Document:

Exhibit 10.5

 

ASSIGNMENT, ASSUMPTION AND AMENDMENT OF
FOOD AND BEVERAGE

MANAGEMENT AGREEMENT

 

This ASSIGNMENT, ASSUMPTION
AND AMENDMENT OF FOOD AND BEVERAGE MANAGEMENT AGREEMENT (this “Agreement”), executed on February 14, 2022, with an
Effective Date of November 9, 2021 is executed by and among 1350 S Dixie LLC, a Delaware limited liability company (“Assignor”),
NRI Real Token Tenant, LLC, a Delaware limited lability company (“Assignee”), and Alpareno Restaurant Group, LLC, a
Florida limited liability company (“Manager”).

 

RECITALS

 

WHEREAS, Assignor and Manager
are the current parties to that certain Food and Beverage Management Agreement dated March 1, 2021 for the food and beverage operations
of the Managed Facilities (as amended, assigned and supplemented as of the date hereof and from time to time hereafter, the “Management
Agreement”). Capitalized terms used but not defined herein shall have the meanings given to such terms in the Management Agreement.

 

WHEREAS, Assignor, as “Lessor,”
and Assignee, as “Lessee,” entered into a Lease Agreement dated November 9, 2021, wherein Assignee is granted a leasehold
estate in and right to occupy and utilize the Hotel.

 

WHEREAS, consistent with the
requirements of Section 856(d) of the Internal Revenue Code of 1986, as amended, all services provided at the property which is the subject
of the Lease Agreement (the “Property”), will be provided by an “independent contractor” unrelated to either the
Lessor or the Lessee.

 

WHEREAS, pursuant to the Lease
Agreement, Lessee has all rights to grant access to the Property.

 

WHEREAS, in order to facilitate
the foregoing (i) Assignor desires to assign to Assignee, and Assignee desires to assume from Assignor, all of Assignor’s right,
title, interest, duties and obligations under the Management Agreement, and (ii) Assignee and Manager desire to modify the Management
Agreement as provided herein.

 

NOW THEREFORE, in consideration
of the mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto covenant and agree as follows:

 

1. Assignment.
Assignor hereby assigns to Assignee all of Assignor’s right, title, interest, duties and obligations in the Management Agreement,
subject to all of the terms and conditions found therein.

 

2. Assumption.
Assignee hereby accepts the assignment of all of Assignor’s rights, title, interest, duties and obligations in the Management
Agreement and Assignee hereby assumes and agrees, for the benefit of Assignor and Manager, to be bound by all of the obligations,
covenants and agreements under the Management Agreement that are to be performed by the “Owner” thereunder, including
without limitation, payment of any Management Fees and obligations that may arise due to physical conditions existing on the
Effective Date. Assignor shall remain liable for all of the obligations, covenants and agreements under the Management Agreement
that are to be performed by the “Owner” thereunder arising, or based on events occurring, prior to the Effective Date,
including, but not limited to, payment of any Management Fees accruing prior to the Effective Date. 

 

     

     

    

 

3. Manager
Acknowledgment. Manager hereby acknowledges the assignment and assumption of the Management Agreement on the terms set forth herein
and further acknowledges that as of the Effective Date the “Owner” (as defined in the Management Agreement) of the Hotel is
Assignee. By acknowledging the assignment and assumption of the Management Agreement herein, Manager does not waive any rights it may
have against Assignor or Assignee in law or in equity arising out of or relating to Assignor’s or Assignee’s obligations,
covenants and agreements arising under the Management Agreement. Except as otherwise set forth herein and in that certain Owner Agreement
and that certain Contribution and Guaranty Agreement, each of even date herewith, this acknowledgment is delivered on the express condition
and with the understanding that Assignee assumes and agrees to perform all of Assignor’s duties, obligations, and liabilities contained
in the Management Agreement in accordance with the terms of this Agreement.

 

4. Representations
and Warranties.

 

a. Each
of the parties hereto represents and warrants that it has the full power, authority and right to execute and deliver this Agreement. Each
of Assignor and Assignee represents and warrants that Assignor is the sole owner of the Hotel and its contents and the sole owner of the
fee title to the Land on which the Hotel is located, and that Assignor has full power, authority and legal right to own such real and
personal property. Assignee represents that it is the sole lessee of the Hotel and its contents and that it has the full power, authority
and legal right to lease such real and personal property.

 

b. Assignee
represents and warrants that the representations and warranties of “Owner” under the Management Agreement are true, correct
and complete as of the Effective Date.

 

c. Assignor
and Assignee represent and warrant that as of the Effective Date there is no Mortgage encumbering the Land or the Hotel other than that
certain Amended and Restated Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing in favor of Starwood Property
Mortgage Sub-12-A, L.L.C., a Delaware limited liability company, as Administrative Agent, as such Mortgage is more particularly described
in that certain Amended and Restated Loan and Security Agreement dated as of November 19, 2021 among Assignor, Assignee and Administrative
Agent.

 

5. Conditions
to Effectiveness. The effectiveness of this Agreement is conditioned upon the execution of an Owner Agreement by Assignee, Manager
and Assignor.

 

6. Assignee
Indemnity. Assignor, to the extent of Assignor’s interest in the Hotel, agrees to indemnify and defend Assignee and hold Assignee
harmless with respect to all defaults, liabilities, claims, costs and expenses (including, without limitation, reasonable attorneys’
fees) relating to acts or omissions accruing under the Management Agreement before the Effective Date.

 

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7. Assignor
Indemnity. Assignee agrees to indemnify and defend Assignor and hold Assignor harmless with respect to all defaults, liabilities,
claims, costs and expenses (including, without limitation, reasonable attorneys’ fees) relating to acts or omissions accruing under
the Management Agreement from and after the Effective Date.

 

8. Reliance.
This Agreement may be relied upon as conclusive proof that effective as of the Effective Date, Assignor’s interest in the Management
Agreement has been transferred to the Assignee and that effective as of the Effective Date, Assignee is the “Owner” under
the Management Agreement.

 

9. Further
Assurances. The parties hereto each covenant and agree to hereafter execute and acknowledge any and all agreements, contracts, leases,
licenses, applications, verifications and such other additional instruments and documents as may be reasonably requested by the other
party hereto in furtherance of this Agreement or to carry out the intent hereof.

 

10. Cumulative
Remedies. All rights, powers, remedies, benefits and privileges available under any provision of this Assignment Agreement to any
party hereunder are in addition to and cumulative of any and all rights, powers, remedies, benefits and privileges available to such party
under all other provisions of this Agreement, at law or in equity.

 

11. Governing
Law. This Agreement shall be governed by and construed in accordance with the governing law provision set forth in the Management
Agreement.

 

12. Amendments
to Management Agreement.

 

a. Definitions.
The following definitions are hereby added to Article 1 of the Management Agreement:

 

“1.142 Hotel Lease –
that certain lease agreement, effective as of November 9, 2021 by and between Lessor and Owner, pursuant to which Owner is granted a leasehold
estate in, and right to occupy and utilize, the Land and the Hotel.

 

1.143 Lessor – 1350 S Dixie
LLC, a Delaware limited liability company.”

 

b. Title
to Hotel. The following is added to amend and restate Section 15.2.5 of the Management Agreement as follows:

 

“As of November 10, 2021, Owner
has, pursuant to the Hotel Lease, a valid and subsisting leasehold interest in the Hotel. At Manager’s election, Owner shall cause
the Lessor to enter into an Owner Agreement in a form acceptable to Manager (the “Owner Agreement”). Owner further covenants
that, subject to the terms and conditions of this Agreement, throughout the Term of this Agreement it shall maintain full ownership in
such leasehold interest in the Hotel and good title to or valid leasehold interests in the FF&E and the Operating Equipment owned
or leased by it.”

 

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c. Manager
Trademarks. Section 1.78 of the Management Agreement is hereby deleted and replaced in its entirety with the following:

 

“Manager Trademarks –
the various service marks, trademarks and other Intellectual Property Rights now or hereafter used and/or registered by Manager and/or
its principals, Affiliates or licensees (excluding Owner and Hotel Operator) in connection with the operation of the Venues and all Existing
Manager Facilities and such other restaurants and food service facilities as may hereafter be undertaken by Manager and/or its Affiliates,
and any related logos which are registered in Class 43 in the United States, in each case subject to the provisions of Section 2.5 hereof.
The Manager Trademarks as of the November 9, 2021 are (1) those set forth on Exhibit D attached hereto, and (2) what previously
had been described as the Owner Trademarks and which have been assigned to Manager pursuant to Section 2.4.1 as amended by this Amendment
to the Agreement. For sake of clarity, the Manager Trademarks do not and will not include Hotel Operator Trademarks or the Hotel Brand,
and Hotel Operator Trademarks do not and will not include Manager Trademarks.”

 

d. Venue
Trademarks, Owner Trademarks and Concepts. Section 2.4 of the Management Agreement is hereby deleted and replaced in its entirety
with the following:

 

“2.4 Venue Trademarks
and Concepts.

 

2.4.1 Name.
Owner and Manager have agreed on a trade name for (i) the Lobby Pub (“Mamey”) and Pool Bar (“Mamey on 3rd”),
and (ii) the Signature Restaurant (“Orno”). The trade names for the Venues, all trade names for each such Venue (other
than the Signature Restaurant and the Pool Bar) and the Intellectual Property Rights specifically and exclusively related to such trade
names previously were owned by Owner and had been referred to in this Agreement collectively as the “Owner Trademarks”).
Owner hereby assigns, transfers and conveys any and all interests Owner now has or ever had in the Owner Trademarks to Manager, and from
and after November 9, 2021, the Owner Trademarks shall constitute Manager Trademarks and there shall no longer be any Owner Trademarks
that remain subject to the terms of this Agreement (and thus Section 2.5.5 of this Agreement is hereby deleted in its entirety). Owner
shall execute such documents as are reasonably necessary to effect and memorialize the foregoing assignment of the Owner Trademarks to
Manager. For the sake of clarity, the tradename for (i) the Lobby Pub (“Mamey”) and Pool Bar (“Mamey on 3rd”),
and (ii) the Signature Restaurant (“Orno”) shall be owned by Manager and shall be a Manager Trademark. To the extent
not previously done, Manager shall, at its own cost, use commercially reasonable efforts to promptly register the Manager Trademarks with
the United States Patent and Trademark Office, and following the issuance of the registration, shall thereafter take all actions to maintain
such registration until the earlier to occur of the termination of this Agreement or the date Owner ceases to utilize the license granted
pursuant to Section 2.5 below. Owner shall fully cooperate with Manager in Manager’s efforts to so register the Manager Trademarks.
The Parties further acknowledge and agree that, as of the Effective Date of this Agreement, the Parties intend to operate the Delivery
Service and Catering Service using the trade name for the Signature Restaurant (possibly providing for other selections using the trade
names for the Lobby Pub and Pool Bar as well); provided, however to the extent the Parties desire to operate the Catering Service and/or
the Delivery Service under a different trade name(s), the Parties shall cooperate with each other in good faith to mutually agree upon
such trade names.

 

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2.4.2 Concepts.
As of the Effective Date of this Agreement, the Parties have agreed on the Concepts for each Venue. As used herein, the Concept for the
Signature Restaurant (as may be amended from time to time pursuant to the terms of this Agreement) is referred to herein as the “Signature
Restaurant Concept,” the Concept for the Lobby Pub (as may be amended from time to time pursuant to the terms of this Agreement)
is referred to herein as the “Lobby Pub Concept,” and the Concept for the Pool Bar (as may be amended from time to
time pursuant to the terms of this Agreement) is referred to herein as the “Pool Bar Concept.” As of the Effective
Date of this Agreement, the Parties had agreed that: (a) Manager and/or any of its Affiliates shall own all rights, title and interest
in and to the Signature Restaurant Concept (in such context, the “Manager Concepts”), and (b) Owner shall own all rights,
title and interest in and to the Lobby Pub Concept and the Pool Bar Concept (collectively, the “Owner Concepts”). Owner
hereby assigns, transfers and conveys any and all interests Owner now has or ever had in the Owner Concepts to Manager, and from and after
November 9, 2021, the Owner Concepts shall constitute Manager Concepts and there shall no longer be any Owner Concepts that remain subject
to the terms of this Agreement. Owner shall execute such documents as are reasonably necessary to effect and memorialize the foregoing
assignment of the Owner Concepts to Manager. In the event Manager desires to materially modify any of the Manager Concepts, Manager shall
present any such proposed modification(s) (along with any estimated costs in order to undertake any such modifications) to Owner for its
review and approval, which approval shall not be unreasonably withheld, conditioned or delayed. Any change with respect to the Signature
Restaurant Concept, the Lobby Pub Concept and/or the Pool Bar Concept shall automatically be a Manager Concept.

 

2.4.3. Protection.
Manager shall take all action as it deems reasonably necessary or advisable, as an Operating Expense, to maintain, protect and defend
the Manager Trademarks and Manager Concepts, its interest therein and its right to authorize the licensed use of the same in accordance
with this Agreement, including the institution, prosecution and defense of any claim, legal action or proceeding relating to the Manager
Trademarks, the Manager Concepts or Manager’s rights therein.”

 

13. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the legal representatives, successors and assigns of
the Assignor and Assignee. This Agreement inures to the benefit of Manager and its affiliates, and each of them is an intended third-
party beneficiary of this Agreement.

 

14. Entire
Agreement. This Assignment Agreement constitutes the complete agreement among the parties hereto with respect to the subject matter
hereof and may not be modified, altered or amended except by a written agreement signed by the parties hereto. The Management Agreement,
as modified herein, shall otherwise remain in full force and effect.

 

15. Counterparts.
This Agreement may be executed in one or more counterparts, and by facsimile signature, each of which shall be deemed an original and
all of which, taken together, shall be construed as a single instrument.

 

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

 

	 	ASSIGNOR:
	 	 
	 	1350 S Dixie LLC
	 	 
	 	By:	/s/ Brent M. Reynolds
	 	Name: 	Brent M. Reynolds
	 	Title:	Authorized Representative
	 	 	 
	 	ASSIGNEE:
	 	 
	 	NRI Real Token Tenant, LLC
	 	 
	 	By:	/s/ Brent M. Reynolds
	 	Name:	Brent M. Reynolds
	 	Title:	Authorized Representative

 

[Signatures continue on next page.]

 

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	 	MANAGER: ALPARENO RESTAURANT GROUP, LLC
	 	 	 
	 	By:	/s/ Niven Patel
	 	 	Niven Patel
	 	 	Its Authorized Representative
	 	 	 

 

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EXHIBIT D

 

MANAGER TRADEMARKS

 

		●	GHEE
INDIAN KITCHEN

 

		●	GHEE
INDIAN KITCHEN (stylized)

 

 

 

ORNO, U.S. Ser. No. 88/736,405

 

ORNO and Design, U.S. Ser. No. 88/736,408

 

 

 

ACHIONATTO

 

    Exhibit D – Page 9

     

    

 

ACHIONATTO (stylized)

 

 

 

ERBA

 

ERBA (stylized)

 

 

 

ACTIVE 62145062v2

 

 

Exhibit D – Page 10Exhibit 10.6

 

SHARED FACILITIES MANAGEMENT AGREEMENT

(Paseo de la Riviera)

 

This Shared Facilities
Management Agreement (this “Agreement”) is executed as of May 28, 2020 (the “Execution Date”) and
is made effective as of February 1, 2020 (the “Commencement Date”) between 1350 S Dixie Holdings LLC, a Delaware limited
liability company, having its principal office at 2020 Ponce de Leon Blvd, Suite 1104, Coral Gables, FL 33134 (hereinafter referred to
as “Owner”), and NPI Management, Inc., having its principal office at 315 Manitoba Avenue, Suite 300, Wayzata, MN 55391
(hereinafter referred to as “Manager”).

 

WHEREAS, Owner is the owner
and developer of the multi-use project commonly known at Paseo de la Riviera located at 1350 South Dixie Highway, Coral Gables, Florida
(the “Project”); and

 

WHEREAS, Owner intends to
record a Declaration of Covenants, Restrictions and Easements for Paseo de la Riviera to govern the Project substantially in the form
of the draft dated September 10, 2019 (as the same may be modified prior to or in conjunction with execution and recording thereof, the
“Declaration”), pursuant to which Owner will divide the Project into various “Units” that will be legally
described by a three-dimensional survey and pursuant to which Owner will be the “Declarant,” the initial “Shared Facilities
Unit Owner” and the initial “Shared Facilities Manager,” as those terms are defined in the Declaration; and

 

WHEREAS, as the Shared Facilities
Unit Owner and Shared Facilities Manager, Owner will be charged with certain management, maintenance and other administrative duties and
obligations under the Declaration with respect to the components of the Project that are identified in the Declaration as the Shared Facilities
(as defined in the Declaration and collectively referred to herein as the “Management Duties”); and

 

WHEREAS, at Owner’s
request, Manager commenced performance of certain of the Management Duties on or about the Commencement Date, and Owner desires to engage
Manager to perform certain of the Management Duties from and after the Commencement Date (notwithstanding that the Declaration has not
yet been finalized, executed or recorded) as specified herein, and Manager desires to accept such engagement, all on the terms and conditions
set forth below.

 

     

     

    

 

NOW, THEREFORE,
in consideration of mutual promises and covenants herein contained, the parties hereto agree for themselves and their respective successors
and assigns, as follows:

 

SECTION ONE

EXCLUSIVE AGENCY/TERM

 

1.1 Owner
hereby designates and appoints Manager as Owner’s designee to perform certain of the Management Duties as of the Commencement Date,
and upon execution of the Declaration, to continue to serve as the “Shared Facilities Manager” designee under the Declaration
to perform certain of the Management Duties with respect to those components of the Project that shall constitute the Shared Facilities
pursuant to the terms of the Declaration (which portions of the Project are referred to herein as the “Shared Facilities”
notwithstanding that the Declaration has not yet been executed). Owner hereby authorizes Manager to exercise such powers with respect
to the Shared Facilities as may be reasonable or necessary for the performance of Manager’s obligations under the terms and conditions
of this Agreement. Manager accepts such appointment under the terms and conditions hereinafter set forth.

 

1.2 The
Manager’s duties and responsibilities shall commence on the Commencement Date and continue for one year thereafter (the “Initial
Term”), and shall continue thereafter for annual periods (each, a “Renewal Term” and, together with the Initial
Term, the “Term”) unless on or before thirty (30) days prior to the expiration of the Term, either party hereto shall
notify the other in writing of its intention to terminate this Agreement in which case this Agreement may shall terminate as of the expiration
of the Term. This Agreement may also be terminated as set forth in Section 6 below.

 

SECTION TWO

MANAGEMENT OF THE SHARED FACILITIES

 

2.1 Owner
hereby appoints Manager as its lawful agent and attorney-in-fact to do the following, to the extent Manager has received from Owner and/or
the Unit owners the necessary funds to do the following:

 

(a)
To manage, operate, and maintain the Shared Facilities in accordance with the Project Standard and otherwise as required
pursuant to the Declaration, and to hire and supervise all employees
and other labor (whether as employees or contracted labor engaged by Owner, Manager or Manager’s affiliates), for the accomplishment
of same.

 

(b)
To prepare annual budgets for the operation, maintenance, repair and insuring of the Shared Facilities (which annual budgets
shall include the anticipated labor and overhead costs referred to in Section 3.2 hereof) and
to pay all such expenses as they become due to the extent funds are made available to Manager to do so and subject to the limitations
in the applicable budget and the terms of this Agreement.

 

(c)
To levy and collect “Assessments” (as such term is defined in the Declaration) from and after the Commencement Date pursuant
to the procedures of Article 15 of the Declaration from Owner as to all of the Project until a Unit is sold or transferred to another
party, and thereafter to the Owners of the Units in the allocations contemplated by said Article 15. 

 

(d)
To take any actions authorized by the Declaration to collect the Assessments and any other amounts owed by Owner or other Unit Owners
and to enforce the terms of the Declaration with respect to Shared Facilities; and

 

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(e)
If any Unit Owners are affiliates of Owner (whether one or more, the “Affiliated Owners”) and the Affiliated Owners
have engaged managers of such Units (the “Other Project Managers”), to supervise the performance of the Other Project
Managers under the management agreements between the Other Project Managers and the Affiliated Owners.

 

2.2 Manager
will make available to Owner the advice, consultation, direction and supervision of its technical staff, if any, in connection with ordinary
maintenance and repair of the Shared Facilities. However, if it becomes advisable or necessary to make extraordinary repairs or engage
in extensive construction or rehabilitation of the Shared Facilities or any part thereof, or if Manager is called upon to perform any
extraordinary services not customarily a part of the usual services performed by a building manager, it is agreed by the parties hereto
that Manager shall receive an additional fee therefor in an amount to be agreed upon between the parties with respect to such extraordinary
services.

 

2.3 Manager
shall use every legitimate effort to collect delinquent Assessments, including the sending of notices and letters. Manager shall notify
Owner of all instances of delinquency in the monthly financial statements. When necessary, as directed by Owner, Manager shall institute
any and all legal actions or proceedings to effect collections or otherwise to enforce the rights of Owner under the Declaration, and
for any of the above-mentioned purposes Manager may employ counsel as directed by and approved by Owner at Owner’s expense or use
Owner’s designated counsel. It is understood that all monies expended to collect delinquent accounts shall be Owner’s expense.

 

2.4 Manager
shall make and deduct all disbursements as contemplated by the then current Operating Budget or otherwise authorized by Owner or pursuant
to this Agreement from income collected. In the event that at any time there be insufficient funds available in the custody of Manager
from the current collections to make such authorized disbursements, Owner agrees to furnish Manager within five (5) business days with
funds required to make such payments. Owner agrees to reimburse Manager promptly for any such authorized disbursement that Manager may
elect to advance for the account of Owner. Nothing herein contained, however, shall be construed to obligate Manager to make any such
advances.

 

2.5 Manager
shall establish and maintain office records, books and accounts that will duly account for all transactions relating to the Shared Facilities
as required by the Declaration. Owner shall at all times have access to such records, books and accounts and to all files and all other
material pertaining to the Shared Facilities and this Agreement. On or before the fifteenth (15th) day of each calendar month
during the Term, Manager shall deliver to Owner: a report as to the “Shared Facilities Costs” (as defined in the Declaration)
and collected Assessments, a variance report describing the reason for each account line item variance that is equal to or greater than
10% of the budgeted line item, all bank statements and reconciliations, and aged scheduled of delinquent accounts receivable, and any
other statements for the Shared Facilities reasonably requested by Owner. The other Unit Owners shall have access to the financial records
of Shared Facilities Manager maintained pursuant to this Agreement as and to the extent provided in the Declaration. All such books, records
and other information maintained by Manager shall be deemed the property of Owner and, in the event this Agreement is terminated for any
reason, Manager shall deliver the original copies thereof to Owner or its designee no later than ten (10) days following such termination.
Within thirty (30) days following the expiration or earlier termination of this Agreement, unless otherwise agreed, Manager shall provide
a final accounting to Owner in such form as requested by Owner, of the Shared Facilities Costs and any other costs incurred by Manager
(on behalf of Owner or any other Unit owner) during the term of this Agreement. Manager agrees upon Owner’s request following the
termination of this Agreement to continue to provide services regarding true-ups in connection with year-end reconciliations and the like.

 

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2.6 Manager
shall, for each calendar year, prepare and submit to Owner (i) a proposed operating budget which sets forth estimated Shared Facilities
Costs delineated by month on cash and accrual basis accounting (each an “Operating Budget”); and (ii) a proposed capital
improvements budget which sets forth estimated Assessment income and expenses in connection with the replacement, repair and maintenance
of equipment or improvements of a capital nature on or about the Shared Facilities (the “Capital Improvements Budget”,
the Operating Budget and Capital Improvements Budget shall hereinafter be referred to individually as a “Budget” and
collectively as the “Budgets”). Manager shall use commercially reasonable efforts to present each proposed Budget for
the succeeding calendar year to Owner no later than November 1 of the preceding year. Manager shall allocate among the Unit Owners all
Shared Facilities Costs, including operating and capital expenses, in accordance with applicable provisions of the Declaration (it being
acknowledged, however, that Owner currently is the fee owner of the entirety of the Project and shall pay all Shared Facilities Costs
as authorized by this Agreement before and after execution of the Declaration until a Unit is sold or transferred to another party).

 

If the proposed
Budgets are acceptable to Owner, Owner shall endeavor to notify Manager within thirty (30) days after Owner’s receipt of the proposed
Budget. If approval of an Operating Budget is not given on or before such date, then the Approved Operating Budget (as defined below)
for the immediately prior calendar year shall be used as the Operating Budget until such time as Owner approves the proposed Operating
Budget. The proposed Operating Budget when approved or deemed approved, shall then become the “Approved Operating Budget”
for purposes of this Agreement. If approval of a Capital Improvements Budget is not given by Owner on or before December 31st
of each year, then, until such time as the proposed Capital Improvements Budget is approved by Owner, Manager shall obtain Owner’s
prior approval, which shall be given in Owner’s sole discretion, of all Assessment income and expenses in connection with the replacement,
repair and maintenance of equipment or improvements of a capital nature on or about the Shared Facilities. The parties have approved the
initial Operating Budget for calendar year 2020 attached hereto as Exhibit A, and as such, Exhibit A constitutes the initial
Approved Operating Budget.

 

The
Approved Operating Budget shall constitute an authorization for Manager to adopt regular and special Assessments in accordance with the
terms and conditions of the Declaration to cover the Shared Facilities Costs reflected in the Approved Operating Budget and to incur reasonable
or necessary charges to manage and operate the Shared Facilities. Any contemplated expenditure that will result in (i) the total budget
expenditures set forth in the Approved Operating Budget being exceeded by five percent (5%), or (ii) a particular budget line being exceeded
by an aggregate amount of the greater of $10,000.00 and five percent (5%) of such line item shall, in each case, require the prior written
approval of Owner; provided, however, that Manager shall not, except as necessary in connection with an emergency situation, exceed
the amount budgeted for labor and overhead (as permitted and contemplated by Section 3.2 hereof) without the Owner’s prior
written approval, which may be withheld in Owner’s reasonable, but sole discretion.
Manager shall notify Owner in writing of the proposed variance and Owner shall approve or disapprove the requested expenditure in writing
within five (5) days of receipt of Manager’s notification. Should Owner fail to notify Manager within such five (5) day period,
the requested variance will be deemed disapproved by Owner. Once approved by Owner, Manager shall revise the budget and adopt additional
regular and special Assessments to cover such variance in accordance with the terms and conditions of the Declaration. 

 

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2.7 Manager
shall open and maintain a client trust bank account at Owner’s expense, in both Owner’s and Manager’s name at a financial
institution designated by Manager (the “Operating Account”). At all times the funds deposited shall be the sole and
exclusive property of Owner and shall not be commingled with any other funds. Manager shall deposit into the Operating Account all Assessments
and any other funds collected from operational activities of the Shared Facilities. All Assessments shall be deposited to the Operating
Account, unless otherwise permitted by this Agreement or instructed by Owner. Manager shall not make any changes to the depository bank
or depository arrangements without Owner’s prior written consent. At Owner’s direction any reserve funds shall be kept in
a segregated account and any transaction affecting such funds, including the issuance of checks, shall be signed by an authorized signatory
approved by Owner.

 

2.8 Manager
shall arrange for the cleaning, maintenance and services needed by the Shared Facilities and shall enter into any necessary contracts
or other obligations in connection therewith, subject to the terms hereof. Each such service contract entered into by Manager shall be
consistent with the allocated amount in the line item for the applicable service set forth in the Approved Operating Budget. Each such
service contract shall not extend for more than one year, shall include a provision for cancellation thereof upon not more than thirty
(30) days’ written notice and without payment of any cancellation fee (unless otherwise approved in writing by Owner), shall provide
that the contract shall automatically terminate upon the expiration or earlier termination of this Agreement, and
shall require that all contractors provide evidence of sufficient insurance. All service contracts may be entered into by Manager in its
own name or for the account and in the name of Owner and the funds necessary to pay for the services so obtained shall be paid from the
Operating Account. At such times as may be required by applicable law, Manager shall prepare and provide to each property vendor providing
services to the Shared Facilities a 1099 form or other forms required by such applicable law to evidence payment for services rendered.

 

2.9 If
the Shared Facilities are separately assessed, Manager will promptly send to Owner and to Owner’s tax consultant upon receipt all
notices regarding Taxes or valuations and recommend from time to time the advisability of contesting either the validity or the amount
of the Taxes on the Shared Facilities or the valuation of the Shared Facilities. Upon receiving Owner’s approval, Manager in conjunction
with Owner’s tax consultant shall protest and attempt to reduce the Taxes or adjust the valuation for the property through administrative
appeal. All Taxes levied or assessed against the Shared Facilities shall be paid from the Operating Account. Finally, Manager shall oversee
and administer the duties of Shared Facilities Manager under Article 14 of the Declaration in the event that any Unit is included and
taxed as part of another Unit or as otherwise required by said Article.

 

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2.10 Owner
shall have the right to audit Manager’s books with respect to the Shared Facilities with not less than 24 hours’ notice during
reasonable business hours at Owner’s expense.

 

2.11 Owner
shall provide to Manager copies of any agreements between Affiliated Owners and Other Project Managers. In supervising the Other Project
Managers, Manager shall be authorized to give and receive all information, notices and other communications authorized or required under
the applicable management agreements; provided, however, that Manager may only approve an annual budget or elect to terminate or extend
the term of a management agreement with an Other Project Manager with the consent of the applicable Affiliated Owner.

 

SECTION THREE

COMPENSATION AS MANAGING AGENT

 

3.1 Owner
agrees to draw upon on its loan with Bank OZK on a monthly basis to timely pay the Shared Facilities Costs incurred or anticipated to
be incurred by Manager to the extent authorized pursuant to the terms of this Agreement, which payments may be in the form of Assessments
for Shared Facilities Costs with respect to the Project, and after an Units are sold and transferred, on Units which it owns and to the
extent such monthly assessments are not timely paid from such loan proceeds, within two (2) business days’ notice of such failure,
to cause its members, 54M 1350 S Dixie Hwy LLC and NPI SOUTH DIXIE LLC, to pay their respective share (based on their respective Percentage
Interests as set forth in the Amended and Restated LLC Agreement of 1350 S Dixie Holdings LLC dated as of November 14, 2017) of such Assessments.

 

3.2 The
parties acknowledge that Owner shall not be obligated to pay a separate management fee to Manager, but that the Shared Facilities Costs
will include burden on labor and reasonable overhead costs of Manager.

 

SECTION FOUR

LEGAL REQUIREMENTS

 

Manager shall take
such action as may be necessary to comply with any and all orders or requirements affecting the Shared Facilities by any federal, state,
county or municipal authority having jurisdiction there over. Manager, however, shall not take any such action as long as Owner is contesting,
or has affirmed its intention to contest and promptly institutes proceedings contesting, any such order or requirement except that, where
failure to comply promptly with any such order or requirement might expose Manager to criminal liability, Manager may take such action.
On obtaining knowledge thereof, Manager shall promptly notify Owner in writing of any violation, order, rule or determination of any federal,
state or municipal authority affecting the Shared Facilities, providing with such notification, copies of any official documents concerned.
Except as otherwise provided in this Agreement or where the law imposes a legal duty or penalty on Manager, or on Manager and Owner, as
distinguished from Owner alone, Manager shall not make repairs or additions or alterations or comply with orders of any public authority
without the consent of Owner.

 

    6

     

    

 

SECTION FIVE

INSURANCE/INDEMNIFICATION

 

5.1  Manager
(or its parent company, NP International USA, LLC) shall obtain and keep in force during the terms of this Agreement insurance policies
that satisfy the following specifications:

 

		●	Property insurance on any
of Manager’s business personal property for 100% replacement cost on a broad form basis.
	 	 	 

		●	General Liability insurance,
written by a carrier with an A.M. Best Rating of no less than A VII, with a limit of liability of at least $1,000,000 per occurrence and
$5,000,000 aggregate. The $5,000,000 limit may be comprised of a combination of primary general liability and Umbrella coverage.
	 	 	 

		●	Automobile insurance with
a limit of liability of $5,000,000. The $5,000,000 may be comprised of combination of primary and umbrella.
	 	 	 

		●	Workers Compensation Insurance
with employer’s liability limit of no less than $500,000 each accident, $500,000 disease each employee, and $500,000 disease- policy
limit. Umbrella insurance should also extend over the employer’s liability section of the workers compensation insurance coverage.
	 	 	 

		●	Fidelity / Employee Theft Insurance with a limit
of at least $200,000.
	 	 	 

		●	Manager shall provide Owner
with a certificate of insurance showing the above limits and adding Owner as Additional Insured.

 

5.2 Manager
shall also be responsible to obtain and keep in force during the Term, as a Shared Facilities Cost, all liability and casualty insurance
coverage for the Shared Facilities required under the Declaration. Manager shall be designated as a party insured with Owner under such
policy of liability insurance to the extent provided in the Declaration.

 

5.3 Owner
shall indemnify and defend Manager, Manager’s representatives, and their affiliates, partners, directors, officers, shareholders,
agents, and employees and hold it harmless against any and all loss, cost, claim, expense or damage whatsoever, suffered or incurred by
Manager arising from or in connection with Manager’s performance of its duties under this Agreement unless such loss, cost, claim,
expense or damage results in whole or in part from (a) any acts of negligence, willful misconduct, or fraud of Manager, its officers,
partners, directors, agents, or employees, or (b) breach of this Agreement or applicable law by Manager, or (c) acts of Manager, its officers,
partners, directors, agents, or employees taken outside of the scope of this Agreement and Manager’s engagement. The indemnification
provisions shall survive expiration or termination of this Agreement.

 

    7

     

    

 

5.4 Manager
shall indemnify, defend and hold Owner, Owner’s representatives, and their affiliates, partners, directors, officers, shareholders,
agents, and employees harmless from and against all claims, damages and costs arising out of or in connection with (a) any acts of negligence,
willful misconduct, or fraud of Manager, its officers, partners, directors, agents, or employees, or (b) breach of this Agreement or applicable
law by Manager, or (c) acts of Manager, its officers, partners, directors, agents, or employees taken outside of the scope of this Agreement
and Manager’s engagement. The indemnity herein contained shall survive the expiration or earlier termination of this Agreement,
but shall not apply to any claim with respect to which and to the extent Manager is covered by insurance, provided that the foregoing
exclusion does not invalidate Manager’s insurance coverage.

 

SECTION SIX

TERMINATION OF AGREEMENT

 

6.1 This
Agreement shall be terminated and, except as to the liability for claims or liabilities that shall have accrued or arisen prior to such
termination, all obligations hereunder shall cease on the happening of any of the following events:

 

(a)
Bankruptcy or Insolvency. In the event a petition in bankruptcy is filed by or against either Owner or Manager, or in the event that either
shall make any assignment for the benefit of creditors or take advantage of any insolvency act, either party hereto may forthwith terminate
this Agreement on fifteen (15) days’ notice in writing to the other party.

 

(b)
Condemnation. On the taking of the entire or a substantial portion (more than 50% percent of the total square footage of the Shared Facilities)
of the Shared Facilities through lawful condemnation proceedings by any governmental body, either party may terminate this Agreement by
service of thirty (30) days’ written notice by certified mail to the other party.

 

(c)
Suit or Action. If any suit or action is instituted by either party hereto in connection with any controversy arising out of this Agreement,
Owner or Manager shall have right to terminate this Agreement on fifteen (15) days’ notice to the other party. The prevailing party
in such action shall be entitled to recover, in addition to costs of suit, such sum as the court may adjudge reasonable as attorney fees
in such suit or action and on any appeal from any judgment or decree entered thereon.

 

(d)
Breach of Obligation. If Manager shall fail to deal properly with or account for funds delivered to it under this Agreement or by Unit
owners, Owner may terminate this Agreement on thirty (30) days’ written notice to Manager.

 

(e)
Sale of Shared Facilities. If Owner sells its entire interest in the Shared Facilities, to a bona fide purchaser which is not an entity
of which Owner (or its shareholders, partners, members or officers/directors) is a parent, affiliate, partner, member, shareholder, or
the like, then this Agreement shall terminate on the date such sale becomes final and ownership is transferred from Owner to a third party.

 

(f)   
By either party without cause with thirty (30) days’ written notice from the canceling party to the other.

 

    8

     

    

 

6.2 On
termination of this Agreement for any reason, Manager shall deliver the following items to Owner:

 

(a) A
final accounting, reflecting the income and expenses of the Shared Facilities as of the effective date of termination, which accounting
shall be delivered to Owner within sixty (60) days after such effective date of termination of this Agreement, provided that Owner shall
pay Manager all sums of money due to Manager from Owner as of the termination date, and within ten (10) days of receipt of Manager’s
final accounting.

 

(b)
Any balance of monies of Owner held by Manager with respect to the Shared Facilities, which monies shall be delivered to Owner immediately
on such termination, subject only to sums owed to Manager.

 

(c)
All records, contracts, leases, receipts for deposits, unpaid bills and other papers or documents that pertain to the Shared Facilities,
which papers and documents shall be delivered immediately upon such termination.

 

SECTION SEVEN

ASSIGNMENT

 

Neither party shall assign
this Agreement without the prior written consent of the other party.

 

SECTION EIGHT

NOTICES

 

All notices
referred to in this Agreement shall be deemed to be sufficiently given if in writing and (i) personally delivered; (ii) delivered by
overnight courier; (iii) delivered by electronic transmission (provided to be effective such notice must also be given by another
method set forth herein); or (iv) sent by registered or certified mail, return receipt requested by United States registered mail to
Owner or Manager, as the case may be, at their respective addresses set forth above or at such other address or addresses as either
party shall hereafter designate by written notice to the other party. Notices may also be provided by email to the following
addresses: Owner: [***]; Manager - [***]

 

SECTION NINE

COMPLETE AGREEMENT; MODIFICATION

 

This Agreement
supersedes all prior agreements, written or oral, pertaining to the subject matter hereof and contains the entire understanding of the
parties. This Agreement may not be changed or modified orally, but only by written instrument signed by duly authorized officers of the
parties hereto.

 

    9

     

    

 

SECTION TEN

PARTIES BOUND

 

This Agreement shall be binding on the parties
hereto, their successors and assigns.

 

SECTION ELEVEN

DEFINITION OF “MANAGER”

 

The term “Manager”
as used in this Agreement shall not include any corporate subsidiaries or affiliates of Manager who perform services in, on or about the
Shared Facilities arising out of or in connection with this Agreement. Any such subsidiaries or affiliates of Manager who perform services
in, on or about the Shared Facilities shall be considered subcontractors of Manager.

 

SECTION TWELVE

SECTION CAPTIONS

 

Section captions
are for the convenience of the parties and shall not affect the interpretation of this Agreement.

 

SECTION THIRTEEN

CHOICE OF LAW

 

This Agreement has
been made and entered into in the State of Florida, and the laws of such state shall govern the validity and interpretation of this Agreement
and the performance due hereunder.

 

SECTION FOURTEEN

EFFECT OF PARTIAL INVALIDITY

 

Should any section
or any part of any section of this Agreement be rendered void, invalid or unenforceable for any reason by any court of law exercising
competent jurisdiction, such a determination shall not render void, invalid or unenforceable any other section or any part of any section
in this Agreement.

 

[Signatures begin on following page]

 

    10

     

    

 

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

 	MANAGER:	 	 	 
	 	 	 	 
	NPI Management, Inc.	 
	 	 	 	 
	 	By:	/s/ Brent Reynolds	 
	 	Print Name:	Brent Reynolds	 
	 	Its:	President	 
	 	 	 	 
	OWNER:	 	 	 
	 	 	 	 
	1350 S DIXIE HOLDINGS LLC, a Delaware limited liability company
	 	 	 	 
	 	By NPI SOUTH DIXIE LLC, a Delaware limited liability company
	 	Its Managing Member	 
	 	 	 	 
	 	By:	/s/ Brent M. Reynolds	 
	 	Name:	 Brent M. Reynolds	 
	 	Its:	Authorized Representative	 
	 	 	 	 
	 	54M 1350 S DIXIE HWY LLC, a Delaware limited liability company
	 	Its Member	 
	 	 	 	 
	 	By:	/s/ Henry R. Silverman	 
	 	Print Name:	Henry R. Silverman	 
	 	Its:	Authorized Signatory	 

 

    11

     

    

 

EXHIBIT A

 

2020 OPERATING BUDGET

 

 

 

 

12

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