ALTA/ACSM Land Title Survey prepared by American Surveying and Mapping updated July 12, 2015



 


		·	Aged Receivables



 


		o	A/R as of August 2015



 


		·	CAM Recs



 


		o	2014 CAM Recovery Schedules



 


		·	Environmental



 


		o	Phase I Environmental Site Assessment prepared by NDDS, dated June 17, 2015



 


		o	Phase I Environmental Site Assessment prepared by ASM, dated October 24, 2011



 


		·	Leases



 


		o	Master Shim’s World Class Tae Kwon do, Inc.



 


		§	Lease dated September 15, 2005



 


		§	First Amendment to Lease dated November 24, 2008



 


		§	Second Amendment to Lease dated October 20, 2009



 


		§	Third Amendment to Lease dated July 24, 2013



 


		§	Fourth Amendment to Lease dated July 6, 2015



 


		o	Alphonso Gilmore, dba Kinfolks Kountry Kookin’



 


		§	Retail Lease dated July 22, 2015



 


		o	C.A.T., LLC dba Partners II Pizza of Fayetteville



 


		§	Lease dated April 4, 2006



 


		§	First Amendment to Lease dated February 12, 2009



 


		§	Second Amendment to Lease dated September 1, 2010



 


		§	Third Amendment to Lease dated August 12, 2015



 


		o	Neng Yuan Li, Zhao Li Li, and Xue Ci Gao, dba Royal Chef



 


		§	Lease dated April 29, 2011



 


		§	First Amendment to Lease dated August 31, 2015



 


		o	Team RTR LLC, dba ZenMassage



 


		§	Lease dated August 23, 2007



 


		§	First Amendment to Lease dated December 10, 2009



 


		§	Second Amendment to Lease dated September 11, 2013



 


		§	Third Amendment to Lease dated August 14, 2015



 


		o	Peachtree Learning, LLC, dba Mathnasium Learning Center



 


		§	Lease dated June 21, 2010



 




     


     


    

 


		§	Assignment of Lease dated June 24, 2013



 


		o	Thomas M. Brown, O.D., P.C., dba Visionary Eye Care



 


		§	Lease dated May 8, 2008



 


		o	Subway Real Estate Corp dba Subway



 


		§	Lease dated March 30, 2004



 


		§	Transfer of Franchise, letter dated August 4, 2006



 


		§	Assignment and Assumption of Sublease dated October 18, 2011



 


		§	Exercise of option to Renew, letter dated May 12, 2014



 


		o	A Southern Accent, LLC



 


		§	Lease dated June 15, 2007



 


		§	First Amendment to Lease dated September 1, 2009



 


		§	Second Amendment to Lease dated March 24, 2011



 


		§	Third Amendment to Lease dated June 6, 2014



 


		§	Fourth Amendment to Lease dated February 10, 2015



 


		o	Duc Thanh Tran, dba Ana Nails



 


		§	Lease dated October 1, 2009



 


		§	First Amendment to Lease dated August 5, 2014



 


		§	Lease Assignment and Assumption dated February 24, 2011



 


		§	Lease Assignment and Assumption dated July 28, 2011



 


		o	Christopher A. Lingard, Kareem Williamson, Charles W. Lewis, dba My Lifestyle Smoothie



 


		§	Retail Lease dated July 9, 2014



 


		o	F.S. Salons / Fantastic Sams



 


		§	Lease dated August 28, 2009



 


		§	First Amendment to Lease dated July 10, 2014



 


		o	Mary Jane Minton-Brook dba Merle Norman Cosmetics Studio



 


		§	Lease dated April 4, 2008



 


		§	First Amendment to Lease dated October 1, 2010



 


		§	Second Amendment to Lease dated September 30, 2013



 


		§	Third Amendment to Lease dated August 14, 2015



 


		o	Ben Okoye, dba Batteries-Bulbs and More



 


		§	Retail Lease dated October 10, 2014



 


		o	Publix Super Markets, Inc.



 


		§	Lease Agreement dated February 20, 2003



 


		§	First Amendment to Lease Agreement dated August 1, 2003



 


		§	Second Amendment to Lease Agreement dated April 2, 2004



 


		§	Third Amendment to Lease Agreement dated June 22, 2004



 


		§	Fourth Amendment to Lease Agreement dated May 20, 2005



 


		§	Fifth Amendment to Lease Agreement dated March 8, 2007



 


		§	Sixth Amendment to Lease Agreement dated December 7, 2009



 


		§	Eighth Amendment to Lease Agreement dated September 21, 2011



 




     


     


    

 


		§	Notice not to exercise ROFR, dated June 30, 2015



 


		o	Springleaf Financial Services, Inc.



 


		§	Lease dated May 10, 2011



 


		§	First Amendment to Lease dated December 19, 2013



 


		o	ICF International, LLC dba Premier Nutrition Center



 


		§	Retail Lease dated December 1, 2014



 


		o	Jayesh Parmer dba Ace Cleaners



 


		§	Lease Agreement dated April 25, 2006



 


		§	First Amendment to Lease dated September 4, 2013



 


		§	Lease Assignment and Assumption Agreement dated August 14, 2006



 


		§	Lease Assignment and Assumption Agreement dated November 26, 2008



 


		o	Wendy’s International, Inc.



 


		§	Ground Lease dated September 29, 2003



 


		§	First Amendment to Ground Lease dated April 1, 2004



 


		§	Letter confirming renewal option dated June 11, 2014



 


		o	Chase Bank



 


		§	Ground Lease dated February 5, 2004



 


		§	Receiver’s Assignment and Assumption of Lease dated December__, 2008



 


		o	ODDO 85 Property II, LLC



 


		§	Lease dated June 6, 2003



 


		§	First Amendment to Lease Agreement dated July _, 2003



 


		·	Operating Statements



 


		o	Operating Statement as of December 31, 2012



 


		o	Operating Statement as of December 31, 2013



 


		o	Operating Statement as of December 31, 2014



 


		o	Operating Statement as of July 31, 2015



 


		·	Property Condition Report



 


		o	Property Condition Assessment prepared by Marx/Okubo dated June 23, 2015



 


		·	Property Taxes



 


		o	2014 Property Tax Statement for APN: 0517-110



 


		o	2014 Property Tax Statement for APN 0517-104



 


		o	2014 Property Tax Statement for APN 0514-102 (Wendy’s)



 


		·	Rent Roll



 


		o	Rent Roll dated August 1, 2015



 


		·	Tenant Sales



 


		o	Publix for FY ending December 27, 2014



 


		·	Title



 


		o	Title Insurance Commitment prepared by First American Title Insurance Company, dated May 20, 2015



 




     


     


    

 


EXHIBIT I


 


OWNER’S AFFIDAVIT


 


OWNER’S AFFIDAVIT


 


STATE OF __________________________


 


COUNTY OF ________________________


 


Personally appeared
before me, the undersigned deponent who being duly sworn, deposes and says on oath the following to the best of his knowledge and
belief:


 


1.          That
the undersigned is the __________ of TNP SRT Summit Point, a Delaware limited liability company (hereinafter referred to as "Owner")
and as such [officer] of the Owner, the undersigned has personal knowledge of the facts sworn to in this Affidavit.


 


2.          That
this affidavit is given with respect to certain real property located in Fayette County, Georgia, being described on Exhibit
A, attached hereto and made a part hereof (hereinafter referred to as the "Property").


 


3.          That
there are no parties in possession of the Property, other than Owner and the tenants and other occupants shown in the list of leases
and other occupancy agreements attached as Exhibit B, attached hereto and
made a part hereof. To the Undersigned's knowledge, except as set forth in the Rent Roll attached hereto as Exhibit
B, there are no unrecorded leases or agreements affecting the Property, and there are no other third parties in possession
of the Property.   To the Undersigned's knowledge, no tenant or other third party has any rights of first refusal or options
to purchase all or any part of the Property.


 


4.          That
the undersigned is not aware of and has received no notice of any pending suits, proceedings, judgments, bankruptcies, liens or
executions against the Owner which affect title to the Property.


 


5.          That
to the knowledge of affiant, except as described on Exhibit
C, attached hereto and made a part hereof, there have been no improvements or repairs made upon the Property at the
instance of Owner within the ninety-five (95) days immediately preceding the date hereof; and there are no outstanding bills for
labor or materials used in making improvements or repairs on the Property at the instance of Owner or for services of architects,
surveyors, or engineers incurred in connection therewith at the instance of Owner, except for matters disclosed on Exhibit
C and on-going and routine maintenance and repairs which will be paid in the ordinary course of business.


 




     


     


    

 


6.          That,
except for ___________________ ("Broker") engaged by Owner in connection with the sale of the Property to ______________________
("Purchaser"), Owner has not engaged any "broker's" services (as defined in O.C.G.A. § 44-14-601)
with regard to the purchase, sale, option or other conveyance of any ownership interest in the Property; as to Broker, the Closing
Statement executed in connection with the sale of the Property to Purchaser reflects payment in full satisfaction of all amounts
owed to Broker with respect to the Property; and as of the date hereof, Owner has not received any notice of lien from Broker,
any of the leasing agents or any other real estate broker, salesman, agent or similar person relating to the Property.


 


7.          That
to Owner's knowledge there are no boundary disputes affecting the Property.


 


8.          That
this Affidavit is made to induce ________________ Title Insurance Company to insure title to the Property, relying on information
in this document. In accepting this Affidavit, said title company acknowledges that the undersigned is executing this Affidavit
solely in his/her representative capacity on behalf of Owner and shall have no personal liability to the title company hereunder.


 


Sworn to and subscribed before me,


this _____ day of ___________, 2015.


	 	 
	 	 


 


ACKNOWLEDGMENT


 





	A notary public or other officer completing
this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and
not the truthfulness, accuracy, or validity of that document.





 


	State of	 	)	 
	 	)	ss.
	County of	 	)	 


 


On                                        ,
before me,                                                    
 (here insert name and title of officer), personally appeared                                                            ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person (s), or the entity(ies) upon behalf of which the person(s) acted, executed the instrument.


 


I certify under PENALTY OF PERJURY under
the laws of the State of California that the foregoing is true and correct.


 




     


     


    

 


WITNESS my hand and official seal.


 


	 	 	[Seal]


 




     


     


    

 


EXHIBIT A


TO OWNER’S AFFIDAVIT


 


LEGAL DESCRIPTION OF PROPERTY


 




     


     


    

 


EXHIBIT B


TO OWNER’S AFFIDAVIT


 


PERMITTED ENCUMBRANCES


 




     


     


    

 


EXHIBIT C


TO OWNER’S AFFIDAVIT


 


RENT ROLL


 


[See attached]


 




     


     


    

 


ADDENDUM I


 


DEFINITIONS


 


Terms used in this Agreement shall have
the meanings set forth below:


 


		1.	Access Agreement. That certain Access and Indemnity Agreement entered into by Buyer and
Seller as of September 8, 2015, a copy of which is attached hereto as Exhibit H.



 


		2.	Actual Knowledge of Buyer (or Buyer’s Actual Knowledge.) The knowledge of any Responsible
Individual of Buyer, without duty of inquiry; provided that so qualifying Buyer’s knowledge shall in no event give rise to
any personal liability on the part of the Responsible Individual, on account of any breach of any representation and warranty of
Buyer herein. Actual Knowledge shall not include constructive knowledge, imputed knowledge, or knowledge Buyer or such Responsible
Party do not have but could have obtained through further investigation or inquiry.



 


		3.	Actual Knowledge of Seller (or Seller’s Actual Knowledge.) The knowledge of any Responsible
Individual of Seller, without duty of inquiry; provided that so qualifying Seller’s knowledge shall in no event give rise
to any personal liability on the part of the Responsible Individual, on account of any breach of any representation and warranty
of Seller herein. Actual Knowledge shall not include constructive knowledge, imputed knowledge, or knowledge Seller or such Responsible
Party do not have but could have obtained through further investigation or inquiry.



 


		4.	Additional Rents. All amounts, other than Fixed Rents, due from any Tenant under any Lease,
including without limitation, percentage rents, escalation charges for real estate taxes, parking charges, marketing fund charges,
reimbursement of Expenses, maintenance escalation rents or charges, cost of living increases or other charges of a similar nature,
if any, and any additional charges and expenses payable under any Lease.



 


		5.	Affiliate. Any Person that, directly or indirectly, through one or more intermediaries,
controls or is controlled by or is under common control with another Person. An affiliate of a Person includes any officer, director,
managing member, member or general partner, and any record or beneficial owner of more than 10% of any class of ownership interests
in such Person.



 


		6.	Agreement. This Agreement between Seller and Buyer, including all Addenda, Schedules and
Exhibits attached hereto and incorporated herein by reference.



 


		7.	Approval Date. The Business Day on or prior to the end of the Due Diligence Period on which
Buyer delivers its Approval Notice to Seller.









 




    Purchase and Sale Agreement
Addendum I – Definitions

Page 1 of 7


     


    

 


		8.	Approval Notice. Buyer’s notice delivered to Seller (if at all) under Section 4(l)
of the Agreement.



 


		9.	Assignment of Contracts. An Assignment and Assumption of Service Contracts, Guaranties and
Warranties and Other Intangible Property in the form of Exhibit D attached hereto.



 


		10.	Assignment of Leases. An Assignment and Assumption of Leases in the form attached to this
Agreement as Exhibit B.  



 


		11.	Bill of Sale. A Bill of Sale in the form attached to this Agreement as Exhibit C.



 


		12.	Business Day. Any day other than a Saturday, Sunday or holiday on which Bank of America,
N.A., located in San Francisco, California, is authorized or required by law to close for business.



 


		13.	Buyer. The “Buyer” in the preamble to this Agreement.



 


		14.	Buyer’s Agents. The employees, agents, contractors, consultants, officers, directors,
representatives, managers and members of Buyer or its Affiliates, and such other Persons as are acting under the direction of,
or on behalf of, Buyer or any Affiliate of Buyer.



 


		15.	Buyer Closing Conditions. Conditions precedent to Buyer’s obligation to consummate
this transaction, as set forth in Section 5(a).



 


		16.	Cash. Immediately available funds to be paid by
Buyer at the Closing, as provided in the Section entitled “Consideration”.



 


		17.	Closing. The delivery of the Deed and the other documents required to be delivered hereunder
and the payment of the Consideration.



 


		18.	Closing Date. The earlier of (i) thirty (30) days after delivery by Buyer of an Approval
Notice, or (ii) October 30, 2015.



 


		19.	Consideration. The total consideration to be paid by Buyer to Seller as described in the
Section entitled “Consideration.”



 


		20.	Contracts. The service contracts, construction contracts for work in progress, any warranties
thereunder, management contracts, unrecorded reciprocal easement agreements, operating agreements, maintenance agreements, franchise
agreements and other similar agreements relating to the Property.



 


		21.	Creditors’ Rights Laws. All bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally, as well as general equitable principles whether or not the enforcement
thereof is considered to be a proceeding at law or in equity.










 




    Purchase and Sale Agreement
Addendum I – Definitions

Page 2 of 7


     


    

 


		22.	Day. The term “day” used herein and not capitalized means a calendar day.



 


		23.	Deed. A deed in the form in the form attached to this Agreement as Exhibit A.



 


		24.	Due Diligence Materials. The materials described in Schedule 1 to this Agreement.



 


		25.	Due Diligence Period. A period of time commencing on the effective date of the Access Agreement
and ending at 5:00 p.m., California time, on October 8, 2015.



 


		26.	Earnest Money. The aggregate of the Initial Earnest Money Deposit and the Remaining Earnest
Money Deposit.



 


		27.	Effective Date. The date set forth in the preamble to this Agreement.



 


		28.	Environmental Laws. All federal, state, local or administrative agency ordinances, laws,
rules, regulations, orders or requirements relating to Hazardous Materials.



 


		29.	Environmental Reports. All environmental reports and investigations relating to the Property
which are available to Seller, which are listed on Schedule 4 to this Agreement.



 


		30.	Expenses. All operating expenses normal to the operation and maintenance of the Property,
including without limitation Property Taxes; current installments of any improvement bonds or assessments which are a lien on the
Property or which are pending and may become a lien on the Property; water, sewer and utility charges; amounts payable under any
Contract for any period in which the Closing occurs; permits, licenses and inspection fees. Expenses shall not include expenses
which are of a capital nature.



 


		31.	Expense Reimbursement. That amount necessary to reimburse Buyer for all of its out of pocket
third-party costs and expenses related to the transactions contemplated by this Agreement, including, without limitation, (i) to
consultants and for third-party reports, for legal fees incurred
in connection with negotiating and entering into a letter of intent, non-disclosure agreement, or other preliminary document, and
this Agreement in an aggregate amount not to exceed $75,000.00, and (ii) Purchaser’s actual and verifiable application or
commitment fee, rate lock or other non-refundable fee paid to any prospective lender in an amount not to exceed $254,800.00.



 


		32.	Fixed Rents. The fixed periodic payments under any Lease.



 







    Purchase and Sale Agreement
Addendum I – Definitions

Page 3 of 7


     


    

 


		33.	General Intangibles. All general intangibles relating to design, development, operation,
management and use of the Real Property; all certificates of occupancy, zoning variances, building, use or other permits, approvals,
authorizations, licenses and consents obtained from any governmental authority or other person in connection with the development,
use, operation or management of the Real Property; all engineering reports, architectural drawings, plans and specifications relating
to all or any portion of the Real Property, and all payment and performance bonds or warranties or guarantees relating to the Real
Property; and all of Seller’s right, title and interest in and to any and all of the following to the extent assignable:
trademarks, service marks, logos or other source and business identifiers, trademark registration and applications for registration
used at or relating to the Real Property and any written agreement granting to Seller any right to use any trademark or trademark
registration at or in connection with the Real Property, including , without limitation, the name “Summit Point.”



 


		34.	Guarantor Estoppel(s). Estoppel certificates in the form attached to this Agreement as Exhibit
F, to be provided by Seller as provided in the Section entitled “Tenant Estoppel(s).”



 


		35.	Hazardous Materials. Any substance which is designated, defined, classified or regulated
as (i) a hazardous substance, hazardous material, hazardous waste, toxic substance, pollutant or contaminant under any federal
or state law or regulation applicable to the Property, (ii) a petroleum hydrocarbon, including crude oil or any fraction thereof
and all petroleum products, (iii) PCBs, (iv) asbestos or asbestos-containing products, (v) a flammable explosive, (vi) an infectious
material, (vii) a radioactive material, (viii) a carcinogenic, or (ix) a reproductive toxicant.



 


		36.	Improvements. All buildings, parking lots, parking garages, signs, walks and walkways, fixtures
and equipment and all other improvements located at or on or affixed to the Land to the full extent that such items are owned by
Seller and constitute realty under the laws of the state in which the Land is located.



 


		37.	Initial Earnest Money Deposit. The initial earnest money deposit(s) paid by Buyer pursuant
to the Section entitled “Consideration”, in the amount(s) of Two Hundred Fifty Thousand and No/100ths Dollars ($250,000.00).



 


		38.	Land. The land described in Schedule 2 to this Agreement, together with all appurtenances
thereto, including without limitation easements and mineral and water rights.



 


		39.	Laws. All Environmental Laws, zoning and land use laws, and other local, state and federal
laws and regulations applicable to the Property, the Parties and the transactions contemplated by this Agreement.



 


		40.	Leases. The leases for the Tenants listed in the Rent Roll, together with any leases executed
between the Effective Date and the Closing Date in accordance with the provisions of this Agreement, and all amendments and modifications
thereof.



 


		41.	Lease Rights. All of Seller’s right, title and interest in and to the Leases and any
and all guarantees of the Leases.










 




    Purchase and Sale Agreement
Addendum I – Definitions

Page 4 of 7


     


    

 


		42.	Lender Expense. The amount described in subclause (ii) of the definition of “Expense
Reimbursement,” above.



 


		43.	Major Loss.  Any damage or destruction to, or condemnation of, any Real Property as to which
the cost to repair, or the value of the portion taken, as the case may be, exceeds Two Hundred Fifty Thousand and No/100th
Dollars ($250,000.00).



 


		44.	Major Tenant. Publix.



 


		45.	Material Damage Ceiling. Damage in the aggregate of Five Hundred Thousand and No/100ths
Dollars ($500,000.00) suffered by Buyer as a result of any inaccuracy or breach of any representation or warranty or covenant (on
a cumulative basis and not per occurrence) by Seller hereunder.



 


		46.	Material Damage Floor. Damage in excess of Thirty Thousand and No/100ths Dollars ($30,000.00)
suffered by Buyer as a result of any inaccuracy or breach of any representation or warranty or covenant (on a cumulative basis
and not per occurrence) by Seller hereunder.



 


		47.	Minor Loss. Damage or destruction to, or condemnation of, any Real Property that is not
a Major Loss.



 


		48.	Minor Tenants. All Tenants of the Property other than the Major Tenant.



 


		49.	Monetary Liens. As defined in the Section entitled “Approval of Title.”



 


		50.	New Exception. An exception to title to the Real Property that is not (i) included in or
referenced in any preliminary report delivered to Buyer prior to the Approval Date, or in any exception document delivered to Buyer
by the Title Company prior to the Approval Date, (ii) disclosed to Buyer in any of the Due Diligence Materials, (iii) shown on
or referenced in the Survey, (iv) caused by Buyer or any of Buyer’s Agents, or (v) previously approved in writing by Buyer
or any of Buyer’s Agents.



 


		51.	Non-Refundable Payment. See Section 3(b).



 


		52.	Parties. Buyer and Seller.



 


		53.	Percentage Rents. Rents under any Lease based on a percentage of Tenant revenue, sales or
income, or on the performance of the business of the Tenant.



 


		54.	Permitted Exceptions. The Leases and the exceptions to title approved by Buyer during the
Due Diligence Period, pursuant to the title review procedure set forth in this Agreement.



 


		55.	Person. An individual, partnership, corporation, business trust, joint stock company, limited
liability company, trust, unincorporated association, joint venture or governmental authority.










 




    Purchase and Sale Agreement
Addendum I – Definitions

Page 5 of 7


     


    

 


		56.	Personal Property. All of Seller’s right, title and interest in and to the personal
property and any interest therein owned by Seller or held directly for the benefit of Seller, if any, located on the Real Property
and used in the operation or maintenance of the Real Property.



 


		57.	Property. The Real Property, the Leases, the Personal Property, the General Intangibles,
and the Contracts (excluding Contracts to be terminated by Seller pursuant to this Agreement).



 


		58.	Property Taxes. As defined in Section 7(c)(ii)(c), entitled “Property Taxes.”



 


		59.	Publix. Publix Super Markets, Inc., a Florida corporation.



 


		60.	Real Property. The Land and Improvements.



 


		61.	Remaining Earnest Money Deposit. The additional earnest money deposit(s) paid by Buyer following
the Approval Date pursuant to the Section entitled “Consideration”, in the amount of Two Hundred Fifty Thousand and
No/100ths Dollars ($250,000.00).



 


		62.	Rent Roll. The list of each of the Tenants under Leases as of the date of this Agreement,
attached to this Agreement as Schedule 5.



 


		63.	Rents. Fixed Rents and Percentage Rents. 



 


		64.	Required Tenants. Both of (i) the Major Tenant and (ii) Minor Tenants in the aggregate occupying
seventy-five percent (75%) of the occupied rentable area of the Property other than the premises occupied by the Major Tenant.



 


		65.	Responsible Individuals. With respect to Buyer: Michael Aide; and with respect to Seller:
Alan Shapiro.



 


		66.	Seller. The “Seller” in the preamble to this Agreement.



 


		67.	Seller Related Party. Seller, any Affiliate of Seller, and any of its or their respective
shareholders, partners, members, managers, officers, directors, employees, contractors, agents, attorneys or other representatives
of Seller.



 


		68.	Seller’s Broker. HFF.



 


		69.	Seller Closing Conditions. Conditions precedent to Seller’s obligation to consummate
this transaction, as set forth in Section 5(b).







 




    Purchase and Sale Agreement
Addendum I – Definitions

Page 6 of 7


     


    

 


		70.	Senior Lender. U.S Bank National Association, as Trustee for the Registered Holders of J.P.
Morgan Chase Commercial Mortgage Securities Trust 2012-C6, Commercial Mortgage Pass-through Certificates, Series 2012-C6, the holder
of the senior mortgage on the Property.



 


		71.	Service Contracts. All Contracts involving ongoing services and periodic payment therefor,
as distinguished from franchise agreements, easements, guarantees, warranties and the like.



 


		72.	Subway. Subway Real Estate Corp.



 


		73.	Survey. That certain ALTA/ACSM Land Title Survey of the Property prepared by American Surveying
& Mapping Inc., and delivered to Buyer with the Due Diligence Materials.



 


		74.	Tenant(s). Tenants under the Leases.



 


		75.	Tenant Estoppel(s). Estoppel certificates in the form attached to this Agreement as Exhibit
F (or on such other form as may be prescribed in the Tenant Lease or otherwise permitted under this Agreement), to be provided
by Seller as provided in the Section entitled “Tenant Estoppel(s).” 



 


		76.	Title Agent.Republic
                                         Commercial Title Company, LLC, whose address is: 6111 Peachtree Dunwoody Road, Building
                                         D, Atlanta, Georgia 30328, Attention: J. Gregory Kala, (770) 394-3007, Ext. 215 (Phone),
                                         (770) 394-8028 (Fax), email: gkala@republiccommercialtitle.com.



 


		77.	Title Company. Chicago Title Insurance Company.



 


		78.	Title Policy. An owner’s standard coverage ALTA title policy, issued by Title Company
in the amount of the Consideration, showing title vested in Buyer subject only to the Permitted Exceptions.



 


		79.	Transaction Documents. The Deed, Bill of Sale, Assignment of Contracts, Assignment of Leases,
and any and all other agreements entered into by the Parties in connection with the Closing.



 


		80.	Wendy’s. Wendy’s International, Inc.










 




    Purchase and Sale Agreement
Addendum I – Definitions

Page 7 of 7


     


    

 


ADDENDUM II


 


SELLER’S REPRESENTATIONS AND WARRANTIES


 


Seller hereby represents and warrants to
Buyer as follows:


 


A.           Organization
and Authorization


 


1.          Seller
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, and
is qualified to do business in the state of where the Property is located.


 


2.          Seller
has full power and authority to execute and deliver this Agreement and to perform all of the terms and conditions hereof to be
performed by Seller and to consummate the transactions contemplated hereby. This Agreement and all documents executed by Seller
which are to be delivered to Buyer at Closing have been duly executed and delivered by Seller and are or at the time of Closing
will be the legal, valid and binding obligation of Seller and is enforceable against Seller in accordance with its terms, except
as the enforcement thereof may be limited by applicable Creditors’ Rights Laws. Seller is not presently subject to any bankruptcy,
insolvency, reorganization, moratorium, or similar proceeding.


 


3.          The
individuals and entities executing this Agreement and the instruments referenced herein on behalf of Seller and its constituent
entities, if any, have the legal power, right and actual authority to bind Seller to the terms and conditions hereof and thereof.


 


4.          Subject
to Seller’s satisfaction of the partial release conditions in the Senior Lender loan documents, neither the execution and
delivery of this Agreement, the consummation of the transactions contemplated by this Agreement, nor the compliance with the terms
and conditions hereof will violate or conflict, in any material respect, with any provision of Seller’s organizational documents
or to Seller’s Actual Knowledge any statute, regulation or rule, or, to Seller’s Actual Knowledge, any injunction,
judgment, order, decree, ruling, charge or other restrictions of any government, governmental agency or court to which Seller is
subject, and which violation or conflict would have a material adverse effect on Seller. Subject to Seller’s satisfaction
of the partial release conditions in the Senior Lender loan documents, Seller is not a party to any contract or subject to any
other legal restriction that would prevent fulfillment by Seller of all of the terms and conditions of this Agreement or compliance
with any of the obligations under it.








 




    Purchase and Sale Agreement
Addendum II – Seller’s Representations and Warranties

Page 1 of 4


     


    

 


B.           Title
Matters


 


1.          Possession;
No Transfers. There are no adverse or other parties in possession of the Property, or any part thereof, with the consent of
Seller except Seller and Tenants. Seller has not granted to any Person any license, easement, lease, or other right relating to
the use or possession of the Property or any part thereof, except Tenants or the matters shown of record.


 


C.           Property
Condition, Use and Compliance


 


1.          Compliance
with Laws. Except as set forth on Schedule 6 to this Agreement to Seller’s Actual Knowledge, Seller has not received
written notice that the use or operation of the Property is in violation of any applicable Laws.


 


2.          No
Regulatory Proceedings. Except as set forth on Schedule 6 to this Agreement to Seller’s Actual Knowledge, Seller
has not received any written notice of any condemnation, environmental, zoning or other land-use regulation proceedings that have
been instituted, or are planned to be instituted, which directly identify any of the Property, nor has Seller received written
notice of any special assessment proceedings affecting any of the Property. Seller shall notify Buyer promptly of any such proceedings
of which any Seller becomes aware prior to Closing.


 


3.          Environmental
Matters. To the Actual Knowledge of Seller and except as set forth in the Due Diligence Materials, there are no Hazardous Materials
on or under the Property in violation of Environmental Laws or which would require remediation or mitigation under Environmental
Laws.


 


D.           The
Leases


 


1.          Rent
Roll. The Rent Roll attached hereto completely and accurately reflects the material terms and conditions of the Leases in all
material respects as of its date. Except as disclosed on the Rent Roll, to the Actual Knowledge of Seller, there are no other Tenants
at the Property with Seller’s consent, and no Rents under any Lease has been collected in advance of the current month. The
Rent Roll shall be updated at the Closing to reflect any changes which occur after the Effective Date.


 


2.          Security
Deposits. The Rent Roll sets forth all cash security deposits held by Seller under the Leases. Seller has not received from
any Tenant or any other Person written notice of any claim (other than for customary refund at the expiration of a Lease) to all
or any part of any security deposit, except as set forth on the Rent Roll and/or the Tenant Estoppels.






 




    Purchase and Sale Agreement
Addendum II – Seller’s Representations and Warranties

Page 2 of 4


     


    

 


3.          Leases.
Except as set forth in Schedule 6 to this Agreement: (i) the Leases set forth on the Rent Roll have not been modified or
amended except as set forth on the Rent Roll; (ii) Seller has provided to Buyer complete copies of all of such Leases identified
on the Rent Roll in Seller’s possession and control; (iii) to Seller’s Actual Knowledge, Seller is not in default under
any such Lease and no Tenant has delivered written notice to Seller of a default on the part of Seller under its Lease, (iv) to
Seller’s Actual Knowledge, no Tenant is in default under any such Lease, (v) no Tenant has asserted any defense or set-off
against the payment of rent in connection with its Lease or has contested any tax, operating cost or other escalation payments
or occupancy charges payable under its Lease. The landlord under each Lease is not obligated to complete or pay for any improvements,
or to advance any tenant allowance, except for improvements and allowances fully paid for or advanced prior to the Effective Date
and except as disclosed in the Due Diligence Documents. To the extent Buyer is delivered a Tenant Estoppel as to any Lease, such
Tenant Estoppel shall supersede and replace this Section D.3 with respect to the those statements that parallel the representations
of Seller in this Section D.3, and the representations of Seller in this Section D.3 shall not apply to such Lease or Tenant with
respect to those parallel statements.


 


E.           Other
Matters


 


1.          No
Litigation. Except as set forth on Schedule 6 to this Agreement there is no litigation pending or, to Seller’s
Actual Knowledge, threatened: (i) against Seller that arises out of the ownership of the Property or that might materially and
detrimentally affect the value or the use or operation of any of the Property for its intended purpose or the ability of such Seller
to perform its obligations under this Agreement; or (ii) by Seller against any Tenant. Seller shall notify Buyer promptly of any
such litigation of which Seller becomes aware before Closing.


 


2.          No
Contracts for Improvements. Except as set forth on Schedule 6 to this Agreement and in connection with any new leases
executed after the Effective Date and prior to Closing, at the time of Closing there will be no outstanding written or oral contracts
made by a Seller for any improvements to the Property which have not been fully paid for and Seller shall cause to be discharged
all mechanics and materialmen’s liens arising from any labor or materials furnished to the Property prior to the time of
Closing.


 


3.          Exhibits
and Schedules. The Schedules attached hereto, as provided by or on behalf of Seller, completely and correctly present in all
material respects the information required by this Agreement to be set forth therein, provided, however, that as set forth in more
detail in the Agreement, Seller makes no representation or warranty as to the completeness or accuracy of any materials contained
in the Schedules that have been prepared by third parties unrelated to Seller.


 


4.          Seller
Not a Foreign Person. Seller is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal
Revenue Code.









 




    Purchase and Sale Agreement
Addendum II – Seller’s Representations and Warranties

Page 3 of 4


     


    

 


5.          Patriot
Act. Seller is not, nor is any person who owns a controlling interest in or otherwise controls Seller, (a) listed on the Specially
Designated Nationals and Blocked Persons List maintained by OFAC, Department of the Treasury, and/or on any other similar list
maintained by the OFAC pursuant to any OFAC Laws and Regulations; or (b) a person either (i) included within the term “designated
national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (ii) designated under any Executive
Orders. Neither Seller nor any of its principals or affiliates is (x) a person or entity with which Buyer is prohibited from dealing
or otherwise engaging in any transaction by any Anti-Terrorism Law, or that commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Orders, or (y) is directly or indirectly affiliated or associated with a person
or entity listed in the preceding clause (x). To the best knowledge of Seller, neither Seller nor any of its principals or affiliates,
nor any brokers or other agents acting in any capacity in connection with the transactions contemplated herein (I) directly or
indirectly deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant
to the Executive Orders, (II) directly or indirectly engages in any transaction in violation of any Laws relating to drug trafficking,
money laundering or predicate crimes to money laundering or (III) engages in or conspires to engage in any transaction that evades
or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism
Law.


 


6.          Seller’s
Due Diligence Materials. To the Actual Knowledge of Seller, the Due Diligence Materials delivered to Buyer pursuant to this
Agreement are complete, true and correct copies of the Due Diligence Materials in Seller’s possession.


 


7.          Assumed
Service Contracts. Seller is not in default under, and Seller has received no notice that any event has occurred which with
the giving of notice or the passage of time, or both, would constitute a default under any Assumed Service Contract. There are
no delinquent amounts due and owing under any Assumed Service Contract.


 


F.           Miscellaneous


 


1.          Timeliness
of Representations and Warranties. All representations and warranties set forth herein shall be deemed to be given as of the
Effective Date and the Closing Date unless Seller otherwise notifies Buyer in writing prior to the Closing.


 


2.          Materiality
Limitation. Buyer shall not be entitled to any right or remedy for any inaccuracy in or breach of any representation,
warranty or covenant under this Agreement or any conveyance document unless the amount of damages proximately caused thereby exceeds
the Material Damage Floor, and in no event shall the damages for which Seller is liable hereunder for any such inaccuracies or
breaches exceed in the aggregate the Material Damage Ceiling.


 


3.          Continuation
and Survival of Representations and Warranties, Etc. All representations and warranties by the respective Parties contained
herein or made in writing pursuant to this Agreement are intended to and shall remain true and correct as of the time of Closing,
shall be deemed to be material, and, together with all conditions, covenants and indemnities made by the respective Parties contained
herein or made in writing pursuant to this Agreement (except as otherwise expressly limited or expanded by the terms of this Agreement),
shall survive the execution and delivery of this Agreement and shall survive the Closing for a period of nine (9) months after
the Closing, or, to the extent the context requires, beyond any termination of this Agreement for a period of nine (9) months.
Any claim for breach of a representation and warranty given hereunder must be filed and served within such nine (9) month period,
or be deemed waived and released.









 




    Purchase and Sale Agreement
Addendum II – Seller’s Representations and Warranties

Page 4 of 4


     


    

 


SCHEDULE 1


 


SUMMIT POINT


DUE DILIGENCE MATERIALS


 


[SEE ACCESS AGREEMENT SCHEDULE 1]








 




    Purchase and Sale Agreement
Schedule 1 – Due Diligence Materials

Page 1 of 1


     


    

 


SCHEDULE 2


 


DESCRIPTION OF LAND


 








 




    Purchase and Sale Agreement
Schedule 2 – Description of Land

Page 1 of 3



     


    

 


 








 





    Purchase and Sale Agreement
Schedule 2 – Description of Land

Page 2 of 3


     


    

 





 









 




    Purchase and Sale Agreement
Schedule 2 – Description of Land

Page 3 of 3


     


    

 


SCHEDULE 3


 


ASSUMED SERVICE CONTRACTS


 


NONE


 







    Purchase and Sale Agreement
Schedule 3 – Assumed Service Contracts



     


    

 


SCHEDULE 4


 


ENVIRONMENTAL REPORTS


 


Phase I Environmental Site Assessment prepared by
NDDS, dated June 17, 2015


 


Phase I Environmental Site Assessment prepared by
ASM, dated October 24, 2011





 




    Purchase and Sale Agreement
Schedule 4 – Environmental Reports



     


    

 


SCHEDULE 5


 


RENT ROLL


 





 





 




    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 1 of 8


     


    

 


 








 





    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 2 of 8


     


    

 





 






 




    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 3 of 8


     


    

 





 


 







    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 4 of 8


     


    

 





 






 




    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 5 of 8


     


    

 


 





 




    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 6 of 8


     


    




 












 




    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 7 of 8


     


    

 





 






 




    Purchase and Sale Agreement
Schedule 5 – Rent Roll

Page 8 of 8


     


    

 


 


SCHEDULE 6


 


EXCEPTIONS TO SELLER REPRESENTATIONS
AND WARRANTIES








 




    Purchase and Sale Agreement
Schedule 6 – Exceptions to Seller Representations and Warranties
Page 1 of 1