# EDGAR Filing Document

**Accession Number:** 0001654595
**File Stem:** 0001104659-26-024733
**Filing Date:** 2026-3
**Character Count:** 53224
**Document Hash:** b952cf9f8ff404e0df1281b1649a3a30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-024733.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001104659-26-024733

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260305

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Medalist Diversified REIT, Inc.
- **CENTRAL INDEX KEY:** 0001654595
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38719
- **FILM NUMBER:** 26731494

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 804-338-7708

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 8436
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23226

?xml version='1.0' encoding='ASCII'? Medalist Diversified REIT, Inc._March 5, 2026

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 6, 2026 (March 5, 2026)**

**Medalist Diversified, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-38719** | **47-5201540** |
| (State or other jurisdiction of incorporation<br>or organization) | (Commission File Number)  | (I.R.S. Employer <br>Identification No.) |

---

**P.O. Box 8436**

**Richmond, VA 23226**

(Address of principal executive offices)

**(804) 338-7708**

(Registrant's telephone number, including area code)

**Medalist Diversified REIT, Inc.** 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Name of each Exchangeon Which Registered**  | **Trading Symbol(s)**  |
| **Common Stock, $0.01 par value** | **Nasdaq Capital Market** | **MDRR** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

---

| | |
|:---|:---|
| **ITEM 1.01** | **Entry Into a Material Definitive Agreement.** |

---

On March 5, 2026, (the "Effective Date"), MDR Ashley Plaza, LLC, a Delaware limited liability company (the "Seller"), entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement"), with HPX Goldsboro Ashley Center LLC, a Delaware limited liability company (the "Purchaser"), whereby the Purchaser agreed to acquire (the "Acquisition") a 156,012 square foot retail property located at 201–221 North Berkeley Boulevard in Goldsboro, North Carolina (the "Ashley Plaza Property"). The total consideration for the Ashley Plaza Property is $16,600,000 (the "Consideration"), subject to the prorations and adjustments described in the Purchase and Sale Agreement. The Consideration is to be paid by the Purchaser to the Seller at the Closing (as that term is defined in the Purchase and Sale Agreement). The Purchaser is required to make an earnest money deposit of (i) $150,000 within two business days of the Effective Date and (ii) $150,000 within three business days after the end of the Due Diligence Period (as defined in the Purchase and Sale Agreement).

The Purchase and Sale Agreement contains provisions, representations, warranties, covenants, conditions and indemnities that are customary and standard for the real estate industry and the sale of commercial real property. The Acquisition is expected to close within 90 days. Several conditions to closing on the Acquisition remain to be satisfied, and there can be no assurance that the Purchaser will complete the transaction on the general terms described above or at all.

The foregoing description of the Purchase and Sale Agreement is qualified in its entirety by reference to the Purchase and Sale Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference in this Item 1.01.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;10.1 | &nbsp;&nbsp;[Purchase and Sale Agreement, dated as of March 5, 2026, by and among MDR Ashley Plaza, LLC and HPX Goldsboro Ashley Center LLC](mdrr-20260305xex10d1.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL Document |

---

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **MEDALIST DIVERSIFIED REIT, INC.** | **MEDALIST DIVERSIFIED REIT, INC.** |
| Dated: March 6, 2026 | By: | /s/ C. Brent Winn, Jr. |
|  |  | C. Brent Winn, Jr. |
|  |  | Chief Financial Officer |

---

## Exhibit 10.1

**EXHIBIT 10.1**

**PURCHASE AND SALE AGREEMENT<br>AND JOINT ESCROW INSTRUCTIONS**

by and between

MDR ASHLEY PLAZA, LLC,<br>a Delaware limited liability company

as Seller,

and

HPX Goldsboro Ashley Center LLC,<br>a Delaware limited liability company

as Buyer,

dated as of

March 5, 2026

with respect to:

Ashley Plaza

201 North Berkeley Blvd

Goldsboro, North Carolina

------

<u>**TABLE OF CONTENTS** [to be reviewed]</u> 

<u>Page</u>

<sup>1.Definitions.</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.1"Actual Knowledge of Seller"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.2"Bill of Sale and Assignment"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.3"Broker"/"Brokers"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.4"Buyer Party/Parties"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.5"Buyer's Transaction Costs"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.6"Claim(s)"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.7"Closing Date"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.8"Closing"/"Close of Escrow"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.9"Contract Period"</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.10"Deed"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.11"Deposit"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.12"Due Diligence Materials"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.13"Due Diligence Period"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.14"Effective Date"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.15"Environmental Audit"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.16"Environmental Law"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.17"Escrow"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.18"Estoppel Extension Period"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.19"Excluded Service Contracts"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.20"Executive Order"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.21"Extension Deposit"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.22"FIRPTA Certificate"</sup>2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.23"Estoppel Certificate"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.24"Hazardous Substance"</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.25"Improvements"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.26"Independent Consideration"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.27"Initial Deposit"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.28"Intangible Property"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.29"Intermediary"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.30"Leases"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.31"Major Tenants"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.32Intentionally omitted.</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.33"Non-Liquidated Obligations"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.34"Opening of Escrow"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.35"Owner's Title Policy"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.36"Permitted Exceptions"</sup>3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.37"Personal Property"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.38"Prohibited Person"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.39"Property"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.40"Purchase Price"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.41"Real Property"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.42"Rejected Estoppel Certificate"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.43"Related Assignee"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.44"Rents"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.45"Second Deposit"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.46"Seller Party/Parties"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.47"Service Contracts"</sup>4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.48"Survey"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.49"Tenant"</sup>4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.50"Title Company"</sup>5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.51"Title Objections"</sup>5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.52"Title Objection Notice"</sup>5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1.53"Title Report"</sup>5

<sup>2.Purchase and Sale.</sup>5

<sup>3.Independent Consideration.</sup>5

<sup>4.Purchase Price.</sup>5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>4.1Deposit.</sup>5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>4.2Cash Balance.</sup>6

<sup>5.Escrow; Seller Termination Right.</sup>6

<sup>6.Due Diligence Period.</sup>6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>6.1General.</sup>6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>6.2Due Diligence Materials.</sup>7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>6.3Leases and Service Contracts.</sup>8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>6.4Entry/Inspection.</sup>9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>6.5Environmental Audit.</sup>10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>6.6Title and Survey Review.</sup>11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>6.7Notice of Termination and Termination Rights.</sup>13

<sup>7.Conditions to the Close of Escrow.</sup>13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>7.1Conditions Precedent to Buyer's Obligations.</sup>13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>7.2Conditions Precedent to Seller's Obligations.</sup>14

<sup>8.Closing Deliveries to Title Company.</sup>14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>8.1By Seller.</sup>14

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>8.2By Buyer.</sup>15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>8.3By Buyer and Seller.</sup>15

<sup>9.Closing Costs and Expenses; Prorations.</sup>16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>9.1Seller's Closing Costs.</sup>16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>9.2Buyer's Closing Costs.</sup>16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>9.3Other Costs.</sup>16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>9.4Prorations.</sup>16

10.<u>Disbursements and Other Actions by Title Company</u>.20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>10.1Funds.</sup>20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>10.2Recording.</sup>20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>10.1Owner's Title Policy.</sup>20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>10.1Delivery of Documents to Buyer or Seller.</sup>20

<sup>11.Property "As-Is"; Buyer's Releases.</sup>20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>11.1"AS-IS" Purchase.</sup>20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>11.2Assumption and Release.</sup>22

<sup>12.Mutual Representations.</sup>25

<sup>13.Seller's Representations and Warranties.</sup>25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.1Other Leases and Agreements.</sup>25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.2Non-Foreign Entity.</sup>25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.3Litigation.</sup>25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.4Hazardous Materials.</sup>25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.5Leases and Service Contracts.</sup>26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.6Condemnation, Zoning, Violations.</sup>26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.7Bankruptcy.</sup>26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.8Due Diligence Materials.</sup>26

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.9Leases.</sup>26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.10Air/Development Rights.</sup>27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.11Third-Party Rights.</sup>27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>13.12ADA Compliance.</sup>27

14.<u>Limitations on Seller's Representations, Warranties and Covenants after Closing</u>.28

<sup>15.Seller's Covenants.</sup>28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>15.1Seller's Pre-Closing Covenants.</sup>28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>15.2Seller's Post-Closing Liquidity Covenant.</sup>29

<sup>16.Condemnation and Destruction.</sup>30

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>16.1Eminent Domain or Taking.</sup>30

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>16.2Damage or Destruction.</sup>30

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>16.3Definition of "Material".</sup>31

<sup>17.OFAC.</sup>31

<sup>18.Notices.</sup>32

<sup>19.Brokers.</sup>33

20.<u>Legal and Equitable Enforcement of this Agreement</u>.34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>20.1Default by Seller.</sup>34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>20.1Default by Buyer.</sup>34

<sup>21.Assignment.</sup>35

<sup>22.Miscellaneous.</sup>35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.1Counterparts; Signatures.</sup>35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.2Partial Invalidity.</sup>35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.3Possession of the Property.</sup>36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.4Waivers.</sup>36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.5Successors and Assigns.</sup>36

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.6Professional Fees.</sup>36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.7Entire Agreement.</sup>36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.8Construction.</sup>36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.9Governing Law.</sup>36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.10Confidentiality.</sup>36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.11No Recordation.</sup>37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.12Survival.</sup>37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.13Not an Offer.</sup>37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.14Captions.</sup>37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>22.151031 Exchange.</sup>37

<u>Exhibits</u>

Exhibit A -Legal Description<br>Exhibit B -Form of Deed<br>Exhibit C -Form of Bill of Sale and Assignment<br>Exhibit D - List of Leases and Service Contracts<br>Exhibit E - Form of FIRPTA Affidavit<br>Exhibit F - Form of Owner's Affidavit and Indemnity

Exhibit G - Form of Estoppel Certificate

Exhibit H - Form of Tenant Notice Letters

<u>Schedules</u>

Schedule 6.2 -Due Diligence Materials

Schedule 1 - Lease Defaults

Schedule 2 -Rent Roll

Schedule 3 -Security Deposits

------

#### PURCHASE AND SALE AGREEMENT<br>AND JOINT ESCROW INSTRUCTIONS
This Purchase and Sale Agreement and Joint Escrow Instructions ("<u>Agreement</u>") is dated as of March 5, 2026 (the "<u>Effective Date</u>"), by and between MDR ASHLEY PLAZA, LLC, a Delaware limited liability company ("<u>Seller</u>") and HPX Goldsboro Ashley Center LLC,, a Delaware limited liability company ("<u>Buyer</u>").

Buyer and Seller agree as follows:

1.<u>Definitions</u>.For the purposes of this Agreement the following terms will be defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1"<u>Actual Knowledge of Seller</u>" shall mean and refer to, and shall be limited to, the actual knowledge (and not the constructive or implied knowledge) of C. Brent Winn, Jr. (the "<u>Designated Representative</u>"), without having conducted or being under any obligation to conduct any independent inquiry or inspection to which such actual knowledge or the absence thereof pertains. For the avoidance of doubt, the Actual Knowledge of Seller will not be construed to refer to the knowledge of any other officer, director, agent, employee or representative of the Seller, or any affiliate of Seller, or to impose upon the Designated Representative any individual personal liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2"<u>Bill of Sale and Assignment</u>" shall have the meaning that is assigned in <u>Section</u> <u>8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3"<u>Broker"/"Brokers</u>" shall mean JLL Charlotte by Andrew Jomantas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4"<u>Buyer Party/Parties</u>" shall have the meaning given in <u>Section 11.2</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5"<u>Buyer's Transaction Costs</u>" shall have the meaning given in <u>Section 20.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6"<u>Claim(s)</u>" shall have the meaning given in <u>Section 11.2</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7"<u>Closing Date</u>" shall mean and refer to, and shall be, the date which is either (a) sixty (60) days after the end of the Due Diligence Period, or (b) such earlier date as the parties shall agree upon in writing for the Close of Escrow with respect to the purchase and sale of the Property; provided Buyer shall have the right, with written notice to Seller given on or prior to the original scheduled Closing Date, to extend the Closing Date one (1) time for up to thirty (30) days, so long as Buyer makes the Extension Deposit as and when required pursuant to <u>Section 4.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8"<u>Closing"/"Close of Escrow</u>" shall mean and refer to the consummation of the transactions described in this Agreement, and will be deemed to have occurred on that date when the Deed is recorded in the official records of the county in which the Property is located. Closing and Close of Escrow are terms used interchangeably in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9"<u>Contract Period</u>" shall mean and refer to the period from the Effective Date through and including the Closing Date or the earlier termination date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10"<u>Deed</u>" shall have the meaning given thereto in <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11"<u>Deposit</u>" shall have the meaning given thereto in <u>Section 4.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12"<u>Due Diligence Materials</u>" shall have the meaning given thereto in <u>Section 6.2</u> below and on Schedule 6.2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13"<u>Due Diligence Period</u>" shall mean and refer to the period beginning on the Effective Date and ending at 6:00 p.m. Eastern Time on the date which is thirty (30) calendar days following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14"<u>Effective Date</u>" shall mean and refer to, and shall be, the date upon which this Agreement has been fully executed by both Seller and Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15"<u>Environmental Audit</u>" means a Phase I Environmental Site Assessment of the Property performed by a licensed third party or consultant engaged by Buyer to conduct such Phase I Environmental Site Assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16"<u>Environmental Law</u>" means any law, statute, ordinance or regulation pertaining to health, industrial hygiene or the environment including, without limitation CERCLA (Comprehensive Environmental Response, Compensation and Liability Act of 1980) and RCRA (Resources Conservation and Recovery Act of 1976).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17"<u>Escrow</u>" shall have the meaning given thereto in <u>Section 5</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18"<u>Estoppel Extension Period</u>" shall have the meaning given thereto in <u>Section 7.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19"<u>Excluded Service Contracts</u>" shall collectively mean and refer to those Service Contracts, if any, which Seller has elected to terminate by the Closing Date pursuant to <u>Section 6.3</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20"<u>Executive Order</u>" shall have the meaning given thereto in <u>Section 17</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21"<u>Extension Deposit</u>" shall have the meaning given thereto in <u>Section 4.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22"<u>FIRPTA Certificate</u>" shall have the meaning given thereto in <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23"<u>Estoppel Certificate</u>" shall mean the form of estoppel certificate required and/or set forth in a Lease, if applicable, or such other commercially reasonable form that may be proposed by Buyer and reasonably approved by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24"<u>Hazardous Substance</u>" means any substance, material or waste which is or becomes designated, classified or regulated as being "toxic" or "hazardous" or a "pollutant" or which is or becomes similarly designated, classified or regulated, under any Environmental Law, including without limitation asbestos, petroleum and petroleum products.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25"<u>Improvements</u>" shall collectively mean and refer to all buildings, improvements and fixtures located on the Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26"<u>Independent Consideration</u>" shall have the meaning given thereto in <u>Section 3</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27"<u>Initial Deposit</u>" shall have the meaning given thereto in <u>Section 4.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28"<u>Intangible Property</u>" shall collectively mean and refer to Seller's interest, if any, in any and all intangible personal property arising out of or in connection with the ownership or operation of the Real Property and/or Improvements, including any easements, appurtenances, development rights, mineral rights, water rights, and air rights that may exist, the right to use the current names of the Real Property and/or Improvements, all licenses, permits and certificates of occupancy issued to Seller by federal, state or local municipal authorities relating to the use, maintenance, occupancy or operation of the Real Property and/or Improvements, and all warranties, guaranties and indemnities made or given by third parties with respect to the Real Property and/or Improvements which are transferable to Buyer; excluding therefrom all Leases and Service Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29"<u>Intermediary</u>" shall have the meaning given thereto in <u>Section 22.16</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30"<u>Leases</u>" shall collectively mean and refer to all of Seller's right, title and interest, as landlord, in and to those certain leases described on <u>Exhibit D</u> attached hereto with respect to certain premises located on the Real Property, including Seller's right, title and interest in and to any security deposits, guarantees, or letters of credit given in connection therewith, and also including any new leases executed in accordance with this Agreement after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31"<u>Major Tenants</u>"shall mean all tenants leasing 10,000 square feet or more including without limitation, Hobby Lobby, Harbor Freight Tools, Planet Fitness, Ashley HomeStore, Citi Trends, and Chuck E. Cheese.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32<u>Intentionally omitted</u>."<u>Non-Liquidated Obligations</u>" shall have the meaning given thereto in <u>Section 20.2</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34"<u>Opening of Escrow</u>" shall have the meaning given thereto in <u>Section 5</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35"<u>Owner's Title Policy</u>" shall have the meaning given thereto in <u>Section 7.1</u> below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37"<u>Personal Property</u>" shall collectively mean and refer to all of Seller's right, title and interest, if any, in and to each and all of the following items of tangible personal property that are used on the Real Property in the operation or maintenance thereof: appliances, equipment, furniture, furnishings, fixtures, machinery, signage, and other tangible personal property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38"<u>Prohibited Person</u>" shall have the meaning given thereto in <u>Section 17</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39"<u>Property</u>" shall mean and refer to, collectively, (i) the Real Property, (ii) the Improvements, (iii) the Personal Property, (iv) the Leases, (v) the Service Contracts, and (vi) the Intangible Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40"<u>Purchase Price</u>" is and shall be $16,600,000.00 which shall be subject to adjustment and credit as set forth in Section 9 (c) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41"<u>Real Property</u>" shall mean and refer to that certain real property located in the City of City of Goldsboro, Wayne County, North Carolina and more particularly described in <u>Exhibit A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42"<u>Rejected Estoppel Certificate</u>" shall mean an Estoppel Certificate disapproved by Buyer within five (5) business days after Buyer's receipt of the same as a result of the Estoppel Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43"<u>Related Assignee</u>" shall have the meaning given in <u>Section 21</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44"<u>Rents</u>" shall mean all base rents, escalations, additional rent, percentage rent and all other forms of rent charged by Seller to Tenants under the Leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45"<u>Second Deposit</u>" shall have the meaning given thereto in <u>Section 4.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46"<u>Seller Party/Parties</u>" shall have the meaning given in <u>Section 11.2</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47"<u>Service Contracts</u>" shall collectively mean and refer to Seller's interest in all service, equipment, maintenance and similar agreements, if any, entered into by Seller with respect to the Real Property and/or Improvements, as listed on <u>Exhibit D</u> hereto; excluding therefrom any Excluded Service Contracts, if any, that Seller elects to terminate by the Closing Date pursuant to <u>Section 6.3</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48"<u>Survey</u>" shall collectively mean any ALTA survey of the Property provided by Seller to Buyer as part of the Due Diligence Materials, any update thereto obtained by Buyer, and any new or other ALTA survey obtained by Buyer with respect to the Property during the Due Diligence Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49"<u>Tenant</u>" shall collectively mean the tenants/lessees under each Lease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50"<u>Title Company</u>" shall mean and refer to, a nationally reputable title company designated by Buyer or abstract company who will insure with a nationally reputable title company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51"<u>Title Objections</u>" shall have the meaning given in <u>Section 6.6</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52"<u>Title Objection Notice</u>" shall have the meaning given thereto in <u>Section 6.6</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53"<u>Title Report</u>" shall have the meaning given thereto in <u>Section 6.6</u> below.

2.<u>Purchase and Sale</u>. Upon and subject to the terms and conditions set forth in this Agreement, Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the Property, together with all easements, hereditaments, entitlements (to the extent transferable) and appurtenances thereto. In consideration of Seller's sale of the Property to Buyer, Buyer will (a) pay to Seller the balance of the Purchase Price at the Closing, (b) perform all of Buyer's other obligations hereunder, and (c) provide Seller with the waivers and releases set forth herein. The Closing shall occur on the Closing Date, unless extended as set forth herein.

3.<u>Independent Consideration</u>. Upon the execution of this Agreement, Buyer has delivered to Seller, and Seller acknowledges receipt of $250.00 (the "<u>Independent Consideration</u>"), as consideration for Buyer's right to inspect the Property and Due Diligence Materials during the Due Diligence Period, and for Seller's execution, delivery and performance of this Agreement. The Independent Consideration is in addition to and independent of any other consideration or payment provided for in this Agreement, is not a part of the Deposit, shall not be applied against the Purchase Price at Closing, and is non-refundable and shall be retained by Seller in the event of a termination of this Agreement for any reason whatsoever, notwithstanding any other provision of this Agreement to the contrary.

4.<u>Purchase Price</u>. The Purchase Price for the Property will be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Deposit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Within two (2) business days after the mutual execution of this Agreement by Buyer and Seller and the receipt by Buyer of a fully executed Agreement, Buyer shall deliver to Title Company in cash, by confirmed wire transfer, the sum of $150,000.00 (the "<u>Initial Deposit</u>"). The Initial Deposit shall be immediately refunded to Buyer if Buyer elects to terminate this Agreement during the Due Diligence Period in accordance with its rights under <u>Section 6</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If Buyer does not elect to terminate this Agreement by the end of the Due Diligence Period in accordance with its rights under <u>Section 6</u>**,** then within three (3) business days after the end of the Due Diligence Period, Buyer shall deliver to Title Company in cash, by confirmed wire transfer, the additional sum of $150,000.00 (the "<u>Second Deposit</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If Buyer elects to extend the Closing Date in accordance with its rights above**,** then within three (3) business days after such election, Buyer shall deliver to Title Company in cash, by confirmed wire transfer, the additional sum of $50,000.00 (the "<u>Extension Deposit</u>").

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The Initial Deposit, Second Deposit, and Extension Deposit (if applicable), shall collectively be referred to herein as the "<u>Deposit</u>", and as such term is used in this Agreement, it shall mean the then current aggregate Deposit held by the Title Company in accordance with this Agreement. The entire amount of the Deposit shall be immediately refunded to Buyer if Seller is unable or fails to perform its obligations under this Agreement and this Agreement is terminated or as otherwise specifically set forth herein. In the event of a breach of this Agreement by Buyer, the Deposit together with any and all interest to the extent earned shall be applied as provided in <u>Section 20</u> below. If the Closing occurs, the Deposit together with any and all interest permitted shall be applied against the Purchase Price. If the Title Company places the Deposit (or any portion thereof) into an interest-bearing account, all interest earned thereon shall be the sole property of Buyer and, if the Closing occurs, shall be credited against the Purchase Price due at Closing. If this Agreement is terminated and the Deposit is returned to Buyer, all such interest shall also be paid to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Cash Balance</u>. Buyer will deposit into the Escrow with the Title Company on the Closing Date the balance of the Purchase Price by confirmed wire transfer of currently available federal funds, together with Buyer's share of closing costs and prorations.

5.<u>Escrow; Seller Termination Right</u>. Upon the execution of this Agreement, Buyer and Seller will open an escrow (the "<u>Escrow</u>") with the Title Company by delivering to Title Company a fully executed copy of this Agreement (the "<u>Opening of Escrow</u>"), which delivery may be done via electronic means such as fax and email. The purchase and sale of the Property will be completed through the Escrow. Buyer and Seller may submit additional escrow/closing instructions to Title Company or escrow agreement as reasonably required by the Title Company so long as they do not conflict with the terms of this Agreement. If there is a conflict between any printed escrow instructions and this Agreement, the terms of this Agreement will govern. If the Closing does not occur at the time and in the manner provided in this Agreement because of the default of one of the parties, the non-defaulting party has the right to cancel the Escrow by written notice to the defaulting party and to the Title Company. In such instance, all costs of cancellation, if any, will be paid by the defaulting party.

6.<u>Due Diligence Period</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>General</u>. Subject to the remaining terms of this Section 6, Buyer shall complete its due diligence review and approve the following matters within the Due Diligence Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The physical condition of the Property, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.soil, seismic (including whether or not the Property is situated in a Special Study Zone as designated under the Alquist-Priolo Special Earthquake Studies Zone Act, which may subject construction or development of the Property to the findings of an acceptable geologic report), hydrological, geological and topographical conditions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the availability of adequate utilities and public access,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the status and nature of any existing or proposed assessment districts and the amount of any assessment liability,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.the character and amount of any fee or charge which may be imposed in connection with the development of the Property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.whether or not the Property is located in a flood hazard area,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.the status of the Property with respect to hazardous and toxic materials and substances,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.the status of title to the Property including, without limitation, the Title Report and underlying title documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.all matters disclosed by any environmental report, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix.compliance of the Property with all applicable laws, including Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Applicable government ordinances, rules and regulations and evidence of compliance therewith, including without limitation zoning and building regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All private restrictions applicable to the Property, including without limitation, declarations of covenants, conditions and restrictions, reciprocal easement and operating agreements, architectural restrictions and owners' association governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All licenses, permits, subdivision maps and conditions, improvement agreements, bonds, development agreements, and any and all other governmental approvals and/or authorizations relating to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any survey which is provided by Seller to Buyer, or is otherwise obtained by Buyer with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Leases, Service Contracts and all other Due Diligence Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Personal Property, including without limitation the physical condition and operability thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Any and all other matters concerning the current and future use, feasibility or value, or governmental permissions or entitlements pertaining to the Property, or any other matter or circumstance relevant to Buyer in its discretion concerning the Property and its marketability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Due Diligence Materials</u>. Within three (3) business days following the Effective Date, Seller shall deliver to Buyer or make reasonably available to Buyer for inspecting, copies of the Leases, Service Contracts, and the non-proprietary property information documents in Seller's possession and control set forth on Schedule 6.2 (the "<u>Due Diligence Materials</u>");

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except in no event shall the Due Diligence Materials include nor shall Seller be required to provide to Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any confidential internal memorandum of Seller with respect to the Property or other documents relating to Seller (including, without limitation, internal financial reports, corporate/partnership/membership documents, and tax returns);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any appraisals of the Property or any portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any offers or solicitations to purchase or sell the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any loan documents of Seller or any correspondence between Seller and Seller's lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any information which is privileged, confidential or proprietary, including, but not limited to: internal memoranda, analyses and business plans; financial information; and correspondence and other materials to or from Seller's attorneys, Seller's affiliates and potential third party buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Leases and Service Contracts</u>.<u>Leases; Estoppel Certificates</u>. Within ten (10) days after the expiration of the Due Diligence Period, Seller shall prepare and deliver to Buyer draft estoppel certificates for each Lease (1) substantially on the form attached hereto as <u>Exhibit G</u>, subject to the applicable Tenant's reasonable changes, including changes to comply with the estoppel requirements in the applicable Lease (it being acknowledged and agreed that if a Lease provides for an estoppel certificate containing certain specified items and such other items as a party may "reasonably require", then the delivery by the Tenant under such Lease without any items other than the specified items shall be deemed to be the delivery of an estoppel certificate in compliance with the terms of such Lease); (2) in any form that may be prescribed by the terms of the applicable Lease; or (3) if the Tenant is a regional or national tenant, in the standard form generally used by such Tenant (collectively, the "<u>Estoppel Certificate Requirements</u>"); provided that Buyer shall have the right, after receipt of any Tenant revised draft or executed estoppel certificate, to disapprove the same by written notice to Seller if such estoppel certificate reflects any material discrepancy from the applicable Lease, or is inconsistent with Seller's representations or warranties. Seller shall use commercially reasonable efforts to cause Tenants to execute and deliver such estoppel certificates in accordance with Section 7.1(e); however, Seller shall not be deemed in default by reason of any Tenant's failure to deliver an estoppel certificate, provided that nothing herein shall limit Buyer's rights under Section 7.1(e). Failure by Buyer to respond to any proposed or executed estoppel certificate within five (5) business days following its receipt of such estoppel certificate shall be deemed Buyer's acceptance and approval of said estoppel certificate; provided, however, that Buyer must approve and may not reject any executed estoppel certificate that meets the Estoppel Certificate Requirements. Each estoppel certificate shall expressly provide that it is made for the benefit of Buyer and any present or future lender providing financing to Buyer in connection with the Property, that Buyer and such lender(s) may rely thereon, and those rights to rely on the estoppel certificates shall survive Closing. All estoppels required under this Agreement shall be dated no earlier than forty-

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five (45) days prior to the Closing Date and shall be recertified or updated, if necessary, to satisfy such timing requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>SNDAs</u>. Upon the written request of Buyer on or before fifteen (15) days after the end of the expiration of the Due Diligence Period, Seller agrees to forward, at no cost to Seller and solely as an accommodation to Buyer, Buyer's lender's form of Subordination, Non-Disturbance and Attornment Agreement ("SNDA") (if any) to each Tenant; provided that any such form delivered to Seller to be forwarded by Seller shall be fully completed, including the addresses of all intended recipients. Seller shall not be deemed in default hereunder by reason of the failure of any Tenant to execute or deliver an SNDA; provided, however, if Buyer's lender refuses to fund Buyer's loan at Closing due to the failure to obtain one or more required SNDAs from a Tenant, then Buyer may, by written notice to Seller delivered prior to the Closing, terminate this Agreement, whereupon (i) the Deposit shall be promptly returned to Buyer, and (ii) neither party shall have any further obligation hereunder except those which expressly survive termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Service Contracts</u>. Prior to the end of the Due Diligence Period, Buyer shall review all Service Contracts and provide to Seller a written list of those Service Contracts which Buyer would like Seller to terminate as of or prior to the Closing Date (the "<u>Excluded Service Contracts</u>"). Seller shall terminate all Excluded Service Contracts designated by Buyer on or before the Closing Date. In the event that Buyer does not provide Seller with a list of Excluded Service Contracts within the time period described above, it shall be deemed that Buyer has elected to not designate for termination any Excluded Service Contracts. If Seller fails or elects not to terminate any Excluded Service Contract as requested by Buyer, then Buyer shall have the right, in its sole discretion, to terminate this Agreement by written notice to Seller given at any time prior to Closing or at Closing, notwithstanding the expiration of the Due Diligence Period, and in such event Buyer shall be entitled to its remedies set forth in Section 7 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Entry/Inspection</u>. Seller will allow Buyer and/or its agents and consultants reasonable access to the Property during the Due Diligence Period to perform any and all investigations and inspections desired by Buyer, subject to the provisions of this <u>Section 6.4</u> and those contained in <u>Section 6.5</u> below, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All tests and investigations will be at Buyer's sole cost and expense, and the persons or entities performing such tests and investigations will be properly licensed and qualified and will have obtained all appropriate permits therefor. In the event this Agreement is terminated prior to the Closing, Buyer will give copies of all inspections, investigations, tests or studies to Seller, at no cost to Seller, which obligation shall survive termination and be a condition to the refund of the Deposit to the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Buyer will advise Seller at least forty-eight (48) hours in advance of the dates of all tests and investigations and will schedule all tests and investigations during normal business hours whenever feasible unless otherwise requested by Seller. Without limiting Seller's rights under <u>Section 6.5</u> below, Buyer shall not conduct (or cause to be conducted) any physically intrusive investigation, examination or study of the Property including, without limitation, any soil borings, groundwater testing or other "Phase 2" environmental assessment of the Property (any such investigation, examination or study, an "<u>Intrusive Investigation</u>") without obtaining the prior written consent of Seller, which consent shall not be unreasonably withheld, conditioned or