Document:

Exhibit
10.3

 

FIRST
AMENDMENT TO

REAL
ESTATE PURCHASE AND SALE AGREEMENT

 

This
FIRST AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this "First Amendment"), is made as of this day of
September, 2016 (the "Effective Date"), by and between MEDALIST FUND I-A, LLC, a Delaware limited liability company
("Seller"); and MDR FRANKLIN SQUARE, LLC, a Delaware limited liability company, or its permitted assigns ("Buyer").

 

RECITALS

 

A.            Seller
and Medalist Diversified Holdings, L.P. ("Holdings") entered into that certain Real Estate Purchase and Sale
Agreement (the "Agreement") effective as of June 1, 2016, regarding the purchase of the Property, which is more
particularly described in the Agreement.

 

B.            Medalist
assigned all its right, title, and interest in, to, and under the Agreement to Buyer pursuant to that certain Assignment and Assumption
of Contract of Sale dated June 24, 2016.

 

C.            The
parties have agreed to modify and amend the Agreement as more particularly set forth in this First Amendment.

 

AMENDMENT

 

NOW,
THEREFORE, in consideration of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged by the Parties, the Parties agree as follows:

 

1.             Definitions.
All capitalized terms used this in this First Amendment but not otherwise defined shall have their same meanings as set forth
in the Agreement.

 

2.             Purchase
Price. Section 1.3 of the Agreement is hereby deleted and replaced with the following in its entirety.

 

		1.3 (a)	Purchase
                                         Price. The purchase price for the Property shall be Twenty Five Million Five Hundred
                                         Thousand and 00/Dollars ($20,500,000.00) plus or minus all adjustments and/or credits
                                         as set forth herein (the "Purchase Price").

 

(b)
Payment of Purchase Price. The Purchase Price shall be paid to Seller by Buyer on the Closing Date (as defined below) ,
in the following manner: (i) by the assumption of all amounts outstanding under the Assumed Loan (as defined below) (the "Assumption
Amount"), as further described under Section 9.20 below; and (ii) by the payment by wire transfer of immediately available
federal funds in amount equal to the Purchase Price less the Assumption Amount (the "Cash Amount").

 

     

     

    

 

Notwithstanding
the foregoing, in lieu of an all-cash payment of the Cash Amount, Seller may, in Seller's sole discretion, accept a combination
of cash and units of limited partnership interest ("OP Units") in the Buyer (the "Aggregate Consideration").
The proportion of cash and OP Units, if any, shall be determined by the Buyer and Seller on or prior to the Closing Date.

 

3.             Loan
Assumption. The following Section 9.20 is hereby added to the Agreement, and shall be incorporated therein as if such Section
had been a part of the original Agreement:

 

		9.20	Loan Assumption.

 

		(a)	Buyer recognizes and agrees
that in connection with a loan (the "Assumed Loan") initially made to Seller by JEFFRIES LOANCORE LLC, a Delaware limited
liability company (the "Lender"), the Property presently is encumbered by a Deed of Trust, Assignment of Leases
and Rents, and Security Agreement dated as of February 10, 2016 (the "Assumed Deed of Trust"), and certain
other security and related documents in connection with the Assumed Loan (collectively, the "Assumed Encumbrances").
The Assumed Loan is evidenced by that certain promissory note dated February 10, 2016 in the stated principal amount of Fourteen
Million Two Hundred Seventy-Five Thousand and NO/ 100 Dollars ($14,275,000.00) (the "Note" and together with
the Assumed Deed of Trust, the Assumed Encumbrances and any other documents executed by Seller in connection with the Assumed
Loan, the "Assumed Loan Documents"), executed by Seller and payable to the order of the Lender. Seller agrees
that it will make available to Buyer copies of the Assumed Loan Documents by providing such copies that are in Seller's possession
or control directly to Buyer, within ten (10) business days after the Effective Date.

 

		(b)	At the Closing, subject to
the Lender's consent and approval as provided for in this Agreement: (a) Buyer shall assume Seller's obligations under the Note
and all of the other Assumed Loan Documents and accept title to the Property subject to the Assumed Encumbrances, and (b) the
Lender shall release Seller, as well as any guarantors and other obligated parties under the Assumed Loan Documents, from all
obligations under the Assumed Loan Documents (collectively, the foregoing (a) and (b) referred to herein as the "Loan
Assumption and Release").

 

     

     

    

 

		(c)	Buyer acknowledges that the
Assumed Loan Documents require the satisfaction by Buyer of certain requirements as set forth therein to allow for the Loan Assumption
and Release. Accordingly, Buyer, at its sole cost and expense, shall submit a complete application to Lender for assumption of
the Assumed Loan together with all documents and information required in  connection therewith (the "Loan Assumption
Application"), on or prior to the expiration of the Inspection Period. Buyer acknowledges and agrees that Buyer is solely
responsible for the preparation and submittal of the Loan Assumption Application, including the collection of all materials, documents,
certificates, financials, signatures, and other items related to Buyer that are required to be submitted to Lender in connection
with the Loan Assumption Application; provided, however, Seller shall cooperate with Buyer to provide such documentation and information
as may be required in connection with the Loan Assumption Application. Seller acknowledges and agrees that Seller is responsible
for the submittal to Lender of all materials, documents, certificates, financials, signatures, and other items related to the
Seller that are required to be submitted to Lender in connection with the Loan Assumption Application; provided, however, Buyer
shall cooperate with Seller to provide such documentation and information as may be required in connection with the Loan Assumption
Application.

 

		(d)	Buyer shall comply with Lender's
reasonable assumption guidelines in connection with the Loan Assumption and Release. Buyer shall be responsible at its sole cost
and expense to use commercially reasonable efforts to correct and re-submit any deficiencies noted by Lender in connection with
the Loan Assumption Application no later than three (3) business days after notification from Lender of such deficiency. Notwithstanding
the foregoing, Buyer shall not be required to assume the Assumed Loan and Buyer may terminate this Agreement and receive a Refund
of the Deposit if Lender's approval of the assumption is conditioned upon material modifications to the current Assumed Loan documents
which would, without limitation, increase the interest rate, shorten the maturity date, or require any form of additional or increased
security or cash collateral on the part of Buyer beyond what is currently provided for in the Assumed Loan documents. Buyer shall
not request any material modifications of the Assumed Loan documents or to the business terms of the Loan. In addition, and for
the avoidance of doubt, Buyer shall not place any supplemental financing on the Property on or prior to Closing.

 

		(e)	Buyer shall pay all fees
and expenses (including, without limitation, all servicing fees and charges, transfer fees, assumption fees, title fees and endorsement
fees) imposed or charged by the Lender or its counsel (such fees and expenses collectively being referred to as the "Lender
Fees"), in connection with the Loan Assumption Application and the Loan Assumption and Release; provided, however, Seller
shall be solely responsible for the payment of any and all penalties and fees related to the acts or omissions of Seller under
the Assumed Loan Documents.

 

     

     

    

 

		(f)	Seller shall assign all of
its right, title and interest in and to all reserves, impounds and other accounts held by Lender in connection with the Assumed
Loan, and at Closing, Buyer shall remit to Seller an amount equal to the balance of such reserves (including, without limitation,
the tenant improvement reserve, capital improvement reserve, tax reserve, and insurance reserve), impounds and accounts so assigned.

 

		(g)	The Loan Assumption and Release
upon Closing shall be a condition to Closing unless waived by Buyer and Seller. In the event Lender delivers written notice expressly
rejecting the Loan Assumption and Release, then this Agreement shall thereafter be terminated due to the failure of said condition,
and the Deposit shall be Refunded to Buyer and neither party shall have any further liability hereunder, except for such obligations
and indemnities which expressly survive the termination of this Agreement.

 

4.             Ratification.
The parties hereby ratify and affirm the Agreement, which Agreement shall remain in full force and effect, except as specifically
modified by this First Amendment.

 

5.             Counterpart
Signatures. This First Amendment may be signed in any number of counterparts, each of which shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

 

6.             Facsimile
and PDF Signatures. Handwritten signatures to this First Amendment transmitted by telecopy or electronic mail (for example,
through use of a Portable Document Format or "PDF" file) shall be valid and effective to bind the party so signing.
Each party to this First Amendment shall be bound by its own telecopied or electronically transmitted handwritten signature and
shall accept the telecopied or electronically transmitted handwritten signature of the other party to this First Amendment.

 

[Remainder
of page intentionally left blank; signatures to follow on next pages.]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the date first written above.

 

	 	SELLER:
	 	 
	 	MEDALIST FUND I-A, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	Medalist Fund Manager, Inc., a
	 	 	Virginia corporation
	 	Its: Manager
	 	 	 
	 	 	By: 	/s/ Thomas Messier
	 	 	Name: 	Thomas Messier
	 	 	Title: 	Manager

 

	 	BUYER:
	 	 
	 	MDR FRANKLIN SQUARE, LLC, a
	 	 
	 	Delaware limited liability company
	 	 	 
	 	By: 	/s/ Thomas Messier 
	 	Name: 	Thomas Messier 
	 	Its:	Authorized SignatoryExhibit 10.4 

 

SECOND AMENDMENT TO REAL ESTATE 

PURCHASE AND SALE AGREEMENT

 

This SECOND AMENDMENT
TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Second Amendment”), is made as of this ___ day of October,
2017 (the “Effective Date”), by and between MEDALIST PROPERTIES 8, LLC, a Delaware limited liability
company (“Seller”); and MEDALIST DIVERSIFIED HOLDINGS, L.P., a Delaware limited partnership, or
its permitted assigns (“Buyer”).

 

RECITALS

 

A.       Seller
and Buyer entered into that certain Real Estate Purchase and Sale Agreement effective as of July 31, 2016, as amended by that certain
First Amendment to and Reinstatement of Real Estate Purchase and Sale Agreement dated as of July 25, 2017 (collectively, the “Agreement”),
regarding the purchase of the Property, which is more particularly described in the Agreement.

 

B.       The
parties have agreed to modify, amend, ratify and reinstate the Agreement as more particularly set forth in this Second Amendment.

 

AMENDMENT

 

NOW, THEREFORE, in
consideration of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by the Parties, the Parties agree as follows:

 

1.       Definitions.
All capitalized terms used this in this Second Amendment but not otherwise defined shall have their same meanings as set forth
in the Agreement.

 

2.       Closing
Date. Section 1.5 of the Agreement is hereby deleted and replaced with the following:

 

Closing Date. The closing
of the transaction contemplated by this Agreement (the “Closing”) shall take place through an escrow with Escrow
Holder on or before November 15, 2017 (the “Closing Date”).

 

All references to the
Closing or the Closing Date in the Agreement shall mean and refer to the Closing and the Closing date as defined in this Second
Amendment.

 

3.       Counterpart
Signatures. This Second Amendment may be signed in any number of counterparts, each of which shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

 

4.       Facsimile
and PDF Signatures. Handwritten signatures to this Second Amendment transmitted by telecopy or electronic mail (for example,
through use of a Portable Document Format or “PDF” file) shall be valid and effective to bind the party so signing.
Each party to this Second Amendment shall be bound by its own telecopied or electronically transmitted handwritten signature and
shall accept the telecopied or electronically transmitted handwritten signature of the other party to this Second Amendment.

 

[Remainder of page intentionally left
blank; signatures to follow on next pages.]

 

    	 		

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Second Amendment as of the date Second written above.

 

	 	SELLER:
	 	 
	 	MEDALIST PROPERTIES 8, LLC, a
	 	Delaware limited liability company
	 	 
	 	By:	Medalist Fund Manager, Inc., a
	 	 	Virginia corporation
	 	Its:	Manager

 

	 	By:	 	/s/ William R. Elliott
	 	Name:	William R. Elliott
	 	Title:	Co-Manager

 

	 	BUYER:
	 	 
	 	MEDALIST DIVERSIFIED HOLDINGS, L.P., a
	 	Delaware limited partnership
	 	 
	 	By:	 	/s/ William R. Elliott	 
	 	William R. Elliott, Authorized Signatory

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