Document:

cosmos_ex102.htm

EXHIBIT 10.2
  
 THIS AGREEMENT shall take effect on and from the Effective Date (as defined in the Appendix).
  
 BY AND AMONGST:
  
 	 (1) 
	the Company (as defined in the Appendix);
	  
	  

	 (2) 
	the Service Agent (as defined in the Appendix); and
	  
	  

 (the Company, and the Service Agent are collectively referred to as the "Parties", and each of them is referred to as the "Party").
  
 WHEREAS:
  
 	 (A) 
	 The Company, has appointed the Service Agent, as the service agent to perform certain finance, accounting, coordination, marketing, operational, advisory, and other administrative work and services, described in greater detail in the Appendix (together, the “Services”).

	  
	  

	 (B) 
	 The Service Agent and the Company hereby agree to execute this Agreement to set out the details of the Services to be provided by the Service Agent to the Company.

	  
	  

 IT IS HEREBY AGREED between the Parties as follows:
  
 	 1. 
	DEFINITIONS AND INTERPRETATION
	  
	  

	 1.1 
	Definitions: In this Agreement, including the recitals and schedules hereto, unless the context otherwise requires:
	  
	  

 	 “Business Day”
	 means a day (other than Saturday or Sunday or designated public holiday) on which banking institutions are open for money market dealings in Hong Kong.
  

	 “Service Agent’s Remuneration”
	 has the meaning ascribed to it in the Appendix.
  

	 “Services”
	 as defined in paragraph (A) above.

  
 	 2. 
	 COMMENCEMENT AND DURATION

	  
	  

	 2.1 
	 The Service Agent shall provide the Services to the Company from the Effective Date until termination of this Agreement in accordance with the provisions hereof.

	  
	  

	 3. 
	 SERVICE AGENT’S RESPONSIBILITIES

	  
	  

	 3.1 
	 The Service Agent shall use reasonable endeavours to provide the Services to the Company, in accordance with this Agreement in all material respects and shall allocate sufficient resources to the Services to enable it to comply with this obligation.

	  
	  

 	 
	Page 1 of 8
	

	 

   
 	 3.2 
	 In performing its obligations under this Agreement, the Service Agent shall:

	  
	  
	  

	  
	 (a) 
	ensure that it and its team will use reasonable skill and care in the performance of the Services; and
	  
	  
	  

	  
	 (b)
	comply with all applicable laws, statutes and regulations from time to time in force.
	  
	  
	  

 	 4. 
	 OBLIGATIONS OF THE COMPANY

	  
	  

	 4.1 
	 The Company shall be liable to pay to the Service Agent, on demand, all reasonable costs, charges or losses sustained or incurred by the Service Agent (including any direct, indirect or consequential losses, loss of profit and loss of reputation, loss or damage to property and those arising from injury to or death of any person and loss of opportunity to deploy resources elsewhere) that arise directly or indirectly from the Company’s fraud, negligence, failure to perform or delay in the performance of any of its obligations under this Agreement.

	  
	  

	 5. 
	 REMUNERATION

	  
	  

	 5.1 
	 In consideration of the provision of the Services by the Service Agent, the Company shall pay the Service Agent the Service Agent’s Remuneration in accordance with the provisions set out in the Appendix.

	  
	  

	 6. 
	 INDEMNITY

	  
	  

	 6.1 
	 The Company agrees that it will, at all times, fully indemnify and hold harmless the Service Agent from and against any claims, demands, losses, damages, charges, costs and expenses of whatever nature which the Service Agent may at any time and from time to time sustain, incur or suffer by reason of this Agreement and the transactions contemplated hereunder or liability hereunder or otherwise in connection with or arising in any way whatsoever out of this Agreement and the transactions contemplated hereunder.

	  
	  

	 7. 
	 CONFIDENTIAL INFORMATION

	  
	  

	 7.1 
	 No information which are of a confidential nature and have been disclosed to any Party (“Receiving Party”) by the other Party (“Giving Party”) and any other confidential information concerning any Giving Party’s business which the Receiving Party may obtain (the “Confidential Information”) shall be released to any third party by any Receiving Party other than (a) to its directors, auditors, insurers, legal advisors and other consultants and their respective group companies and their directors, auditors, legal advisors and other consultants, in each case, on a need-to-know and confidential basis, (b) to make any insurance claims to the extent permitted under this Agreement, (c) to any authorized credit insurance brokers of the Receiving Party, (d) as required by applicable law or regulation or any legal process, (e) to disclose to governmental and regulatory authorities and self-regulatory organizations and stock exchanges, provided the such Receiving Party shall notify the other Party to the extent permitted by applicable law. 

  
 	 
	Page 2 of 8
	

	 

  
 	 8. 
	 REPRESENTATIONS AND WARRANTIES

	  
	  
	  

	 8.1 
	 Each Party represents and warrants to the other Party as of the date hereof that:

	  
	  
	  

	  
	 (a) 
	 it is a company duly incorporated and validly existing under the laws governing its existence, and is duly qualified to do business, and is in good standing, as a corporation in every jurisdiction where the nature of its business requires it to be so qualified, and has the power to carry on its business and to own its property and other assets and possesses the capacity to sue and be sued in its own name; and

	  
	  
	  

	  
	 (b) 
	 the execution, delivery and performance by it of this Agreement (i) are within its corporate powers, (ii) have been duly authorised by all necessary corporate action, (iii) do not and will not contravene or result in a default under or conflict with its memorandum or articles of association, any law, rule, regulation or order applicable to it, any material contractual restriction (including, without limitation, any facility, loan, credit note or similar agreement) binding on or affecting it or its property or any order, writ, judgment, award, injunction or decree binding on or affecting it or its property.

   
 	 9. 
	TERM AND TERMINATION
	  
	  

	 9.1 
	Subject to termination of this Agreement pursuant to this Clause 9, this Agreement shall be valid for an indefinite term.
	  
	  

	 9.2 
	Each Party reserves the right to terminate this Agreement with immediate notice upon any of the following: (a) in the event that it discovers any act of fraud, misrepresentation or misstatement of accounts by the other Party or any of its directors, officers and employees, or (b) it becomes illegal or unlawful for it to continue being a party to this Agreement.
	  
	  

	 9.3 
	Any termination of this Agreement pursuant to this Clause 9 shall be without prejudice to the rights and remedies of a Party in respect of any previous breach by the other Party of its obligations.

   
 	 10. 
	 LIMITATION OF LIABILITY

	  
	  
	  

	 10.1 
	 Nothing in this agreement shall limit or exclude any Party’s liability for:

	  
	  
	  

	  
	 (a) 
	death or personal injury caused by its negligence, or the negligence of its personnel, agents or subcontractors;
	  
	  
	  

	  
	 (b) 
	fraud or fraudulent misrepresentation; or
	  
	  
	  

	  
	 (c) 
	any other liability which cannot be limited or excluded by applicable law.
	  
	  
	  

	 10.2 
	 Subject to Clause 10.1:

	  
	  
	  

	  
	 (a) 
	neither Party shall have any liability to the other Party, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, for any indirect or consequential loss arising under or in connection with this Agreement;

  
 	 
	Page 3 of 8
	

	 

   
 	  
	 (b) 
	the Service Agent's total liability to the other Party, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, arising under or in connection with this agreement shall be limited to the total amount of the Service Agent’s Remuneration paid by the Company and actually received by the Service Agent under this Agreement; and
	  
	  
	  

	  
	 (c) 
	the Acquiring Company's total liability to the Service Agent, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, arising under or in connection with this agreement shall be limited to total amount of the Service Agent’s Remuneration.

   
 	 11. 
	 NOTICES

	  
	  
	  

	 11.1 
	 All notices and demands required or permitted to be given or made hereunder shall be in writing and delivered personally or sent by post or electronic mail (“email”) addressed to the intended recipient thereof at its address or email address (or to such other address or email address as any Party may from time to time notify the others), and for the avoidance of doubt, the service of any legal proceedings under this Agreement to any Party at its address set out in the Appendix shall be deemed legal and valid service of legal proceedings (regardless of whether the recipient has actually read it).

	  
	  
	  

	 11.2 
	 Any notice or demand shall be deemed to have been duly served:

	  
	  
	  

	  
	 (a) 
	 if delivered by hand, on the day of delivery;

	  
	  
	  

	  
	 (b) 
	 if posted by prepaid ordinary mail, at the expiration of three (3) Business Days after the envelope containing the same shall have been put into the post (in the case of inland post) or seven (7) Business Days (in the case of overseas post);

	  
	  
	  

	  
	 (c) 
	 if sent by registered post or courier, at the expiration of five (5) days after posting and in proving the same it shall be sufficient to show proof of posting issued by the relevant postal authorities or, as the case may be, courier service provider; and

	  
	  
	  

	  
	 (d) 
	 if sent by email, upon the receipt by the sender of the confirmation note indicating that the email message has been sent in full to the recipient's email address, or such other similar medium of receipt, provided always that in the event neither a response or confirmation email is received by the sender from the recipient within two (2) Business Days from the date of sending of the relevant email, the sender shall serve the notice or communication enclosed in the email via any other method set out in paragraphs (a) to (c) above.

	  
	  
	  

	  
	 In proving such service, it shall be sufficient to prove that delivery by hand was made or that the envelope containing such notice or document was properly addressed and posted as a prepaid ordinary mail letter or that the email confirmation note indicates the transmission was successful, or the package as the case may be containing such notice or document was properly addressed and sent to the relevant courier company.

	  
	  
	  

	 11.3 
	 The initial addresses and email addresses of the Parties for the purpose of this Agreement are specified in the Appendix.

   
 	 
	Page 4 of 8
	

	 

  
 	 12. 
	 MISCELLANEOUS

	  
	  

	 12.1 
	 Entire Agreement

	  
	  

	  
	 This Agreement and the Discounting Facility Agreement embody all the terms and conditions agreed upon between the Parties as to the subject matter of this Agreement and supersedes and cancels in all respects all previous agreements and undertakings, representations, warranties, assurances, and arrangements of any nature between the Parties with respect to the subject matter hereof, whether such be written or oral. No future variation shall be effective unless made in writing and signed by each of the Parties.

	  
	  

	 12.2 
	 Release

	  
	  

	  
	 Any liability to any Party under this Agreement may in whole or in part be released, compounded or compromised, or time or indulgence given, by it in its sole and absolute discretion as regards the other Parties under such liability, without in any way prejudicing or affecting its rights against such other Parties.

	  
	  

	 12.3 
	 Indulgence, Waiver, etc

	  
	  

	  
	 No failure on the part of any Party to exercise and no delay on the part of any Party in exercising any right hereunder will operate as a release or waiver thereof, nor will any single or partial exercise of any right under this Agreement preclude any other or further exercise of it or any other right or remedy.

	  
	  

	 12.4 
	 Successors and Assigns

	  
	  

	  
	 This Agreement shall not be assignable by any Party without the prior written approval of the other Parties. This Agreement shall be binding on and shall inure for the benefit of each Party’s successors and permitted assigns. Any reference in this Agreement to any Party shall be construed accordingly.

	  
	  

	 12.5 
	 No Partnership or Agency

	  
	  

	  
	 Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the Parties, constitute any Party the agent of the other Party, or authorise any Party to make or enter into any commitments for or on behalf of the other Party. Each Party confirms it is acting on its own behalf and not for the benefit of the other Party.

	  
	  

	 12.6 
	 Time of Essence

	  
	  

	  
	 Any time, date or period mentioned in any provision of this Agreement may be extended by agreement in writing between the parties thereto in accordance with this Agreement or by agreement in writing but as regards any time, date or period originally fixed or any time, date or period so extended as aforesaid time shall be of the essence.

	  
	  

	 12.7 
	 Further Assurance and Powers

	  
	  

	  
	 At any time after the date of this Agreement, each Party shall, at its own expense, execute such documents and do all such assurances, acts and things as the other Party may reasonably require in good faith for the purpose of giving to the other Party the full benefit of all the provisions of this Agreement and/or to complete or give effect to the transactions contemplated in this Agreement.

   
 	 
	Page 5 of 8
	

	 

  
 	 12.8 
	 Remedies

	  
	  

	  
	 No remedy conferred by any of the provisions of this Agreement is intended to be exclusive of any other remedy which is otherwise available at law, in equity, by statute or otherwise, and each and every other remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law, in equity, by statute or otherwise. The election of any one or more of such remedies by any Party shall not constitute a waiver by such Party of the right to pursue any other available remedies.

	  
	  

	 12.9 
	 Severability of Provisions

	  
	  

	  
	 If any provision of this Agreement is held to be illegal, invalid or unenforceable in whole or in part in any jurisdiction, this Agreement shall, as to such jurisdiction, continue to be valid as to its other provisions and the remainder of the affected provision, and the legality, validity and enforceability of such provision in any other jurisdiction shall be unaffected.

	  
	  

	 12.10 
	 Counterparts

	  
	  

	  
	 This Agreement may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any Party may enter into this Agreement by signing any such counterpart. Each counterpart may be signed by a Party or Parties and transmitted by e-mail which shall be valid and effectual as if executed as an original.

	  
	  

	 12.11 
	 Third Party Rights

	  
	  

	  
	 It is the intention of the Parties that a person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong) to enforce any provision in this Agreement.

	  
	  

	 13. 
	 GOVERNING LAW AND JURISDICTION

	  
	  

	 13.1 
	 Governing Law

	  
	  

	  
	 This Agreement shall be governed by and construed in accordance with the laws of Hong Kong.

	  
	  

	 13.2 
	 Jurisdiction

	  
	  

	  
	 The Hong Kong courts shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (each a "Dispute"). The Parties agree that the Hong Kong courts are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

	  
	  

	 13.3 
	 Service of Process 

	  
	  

	  
	 A service of process of any proceedings in Hong Kong to a Party by delivering it to the address of such Party specified in the Appendix shall be deemed to be valid and effective service and such Party shall be bound by such service as if it had been served in person. Failure to notify such Party of such service shall not adversely affect the validity of such service or any judgment based on it. Nothing herein shall affect the right to serve process in any other manner permitted by law.

   
 	 
	Page 6 of 8
	

	 

  
 APPENDIX
  
 KEY TERMS
  
 	 1. 
	 “Effective Date” means 1st July 2021.

	  
	  
	  

	 2. 
	 “Company” means COINLLECTIBLES LIMITED (BVI Company Number: 2067445), a company incorporated in the British Virgin Islands and having its registered office at CCS Trustees Limited, Mandar House, 3rd Floor, Johnson’s Ghut, British Virgin Islands (contact person: Nancy Wong, email address: nancy.wong@coinllectibles.art).

	  
	  
	  

	 3. 
	 “Service Agent” means MARVEL DIGITAL GROUP LIMITED (BVI Company Number: 2064011), a company incorporated in the British Virgin Islands and having its registered office at OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands, acting as service agent under this Agreement (contact person: Gerald Gn, email address: gerald.gn@marveldigital.com, facsimile number: (852) 2520 6086).

	  
	  
	  

	 4. 
	 “Service Agent’s Remuneration” means: 

	  
	  
	  

	  
	 a. 
	 Monthly fee represented services cost and office expenses incurred by the Service Agent and to be paid as soon as practicable upon fee note invoiced to the Company; and

	  
	  
	  

	  
	 b. 
	 which may be paid or delivered, or arranged to be paid or delivered, directly from the source of such income or revenue, to the Service Agent (or any person(s), in full or in part, elected by the Service Agent as being entitled to the relevant amount(s)), upon such payment or delivery on the due date thereof or otherwise.

   
 	 Details of Services
		
	 Finance and Accounting 
 ; Administration and Human Resources Management:
	 1. Book keeping
 2. Payments
 3. Cash management
 4. Fund raising
 5. Investor events
 6. Share issuance
 7. Corporate actions
	 Technical and Corporate Development:
	 1. Authentication
 2. Valuation
 3. 3D rendering
 4. Logistics
 5. Custody
 6. Security
 7. Storage
 8. Museums
 9. Corporate structuring

	  
Sales and Marketing:
 
	 1. Social media 
 2. Advertising
 3. News media
 4. Launch events
 5. Influencers
	 Advisory, Consultants and Research and Development:
	 1. Board of advisors
 2. Consultants
 3. Experts panel
 4. Research and development

  
 	 
	Page 7 of 8
	

	 

  
 Execution Page(s)
  
 The Parties have duly executed this Agreement so that it takes effect on the Effective Date.
  
 THE COMPANY
  
 	 SIGNED by LEE YING CHIU HERBERT      
  
 its director(s) or authorised signature(s) (duly authorised by resolution of the board of directors) for and on behalf of COINLLECTIBLES LIMITED whose signature(s) is/are verified by and in the presence of:
  
  
  
	  
	 )
 )
 )
 )
 )
 )
 )
 )
	  
  
  
  
  

  
 THE SERVICE AGENT
  
 	 SIGNED by SO HAN MENG JULIAN      
  
 the director or authorised signatory (duly authorised by resolution of the board of directors) for and on behalf of MARVEL DIGITAL GROUP LIMITED whose signature is verified by and in the presence of:
  
  
  
  
	  
	 )
 )
 )
 )
 )
 )
 )
 )
	  
  
  
  
  

  
 	 
	Page 8 of 8Exhibit 10.1

 

 

 

 

 

 

ADVISORY AGREEMENT

 

Among

 

NRI REAL TOKEN ADVISORS LLC,

 

NRI REAL TOKEN LP,

 

NRI REAL TOKEN THESIS LLC,

 

 

 

and

 

NRI REAL TOKEN INC.

 

October 29, 2021

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	Article 1 DEFINITIONS	1
	Article 2 APPOINTMENT	4
	Article 3 DUTIES OF THE ADVISOR	4
	 	3.01 Offering Services	4
	 	3.02 Acquisition Services.	5
	 	3.03 Asset Management Services.	5
	 	3.04 Accounting and Other Administrative Services:	6
	 	3.05 Stockholder Services.	7
	 	3.06 Financing Services.	7
	 	3.07 Disposition Services.	7
	Article 4 AUTHORITY OF ADVISOR	8
	 	4.01 General	8
	 	4.02 Powers of the Advisor	8
	 	4.03 Approval by Directors.	8
	Article 5 BANK ACCOUNTS	8
	Article 6 RECORDS AND FINANCIAL STATEMENTS	9
	Article 7 LIMITATION ON ACTIVITIES	9
	Article 8 RELATIONSHIP WITH DIRECTORS AND OFFICERS	10
	Article 9 FEES	10
	 	9.01 Acquisition Fees	10
	 	9.02 Asset Management, Accounting and Other Administrative Services Fees	10
	 	9.03 Debt Financing Fees	10
	 	9.04 Disposition Fees	11

 

    i 

     

    

 

	Article 10 EXPENSES	11
	 	10.01 General	11
	 	10.02 Reimbursement to Advisor	12
	Article 11 OTHER SERVICES	12
	Article 12 RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	12
	 	12.01 Relationship	12
	 	12.02 Time Commitment	13
	 	12.03 Investment Opportunities and Allocation	13
	Article 13 THE NRI NAME	13
	Article 14 TERM AND TERMINATION OF THE AGREEMENT	14
	 	14.01 Term	14
	 	14.02 Termination by the Company	14
	 	14.03 Termination by the Advisor	14
	 	14.04 Payments on Termination and Survival of Certain Rights and Obligations	14
	 	14.05 Repurchase of Units.	15
	Article 15 ASSIGNMENT	15
	Article 16 INDEMNIFICATION AND LIMITATION OF LIABILITY	15
	 	16.01 Indemnification by the Company	15
	 	16.02 Indemnification by the Advisor	15
	 	16.03 Advisor’s Liability	16
	Article 17 MISCELLANEOUS	17
	 	17.01 Notices	17
	 	17.02 Modification	17
	 	17.03 Severability	17
	 	17.04 Construction	17
	 	17.05 Entire Agreement	18
	 	17.06 Waiver	18
	 	17.07 Gender	18
	 	17.08 Titles Not to Affect Interpretation	18
	 	17.09 Counterparts	18

 

    ii 

     

    

 

ADVISORY AGREEMENT

 

This Advisory Agreement, dated
as of October 29, 2021, is among NRI Real Token Advisors LLC, a Delaware limited liability company, NRI Real Token LP, a Delaware limited
partnership, NRI Real Token Thesis LLC, a Delaware limited liability company, and NRI Real Token Inc., a Maryland corporation (the “Agreement”).

 

W I T N E S S E T H

 

WHEREAS, the Company (as hereinafter
defined) desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available
to the Advisor (hereinafter defined) and to have the Advisor undertake the duties and responsibilities hereinafter set forth on the terms
set forth in this Agreement; and

 

WHEREAS, the Advisor is willing
to undertake to render such services on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

Article
1

DEFINITIONS

 

The following defined terms
used in this Advisory Agreement shall have the meanings specified below:

 

“Acquisition Expenses”
shall have the neaming given such term in Section 10.01 (i) of this Agreement..

 

“Advisor”
means (i) NRI Real Token Advisors LLC, a Florida limited liability company, or (ii) any successor advisor to the Company.

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote,
ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person
directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person and (v) any legal entity for which such Person acts as an executive officer, director,
trustee or general partner. For the purposes of this Agreement, the Advisor shall not be deemed to be an Affiliate of the Company, and
vice versa.

 

“Average Invested
Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly
or indirectly, in Properties, loans and other permitted investments secured by real estate before reserves for depreciation or bad debts
or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period.

 

     

     

    

 

“Board of Directors”
means the Board Directors of the REIT General Partner.

 

“Bylaws”
means the bylaws of the REIT General Partner, as amended from time to time.

 

“Charter”
means the Articles of Incorporation of the REIT General Partner, as amended, supplemented, corrected and restated from time to time.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of
the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as
interpreted by any applicable regulations as in effect from time to time.

 

“Company”
means NRI Real Token LP, a Delaware limited partnership. Within the context of discussions of the operations, business and administration
of the Company, the term “Company” shall mean, collectively, NRI Real Token LP and the REIT General Partner for the purposes
of this Agreement.

 

“Director”
means a member of the Board of Directors of the REIT General Partner.

 

“General Partner”
means, collectively NRI Real Token Inc., a Maryland corporation as the “REIT General Partner” and NRI Real Token Thesis LLC,
as the “Sponsor General Partner” of the Company, each as described in the Limited Partnership Agreement.

 

“Gross Revenues”
means the gross revenues generated by the Company for an applicable period, as reasonsably determined by the Sponsor General Partner .

 

“Independent Director”
means an individual other than (i) an officer or employee of the REIT General Partner, (ii) an officer or employee of the Advisor or any
of its Affiliates or (iii) any other individual having a relationship which, in the opinion of the Board of Directors, would interfere
with the exercise of independent judgment in carrying out the responsibilities of a Director.

 

“Initial Asset Value”
means (i) in the case of a real estate investment other than a loan which the Company originates, the gross purchase price of real estate
investments acquired directly by the Company, including any debt attributable to such investments, or the Company’s pro rata share
of the gross asset value of real estate investments held by entities in which the Company invests, and (ii) in the case of a loan which
the Company originates, the total principal amount committed under the loan.

 

“Limited Partnership
Agreement” means the Limited Partnership Agreement of NRI Real Token LP, as the same may be amended and restated from time to
time.

 

“Limited Partnership
Interests” means the Special GP Interest pursuant to the Limited Partnership Agreement and the OP Units each owned by the Sponsor
General Partner.

 

“NRI” means
Nolan Reynolds International, LLC and its Affiliates.

 

    2

     

    

 

“Offering”
means the offering of the Limited Partnership Interests in the Company, which may be convertible at the election of the holder into the
Shares of the REIT General Partner issued in the form of Security Tokens (or, in certain circumstances at the election of the REIT General
Partner, into cash), as described in the Offering Memorandum.

 

“Offering Memorandum”
means that certain Private Offering Memorandum of Partnership Interests in the Company, as may be amended or supplemented from time to
time.

 

“Person”
means an individual, corporation, partnership, estate, trust, a portion of a trust permanently set aside for or to be used exclusively
for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the
Code, joint stock company or other entity.

 

“Properties”
has the meaning set forth in the Limited Partnership Agreement.

 

“Property Management
Agreement” means any Property Management Agreement between the Company and a Property Manager.

 

“Property Manager”
means, collectively, NR Operations, LLC, a Florida limited partnership, Alpareno Restaurant Group, LLC, Gables Residential Services, Inc.,
Legacy Parking Company, LLC, Hersha Hospitality Management L.P., or in each case, an Affiliate thereof, when serving as the property manager
for any property owned by the Company pursuant to a Property Management Agreement, together with any future property manager of all or
any portion of the Properties.

 

“REIT”
means a “real estate investment trust” under Sections 856 through 860 of the Code.

 

“Securities”
means any class or series of units or shares of the Company or the REIT General Partner, including shares of common stock, shares of preferred
stock, units, special units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds,
debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any
instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

 

“Security Tokens”
or “Tokens” means the Shares as converted to digital form using blockchain technology, as may be modified or replaced
from time to time.

 

“Shares”
means shares of common stock of the REIT General Partner; par value $.01 per share.

 

“Stockholders”
means the registered holders of outstanding Shares.

 

“Termination Date”
means the date of termination of this Agreement.

 

“Termination
Fee” means a fee payable to the Advisor upon termination of this Agreement, other than in accordance with Section 14.02,
in the amount equal to three (3) times the sum of (i) the average annual acquisition fees in accordance with Section 9.01, (ii) the
average annual asset management fees in accordance with Section 9.02, (iii) the average annual debt financing fees in accordance
with Section 9.03; and (iv) the average annual asset disposition fees in accordance with Section 9.04, in each case earned by the
Advisor during the twelve (12) month period immediately preceding the most recently completed calendar quarter prior to the
termination of this Agreement.

 

“Units”
or “OP Units” has the meaning set forth in the Limited Partnership Agreement.

 

    3

     

    

 

Article
2

APPOINTMENT

 

The Company hereby appoints
the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.

 

Article
3

DUTIES OF THE ADVISOR

 

The Advisor is responsible
for managing, operating, directing and supervising the operations and administration of the Company and its real estate investments to
the fullest extent allowed by law. The Advisor shall, either directly or by engaging an Affiliate or third party, perform the following
duties:

 

3.01 
Offering Services. The Advisor shall manage and supervise:

 

(i) 
Development of the product offering, including the determination of the specific terms of the Securities to be offered by the REIT
General Partner and/or the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals
of such documents;

 

(ii) 
Approval of the participating broker-dealers and negotiation of the related selling agreements;

 

(iii) 
Coordination of the due diligence process relating to participating broker-dealers, placement agents and other third-party websites,
and their review of the Offering Memorandum, any prospectus and other Offering and Company documents;

 

(iv) 
Preparation and approval of all marketing materials contemplated to be used by the Placement Agents (as defined in the Offering
Memorandum) or others in the Offering of the Company’s and REIT General Partner’s Securities;

 

(v) 
Negotiation and coordination with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements,
commissions, and other administrative support functions;

 

(vi) 
Negotiations and coordination with one or more Alternative Trading Systems (each an “ATS” or collectively, “ATSs”)
and licensed custodians with respect to the possible trading of the Security Tokens, in whole or fractional interests;

 

    4

     

    

 

(vii) 
 Creation and implementation of various technology and electronic communications related to the Offering of the Company’s
and the REIT General Partner’s Securities; and

 

(viii) 
All other services related to organization of the Company, the REIT General Partner or the Offering, whether performed and incurred
by the Advisor or its Affiliates.

 

3.02 
Acquisition Services.

 

(i) 
Serve as the Company’s investment advisor and obtain certain market research and economic and statistical data in connection
with the Company’s real estate investments and investment objectives and policies;

 

(ii) 
Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential
investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which real estate investments will be made;
and (c) acquire real estate investments on behalf of the Company;

 

(iii) 
Oversee the due diligence process;

 

(iv) 
Prepare reports regarding prospective investments which include recommendations and supporting documentation necessary for the
Directors to evaluate the proposed investments;

 

(v) 
Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated
investments of the Company; and

 

(vi) 
Negotiate and execute approved investments and other transactions.

 

3.03 
Asset Management Services.

 

(i) 
Investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary
to the proper performance of its obligations hereunder, including, but not limited to, consultants, accountants, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance
agents, developers, construction companies and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable
for the performance of any of the foregoing services;

 

(ii) 
Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning
the value of investments of the Company;

 

(iii) 
Monitor and evaluate the performance of investments of the Company;

 

(iv) 
Provide daily management services to the Company and perform and supervise the various management and operational functions related
to the Company’s investments;

 

    5

     

    

 

(v) 
 Coordinate with any Property Manager; and

 

(vi) 
Coordinate and manage relationships between the Company and any joint venture partners.

 

3.04 
Accounting and Other Administrative Services:

 

(i) 
Manage and perform the various administrative functions necessary for the management of the day-to-day operations of the Company;

 

(ii) 
From time-to-time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors on the
Advisor’s performance of services to the Company under this Agreement;

 

(iii) 
Coordinate with the Company’s independent accountants and auditors to prepare and deliver to the General Partner’s
audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement;

 

(iv) 
Provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel
and other overhead items necessary and incidental to the Company’s business and operations;

 

(v) 
Provide financial and operational planning services and portfolio management functions;

 

(vi) 
Maintain accounting data and any other information concerning the activities of the Company as shall be needed to prepare and file
all periodic financial and other reports and returns required to be filed by the REIT General Partner with the Securities and Exchange
Commission and any other regulatory agency, including annual and quarterly financial statements, in each case as applicable;

 

(vii) 
Maintain all appropriate books and records of the Company;

 

(viii) 
Oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent
accountants and other consultants, on related tax matters;

 

(ix) 
Supervise the performance of such ministerial and administrative functions as may be necessary in connection with the daily operations
of the Company;

 

(x) 
Provide the Company with all necessary cash management services;

 

(xi) 
Manage and coordinate with the transfer agent the distribution process and payments to stockholders of the REIT General Partner
and partners of the Company;

 

(xii) 
Consult with the directors and officers of the General Partner and assist in evaluating and obtaining adequate insurance coverage
based upon risk management determinations;

 

    6

     

    

 

(xiii) 
 Provide the directors and officers of the General Partner with timely updates related to the overall regulatory environment affecting
the Company, as well as managing compliance with such matters;

 

(xiv) 
Consult with the directors and officers of the General Partner and the Board of Directors relating to the corporate governance
structure and appropriate policies and procedures related thereto;

 

(xv) 
Oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the General Partner to comply
with applicable law; and

 

(xvi) 
Assist the REIT General Partner in exercising and executing the REIT General Partner’s rights and obligations in accordance
with agreements between the REIT General Partner and the ATSs and custodians with respect to the trading of the Security Tokens on the
secondary market.

 

3.05 
Stockholder Services.

 

(i) 
Manage communications with stockholders, including preparing and sending written and electronic reports and other communications;
and

 

(ii) 
Establish technology infrastructure to assist in providing stockholder support and service.

 

3.06 
Financing Services.

 

(i) 
Identify and evaluate potential financing and refinancing sources, engaging a third-party broker, if necessary;

 

(ii) 
Negotiate terms, arrange and execute financing agreements;

 

(iii) 
Manage relationships between the Company and its lenders; and

 

(iv) 
Monitor and oversee the service of the Company’s debt facilities and other financings.

 

3.07 
Disposition Services.

 

(i) 
Consult with the Board of Directors and provide assistance with the evaluation and approval of potential asset dispositions, sales
or other liquidity events; and

 

(ii) 
Structure and negotiate the terms and conditions of transactions pursuant to which real estate investments may be sold.

 

    7

     

    

 

Article
4

AUTHORITY OF ADVISOR

 

4.01  General.
All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor to the
fullest extent allowed by law. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and
control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor
or the Company as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be
subject to applicable law and the limitations on the rights and powers of the Advisor specifically set forth in this Agreement and
the Charter and Bylaws.

 

4.02 
Powers of the Advisor. Subject to the investment parameters established by the Board of Directors, with the aid of a business
plan prepared by Advisor and taking into account requirements of any applicable mortgage or other loan agreement, and the delegation of
authority to the Advisor to make investments on behalf of the Company, to the fullest extent allowed by law be vested in the Advisor,
Advisor shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any
and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings
that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement, including
without limitation the acquisition of additional investment properties..

 

4.03 
Approval by Directors.

 

(i) 
The Advisor will deliver to the Board of Directors all documents required by it to properly evaluate any proposed investment.

 

(ii) 
If the Charter, the Bylaws or applicable law requires, or the Board of Directors deems it advisable, that a transaction be approved
by the Independent Directors, the Advisor will deliver to the Independent Directors all documents required by them to properly evaluate
the proposed real estate investment. The prior approval of a majority of the Independent Directors will be required for each transaction
between the Company, on the one hand, and the Advisor or its Affiliates, on the other hand, unless the Board of Directors determines to
submit the matter to a stockholder vote or determines that the transaction is otherwise fair and reasonable to the Company.

 

ARTICLE
5

BANK ACCOUNTS

 

The Advisor will maintain
one or more bank accounts in the name of the Company and will collect and deposit into any such account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company. Notwithstanding the foregoing, no funds shall be commingled with the
funds of the Advisor.

 

    8

     

    

 

ARTICLE 6

RECORDS AND FINANCIAL STATEMENTS

 

The Advisor, in the conduct
of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance
with United States generally accepted accounting principles (“GAAP”), which shall be supported by sufficient documentation
to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company.
Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement.
Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required
to protect the Company’s assets from theft, error or fraudulent activity. All financial statements the Advisor delivers to the Company
shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their nature require a deviation
from GAAP. The Advisor shall maintain necessary liaison with the Company’s independent accountants and shall provide such accountants
with such reports and other information as the Company shall request.

 

Article
7

LIMITATION ON ACTIVITIES

 

Notwithstanding any provision
in this Agreement to the contrary, the Advisor shall not take any action which, in its sole judgment made in good faith, would (i) adversely
affect the ability of the REIT General Partner to qualify or continue to qualify to be taxed as a REIT, (ii) subject the Company or the
General Partner to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule or regulation of any governmental
body or agency having jurisdiction over the Company, the General Partner or their Securities, or (iv) violate the Charter or Bylaws. In
the event an action that would violate (i) through (iv) of the preceding sentence but such action has been ordered by the Board of Directors
acting on behalf of the General Partner, the Advisor shall notify the Board of Directors of the Advisor’s judgment of the potential
impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board
of Directors. In such event, the Advisor shall, to the fullest extent allowed by law, have no liability for acting in accordance with
the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, none of the Advisor, its Affiliates and none
of their managers, directors, officers, employees and equityholders, shall be liable to the Company, the General Partner, the Board of
Directors or the Stockholders for any act or omission by such Persons or individuals, except as provided in this Agreement. THE PARTIES
HERETO INTEND THAT THE LIMITATION OF LIABILITY SET FORTH IN THIS SECTION BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE
OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE LIMITATION OF LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW,
APPLY NOTWITHSTANDING ANY STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON A PERSON’S
SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES THAT,
TO THE EXTENT PROVIDED IN THIS SECTION, THE LIMITATION OF LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY
TO A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR STRICT LIABILITY. THE PARTIES AGREE
THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS.

 

    9 

     

    

 

Article
8

RELATIONSHIP
WITH DIRECTORS AND OFFICERS

 

Managers, Directors, officers
and employees of the Advisor or any direct or indirect Affiliate of the Advisor may serve as Directors, and as officers of the General
Partner, except that no manager, director, officer or employee of the Advisor or any of its Affiliates who also is a Director or officer
of the General Partner shall receive any compensation from the Company or General Partner for serving as a Director or officer other than
reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors.

 

Article
9

FEES

 

9.01 Acquisition Fees.
The Company will pay the Advisor in cash or Units, or a combination of both, the form of payment to be determined in the sole discretion
of the Advisor, as compensation for services including those described in Section 3.02, an acquisition fee of 1.0% of the Initial Asset
Value of each real estate investment acquired by the Company, as well as reimburse the Advisor for all expenses incurred by the Advisor
in connection with such services as required by Article 10. The Advisor shall submit an invoice to the Company following the closing or
closings of each acquisition, accompanied by a computation of the fee. The fee shall be payable within ten business days after receipt
of the invoice by the Company.

 

9.02 Asset Management,
Accounting and Other Administrative Services Fees. The Company will pay the Advisor in cash or Units, or a combination of both, the
form of payment to be determined in the sole discretion of the Advisor, as compensation for services including those described in Section
3.03, an asset management fee in accordance with this Section 9.02, as well as reimburse the Advisor for all expenses incurred by the
Advisor in connection with such services as required by Article 10. This asset management fee shall be earned monthly and the amount of
this asset management fee payable monthly, in arrears, by the Company to the Advisor shall equal 1.00% of the Company’s Gross Revenues
for such month, determined as of the last day of each month. Notwithstanding anything herein to the contrary, under no circumstances shall
the asset management fee be less than zero.

 

9.03 Debt Financing Fees.
The Company will pay the Advisor in cash or Units, or a combination of both, the form of payment to be determined in the sole discretion
of the Advisor, as compensation for services including those described in Section 3.06, debt financing fees in accordance with this Section
9.03, as well as to reimburse the Advisor for all expenses incurred by the Advisor in connection with such services as required by Article
10. The debt financing fees shall equal (i) $ ONE MILLION AND 00/100 ($1,000,000.00) in consideration of the mortgage and mezzanines loans
closed on May 10, 2021 with Starwood Proprety Mortgage Sub-12-A, L.L.C., a Delaware limited liability company, and (ii) 1.0% of the amount
of any further debt financing obtained, assumed or entered into by, or on behalf of, the Company or the REIT General Partner, or the pro
rata share of any debt financing obtained, assumed or entered into by, or on behalf of, a joint venture in which the Company and/or the
General Partner has an interest. The debt financing fees payable to Advisor hereunder are in addition to any loan guaranty fee payable
to the Sponsor General Partner or any of its Affiliates, as specified in the Limited Partnership Agreement.

 

    10 

     

    

 

9.04 Disposition Fees.
The Company will pay the Advisor in cash or Units, or a combination of both, the form of payment to be determined in the sole discretion
of the Advisor, as compensation for providing a substantial amount of services in an effort to sell real estate investments, including
the services described in Section 3.07, disposition fees in accordance with this Section 9.04, as well as to reimburse the Advisor for
all expenses incurred by the Advisor in connection with such services as required by Article 10. The disposition fees shall equal 1.0%
of (i) the sales price of any real estate investment sold, that is owned directly by the Company, and (ii) when the Company owns the real
estate investment indirectly through another entity, the Company’s pro rata share of the sales price of any real estate investment
sold by that entity.

 

Article
10

EXPENSES

 

10.01 General. In addition
to the compensation paid to the Advisor pursuant to Article 9 hereof, the Company shall pay directly or reimburse the Advisor for all
of the expenses paid or incurred by the Advisor or its Affiliates in connection with the services provided to the Company pursuant to
this Agreement, including, but not limited to:

 

(i) acquisition expenses incurred
in connection with the selection and acquisition of real estate investments, including such direct expenses incurred related to real estate
investments pursued or considered but not ultimately acquired by the Company;

 

(ii) the actual out-of-pocket
cost of goods and services used by the Company or the General Partner and obtained from entities not Affiliated with the Advisor, including
brokerage fees paid in connection with the purchase and sale of real estate investments;

 

(iii) taxes and assessments
on income or assets and taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business or
income;

 

(iv) out-of-pocket costs associated
with insurance required in connection with the business of the Company or by its officers and Directors;

 

(v) all out-of-pocket expenses
in connection with payments to the Board of Directors and meetings of the Board of Directors and Stockholders;

 

(vi) personnel and related employment
direct costs incurred by the Advisor or its Affiliates (a) in performing the services described in Section 3.05 and in providing professional
services for the Company and the General Partner in-house, including legal services, tax services, internal audit services, technology-related
services and services in connection with compliance with applicable laws and regulations, or (b) as otherwise approved by Independent
Directors, including, but not limited to, salary, benefits, burdens and overhead of all employees directly involved in the performance
of such services, plus all out-of-pocket costs incurred;

 

(vii) out-of-pocket expenses
of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder
reports, proxy statements and other reports required by governmental entities;

 

    11 

     

    

 

(viii) audit, accounting and
legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request,
or on behalf of, the Independent Directors or any committee of the Board of Directors;

 

(ix) out-of-pocket costs for
the Company to comply with all applicable laws, regulation and ordinances;

 

(x) all other out-of-pocket
costs incurred by the Advisor in performing its duties hereunder; and

 

(xi) all other out-of-pocket
costs necessary for the operation of the Company and its real estate investments.

 

Except as specifically provided
for above in (vi), or as contemplated by Article 11, the expenses and payments subject to reimbursement by the Company in this Section
10.01 do not include personnel and related direct employment or overhead costs of the investment personnel of the Advisor or its Affiliates.
The Company shall also reimburse the Advisor or Affiliates of the Advisor for all expenses incurred on behalf of the Company or the General
Partner prior to the execution of this Agreement.

 

10.02 Reimbursement to
Advisor. Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Section 10 shall be reimbursed to
the Advisor within ten (10) business days after the Advisor provides the Company with an invoice and/or supporting documentation relating
to such reimbursement.

 

Article
11

OTHER SERVICES

 

Should (i) the General Partner
request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement
or (ii) there are changes to the regulatory environment in which the Advisor or Company operates that would increase significantly the
level of services performed such that the costs and expenses borne by the Advisor for which the Advisor is not entitled to separate reimbursement
for personnel and related employment direct costs and overhead under Article 10 of this Agreement would increase significantly, such services
shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, and shall
not be deemed to be services pursuant to the terms of this Agreement.

 

Article
12

RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR

 

12.01 Relationship.
To the fullest extent allowed by law, the Company and the Advisor are not partners or joint venturers with each other, and nothing in
this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from
engaging in other activities, including, without limitation, the rendering of advice to other Persons and the management of other programs
advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager,
director, officer, employee, or equity holder of the Advisor or its Affiliates to engage in any other business or to render services of
any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice
and service to each and every other participant therein. The Advisor shall promptly disclose to the Board of Directors the existence of
any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest
between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person.

 

    12 

     

    

 

12.02 Time Commitment.
The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time
as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms
of this Agreement. The Company acknowledges that the Advisor and other Affiliates of NRI and their respective employees, officers and
agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its
Affiliates.

 

12.03 Investment Opportunities
and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment
program to the Company which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any
Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity
is of character which, if presented to the Company, could be taken by the Company. In the event an investment opportunity is identified,
the allocation procedure set forth under the caption [“Conflicts of Interest—Competitive Activities of NRI and its Affiliates”]
in the Offering Memorandum or any prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among
the Company and Affiliates of the Advisor.

 

Article
13

THE NRI NAME

 

The Advisor, NRI and their
Affiliates have a proprietary interest in the acronym “NRI”. The Advisor hereby grants to the Company a non-transferable,
non-assignable, non-exclusive royalty-free right and license to use the acronym “NRI” during the term of this Agreement. Accordingly,
and in recognition of this right, if at any time the Company ceases to retain NRI or an Affiliate thereof to perform the services of Advisor,
the Company (including the General Partner) will, promptly after receipt of written request from NRI, cease to conduct business under
or use the name Nolan Reynolds International or the acronym “NRI” or any derivative thereof and the Company and the General
Partner shall change the name of the Company and the General Partner to a name that does not contain the acronym “NRI” or
any other letters, word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of
relationship between the Company and the Advisor or any Affiliate thereof. At such time, the Company will also make any changes to any
trademarks, servicemarks or other marks necessary to remove any references to the acronym “NRI”. Consistent with the foregoing,
it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor
or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations
having “NRI” as a part of their name, all without the need for any consent (and without the right to object thereto) by the
Company or the General Partner.

 

    13 

     

    

 

Article
14

TERM AND TERMINATION OF THE AGREEMENT

 

14.01 Term. This Agreement
shall have an initial term of two years from the date of the Agreement. This Agreement may be renewed for an unlimited number of successive
one-year terms upon mutual consent of the parties. Any such renewal must be approved by a majority of the Independent Directors. The General
Partner (through the Independent Directors) will evaluate the performance of the Advisor annually before renewing the Agreement, and each
such renewal shall be for a term of no more than one year.

 

14.02 Termination by the
Company. This Agreement may be terminated immediately by the Company upon (i) any fraudulent conduct, criminal conduct, willful misconduct
or the negligent breach of fiduciary duty of or by the Advisor, (ii) a material breach of this Agreement by the Advisor not cured within
10 business days after the Advisor receives written notice of such breach, or (iii) an event of the bankruptcy of the Advisor or commencement
of any bankruptcy or similar insolvency proceedings of the Advisor.

 

14.03 Termination by the
Advisor. This Agreement may be terminated immediately by the Advisor in the event of (i) the bankruptcy of the Company or commencement
of any bankruptcy or similar insolvency proceedings of the Company, or (ii) any material breach of this Agreement by the Company not cured
by the Company within ten 10 business days after written notice thereof.

 

14.04 Payments on Termination
and Survival of Certain Rights and Obligations. After the Termination Date, the Advisor shall not be entitled to compensation for
further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination
(1) the Termination Fee, and (2) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to
termination of this Agreement. The Advisor shall promptly upon termination:

 

(a) pay over to the Company
all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to
which it is then entitled;

 

(b) deliver to the Directors
a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period
following the date of the last accounting furnished to the Directors;

 

(c) deliver to the Directors
all assets and documents of the Company then in the custody of the Advisor; and

 

(d) cooperate with the Company
to provide an orderly transition of advisory functions.

 

Upon the expiration or termination
of this Agreement, neither party shall have any further rights or obligations under this Agreement, except that Articles 13, 14, 16 and
17 shall survive the termination or expiration of this Agreement.

 

    14 

     

    

 

14.05 Repurchase of Units.

 

The Company shall repurchase
or redeem the Limited Partnership Interests held by the Advisor or any of the Advisor’s affiliates as required by the Limited Partnership
Agreement.

 

Article
15

ASSIGNMENT

 

This Agreement may be assigned
by the Advisor to an Affiliate with the consent of the General Partner by approval of a majority of the Independent Directors. The Advisor
may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board of Directors.
This Agreement shall not be assigned by the Company without the consent of the Advisor.

 

Article
16

INDEMNIFICATION AND LIMITATION OF LIABILITY

 

16.01 Indemnification by
the Company. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective managers, officers,
directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder,
and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related
expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Florida, the Charter, Bylaws
or Agreement of Limited Partnership of the Company, provided that: (i) the Advisor and its Affiliates have determined that the course
of conduct which caused the loss or liability was in the best interests of the Company, (ii) the Advisor and its Affiliates were acting
on behalf of or performing services for the Company, (iii) the indemnified claim was not the result of gross negligence, misconduct, or
fraud of the indemnified person or resulted from a breach of the agreement by the Advisor, and (iv) in the event the loss, liability or
expense arises from or out of an alleged violation of federal or state securities laws by the Advisor or its Affiliates, the conditions
set forth in Section 6.3 of the Limited Partnership Agreement must be satisfied (deeming, for purposes of this Agreement, that the Advisor
or its Affiliates are each an “Indemnitee” as such term is used in such clauses) for the Company to provide such indemnification.
Any indemnification of the Advisor may be made only out of the net assets of the Company and not from the Stockholders.

 

16.02 Indemnification by
the Advisor. The Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes or
losses and related expenses, including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and
related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misconduct
or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following
or declining to follow any of the Advisor’s advice or recommendation. THE PARTIES HERETO INTEND THAT THE INDEMNITIES SET FORTH
IN THIS AGREEMENT BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING,
THE INDEMNITIES SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, AND TO THE EXTENT PROVIDED IN THIS AGREEMENT, APPLY NOTWITHSTANDING ANY STATE’S
“EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON AN INDEMNIFIED PERSON’S SOLE, CONCURRENT
OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY OR GROSS NEGLIGENCE. IT IS THE INTENT OF THE PARTIES THAT, TO THE EXTENT
PROVIDED IN THIS AGREEMENT, THE INDEMNITIES SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO AN INDEMNIFIED PERSON’S
SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY OR GROSS NEGLIGENCE. THE PARTIES AGREE THAT THIS PROVISION
IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS.

 

    15 

     

    

 

16.03 Advisor’s Liability

 

(i) Notwithstanding any other
provisions of this Agreement, in no event shall the Company make any claim against Advisor, or its Affiliates, on account of any good
faith interpretation by Advisor of the provisions of this Agreement (even if such interpretation is later determined to be a breach of
this Agreement) or any alleged errors in judgment made in good faith and in accordance with this Agreement in connection with the operation
of the operations of the Company hereunder by Advisor or the performance of any advisory or technical services provided by or arranged
by the Advisor. The provisions of this Section 16.3(i) shall not be deemed to release Advisor from liability for its gross negligence.

 

(ii) The Company shall not object
to any expenditures made by the Advisor in good faith in the course of its performance of its obligations under this Agreement or in settlement
of any claim arising out of the operation of the Company unless such expenditure is specifically prohibited by this Agreement. The provisions
of this Section 16.03(ii) shall not be deemed to release Advisor from liability for its gross negligence.

 

(iii) IN NO EVENT WILL EITHER
PARTY BE LIABLE FOR DAMAGES BASED ON LOSS OF INCOME, PROFIT OR SAVINGS OR INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR
SPECIAL DAMAGES OF THE OTHER PARTY OR PERSON, INCLUDING THIRD PARTIES, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES IN ADVANCE, AND ALL SUCH DAMAGES ARE EXPRESSLY DISCLAIMED. IN NO EVENT WILL ADVISOR’S AGGREGATE LIABILITY UNDER THIS AGREEMENT
EVER EXCEED THE TOTAL AMOUNT OF FEES IT ACTUALLY RECEIVES FROM THE COMPANY PURSUANT TO ARTICLE 9.

 

(iv) THE PARTIES HERETO INTEND
THAT THE RELEASE FROM LIABILITY SET FORTH IN SECTION 16.03 BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION
TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE RELEASE FROM LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY NOTWITHSTANDING
ANY STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON A PERSON’S SOLE, CONCURRENT
OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES THAT, TO THE EXTENT PROVIDED IN SECTION
16.03, THE RELEASE FROM LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO A RELEASED PERSON’S SOLE,
CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. THE PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS”
FOR PURPOSES OF ALL STATE LAWS.

 

    16 

     

    

 

Article
17

MISCELLANEOUS

 

17.01 Notices. Any
notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving
such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall
be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

 

To the Company, the General Partner or the Directors:

 

NRI Real Token LP

c/o NRI Real Token Inc.

1340 S. Dixie Highway

Coral Gables, Fl 33134

 

To the Advisor:

 

NRI Real Token Advisors LLC

1340 S. Dixie Highway

Coral Gables, FL 33134

 

Either party may at any time
give notice in writing to the other party of a change in its address for the purposes of this Section 17.01.

 

17.02 Modification.
This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed
by all parties hereto, or their respective successors or assignees.

 

17.03 Severability.
The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid
or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in
part.

 

17.04 Construction.
The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Florida.

 

    17 

     

    

 

17.05 Entire Agreement.
This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and
supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written,
of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement
in writing.

 

17.06 Waiver. Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise
of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect
to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall
be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

17.07 Gender. Words
used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular
or plural, and any other gender, masculine, feminine or neuter, as the context requires.

 

17.08 Titles Not to Affect
Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a
part of this Agreement nor are they to be used in the construction or interpretation hereof.

 

17.09 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding
when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon
as the signatories.

 

[The remainder of this page is intentionally
left blank. Signature page follows.]

 

    18 

     

    

 

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

 

	
     

    
	NRI Real Token LP
	 	 	 	 
	 	By:	NRI Real Token Inc.
	 	Its:	General Partner
	 	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name: 	Brent Reynolds
	 	 	Title:	President and Chief Executive

 

	 	AND
	 	 	 	 
	 	By:	NRI Real Token Thesis LLC
	 	Its:	General Partner
	 	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name: 	Brent Reynolds
	 	 	Title:	Authorized Representative

 

	 	NRI Real Token Advisors LLC
	 	 	 	 
	 	By:	Nolan Reynolds International, LLC
	 	Its:	Sole Member
	 	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name: 	Brent Reynolds
	 	 	Title:	Manager

 

	 	NRI Real Token Inc.
	 	 	 	 
	 	 	By:	/s/ Brent Reynolds
	 	 	Name: 	Brent Reynolds
	 	 	Title:	President and Chief Executive Officer

 

 

19

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