EX-10.5



 Exhibit 10.5 

AGREEMENT OF PURCHASE AND SALE 

THIS AGREEMENT (the “Agreement”) is made as of the 31st day of
July, 2014 (the “Effective Date”), between G&D Farms, Inc., a Florida corporation (the “Seller”), and Gladstone Land Corporation, a Maryland corporation, or its designee (the “Purchaser”). 

WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property (as hereinafter defined); 

NOW, THEREFORE, in consideration of the agreements contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows: 
 1. Certain Definitions. For purposes of this Agreement, the following
terms shall have the following definitions: 
 “Closing Date” shall mean the date which is fifteen (15) days after expiration
of the Inspection Period. If Purchaser extends the Inspection Period by 15 days as set forth below, the Closing Date shall be extended by a corresponding number of days. 

“Contracts” shall mean, collectively, any and all service, maintenance, management or other contracts or agreements with third
parties relating to or affecting the Property. 
 “Due Diligence Materials” shall mean those materials and information more
particularly described on Exhibit B attached hereto and incorporated by reference herein to the extent in Seller’s actual possession or control. 

“Earnest Money” shall mean the sum of Two Hundred Thousand and No/100 Dollars ($200,000.00), together with all interest accrued
thereon. 
 “GAP” shall mean good agricultural practices. 

“Government Payments” shall mean all federal, state and local government payments, benefits and entitlements associated with or
applicable to the Property or any crops grown thereon, including without limitation any applicable direct payments or counter-cyclical payments under the Farm Security and Rural Investment Act of 2002, as amended. 

“Inspection Period” shall mean the period beginning on the Effective Date and ending at 5:00 p.m. local time at the Property on the
date which is sixty (60) days after the Effective Date. Purchaser may extend the Inspection Period by fifteen (15) additional days by written notice to Seller prior to expiration of the initial Inspection Period if it requires additional
time to obtain or review its third party reports. 
 “Improvements” shall mean all buildings, structures, gates, fences, roads,
levees, ditches, grain bins, silos, appurtenances or other facilities currently existing on the Property, including without limitation all Irrigation Equipment and a 47,000 sq. ft. cold storage and distribution facility. 







 “Irrigation Equipment” shall mean all below ground, surface and above ground irrigation
equipment at the Property, including without limitation water wells, pumps, casings, risers, above and below ground pipes and pipelines, culverts, overhead irrigation equipment, drip irrigation equipment, and pivot irrigation equipment, and all
related power units, as applicable. All the Irrigation Equipment shall be deemed to be part of the Improvements to be conveyed to Purchaser. 

“Land” shall mean that certain real property situated at the southwest corner of Highway 62 and Highway 39 in Manatee County, State
of Florida, comprising approximately 825 gross acres, which includes approximately 615 farmable acres, as more particularly described on Exhibit A attached hereto and incorporated herein by reference, together with all rights, easements,
hereditaments and appurtenances thereunto belonging. 
 “Lease” shall mean that certain lease to be effective as of the Closing
Date by and between Purchaser or its assignee, as landlord, and Seller and Seller’s affiliate, Wishnatzki, Inc., as joint and several co-tenants, on terms and conditions agreed to by Purchaser and Seller prior to the expiration of the
Inspection Period. 
 “Personal Property” shall mean Seller’s right, title and interest in and to any personal property used
by Seller in conducting farming operations at the Property that will be conveyed to Purchaser as part of this transaction, if any, a list of which shall be provided to Purchaser as part of the Due Diligence Materials for Purchaser’s review and
approval, in its sole and absolute discretion, prior to the expiration of the Inspection Period. 
 “Property” shall mean the
Land, Improvements, and any Personal Property, specifically including without limitation all Water Rights. 
 “Purchase Price”
shall mean the total amount of Fourteen Million Two Hundred Twenty Five Thousand and No/100 Dollars ($14,225,000.00), subject to adjustment as set forth in this Agreement. 

“Purchaser’s Address” shall mean: 

Gladstone Land Corporation 

Attention: Bill Frisbie 

1521 Westbranch Drive, Suite 200 

McLean, VA 22102 

(703) 287-5839 (T) 

(703) 287-5801 (F) 

Email: Bill.Frisbie@gladstonecompanies.com 

With copy to: 

Bass Berry & Sims PLC 

Attention: Robert P. McDaniel, Jr. 

100 Peabody Place, Suite 900 

Memphis, TN 38103 

(901) 543-5943 (T) 

(888) 765-6437 (F) 

Email: rmcdaniel@bassberry.com. 

  
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 “Pursuit Costs” shall mean all of Purchaser’s reasonable third party, out of
pocket expenditures in connection with the transaction contemplated hereby, including without limitation legal, engineering, loan, appraisal, survey and title fees and expenses; provided, however, that for purposes of this Agreement, the Pursuit
Costs shall not exceed Thirty Thousand and NO/100 Dollars ($30,000.00) in the aggregate. 
 “Seller’s Address” shall mean:

 G&D Farms, Inc. 

Attn: Gary Wishnatzki 

100 Stearns Street, 

Plant City, FL 33563 

813.752.5111 (T) 

(813) 759-0955 (F) 

Email:gw@wishfarms.com 

With copy to: 

Foley & Lardner LLP 

Attn: Stephen J. Szabo, III 

100 N. Tampa Street, Suite 2700 

Tampa, FL 33602 

(813) 225-4193 (direct) 

(813) 229-2300 (main line) 

(813) 221-4210 (fax) 

e-mail: sszabo@foley.com 

“Tenant” shall mean, collectively, Seller and Wishnatzki, Inc. 

“Title Company” shall mean: Chicago Title Insurance Company, Attn: Melody Rochelle, 5516 Falmouth St., Ste. 200, Richmond, VA 23230.

 “Water Rights” shall mean all rights to use wells and other water sources that exist on the Effective Date that benefit or are
appurtenant to the Property and that may be reasonably necessary to conduct farming operations at the Property as currently conducted and in accordance with GAP. 

2. Property. Seller hereby agrees to sell and Purchaser, or its designee, hereby agrees to purchase from Seller the Property. 

  
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 3. Earnest Money. Within three (3) business days after the later of (x) the
Effective Date or (y) the date of full execution of this Agreement by both Seller and Purchaser, Purchaser shall deposit the Earnest Money with the Title Company by wire transfer or certified or cashier’s check. Said Earnest Money shall be
refundable to Purchaser in accordance with this Agreement. 
 4. Purchase Price. At the Closing, defined below, all Earnest Money
shall be applied to the Purchase Price, and the balance of the Purchase Price, subject to adjustments for credits and debits as set forth in this Agreement, shall be paid in good funds by wire transfer. 

5. Inspection Period; Refund of Earnest Money; Due Diligence Materials. 

(a) Purchaser shall have until the expiration of the Inspection Period to make such determinations with respect to the Property as Purchaser
deems appropriate and to elect to either continue or terminate this Agreement, in Purchaser’s sole and absolute discretion, for any reason or no reason. Purchaser may terminate this Agreement, and receive a full refund of the Earnest Money,
less $10.00 to be retained by Seller as consideration for entering into this Agreement, by delivering written termination notice to Seller at any time prior to expiration of the Inspection Period. If Purchaser does not so terminate this Agreement,
the Earnest Money shall thereafter be refundable to Purchaser only as expressly otherwise set forth in this Agreement, and this Agreement shall remain in effect. 

(b) Within five (5) days after the Effective Date, Seller shall deliver to Purchaser at Seller’s sole expense the Due Diligence
Materials. For each day of Seller’s delay in delivering all of the Due Diligence Materials beyond five (5) days after the Effective Date, the Inspection Period and Closing Date shall (at Purchaser’s option) be extended by one
(1) day. Seller shall also promptly provide any other documents or information in Seller’s possession or control relating to the Property or any Contract that is reasonably requested by Purchaser. Without limiting the foregoing, Purchaser
shall be entitled to request (and upon Purchaser’s request Seller shall provide) copies of the most current and up-to-date financial statements for Tenant within five (5) days prior to Closing. 

6. Costs and Prorations. 

(a) Purchaser shall pay the cost of its title insurance premium for the Property, the costs of any Survey obtained by Purchaser pursuant to
Section 9 hereof, and the costs of any Phase I environmental report obtained by Purchaser. Seller shall pay for preparation of the deed of transfer, all transfer taxes, document stamps and recording costs applicable to the deed of
transfer, and any costs of production of the title search or abstract for the Property. Purchaser shall pay all expenses incident to any financing obtained for the purchase of the Property. All other closing costs shall be borne in accordance with
the custom in Manatee County, Florida. 
 (b) The following shall be prorated between the parties as of the Closing Date: (i) ad
valorem property taxes constituting a lien against the Property for the year in which the Closing occurs and all other unpaid assessments with respect thereto, and (ii) rents and other tenant charges, utilities, and operating expenses for the
Property for the calendar month (or other applicable period if such rents or other tenant charges are not paid monthly) in which Closing occurs, subject to Subsection 6(c) below. In the event such proration is based upon a previous


  
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year’s taxes or assessment, after Closing, at such time as any of the taxes or assessments are capable of exact determination, the party having the information permitting the exact
determination shall send to the other party a detailed report of the exact determination so made. Within thirty (30) days after both Seller and Purchaser shall have received such report, Seller and Purchaser shall adjust the amounts apportioned
pursuant to the estimates made at Closing to reflect the exact determinations contained in the report, and Seller or Purchaser, as the case may be, shall pay to the other whatever amount shall be necessary to compensate for the difference. 

7. Conditions Precedent To Purchaser’s Obligations. Seller acknowledges that as a condition precedent to Purchaser’s
obligations hereunder, the following shall occur on or before the Closing Date (or any earlier date indicated below), any of which conditions may be waived by Purchaser in its sole discretion: 

(a) During the Inspection Period, Purchaser shall have received a current Phase I environmental assessment satisfactory to Purchaser prepared
by a competent licensed environmental engineer satisfactory to Purchaser that does not recommend a Phase II environmental assessment and reflecting that there are no hazardous wastes, hazardous materials other than above ground fuel and fertilizer
storage tanks located on or below the surface of the Property, and that the Property is in compliance with all applicable environmental laws, ordinances, rules and regulations. 

(b) At or prior to Closing, the Tenant shall have executed and delivered the Lease, to Purchaser, and such Lease shall be in full force and
effect in accordance with their respective terms and conditions. 
 (c) The Title Company shall be irrevocably committed to issue upon
Closing a 2006 ALTA Owner’s Policy of Title Insurance (the “Title Policy”), as evidenced by a “marked up” Title Commitment, defined below, insuring Purchaser as owner of fee simple title to the Property, subject only
to Permitted Exceptions (defined below), in the amount of the Purchase Price, and containing such endorsements as Purchaser shall have requested. 

(d) Subject to Sections 14 and 15 below, there shall have been no material adverse change in the condition of any of the
Property (including without limitation any Improvements) after expiration of the Inspection Period and prior to the Closing Date. 
 (e)
There shall have been no material adverse change to the financial condition of the Tenant from the Effective Date and prior to Closing. 

(f) Each and every representation and warranty of Seller set forth in Section 11 shall be true and correct in all material
respects, and Seller shall not be in default under any of its other obligations under this Agreement, as of Closing. 
 8. Closing;
Deed. 
 (a) Subject to all preconditions set forth herein, the closing or settlement (“Closing”) of the transaction
contemplated hereby, unless terminated in accordance with this Agreement or as otherwise agreed upon by Purchaser and Seller, shall be held via the mails, through the Title Company at 10:00 a.m. on the Closing Date or such other place and time as
the parties may agree in writing. 

  
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 (b) At Closing, Seller shall convey to Purchaser good, marketable and insurable title to the
Property by special warranty deed acceptable to Purchaser and the Title Company (the “Deed”), subject to (i) standard exceptions for real property taxes not yet due and payable, and (ii) any other matters which are waived
by, or acceptable to, Purchaser pursuant to Section 10 below (the “Permitted Exceptions”). The Land description in the Deed shall be the property description from Seller’s vesting deed(s); provided, that if
Purchaser obtains a Survey of the Property, Seller also agrees to execute and deliver a recordable Quit Claim Deed to Purchaser at Closing using the Survey description. 

9. Survey. During the Inspection Period, Purchaser, at Purchaser’s expense, may cause a survey of the Property to be prepared by a
surveyor selected by Purchaser (“Survey”). 
 10. Title. During the Inspection Period, Purchaser shall procure a
title insurance commitment in the amount of the Purchase Price covering the Property issued by the Title Company (the “Title Commitment”) and furnish a copy thereof to Seller. Purchaser shall have until the expiration of the
Inspection Period to object to any matters shown on the Title Commitment or Survey by written notice to Seller (“Title Objection Notice”). Purchaser may also object to any new matters thereafter revealed by a title update by
subsequent Title Objection Notice to Seller. Within five (5) business days after receipt of Purchaser’s Title Objection Notice, Seller shall either (i) deliver written notice to Purchaser of any title or Survey objections which Seller
elects not to cure, or (ii) cure or satisfy such objections (or commence to cure or satisfy such objections as long as Seller reasonably believes such objections may be cured or satisfied at least two (2) business days prior to Closing).
Within five (5) business days after receipt of Seller’s written notification that Seller elects not to cure a title or Survey objection, Purchaser may terminate this Agreement and receive a full refund of the Earnest Money by delivering
written notice thereof to Seller. If Purchaser does not so terminate this Agreement, then any such title or Survey objection which Seller elects not to cure shall be deemed waived by Purchaser and shall be an additional Permitted Exception. If any
objection which Seller elects to cure is not satisfied by Seller at least two (2) business days before the scheduled date of Closing, Purchaser shall have the right to terminate this Agreement, in which case the Earnest Money shall be returned
to Purchaser and neither party shall have any further rights, obligations or duties under this Agreement. If Seller does cure or satisfy the objections at least two (2) business days prior to Closing, then this Agreement shall continue in
effect. Any exception to or defect in title which Purchaser shall elect to waive, or which is otherwise acceptable to Purchaser, shall be deemed an additional Permitted Exception to title at Closing. Seller covenants and agrees not to alter or
encumber in any way Seller’s title to the Property after the date hereof. Notwithstanding anything in this Agreement to the contrary, Seller shall cause any deed of trust, mortgage, deed to secure debt, judgment or other lien for a liquidated
sum encumbering the Property to be released at or before Closing. 
 11. Seller’s Representations and Warranties. As of the date
hereof and as of the Closing Date (as evidenced by Seller’s down date certificate to be provided at Closing), Seller represents, warrants and covenants to Purchaser that: 

  
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 (a) Other than the contemplated Tenant under the Lease, there are and there will be no parties in
possession of any portion of the Property as lessees, and no other party has been granted an oral or written license, lease, option, purchase agreement or other right pertaining to the use, purchase or possession of any portion of the Property. A
true, complete and correct copy of any Contracts affecting the Property and any amendments thereto have been or will be furnished to Purchaser within five (5) days after the Effective Date as part of the Due Diligence Materials. Any Contracts
are valid and binding in accordance with their respective terms and conditions, are in full force and effect, and have no uncured breach or default by any party. No off-sets or defenses are available to any party under any Contract. All Contracts
are cancellable upon not more than thirty (30) days prior written notice. There are no leasing brokerage agreements, leasing commission agreements or other agreements providing for the payment of any amounts, and no commissions due, for leasing
activities with respect to the Property. 
 (b) The Seller has not received notice of any default (nor is there any default) under any note
or deed of trust related to or secured by the Property. The execution and delivery of this Agreement, the consummation of the transaction herein contemplated and the compliance with the terms and provisions hereof will not conflict with or (with or
without notice or the passage of time or both) result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, loan agreement or instrument to which the Seller is a party or by which the Seller or the
Property is bound, any applicable regulation or any judgment, order or decree of any court having jurisdiction over the Seller or the Property. 

(c) The Seller has not received any notice, and to the actual knowledge of Seller it is not aware, of any violation of any ordinance,
regulation, law, statute, rule or restriction relating to the Property. 
 (d) There are no attachments, executions, assignments for the
benefit of creditors, or voluntary or involuntary proceedings in bankruptcy or under any applicable debtor relief laws or any other litigation contemplated by or pending or threatened against the Seller or the Property. 

(e) Seller has been duly organized and is validly existing under the laws of the State of Florida. Seller has the full right and authority to
enter into this Agreement and to transfer all of the Property to be conveyed by Seller pursuant hereto and to consummate or cause to be consummated the transactions contemplated herein to be made by Seller. The person signing this Agreement on
behalf of Seller is authorized to do so. This Agreement constitutes, and all agreements and documents contemplated hereby (when executed and delivered pursuant hereto) will constitute, the valid and legally binding obligations of Seller, enforceable
in accordance with their respective terms. No other signatures or approvals are required to make this Agreement fully enforceable by the Purchaser with respect to the Seller or the Property. This Agreement constitutes, and all agreements and
documents contemplated hereby (when executed and delivered pursuant hereto) will constitute, the valid and legally binding obligations of Seller, enforceable in accordance with their respective terms. 

(f) The Seller has and will convey to the Purchaser good, marketable and indefeasible title in fee simple to the Property, subject only to the
Permitted Exceptions. 

  
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 (g) There is no pending or threatened condemnation or similar proceeding or assessment affecting
the Property or any part thereof, nor to the knowledge of the Seller is any such proceeding or assessment contemplated by any governmental authority. There will be no claim against the Property or Purchaser for or on account of work done, materials
furnished, and utilities supplied to the Property prior to the Closing Date. To Seller’s knowledge, there are no public plans or proposals for changes in road grade, access, or other municipal improvements which would adversely affect the
Property or result in any assessment; and no ordinance authorizing improvements, the cost of which might be assessed against Purchaser or the Property, is pending. 

(h) Except as disclosed in the Due Diligence Materials, to Seller’s knowledge, no Improvements on the Land are located is within the area
determined to be within any flood hazard areas, including the 100-year flood plain on the Flood Insurance Rate Map published by the Federal Emergency Management Agency and/or by the United States Army Corps of Engineers and/or Manatee County and/or
the State of Florida. 
 (i) Seller has not entered into any agreement to dispose of its interest in the Property or any part thereof,
except for this Agreement. 
 (j) Seller is not a party to any litigation which is still pending, and knows of no threatened litigation,
affecting or relating to the Property. 
 (k) Neither the Seller, nor to Seller’s knowledge, any other party has ever caused or
permitted any “hazardous material” (as hereinafter defined) to be placed, held, located, or disposed of on, under, or at the Property or any part thereof in forms or concentrations which violate applicable laws and regulations, and, to
Seller’s knowledge, neither the Property nor any part thereof has ever been used as a dump or storage site (whether permanent or temporary) for any hazardous material. As used herein, “hazardous material” means and includes any
hazardous, toxic, or dangerous waste, substance, or material defined as such in, or for purposes of, the Comprehensive Environmental Response, Compensation Liability Act (42 U.S.C. Section 9601, et seq., as amended) or any other “super
fund” or “super lien” law or any other Federal, State, or local statute, or law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability for standards of conduct concerning any substance or
material, as presently in effect. The Property does not currently contain any underground storage tanks and any storage tanks previously removed from the Property, if any, (whether above ground or below ground) have been removed in accordance with
the requirements of all applicable laws with “clean closure” or “no further action” letter(s), or comparable letters, issued by the State of Florida in connection therewith. Without limiting the other provisions of this
Section 11(k), there has never been any release or spill of oil, fuel or any other substance stored in storage tanks of any kind on the Property. 

Whenever the phrase “to Seller’s knowledge” or words of similar import are used in this Agreement, those words will be deemed
to refer exclusively to matters within the current actual (as opposed to constructive) knowledge of Gary Wishnatzki, JC Clinard, and/or Philip Stanaland (collectively, “Seller’s Representative”). No duty of inquiry or investigation on
the part of Seller or Seller’s Representative will be required or implied by the making of any representation or covenant which is so limited to matters within Seller’s actual knowledge or knowledge, and in no


  
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event shall Seller’s Representative have any personal liability therefor. Purchaser shall not name Seller’s Representative personally in any action or complaint brought in connection
with this Agreement or the Property. The representations and warranties of Seller set forth in paragraph 11 shall survive Closing for a period of one (1) year only (the “Warranties Survival Period”). No claim for a breach of any
representation or warranty of Seller shall be actionable or payable if the breach in question results from or is based on a condition, state of facts or other matter of which Purchaser had actual knowledge prior to Closing, if Purchaser elects to
consummate the transactions described herein with such knowledge. Purchaser and Seller agree that if subsequent to the Closing Purchaser first becomes aware that any representation or warranty of Seller is inaccurate, incomplete, incorrect or
misleading, Purchaser shall have no claim against Seller in connection with a breach of such representation or warranty and shall not look to Seller for any redress or relief thereof unless (i) Purchaser commences a lawsuit or other legal
proceeding against Seller for breach of such representation or warranty before the expiration of the one (1) year survival period, and (ii) Purchaser’s actual damages as a result of such breach are reasonably estimated to aggregate at
least $50,000.00 (if a claim or aggregate claims exceed $50,000.00, then Purchaser may pursue recovery of the full claim, including the first dollar). 

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY
KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

UPON CLOSING, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT, SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER
SHALL ACCEPT THE PROPERTY ON AN “AS IS, WHERE IS, WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR OTHERWISE, KNOWN OR UNKNOWN” BASIS. NO PATENT OR LATENT DEFECT OR DEFICIENCY IN THE CONDITION OF THE PROPERTY WHETHER OR NOT KNOWN OR
DISCOVERED, SHALL AFFECT THE RIGHTS OF EITHER SELLER OR PURCHASER HEREUNDER NOR SHALL THE PURCHASE PRICE BE REDUCED AS A CONSEQUENCE THEREOF. PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR
IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, OFFERING PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY
SELLER, ANY SELLER PARTY, THE MANAGERS OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS
AGREEMENT. PURCHASER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD “AS IS.” 

PURCHASER REPRESENTS AND COVENANTS TO SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH


  
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INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF
THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS MATERIALS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR
ON BEHALF OF SELLER OR ANY SELLER PARTY WITH RESPECT THERETO, OTHER THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS,
INCLUDING, WITHOUT LIMITATION, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND
RELEASED SELLER AND SELLER PARTIES FROM AND AGAINST ANY AND ALL CLAIMS OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER AND/OR SELLER PARTIES AT ANY TIME BY REASON OF OR ARISING OUT
OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY, EXCEPT AS EXPRESSLY SET FORTH OTHERWISE IN THIS
AGREEMENT. 
 12. Broker and Broker’s Commission; Consulting Fee. 

(a) Purchaser and Seller each represent and warrant to the other that neither party has incurred an obligation to any other broker or agent in
connection with the transaction contemplated hereby. Each party hereby covenants and agrees to defend, indemnify and hold harmless the other party against and from any and all loss, expense, liability, cost, claim, demand, damage, action, cause of
action and suit arising out of or in any manner relating to the alleged employment or use by such party of any real estate broker or agent in connection with this transaction. The provisions of this Subsection shall survive the Closing of this
transaction. 
 (b) Without limiting the foregoing, the parties acknowledge that Purchaser has engaged Fischbach Land Company
(“Consultant”) to provide certain consulting services in connection with this Agreement and the Property, and Purchaser shall pay a consulting fee to Consultant, outside of Closing, as set forth in a separate agreement by and
between Purchaser and Consultant. The provisions of this Subsection shall survive the Closing of this transaction. 
 13. Survey and
Inspection. Purchaser and Purchaser’s agents, employees and independent contractors shall have the right and privilege to enter upon the Property during the Inspection Period to survey and inspect the Property and to conduct soil borings,
environmental assessment and toxic waste studies and other geological, engineering, water or landscaping tests or studies or building inspections, all at Purchaser’s sole cost and expense. Purchaser hereby covenants and agrees to indemnify and
hold harmless Seller from any and all loss, liability, cost, claim, demand, damage, action, cause of action and suit arising out of or in any manner related to the exercise by Purchaser of Purchaser’s rights under this Section (but not the
existence of any condition discovered in the course of Purchaser’s inspections and testing). 

  
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 14. Eminent Domain. If, after the Effective Date and prior to Closing, Seller shall
receive notice of the commencement or threatened commencement of eminent domain or other like proceedings against the Property or any portion thereof, Seller shall immediately notify Purchaser in writing, and Purchaser shall elect within thirty
(30) days from and after such notice, by written notice to Seller, one of the following: (a) not to close the transaction contemplated hereby, in which event all Earnest Money shall be refunded to Purchaser and this Agreement shall be void
and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such proceedings, in which event the Purchase Price shall remain the same and Seller shall transfer
and assign to Purchaser at Closing all condemnation proceeds and rights to additional condemnation proceeds, if any. If Purchaser elects to purchase after receipt of such a notice, all actions taken by Seller with regard to such eminent domain
proceedings, including but not limited to, negotiations, litigation, settlement, appraisals and appeals, shall be subject to the approval of Purchaser, which approval shall not be unreasonably withheld. If Purchaser does not make such election
within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. 

15. Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of
fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greater, Purchaser
shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all Earnest Money shall be refunded to
Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall
remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible
or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than
Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds
received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. 

16. Condition of Property. Subsequent to the Effective Date and prior to Closing, Seller shall maintain the Property in accordance with
its past practices and ordinary maintenance, but shall not be required to provide any extraordinary maintenance. 
 17. Operations.
After the Effective Date and prior to the Closing Date, Seller shall neither enter into any new, nor terminate, modify, extend, amend or renew any existing, lease or service, management, maintenance, repair, employment, union, construction, leasing
or other 

  
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contract or agreement affecting the Property (each, a “New Agreement”) without providing at least five (5) business days prior notice (and opportunity to review and approve
the New Agreement) to Purchaser. Purchaser shall have five (5) business days after Purchaser’s actual receipt (notwithstanding the notice provisions in Section 18 below) of a true, correct and complete copy of a New Agreement
to approve the same. If Purchaser does not approve any such New Agreement that Seller will enter into prior to expiration of the Inspection Period, then Purchaser’s sole and exclusive remedy will be to terminate this Agreement by delivering
written notice to Seller no later than five (5) business days after receiving the New Agreement, and in such event Purchaser shall receive a full refund of the Earnest Money. If Purchaser fails to terminate this Agreement as set forth in the
preceding sentence, it shall be deemed to have approved the New Agreement that Seller will enter into prior to expiration of the Inspection Period in the form provided. Seller may not enter into New Agreement after expiration of the Inspection
Period unless Purchaser has approved the same in writing. Seller shall cause any Contracts which Purchaser elects in its discretion not to assume to be cancelled at or before Closing. 

18. Notice. Notices provided for in this Agreement must be (i) delivered personally, (ii) sent by registered or certified
mail, postage prepaid, return receipt requested, (iii) sent via a reputable express courier, (iv) sent by facsimile during normal business hours with a confirmation copy delivered by another method permitted by this Section other than
electronic mail, or (v) sent by electronic mail during normal business hours with a confirmation copy delivered by another method permitted by this Section other than facsimile, addressed as set forth below. Notice sent by U.S. mail is deemed
delivered three days after deposit with the U.S. Postal Service. Notice sent by a reputable express carrier is deemed received on the day receipted for by the express carrier or its agent. Notice sent via facsimile is deemed delivered upon the
transmission to the phone number designated as the recipient’s facsimile phone number below. Notice sent via electronic mail is deemed delivered upon the entrance of such electronic mail into the information processing system designated by the
recipient’s electronic mail address set forth below. The addresses of the parties to which notices are to be sent shall be Purchaser’s Address or Seller’s Address, as applicable, as set forth in Section 1 above. Any party
shall have the right from time to time to change the address to which notices to it shall be sent to another address, and to specify two additional addresses to which copies of notices to it shall be mailed, by giving to the other party at least ten
(10) days prior notice of the changed address or additional addresses. 
 19. Remedies. If this transaction fails to close by
reason of Purchaser’s wrongful failure to perform its obligations under this Agreement, the Earnest Money shall be retained by Seller as liquidated damages the parties hereby acknowledging that Seller’s actual damages in such circumstances
would be difficult, if not impossible, to determine. Seller expressly acknowledges and agrees that retention of the Earnest Money as provided for herein shall be Seller’s sole and exclusive remedy in the event of Purchaser’s failure to
perform its obligations hereunder. If this transaction fails to close for any reason other than Purchaser’s wrongful failure to perform his obligations hereunder, including without limitation the failure of any condition precedent to
Purchaser’s obligations herein, the Earnest Money shall promptly be refunded to Purchaser. In the event Seller fails or refuses to convey the Property in accordance with the terms hereof or otherwise fails to perform its obligations hereunder,
then five (5) days after receipt of written notice of such alleged breach from Purchaser to Seller, if the breach is then not 

  
 12 








 
cured (or if the matter cannot be cured within five (5) days, if the cure has not then been commenced and thereafter diligently completed), Purchaser’s sole and exclusive remedies for
Seller’s breach shall be either to (i) terminate this Agreement by written notice to Seller and Escrow Agent and receive a full refund of the Earnest Money by the party in possession thereof and reimbursement from Seller of
Purchaser’s Pursuit Costs (in which case Seller shall be obligated to pay for all title and escrow cancellation charges, if any), all within ten (10) days after Purchaser’s termination of this Agreement, or (ii) obtain specific
performance of this Agreement. Seller waives the right to assert the defense of the lack of mutuality in any suit for specific performance instituted by Purchaser. Notwithstanding the foregoing, Purchaser shall also be entitled to obtain its
attorneys’ fees and costs in connection with enforcing its rights and remedies under this Agreement. 
 20. Time of Essence.
Time is of the essence of this Agreement. 
 21. Closing Documents. At or prior to Closing, each party shall deliver to the other
party appropriate evidence to establish the authority of such party to enter into and close the transaction contemplated hereby. Seller also shall execute and deliver to the Title Company at Closing, for it to hold in escrow pending Purchaser’s
payment of the Purchase Price: (i) the Deed; (ii) a certificate with respect to Section 1445 of the Internal Revenue Code stating, among other things, that Seller is not a foreign corporation as defined in the Internal Revenue Code
and I.R.S. Regulations; (iii) the General Assignment substantially in the form attached hereto as Exhibit C; (iv) Seller’s representation and warranty down date certificate under Section 11; and (v) such other
documents reasonably necessary or appropriate to complete and evidence the transaction contemplated hereby, as reasonably requested by the Purchaser or Title Company, including without limitation a standard title company owner’s affidavit. 

22. Entire Agreement. This Agreement constitutes the entire agreement of the parties and may not be amended except by written
instrument executed by Purchaser and Seller. All prior understandings and agreements between the parties are deemed merged herein. 
 23.
Headings. The section headings are inserted for convenience only and are in no way intended to describe, interpret, define or limit the scope or content of this Agreement or any provision hereof. 

24. Possession. Seller shall deliver actual possession of the Property at Closing. 

25. Applicable Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Florida. 

26. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, successors and permitted assigns as the case may be, and Purchaser shall have the right to assign its rights hereunder and thereafter be released from any further liability hereunder. 

27. Surviving Clauses. The provisions of this Agreement relating to tax prorations after Closing, Purchaser’s indemnification with
respect to its entering upon the Property prior to Closing, Seller’s representations, covenants, warranties and indemnity agreement in Section 11, Seller’s agreement to cooperate with a Rule 3-14 audit, Seller’s covenant
not to encumber the 

  
 13 








 
Property subsequent to the date hereof, the mutual covenants of Seller and Purchaser to indemnify each other, as the case may be, as set forth in Section 12, shall not merge into the
Deed but instead shall survive any Closing pursuant to this Agreement. Except as set forth in the preceding sentence or as otherwise expressly set forth herein, no other provision of this Agreement shall survive the Closing of this transaction. 

28. Tax Deferred Exchange. Purchaser may structure the sale of the Property as a like kind exchange under Internal Revenue Code
Section 1031, at Purchaser’s sole cost and expense. Seller shall reasonably cooperate therein, provided that Seller shall incur no material costs, expenses or liabilities in connection with Purchaser’s exchange and Seller shall not be
required to take title to or contract for purchase of any other property. If Purchaser uses a qualified intermediary to effectuate the exchange, any assignment of the rights or obligations of Purchaser hereunder shall not relieve, release or absolve
Purchaser of its obligations to Seller hereunder. Purchaser shall reimburse Seller for all reasonable out-of-pocket expenses, if any, incurred by Seller in effectuating Purchaser’s exchange. 

29. Non-Solicitation. From and after the Effective Date, Seller shall not market the Property for sale, or solicit or accept any
back-up offers with respect to the sale of the Property. 
 30. Rule 3-14 Audit. Seller agrees to reasonably cooperate, at no cost or
expense to Seller, with Purchaser in connection with any Rule 3-14 audit that Purchaser may conduct with respect to the Property within one year after the Closing Date. 

31. Calculation of Time Periods. Unless otherwise specified, in computing any period of time described herein, the day of the act or
event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is a Saturday, Sunday or legal holiday for national banks in the location where
the Property is located, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday, or legal holiday. Unless otherwise specified, the last day of any period of time described herein shall be deemed to end
at 5:00 p.m. local time in the state in which the Property is located. 
 32. Offer and Acceptance. This Agreement, as executed by
the party first executing it, shall constitute an offer to the other party. The offeree shall accept the same, if at all, by delivering a fully executed copy of this Agreement to the offeror on or before 5:00 p.m. Eastern Time on July 25, 2014.
The notice provisions hereof hereinabove notwithstanding, acceptance of this offer shall be effective only upon the actual receipt by the offeror of a faxed or emailed copy of the fully executed Agreement by such date and time, followed by the
offeror’s receipt on the next business day of the fully executed original. The offer, if not timely accepted as aforesaid, shall expire and be of no further force and effect at the time and date set forth in this Section. 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed on the day and year first above
written. 
  

			
	 PURCHASER:

	
	GLADSTONE LAND CORPORATION, a Maryland corporation
		
	By:	 	/s/ David Gladstone
		
	Name:	 	David Gladstone
		
	Title:	 	Chairman
		
	 SELLER:
	 	
	
	 G&D FARMS, INC., a Florida corporation

		
	By:	 	/s/ Gary Wishnatzki
		
	Name:	 	Gary Wishnatzki
		
	Title:	 	President



  
 15 








 EXHIBIT A 

LAND 
 Manatee
County, Florida 
 Parcel Identification Numbers 

140300054 
 140700006 

146800008 

  
 16 








 EXHIBIT B 

DUE DILIGENCE MATERIALS 

(a) A detailed list of all Personal Property to be conveyed to Purchaser at Closing; 

(b) Plans, drawings, specifications and engineering and architectural studies and work (including “as built” plans and drawings, if
any) with regard to the Property that are in Seller’s possession; 
 (c) Any appraisals and surveys of the Property obtained during the
period during which Seller has owned the Property or otherwise in Seller’s possession; 
 (d) Copies of all correspondence in
Seller’s possession relating to any Government Payments; 
 (e) Real estate tax bills and statements for the current year and the
previous two (2) years with respect to the Property; 
 (f) Utility bills for the Property for the two (2) most recent complete
calendar years and the current year-to-date; 
 (g) Copies of insurance certificates with respect to the Property; 

(h) Copies of all of the Contracts and any amendments or proposed amendments thereto; 

(i) Copies of any soil boring or other similar engineering reports with respect to the Property obtained during the period during which Seller
has owned the Property; 
 (j) Any environmental assessment report or study with respect to the Property in Seller’s possession; 

(k) Copies of any warranties relating to any Improvements or Personal Property (including without limitation Irrigation Equipment) included in
the Property; 
 (l) Any information in Seller’s possession or control from any governmental agency or authority regarding the Property
or adjacent properties; 
 (m) Copies of all notices and correspondence received from any governmental agency of authority regarding the
Property or adjacent properties; 
 (n) Copies of all notices and correspondence received from third-parties claiming an interest or right in
and to the Property, or any portion thereof; 
 (o) Copies of all certificates, applications, permits or other documents related to or
evidencing Water Rights associated with the Property or any portion thereof; and 
 (p) Copies of draft financial statements for Seller and
for Wishnatzki, Inc. for 2014. 

  
 17 








 EXHIBIT C 

GENERAL ASSIGNMENT 

THIS GENERAL ASSIGNMENT (this “Assignment”) is entered into as of the
             of                     , 2014, between
                                        
(“Assignor”), whose address is
                                        ,
and
                                        
(“Assignee”), a
                                        
whose address is
                                         
       . 
 1. Purchase Agreement; Defined Terms. This Assignment is being executed and delivered
pursuant to that certain Agreement of Purchase and Sale between                     , as Purchaser, and
                            , as Seller, dated as of
                    , 2014 (the “Purchase Agreement”). Any capitalized term used but not otherwise defined herein shall have the
meaning set forth in the Purchase Agreement. 
 2. Assignment and Conveyance. For good and valuable consideration received by
Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby bargains, sells, conveys, grants, transfers and assigns to Assignee the entire right, title and interest of Assignor in and to the following in accordance with
the terms and conditions of the Purchase Agreement: 
  

	 	i.	[All Contracts not previously terminated at Assignee’s request;] 

  

	 	ii.	All [Personal Property]; 

  

	 	iii.	All warranties, guarantees, bonds, licenses, building permits, certificates of occupancy, zoning certificates, and other governmental permits and licenses to and in connection with the construction, development,
ownership, use, operation or maintenance of the Property or any part thereof, to the extent the same are assignable; and 

  

	 	iv.	All Water Rights. 

 5. Assumption. Assignee hereby assumes the obligations of Assignor
[under the Contracts], in each and every case only to the extent first arising from and after the date hereof. Assignor shall promptly notify Assignee in writing if any claim is made against Assignor with respect to any matter which Assignee
has agreed to assume in this Assignment, specifying the nature and details of such claim. Assignor shall cooperate fully with Assignee and its counsel and attorneys in the defense against such claim in accordance with their judgment and discretion,
and Assignor shall not pay or settle any such claim without Assignee’s prior written consent. No person or entity, other than Assignor, shall be deemed a beneficiary of the provisions of this Section. 

6. Indemnity. Assignee agrees to indemnify, defend and hold Assignor harmless from and against any and all claims, damages, demands,
causes of action, liabilities, judgments, losses, costs and expenses (including but not limited to reasonable attorneys’ fees) asserted against or incurred by Assignor caused by the failure of Assignee to perform any obligation


  
 18 








 
under the [Contracts] which obligation was assumed by Assignee hereunder. Assignor agrees to indemnify, defend and hold Assignee harmless from and against any and all claims, damages,
demands, causes of action, liabilities, judgments, losses, costs and expenses (including but not limited to reasonable attorneys’ fees) asserted against or incurred by Assignee caused by the failure of Assignor to perform any obligation under
any of the Contracts first arising prior to the date hereof. 
 7. Power and Authority. Assignor represents and warrants to Assignee
that it is fully empowered and authorized to execute and deliver this Assignment, and the individual signing this Assignment on behalf of Assignor represents and warrants to Assignee that he or she is fully empowered and authorized to do so. 

8. Attorneys’ Fees. If either Assignee or Assignor or their respective successors or assigns file suit to enforce the obligations
of the other party under this Assignment, the prevailing party shall be entitled to recover the reasonable fees and expenses of its attorneys. 

9. Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective
successors and assigns. 
 10. Counterparts. This Agreement may be executed in any number of identical counterparts, any or all of
which may contain the signatures of fewer than all of the parties but all of which shall be taken together as a single instrument. 
 11.
Governing Law. This Agreement shall be governed and interpreted in accordance with the laws of the State of Florida. 
 IN WITNESS
WHEREOF, Assignor and Assignee have executed and delivered this Assignment the day and year first above written. 
  

			
	 ASSIGNOR

	
	 G&D Farms, Inc.

	 
		
	 By:
	 	/s/ Gary Wishnatzki
	 Title:
	 	President
	
	 ASSIGNEE

	 
	 


  
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