Document:

Exhibit 10.12

 

MASTER SERVICES AGREEMENT

 

THIS MASTER SERVICES
AGREEMENT (“Agreement”) is made and entered into as of October 4, 2017, by and among PHILLIPS EDISON GROCERY CENTER
OPERATING PARTNERSHIP III, L.P., a Delaware limited partnership (“Owner”), and PHILLIPS EDISON & COMPANY, LTD.,
an Ohio limited liability company (“Manager”).

 

RECITALS:

 

A.       Owner
is a limited partnership formed to acquire, own, operate, lease, finance and manage shopping center properties throughout the continental
United States. For purposes of this Agreement, Owner and its direct and indirect subsidiaries, and any joint ventures into which
any of the foregoing may enter and which are controlled by the Owner, are individually or collectively referred to as “Owner”
or “Owners”.

 

B.       Manager
leases, markets and manages construction with respect to shopping center properties located throughout the continental Unites States.

 

C.       Owner
desires to engage Manager, and Manager desires to accept such engagement, to lease, market and manage construction for the shopping
center properties that are now owned or hereafter acquired by Owner, under the terms and conditions set forth in this Agreement.

 

NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by each party,
the parties agree as follows:

 

		1.	Definitions. Except as otherwise specified
or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of
this Agreement, and the definitions are equally applicable both to the singular and plural forms:

 

		1.1.	“Budget” shall have the meaning ascribed
to such term in the Property Management Agreement.

 

		1.2.	“Improvements” means buildings, structures,
and equipment from time to time located on the Properties and all parking and common areas located on the Properties.

 

		1.3.	“Management Fees” means the fees and
expenses payable to Manager pursuant to Section 9, “Compensation”.

 

		1.4.	“Manager” means Phillips Edison &
Company, Ltd..

 

		1.5.	“Owner” means Phillips Edison Grocery
Center Operating Partnership III, L.P and its subsidiaries, as described in Recital A.

 

    	 	 	 

     

    

 

		1.6.	“Properties” means all of the real estate
assets of Owner covered by this Agreement, collectively.

 

		1.7.	“Property” means an individual real
estate asset owned by Owner that is made subject to this Agreement through the use of a Property Addendum (as defined below),
and all tracts acquired by Owner related to that asset.

 

		1.8.	“Property Addendum” means an addendum
(as may be modified, amended or supplemented in writing from time to time) to be attached to this Agreement and incorporated within
this Agreement by reference, executed by Manager and by the single asset subsidiary Owner of each Property. All currently owned
Properties are subject to a Property Addendum, and as each new Property is purchased it is intended to be made subject to this
Agreement. Each Property Addendum will describe its Property, including its real estate and the improvements. If any Property
is sold by an individual Owner, the Property Addendum with respect to such Property shall be deemed of no further force or effect
from and after the closing of the sale, except to the extent of post-closing management and accounting functions that are required
to be performed under this Agreement.

 

		1.9.	“Property Management Agreement” means
that certain Master Property Management Agreement by and between Owner and Property Manager dated as of the date hereof.

 

		1.10.	“Property Manager” means Phillips Edison
Grocery Center Operating Partnership I, L.P., a Delaware limited partnership.

 

		1.11.	“Property Personnel” means persons hired
or retained as employees of Manager to perform services for the Properties related to leasing, sales, legal, or construction management.
Notwithstanding the foregoing, the following persons are not considered Property Personnel: (i) any Manager whose primary responsibility
is to manage Property Personnel and who is not directly responsible for providing services to a specific Property or group of
Properties, and (ii) any person who also serves as an executive officer of Manager and/or as an executive officer of Owner.

 

		1.12.	“REIT” means Phillips Edison Grocery
Center REIT III, Inc., a Maryland corporation.

 

		2.	Appointment of Manager.

 

		2.1.	Owner hereby engages and retains Manager, for each Property for which a Property Addendum is executed,
as the sole and exclusive leasing and marketing agent for the leasing of all space in each Property as well as for obtaining ground
leases on any outparcels. Manager shall perform such functions as are specified in this Agreement and/or on the Property Addendum
related to each such Property. Manager hereby accepts such appointment.

 

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		2.2.	Owner hereby engages and retains Manager, for each Property for which a Property Addendum is executed,
as the sole and exclusive construction manager to perform such functions as are specified in this Agreement and/or on the Property
Addendum related to such Property. Manager hereby accepts such appointment.

 

		2.3.	Manager shall act under this Agreement as an independent contractor and not as the Owner’s
agent employee or fiduciary. Manager shall not have the right, power or authority to enter into agreements or incur liability on
behalf of the Owner except as expressly set forth in this Agreement or in a Property Addendum. Any action taken by Manager which
is not expressly permitted by this Agreement shall not bind the Owner.

 

		3.	Standards.Manager will in good faith,
with due diligence and in accordance with generally accepted leasing, marketing and construction management standards in the shopping
center industry within the geographical areas of the Properties, perform its leasing, marketing and construction management duties
and obligations. In all events, the standards of performance shall be consistent with the standards of leasing, marketing and
construction management to which Manager performs with respect to its own portfolio of properties. Manager shall devote its commercially
reasonable efforts to performing its duties under this Agreement to lease, market, and manage the construction of the Properties
in a diligent, careful and professional manner to maximize all potential revenues to the Owner and to minimize expenses and losses
to the Owner. The services of Manager are to be of a scope and quality not less than those generally performed by first class,
professional managers of properties similar in type and quality to the Properties and located in the same market area as the Properties.
Manager will make available to the Owner the full benefit of the judgment, experience and advice of the members of Manager’s
organization. Manager will at all times act in good faith and in a commercially reasonable manner with respect to the proper protection
of and accounting for the Owner’s assets.

 

		4.	Term.This Agreement shall commence upon
full execution of this Agreement and shall continue until terminated in accordance with Section 13.

 

		5.	Marketing and Leasing Plan; Reporting; General Functions.
Manager will:

 

		a)	Prepare and submit to Owner a marketing and leasing budget and plan on the Properties (a “Plan”),
for the calendar year immediately following each submission. Each Plan will be in the form approved by the Owner. A draft Plan
for each Property shall be submitted to Owner on or prior to December 15 of the year preceding the January 1 of the year to which
the plan applies. Owner will have 21 days after receipt of the Plan within which to approve or reject in writing the same, with
any rejection accompanied by a reasonably detailed explanation of the basis for the rejection. Manager will then submit a revised
draft Plan to Owner within 10 days after receipt of any rejection. Owner has 10 days after receipt of the revised Plan to approve
or reject the same in writing, with any rejection accompanied by a reasonably detailed explanation of the basis for the rejection.
The foregoing process will repeat with 10 days between receipt and revision, on Manager’s end, and receipt and acceptance
or rejection on Owner’s end, until each Plan has been approved. If the parties cannot come to agreement on a Plan for a Property,
then Manager will operate the applicable Property on the Plan most recently approved by Owner. To the extent any expenditure to
be made by Manager exceeds the applicable line item in the prior year’s Plan by 5% or more, the same shall require Owner’s
prior written consent, exclusive of uncontrollable expenditures and emergencies (included by not limited to emergency items outside
of the control of Manager). Manager will provide supporting information reasonably requested by Owner in connection with its review
of any Plan submitted by Manager.

 

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Manager will
implement the Plan and use its commercially reasonable efforts to ensure that the actual cost of leasing and marketing the Properties
does not exceed the Plan. The Plan constitutes an authorization for Manager to expend necessary monies to lease and market the
Properties in accordance with the Plan, but subject to the provisions of this Agreement, until a subsequent Plan is approved. The
approval of non-recurring costs in the Plan constitutes an authorization for Manager to collect bids for the expenditure and to
present a final recommendation to the Owner for expenditure of monies to implement those items.

 

Without affecting
any other limitation imposed by this Agreement and except as may be provided to the contrary elsewhere in this Agreement, Manager
will secure the prior written approval of Owner before incurring any liability or obligation for any item in excess of $10,000
not reflected on the approved Plan, except with respect to emergency items as described in this subsection. If, however, another
threshold with respect to any matter is specified elsewhere in this Agreement or in a written directive or authorization of Owner,
then the threshold for that matter will be as set forth in that directive. Manager will provide a report to Owner regarding any
emergency expenses or capital requirements as promptly as practicable following the occurrence of the event giving rise to the
expenses, specifying the circumstances of the emergency situation or requirement.

 

		b)	Deliver to Owner, within 15 days after the end of each month during the term of this Agreement,
the monthly reporting package detailed on Exhibit A that relates to the Properties and the immediately preceding calendar month
or any portion thereof. The reporting package will be made on an accrual basis and include all transactions, whether or not reimbursable
pursuant to the provisions of this Agreement.

 

		c)	Deliver to Owner, within 15 days after the end of each quarter during the term of this Agreement,
the quarterly reporting package detailed on Exhibit B that relates to the Properties and the immediately preceding calendar quarter
or any portion thereof. The reporting package will be made on an accrual basis and include all transactions, whether or not reimbursable
pursuant to the provisions of this Agreement.

 

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		d)	Deliver to Owner, within 30 days after the end of each calendar year during the term of this Agreement,
the annual reporting package detailed in Exhibit C that relates to the Properties and the immediately preceding calendar year or
any portion thereof. The reporting package will be made on an accrual basis and include all transactions, whether or not reimbursable
pursuant to the provisions of this Agreement.

 

		e)	Employ in-house or outside attorneys, at Owner’s expense, to handle any legal matters involving
the Properties, in accordance with the Plan, any construction budget or as otherwise approved by Owner. Manager employs an in-house
legal department which will perform some or all of the legal services. To the extent any employee of the in-house legal department
performs services, the cost of the in house employee will be an operating expense of the Properties and reimbursable by Owner,
based upon approved Plans or construction budgets consistent with the hourly rates charged internally by Manager to the other property
funds for which it performs services. The costs are an operating expense of the Properties and shall be reimbursable by Owner.

 

		f)	Pay wages, salaries, commissions and employee benefits of all Property Personnel, including without
limitation workers’ compensation insurance, social security taxes, unemployment insurances, other taxes or levies now in
force or hereafter imposed, any claims that may arise under the employee health or worker’s compensation programs maintained
by Manager, employee-related overhead expenses and associated administrative charges with respect to any such Property Personnel
(collectively, “Employee Benefits”), all of which are deemed an operating expense of the Properties and which shall
be in accordance with approved Budgets. The number and classification of employees serving each Property shall be determined by
Manager, as appropriate for the proper operation of each Property.

 

		g)	Cooperate with the REIT’s independent auditors with respect to the annual audit of the REIT
for the purpose of expressing an opinion on the financial statements of the REIT (the “Annual REIT Audit”). In addition,
the REIT shall have the right to conduct an audit of Manager’s books and records solely with respect to the fees and expense
reimbursements relating to the services provided pursuant to this Agreement (the “Fee Audit”). The REIT may conduct
the Fee Audit by using its own internal auditors or by employing independent auditors no more than once per year. Costs associated
with conducting such Fee Audits by internal or independent auditors, and costs of the Annual REIT Audit, shall be borne by REIT.
If any Fee Audit conducted by or on behalf of REIT reveals a discrepancy in excess of ten percent (10%), and greater than $10,000,
for the aggregate fees and expense reimbursements payable during the period under audit pursuant to the Fee Audit, then Manager
shall be responsible for the reasonable expenses of such audit

 

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		h)	Take other actions and perform other functions as Manager reasonably deems advisable for the efficient
and economic leasing, marketing and construction management of the Properties.

 

		6.	Duties of Manager- Leasing Agent. Manager’s
duties as leasing agent for any of the Properties includes the following:

 

		6.1.	Leasing Functions.Manager will coordinate and negotiate the leasing of the Properties
using reasonable commercial efforts to secure executed leases (both new and renewal) from qualified tenants for available space
in the Properties. The leases must be consistent with form and terms approved by Owner unless a tenant requires use of its own
lease form. Manager will hiring all leasing agents as necessary for the leasing of the Properties, work with outside brokers and
leasing agents, and otherwise oversee and manage the leasing process on behalf of Owner. Manager’s duties in this regard
include, without limitation, (1) preparing and distributing listings to potential tenants and/or their representatives and to reputable
and active real estate agents; (2) supplying sufficient information to cooperating brokers and agents to enable them to promote
the rental of the Properties, (3) marketing and promoting the Properties to potential tenants, current tenants and the general
community, including, without limitation, by means and media as Manager deems appropriate such as attendance at ICSC and related
leasing events, (4) maintaining and updating a merchandising and leasing plan for each Property, (5) providing an updated leasing
budget and leasing reforecast for the then-following twelve (12) month period as part of the Plan, and (6) assist in securing leases
with temporary tenants or licensees for the use of the Properties. Manager will (i) perform leasing analysis and credit underwriting
with respect to prospective tenants (and subtenants and assignees) and prepare any leases and other tenant related documents and
(ii) use commercially reasonable efforts to operate in accordance with the Plan unless otherwise specifically approved in writing
by Owner, or except in the case of emergencies or uncontrollable expenses.

 

		6.2.	Lease Administration. Promptly and diligently enforce the Owner’s rights under any
tenant leases affecting any Property, including without limitation taking the following actions where appropriate: (i) with the
Owner’s prior consent: (a) terminating tenancies, (b) instituting and prosecuting actions, and evicting tenants, (c)
settling, compromising and releasing actions or suits, or re-instituting tenancies, and (d) recovering rents and other sums due
by legal proceedings in a court of general jurisdiction; and (ii) without the Owner’s prior written consent: (a) in a court
of special jurisdiction as applicable, signing and serving notices as are deemed necessary by Manager, and (b) recovering rents
and other sums due by legal proceedings in a court of similar jurisdiction. In each case Manager will promptly notify the Owner
of such action in writing. If authorized by the Owner, Manager will consult an attorney for the purpose of enforcing the Owner’s
rights or taking any actions and the Owner shall have the right to designate counsel for any matter and to control all litigation
affecting or arising out of the operation of any Property. Manager will keep Owner informed of any dissatisfaction with the law
firm or services, or the reasonableness of the costs.

 

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		6.3.	Advertising.Manager will advertise and place signage on the Properties regarding the
leasing, provided that the signage complies with applicable laws, regulations and requirements. Manager will provide a marketing
package, aerial photographs, demographic reports, site plans, signage and a two-sided flyer for each Property at Manager’s
expense. Any additional advertising and promotion requested by Owner will be done at Owner’s expense pursuant to a program
and budget agreed upon by Owner and Manager.

 

		6.4.	Other Actions. Manager will take other actions and perform other functions as Manager or
Owner reasonably deems advisable for the efficient and economic leasing of the Properties.

 

		7.	Duties of Manager- Construction Manager.
Manager’s duties as construction manager for the Properties shall be in accordance with a the budget for the construction
that is established by Owner and Manager prior to beginning the applicable construction activities, and shall include the following:

 

		7.1.	General.Manager will assist in securing licenses, registrations, or permits required
by law and shall comply with all ordinances, laws, orders, codes, rules, and regulations pertaining to building improvements and/or
the services described in this Agreement. Manager will secure lien waivers and affidavits and properly file, to the extent required,
terminations of notices of commencement prior to payment to contractors.

 

		7.2.	Bidding.When commercially reasonable in Manager’s sole judgement, Manager will
obtain bids from at least three outside contractors for all projects estimated to cost more than $25,000.00. Manager will select
the low bid unless it has supplied Owner with a reasonable justification for the selection of a bidder other than the low bidder
(e.g., Manager determines in its reasonable discretion that the bidder to be selected is more likely to complete the job on time,
with commercially reasonable workmanship and in the most efficient manner). Manager shall manage the bidding process consistent
with the manner in which it manages bidding for projects within its own portfolio of properties

 

		7.3.	New Construction, Tenant Improvements, and Redevelopments. Manager will perform the following
duties for construction of Improvements on undeveloped land (“New Construction”) and for construction of Improvements
that are to be made at the direction of, or in conformity with lease obligations to, tenants (“Tenant Improvements”)
or for work that changes the size or nature of Improvements or for the redevelopment of Improvements (collectively, “Redevelopments”):

 

		a)	Provide updated and detailed project budgets to Owner.

 

		b)	Supervise all Improvement projects, such supervision to include, but not be limited to, preparation
of budgets, plans, bidding, subcontractor selection, material selection, job supervision, collection of lien waivers, sworn statements,
affidavits and the like. Manager will require lien waivers, sworn statements, affidavits and similar documentation as a condition
to disbursement.

 

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		c)	Arrange for, coordinate, supervise and advise Owner with respect to the selection of architects,
contractors, design firms and consultants, environmental firms and consultants, and the execution of design, construction and consulting
contracts.

 

		d)	Review design documents, and drafts thereof, submitted by the architect or other consultants, and
notify Owner in writing of any mistakes, errors or omissions that Manager observes in the documents and any recommendations it
may have with respect to such mistakes, errors or omissions, provided Manager will not in any manner be responsible for the accuracy,
adequacy or completeness of those documents.

 

		e)	Evaluate and make recommendations to Owner concerning cost estimates prepared by others.

 

		f)	Review and evaluate proposed schedules for construction.

 

		g)	Coordinate the work of subcontractors.

 

		h)	Monitor the progress of construction.

 

		i)	Endeavor to work with the general contractor to identify any deficiencies in the work performed
by subcontractors.

 

		j)	Advise Owner with respect to alterations and modifications in any design documents submitted by
the architect or other consultants that may be in Owner’s interest, including obtaining advantages in terms of cost savings,
scheduling, leasing, operation and maintenance issues and other matters affecting the overall benefit of the project.

 

		k)	Review and advise Owner on change order proposals and requests for additional services submitted
to Owner.

 

		l)	Schedule, coordinate, and attend necessary or appropriate project meetings.

 

		m)	Monitor and coordinate punch list preparation and resolution by the subcontractors.

 

		n)	Make recommendations to Owner concerning, and monitor, the use of the site by subcontractors, particularly
as it relates to staging and storage, ingress and egress, temporary signage, fencing, barricades, restrictions on hours of operation,
safety considerations and similar considerations.

 

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		o)	Coordinate and advise Owner with respect to preparation, execution, completion and filing of project-related
documents, including, but not limited to contracts, permit applications, licenses, certifications, zoning requirements, land use
restrictions, and governmental filings applicable to the project, and any other similar documents.

 

		p)	Review and advise Owner with respect to draw requests submitted on the project.

 

		q)	Upon completion of construction, walk the completed New Construction, Tenant Improvements, or Redevelopments
with Owner (upon Owner’s discretion) or otherwise take measures to ensure that everything has been completed in accordance
with the specifications. Manager will cause the subcontractors to repair or replace any items that are determined to be deficient
during this walk.

 

		r)	As instructed by Owner, perform additional related project management functions.

 

		s)	Collect warranties and operation manuals, certificates, guarantees, as-builts and any similar documentation
for the benefit of Owner.

 

		t)	Forward to Owner promptly upon receipt all notices of violation or other notices from any governmental
authority, and make recommendations regarding compliance with the notices as are appropriate given the circumstances.

 

		u)	Subject to the terms of this Agreement relating to allocation of expenses, pay fees, expenses and
commissions of architects, engineers, subcontractors and suppliers that contract with Manager in the construction of the Properties.
Manager will review all charges before payment to confirm accuracy and agreement.

 

		7.4.	New Construction and Redevelopments. In addition, Manager will perform the following duties
with respect to New Construction and Redevelopments:

 

		a)	Provide Owner with a budget for each Improvement to be built prior to beginning construction of
the respective Improvement.

 

		b)	Meet on a regular basis with Owner’s leasing agents and representatives of prospective tenants.

 

		c)	Arrange for, coordinate, supervise and advise Owner with respect to various development services
prior to design and construction of the Project, including due diligence, site investigations, land use and zoning matters, and
similar development services.

 

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		7.5.	Tenant Improvements. In addition, Manager will perform the following duties related to Tenant
Improvements:

 

		a)	Arrange for and supervise the performance of all installations and improvements in space leased
to any tenant which are either expressly required under the terms of a lease of such space or which are customarily provided to
tenants.

 

		b)	Meet with tenants and prospective tenants and their architects, engineers, consultants and contractors
to facilitate design and construction of leasehold improvements.

 

		c)	Maintain separate files as to each tenant, and thereby document the entire design and construction
process for each tenant.

 

		d)	Compile and disseminate such data regarding each tenant as Owner may reasonably require.

 

		7.6.	Duties with Respect to Tenant Directed Improvements. In addition, Manager will supervise
and facilitate tenant installations performed by the tenant and/or tenant’s contractors, including:

 

		a)	Review and evaluate lease exhibit language that identifies the scope and nature of tenant construction
of the improvements.

 

		b)	Review tenant construction documents for compliance with landlord criteria and requirements applicable
to the improvements.

 

		c)	Review and evaluate proposed schedules for tenant construction.

 

		d)	Coordinate delivery of shell space to tenants as required by the tenant’s lease.

 

		e)	Monitor the progress of tenant construction including but not limited to compliance with scheduling
requirements, compliance with rules and regulations of the Property, verify that tenant has obtained proper permits, etc., coordinating
requests for tenant improvement allowance draws.

 

		f)	Maintain appropriate files and records as to each project documenting the design and construction
process for each tenant in a manner consistent with Manager’s record retention guidelines.

 

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		8.	Duties of Manager- Other.Manager will
in all events comply with the reasonable requests of Owner related to leasing, marketing and construction management of the Improvements
to be made to the Properties. Owner will maintain sufficient funds in account(s) so that Manager will have funds available to
pay all obligations contemplated under this Agreement when due. Under no circumstances does Manager have any obligation to advance
funds to or for the account of Owner.

 

		8.1.	Periodic Meetings. Manager, its personnel, or contractors engaged or involved in the leasing,
marketing or construction management of the Properties shall meet to discuss the historical results of operations, to consider
deviations from any budget or the Plan, and to discuss any other matters so requested by the Owner upon reasonable notice from
Owner.

 

		9.	Compensation and Expense Reimbursement.

 

		9.1.	For each Property for which Manager provides leasing or marketing services, Owner shall pay Manager
leasing fees at market rates as specified on the Property Addendum for that Property.

 

		9.2.	For each Property for which Manager provides construction management services, including but not
limited to services related to the investigation and remediation of environmental conditions at the Properties, Manager shall be
entitled to fees for tenant and tenant directed improvements, capital improvements and construction management services, all at
market rates for the geographic area in which the applicable Property is located, as may be more fully set forth on the applicable
Property Addendum or another writing executed by Manager and Owner.

 

		9.3.	Manager will pay other reimbursable expenses as Owner has approved and deems advisable or necessary
for the efficient and economic construction management and leasing of the Properties through the Plan or any construction budget
or as otherwise provided for in this Agreement (e.g., for marketing or leasing programs that exceed in scope that which Manager
would normally utilize for its own properties).

 

		9.4.	For each Property for which Manager provides Additional Services as defined in the Property Addendum,
Manager is entitled to fees for the Additional Services at market rates for the geographic area in which the applicable Property
is located, as may be specifically identified in the Property Addendum.

 

		10.	Insurance.Manager will obtain and keep
in full force and effect at Owner’s expense insurance (1) on the Properties, and (2) on activities at the Properties against
such hazards as Owner and Manager shall deem appropriate and as may be required under any mortgage or other loan documents binding
upon Owner. All liability policies shall provide sufficient insurance satisfactory to both Owner and Manager and shall contain
waivers of subrogation for the benefit of Manager and the applicable Owner.

 

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		10.1.	Manager will obtain and keep in full force and effect, in accordance with the laws of the state
in which each Property is located, worker’s compensation insurance covering all employees of Manager at the Properties and
all persons engaged in the performance of any work required under this Agreement. Manager will also obtain and keep in full force
and effect, in accordance with the laws of the state in which each Property is located, employer’s liability, employee theft,
commercial general liability, and umbrella insurance, and Manager will furnish Owner certificates of insurers naming Owner as co-insureds
and evidencing that such insurance is in effect and that insurer will provide directly to Owner no less than 30 days’ notice
of any cancellation or non-renewal. If any work under this Agreement is subcontracted, Manager will include in each subcontract
a provision that the subcontractor must furnish Owner with evidence of coverage (and any other coverage Manager deems appropriate
in the circumstances) naming Owner as co-insured and evidencing that the insurance is in effect and that insurer will provide directly
to Owner no less than 30 days’ notice of any cancellation or non-renewal, as well as indemnification as is customary. The
cost of insurance procured by Manager is reimbursable to the same extent as provided in this Agreement. The Properties may be added
to blanket policies of insurance for the coverage required under this Section so long as such blanket insurance policies provide
the same coverage to Owner that would be provided by separate insurance policies.

 

		10.2.	Manager will cooperate with and provide reasonable access to the Properties to representatives
of insurance companies and insurance brokers with respect to insurance which is in effect or for which application has been made.
Manager will use its good faith efforts in a commercially reasonable manner to comply with all requirements of insurers.

 

		10.3.	Manager will promptly investigate and report in detail to Owner and the applicable insurance carriers
all accidents, claims for damage relating to the ownership, operation or maintenance of the Properties, and any damage or destruction
to the Properties and the estimated costs of repair. Manager will prepare for approval by Owner all reports required by the applicable
insurance company in connection with any claim. Owner will reimburse Manager’s third party costs in connection therewith.
Such reports shall be given to Owner promptly and any report not given within 10 days after the occurrence of any accident, claim,
damage or destruction shall be noted in the monthly reports delivered to Owner. Manager is authorized to settle any claim against
an insurance company arising out of any policy and, in connection with the claim, to execute proofs of loss and adjustments of
loss and to collect and provide receipts for loss proceeds using commercially reasonable good faith efforts.

 

		11.	Liability of Manager.Manager is not liable
for any errors in judgment or for mistakes of fact or of law or for anything which it may in good faith do or refrain from doing,
except in the case of gross negligence, fraud or willful misconduct.

 

		12.	Indemnity.Owner hereby indemnifies Manager
and its managers, employees and officers against and agrees to defend, protect, hold and save them free and harmless from any
liability or expenses (including reasonable attorney’s fees and court costs) arising out of injuries or damages to persons
or property by reason of any cause relating to the Properties, except to the extent caused by the gross negligence, fraud or willful
misconduct by Manager and which is not otherwise covered by insurance held by Owner. Owner will name Manager as an “additional
insured” or “co-insured” on any and all liability insurance policies for the Properties. Manager hereby indemnifies
Owner and its employees and officers against and agrees to defend, protect, hold and save them free and harmless from any liability
or expenses (including reasonable attorney’s fees and court costs) arising out of injuries or damages to persons or property
by reason of any cause relating to the leasing, marketing and construction of the Properties caused by the gross negligence, fraud
or willful misconduct of Manager, which is not otherwise covered by insurance held by Owner.

 

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		13.	Termination.This Agreement may be terminated
by either party upon thirty (30) days’ written notice, in total or only with respect to any Property, provided that termination
will not affect any rights or obligations accrued to either party prior to termination (subject to any offsetting claims for damages),
including, but not limited to payment of leasing and marketing fees and construction management fees earned to the date of termination.
If, however, termination occurs before a construction project is completed, the construction management fee to be earned shall
be prorated based upon the reasonably estimated portion of the applicable project that had been completed up to the date of termination).
If this Agreement is terminated, then only commissions and management fees with respect to any Properties that are subject to
such termination and that have accrued prior to the termination date will be due to Manager. Notwithstanding anything to the contrary
contained in this Agreement, if either Owner or Manager defaults in performing any of its obligations under this Agreement, or
if there is a default by either Owner or Property Manager under the Property Management Agreement, then the other party may terminate
this Agreement effective upon delivery of notice of default. The indemnification obligations of the parties survive the expiration
or termination of this Agreement. Manager’s obligations under this Agreement for leasing, marketing and construction management
may, at Owner’s election, terminate as to any particular Property upon its sale, provided that Manager’s obligations
for the performance of accounting and other so-called “back office functions” shall terminate only at such time as
a final tax return with respect to the applicable Property has been prepared and filed and such customary and ordinary information
related to the Property or Properties has been provided to Owner. Manager shall cooperate subsequent to any termination of this
Agreement as to a particular Property to provide final property reconciliations and other reports as reasonably requested by Owner,
with the cost of services provided by Manager to be reimbursed by Owner through the final date of service.

 

		14.	Manager’s Obligations After Termination.Upon
the termination of this Agreement, Manager will have the following duties:

 

		14.1.	Manager will deliver to Owner, or its designee, all books and records (including data files in
magnetic or other similar storage media but specifically excluding any licensed software) with respect to the Properties.

 

		14.2.	Manager will transfer and assign to Owner, or its designee, or terminate upon Owner’s direction,
all service contracts (designated by Owner for transfer and assignment) and personal property relating to or used in the leasing,
marketing and construction of the Properties, except personal property paid for and owned by Manager. Manager will also, for a
period of sixty (60) days immediately following the date of such termination (with respect to this entire Agreement or any Property
terminated as being subject to this Agreement), make itself available to consult with and advise Owner, or its designee, regarding
the leasing, marketing and construction of the Properties.

 

    	 	- 13 -	 

     

    

 

		14.3.	Manager will render to Owner an accounting of all funds of Owner in its possession and shall deliver
to Owner a statement of management fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the
leasing, marketing and construction of the Properties to be paid to Owner or their designees and shall assist in the transferring
of approved signatories on all Accounts.

 

		14.4.	Manager shall provide accounting services and related services for so long as required to wind-down
the operation of the Owner entity which owned the Property, included by not limited to preparing and filing tax returning and corporate
governance documentation for so long as required by governing authorities. Owner shall reimburse Manager a reasonable fee for such
post-sale services determined by the allocation of Property Personnel providing such services.

 

		15.	No Obligation to Third Parties.None of
the obligations and duties of Manager under the Agreement in any way creates any obligations of Manager to any third party with
the exception of Owner.

 

		16.	Additional Services. The services contemplated
under this Agreement are normal and customary leasing, marketing and general and construction management services. If Manager
is required or requested to perform additional services beyond the scope of this Agreement, then Owner shall pay Manager fees
for these additional services at market rates as mutually agreed upon in advance by the parties.

 

		17.	Manager’s Action on Tenant’s Default. If the reasonably expected costs
are less than a threshold to be agreed upon by Manager and Owner with respect to each Property (or with respect to leases or contracts
less than certain thresholds with respect to each Property), then Manager has the right, in its own name or in the name of Owner,
to take any and all actions, which Manager deems advisable and which Owner has the right to take, in the event of any tenant's
breach of any covenant, provision or condition binding upon tenant under its lease with Owner. Nothing in this paragraph shall
be deemed to require Manager to institute legal action against any tenant. If the reasonably expected costs exceed the agreed upon
thresholds, then Owner shall only be responsible for those costs if it pre-approves such actions. In addition, if Owner desires
to commence legal action notwithstanding Manager’s recommendation to the contrary, then it shall pay for all costs and reasonable
attorneys' fees in connection with that action.

 

		18.	Entire Agreement. This Agreement supersedes all agreements previously made between
the parties relating to its subject matter. There are no other understandings or agreements between them.

 

    	 	- 14 -	 

     

    

 

		19.	Assignment; Binding Effect. Manager may delegate partially or in full its duties
and rights under this Agreement to any wholly owned subsidiary. Any other partial or full delegation or assignment of its duties
and rights under this Agreement may be made only with the prior written consent of Owner. Except as provided in the immediately
preceding sentence, this Agreement is binding upon and inures to the benefit of the parties and their respective successors and
assigns.

 

		20.	Amendments. This Agreement may be amended only by an instrument in writing signed
by the party against whom enforcement of the amendment is sought.

 

		21.	Other Business. Nothing contained in this Agreement prevents Manager from engaging
in other activities or business ventures, whether or not the other activities or ventures are in competition with Owner or the
business of Owner, including, without limitation, property management activities for other parties (including other Real Estate
Investment Trusts) and providing services to other programs advised, sponsored or organized by Manager or its affiliates or third
parties. This Agreement does not limit or restrict the right of any director, officer, employee, or stockholder of Manager or its
affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual,
trust or association. Manager may, with respect to any investment in which the Owner is a participant, also render advice and service
to each and every other participant. Manager will report to Owner 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 Manager’s obligations to Owner and
its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association.

 

		22.	Notices. All notices under this Agreement shall be in writing and delivered personally
or mailed by national overnight courier or certified mail, postage prepaid, addressed to the parties at their last known addresses.
All notices shall be in writing and, except when receipt is required to start the running of a period of time, are deemed given
when delivered in person or first business day after deposit with a national overnight courier with confirmation of overnight delivery,
or on the fifth day after its mailing by registered or certified United States mail, postage prepaid and return receipt requested,
at the addresses set forth after the parties’ respect names below or at any different addresses as either party has advised
the other party in writing.

 

	MANAGER:	
        PHILLIPS EDISON & COMPANY, LTD.

        11501 Northlake Drive

        Cincinnati, OH 45249

        Attention: Vice-President

	 	 
	With a copy to:	
        PHILLIPS EDISON & COMPANY, LTD.

        11501 Northlake Drive

        Cincinnati, OH 45249

        Attention: Legal Department

	 	 
	OWNER:	
        PHILLIPS EDISON GROCERY CENTER

        OPERATING PARTNERSHIP III, L.P.

        11501 Northlake Drive

        Cincinnati, OH 45249

        Attention: Chief Operating Officer

 

    	 	- 15 -	 

     

    

 

	With a copy to:	
        PHILLIPS EDISON GROCERY CENTER

        OPERATING PARTNERSHIP III, L.P.

        222 South Main Street, Suite 1730

        Salt Lake City, Utah 84101

        Attention: General Counsel

 

		23.	Non-Waiver. No delay or failure by either party to exercise any right under this
Agreement, and no partial or single exercise of that right, will constitute a waiver of that or any other right, unless otherwise
provided in this Agreement.

 

		24.	Headings.Headings in this Agreement are for convenience only and shall not be
used to interpret or construe its provisions.

 

		25.	Severability. If any term, covenant or condition of this Agreement or its application
to any person or circumstance is held invalid or unenforceable to any extent, then the remainder of this Agreement, or the application
of that term, covenant or condition to persons or circumstances other than those to which it is held to be invalid or unenforceable,
will not be affected. Each term, covenant or condition of this Agreement is valid and shall be enforced to the fullest extent permitted
by law.

 

		26.	Governing Law.This Agreement will be construed in accordance with and governed
by the laws of the State of Ohio. Any action to enforce this Agreement or an action for a breach of this Agreement will be maintained
in a binding arbitration proceeding before the American Arbitration Association in Cincinnati, Ohio.

 

		27.	Counterpart. This Agreement may be executed in two or more counterparts, each of
which is deemed an original but all of which together constitute one and the same instrument.

 

		28.	Cross-Default. If any default occurs under the Property Management Agreement and
results in a termination of the Property Management Agreement or if the Property Management Agreement is otherwise terminated,
this Agreement shall also terminate unless otherwise agreed by the parties.

 

Signatures on next page.

 

    	 	- 16 -	 

     

    

 

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

 

OWNER:

 

PHILLIPS EDISON GROCERY CENTER OPERATING
PARTNERSHIP III, L.P.,

a Delaware limited partnership

	By:	Phillips Edison Grocery Center OP GP III LLC, 
	 	A Delaware limited liability company,	 
	 	Its General Partner	 
	 	 	 
	By:	/s/ Robert F. Myers	 
	 	Robert F. Myers, Vice President	 

 

MANAGER:

 

PHILLIPS EDISON & COMPANY, LTD.,

an Ohio limited liability company

 

	By:	/s/ Joe Schlosser	 
	 	Joe Schlosser, Vice President	 

 

    	 	 	 

     

    

 

EXHIBIT A

 

MONTHLY REPORTING PACKAGE

 

For the current month and year to date,
statements presenting, on a comparative basis, actual to budget (and/or forecast or other projections), including variance explanations
for material variances:

 

		·	Executive Summary (leasing, capital, tenant/market issues, other)

		·	Month to date and year to date variance report with explanations (Plan and construction budget,
if any, to actual and actual to previous year actual)

		·	Leasing Update

		·	Any additional reports that Owner shall reasonably request

 

    	 	 	 

     

    

 

EXHIBIT B

 

QUARTERLY REPORTING PACKAGE

 

		·	All items in the monthly reporting package.

 

		·	Quarter to date variance reports with explanations compared to the Plan and same period prior year.

 

		·	The originals (or copies, as Owner may request) of all contracts entered into by Manager on behalf
of Owner during such period, if requested.

 

		·	Such other reports as may be required by Owner.

 

    	 	 	 

     

    

 

EXHIBIT C

 

ANNUAL REPORTING PACKAGE

 

·       All
items in the quarterly reporting package which shall include annual operating statements and a list of variances and explanations
of material variances (the Plan and construction budget, if any, to actual and actual to previous year actual).

 

·       Any
other reports reasonably requested by Owner.

 

    	 	 	 

     

    

 

Form of Property Addendum

 

Original Agreement Date: ____________________

 

PROPERTY DESCRIPTION:

 

	Property Name:	 
	 	 
	Street Address:	 
	 	 
	City, State, Zip Code:	 
	 	 
	County:	 
	 	 
	Owner Name:	 
	 	 
	Owner Tax ID#:	 
	 	 
	Tax Parcel ID #:	 

 

SERVICES TO BE PROVIDED:

 

	 ̈	Leasing Agreement duties as specified in Section 6 of the Agreement except as specified below:
	 	 	 
	 	____	No changes
	 	 	 	 
	 	____	Changes as follows:  	 
	 	 	 
	 	 	 

 

	 ̈	Leasing Agreement Fees:

 

	 	 ̈	New Lease Commission Percentage: [___percent (___%)] of the gross amount of all base rent under the first five (5) years of the primary term of said leases, plus [___percent (___%)] of the gross amount of all base rent under the next five (5) years of the primary term, plus [___percent (___%)] of the gross amount of all base rent under any additional years of the primary term, payable one-half upon the full execution of the lease and one-half upon tenant opening for business.  

 

	 	□	Notwithstanding the foregoing, for any new lease for over 15,000 square feet, the leasing commission shall calculated as set forth above, provided that it shall not be less than Three Dollars ($3.00) per square foot of leasable area.  

 

    	 	 	 

     

    

 

	 	 ̈	Renewals:  For any renewal or extension of a lease (including the exercise of an existing lease option), Manager shall be paid: [___percent (___%)] of the gross amount of all base rent under the primary term of said lease, payable upon execution of such renewal or extension.______________________________
	 	 	 
	 	 	 
	 	 	 
	 	 ̈	Expansions:  For each lease amendment or modification in which the tenant expands its premises, Owner will pay Manager a leasing commission of [___percent (___%)] of the gross amount of the base rent represented by such additional space under the balance of the then current term of the lease, plus [___percent (___%)] of the gross amount of all base rent represented by such additional space under any additional years of the primary term, payable [one-half] upon execution of the amendment or modification document and [one-half] upon the tenant opening for business from the expansion space.
	 	 	 
	 	 ̈	Co-Brokers:  As leasing agent for the Properties, Manager may cooperate with independent real estate brokers or agents.  If Manager hires a co-broker in order to assist Manager in securing a tenant or if an opportunity is brought to Manager by an independent broker, the applicable leasing commission payable to Manager by Owner shall be increased by the lesser of (i) the amount of the fee owed to the co-broker or (ii) an amount equal to 50% of the applicable leasing commission payable to Manager by Owner as set forth above.  Manager shall be responsible for payment of the co-broker fee from the applicable leasing commission paid to Manager by Owner.  
	 	 	 
	 	 ̈	Payment terms (if other than specified above):  ____________________

 

	 ̈	Additional Marketing Fees (in addition to the foregoing):
	 	 
	 	 ̈ As to any sale(s) of land
    associated with the Property (but not the entire Property), a sales commission of [___percent (___%)] of the gross sale
    price, payable out of the closing proceeds, which may be increased by the lessor of (i) [___percent (___%)] of the gross sale
    price or (ii) the third party broker fee directly related to such sale;
	 	 
	 	 ̈ If the Property is sold
    during the term of this agreement, a sales commission of [___percent (___%)] of the gross sales price shall be paid from the
    sale proceeds which may be increased by the lessor of (i) [___percent (___%)] of the gross sale price or (ii) the third party
    broker fee directly related to such sale;
	 	 
	 	 ̈ As to real estate tax appeals, 40% of any Property tax savings and interest received as a result of assessment reductions on any property, for the period that includes all open assessment years. Property tax savings shall be equal to (a) the difference between (i) the original property tax assessment and (ii) the final property tax settlement for the open tax years, which settlement is less than the original property tax assessment, multiplied by (b) appropriate tax rates, multipliers or equalizations;

 

    	 	 	 

     

    

 

	 	 ̈ As to community contributions, 40% of any savings received or contribution received from the local governing authority directly related to operation of the Property in such community.
	 	 
	 	 ̈ As to lease assignments, 40% of the fees collected for lease assignments and similar agreements;
	 	 
	 	 ̈ As to short-term leases, periodic tenancy agreements, licenses agreements and similar instruments originated by Manager, 40% of the total gross rent under the agreement;
	 	 
	 	 ̈ Manager shall be reimbursed for out-of-pocket expenses incurred with third parties engaged by Manager for the benefit of Owner.
	 	 
	 ̈	Construction Management Services as specified in Section 7 of the Agreement except as specified below.  In particular, the construction management will include the following (add attachments as necessary):
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 ̈	Construction Management Fees:
	 	 
	 	 ̈ As to Construction Management, 1) for ground-up construction and redevelopment projects, a fee of 5% of the total project hard costs plus architectural and engineering costs payable at final completion of the project; and 2) for tenant buildouts and tenant improvement allowances, 5% of the total project cost payable upon completion of the project and tenant opening for business  3) 5% of the total cost of all other Construction Management Services,  including, but not limited to, services related to the investigation and remediation of environmental conditions at the Properties.Exhibit 10.13

 

SHOPPING CENTER PURCHASE AND SALE AGREEMENT

 

THIS SHOPPING CENTER
PURCHASE AND SALE AGREEMENT (this “Agreement”) is entered into as of the 21st day of November, 2017 (the
“Effective Date”), by and between RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware limited partnership (“Seller”),
with offices at 31500 Northwestern Highway, Suite 300, Farmington Hills, Michigan 48334 and THE PHILLIPS EDISON GROUP LLC, an Ohio
limited liability company (“Purchaser”), with offices at 11501 Northlake Drive, Cincinnati, Ohio 45249.

 

WITNESSETH:

 

A.         Seller
is the owner of the Property (defined below).

 

B.         Seller
has agreed to sell and Purchaser has agreed to purchase the Property in accordance with the terms and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements of each party to the other hereinafter set forth, the parties hereto do
hereby mutually covenant and agree as follows:

 

ARTICLE I.

 

PROPERTY

 

As used herein, the
term “Property” shall be deemed to mean the following:

 

1.1         the
real estate located in the City of Rolling Meadows, Cook County, Illinois, commonly known as “Rolling Meadows Shopping Center,”
legally described on Exhibit A attached hereto together with all easements, air, mineral and riparian rights and
all tenements, hereditaments, privileges and appurtenances to the extent thereof and thereto belonging or in any way appertaining
thereto (collectively, the “Real Estate”) and the buildings thereon totaling approximately 134,012 leasable
square feet of space and the other improvements thereon (collectively, the “Improvements;” the Real Estate and
the Improvements are collectively referred to herein as the “Real Property”);

 

1.2         all
fixtures, equipment and personalty owned by Seller and located on or about the Real Estate or used in conjunction therewith; a
list of all such fixtures, equipment, and personalty to be conveyed is attached hereto as Exhibit B and made a part
hereof;

 

1.3         any
land lying in the bed of any street, road or avenue, open or proposed, at the foot of or adjoining the Real Estate to the center
line thereof;

 

1.4         Seller’s
right, title and interest in and to any intangible property associated with the ownership of the Real Property including, but not
limited to, the name “Rolling Meadows Shopping Center” and all derivations thereof, and all assignable unexpired claims,
warranties, guaranties (including any roof and HVAC warranties and guaranties) and sureties held by Seller in connection with the
Improvements;

 

     

     

    

 

1.5         any
pending or future award made in condemnation or to be made in lieu thereof, and any unpaid award for damage to the Real Estate,
subject to Section 10.1 and Section 10.2 below;

 

1.6         The
use of appurtenant easements, whether or not of record, strips and rights of way abutting, adjacent, contiguous, or adjoining the
Real Estate;

 

1.7         all
leases, licenses, or other permissions to occupy the Property (the “Leases”), together with all security deposits
and, to the extent that they accrue and become due and payable from and after the Closing Date (as hereinafter defined), rents,
receivables and other monetary items, payable by tenants or occupants of the Real Property;

 

1.8         all
licenses, permits and franchises issued by any State, Federal or local municipal authorities, relating to the use, maintenance
or operation of the Real Property; and

 

1.9         all
plans and specifications in the possession and control of Seller relating to the construction of the Improvements.

 

ARTICLE II.

 

PURCHASE AND SALE; PURCHASE PRICE

 

2.1         Subject
to the terms and conditions herein contained, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller,
the Property. The total purchase price (the “Purchase Price”) for the Property shall be the sum of Seventeen
Million Five Hundred Thousand and 00/100 Dollars ($17,500,000.00).

 

2.2         The
Purchase Price shall be payable by Purchaser to Seller at the Closing (as hereinafter defined) by wire transfer of funds, subject
to the adjustments and prorations set forth in the Closing Statement (as hereinafter defined) executed by Seller and Purchaser
at Closing.

 

2.3         Within
two (2) business days after the Effective Date, Purchaser shall deposit with Fidelity National Title Insurance Company (the “Escrow
Agent”), 1050 Wilshire Drive, Suite 310, Troy, Michigan 48084, Attention: Maxine Lievois, Esq. (phone 248-816-3850; email
Maxine.Lievois@fnf.com), in escrow, an earnest money deposit in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00)
(the “Initial Deposit”). The sum of $100 of the Initial Deposit shall be deemed independent contract consideration
and, notwithstanding anything herein contained to the contrary, shall be paid to Seller in the event of any termination of this
Agreement other than on account of any Seller default hereunder. In the event that Purchaser timely provides a Satisfaction Notice
(as hereinafter defined) prior to the end of the Inspection Period (as hereinafter defined) that Purchaser desires to proceed with
the purchase of the Property, then the Initial Deposit shall immediately become non-refundable to Purchaser except as otherwise
provided herein and Purchaser shall deposit, in escrow with Escrow Agent, the additional sum (the “Additional Deposit”)
of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) within two (2) business days after the earlier of the date that
Purchaser notifies Seller that it desires to proceed with the purchase of the Property and the expiration of the Inspection Period.
The Initial Deposit and the Additional Deposit, to the extent paid, together with interest earned thereon is hereinafter referred
to as the “Deposit”. The Deposit shall be held in escrow by Escrow Agent pending the Closing. At and upon Closing,
the Deposit shall be applied against the Purchase Price, or, if this transaction is not consummated, delivered to Seller unless
(i) such failure to consummate this transaction is due to the default of Seller as provided for hereunder; (ii) the failure of
any condition required as a condition for Purchaser to close; or (iii) this Agreement is terminated by Purchaser pursuant to the
express provisions hereof. The parties agree that the liability of the Escrow Agent to the parties hereto shall be only as expressly
set forth in this Agreement. It is specifically agreed that the Escrow Agent shall not be liable for any mistake or error of judgment
in the discharge of its functions hereunder, but shall be liable only for bad faith or gross negligence. In the event that there
shall be any action or legal proceedings involved or arising out of this Agreement, to which action or legal proceeding the Escrow
Agent is or may be a party, the Escrow Agent shall be entitled, at any time, in its sole discretion, to pay the Deposit, or any
portion thereof, into the appropriate State or Federal Court having jurisdiction and, upon so doing, it shall be relieved of any
further responsibility or liability as to the Deposit. At Purchaser’s election, the Deposit shall be invested by the Escrow
Agent in an interest bearing account, and the interest shall be deemed to constitute part of the Deposit.

 

     

     

    

 

ARTICLE III.

 

INSPECTION OF PROPERTY

 

3.1         As
used in this Agreement, the term “Inspection Period” shall mean the time period during which Purchaser may conduct
its inspection of the Property pursuant to this Agreement and which time period shall expire at 5:00 p.m. E.S.T. on December 8,
2017. During the Inspection Period, Purchaser shall have the right to enter the Property to undertake, at its sole cost and expense,
site, engineering, appraisal, environmental and such other inspection analyses and studies of the Property, and Purchaser shall
have the right to review the Leases, operating expenses and other documents relating to the Property and to take such other actions
as Purchaser deems necessary to satisfy itself that it wishes to proceed with the purchase of the Property upon the terms and conditions
set forth in this Agreement (all of such inspections and actions are collectively referred to herein as the “Inspections”).

 

3.2         In
connection with the Inspections, Purchaser shall not unreasonably interfere with the usual operation of the Property and its tenants.
Purchaser shall not conduct a Phase II environmental audit without the prior written consent of Seller, which consent may be withheld
in Seller’s sole discretion. Except in connection with the preparation of a phase I environmental site assessment of the
Real Property, Purchaser will not initiate contact with State or Federal environmental agencies, except through Seller.

 

3.3         The
Inspections may be conducted by Purchaser or any designee of Purchaser, including, without limitation, engineers, accountants,
architects and Purchaser’s employees, during normal business hours and upon reasonable prior notice to Seller or its designated
agents, so long as Purchaser does not interfere with the tenants’ use of the Property.

 

3.4         If
the sale does not close for any reason whatsoever, then Purchaser shall return to Seller all materials provided to Purchaser by
Seller and Purchaser shall destroy all inspection reports and studies of the Property conducted by Purchaser; provided, however,
if Seller desires to retain an inspection report or study of the Property conducted by Purchaser, Purchaser shall provide Seller
with a copy of same upon a request by Seller.

 

     

     

    

 

3.5         In
the event that, after conducting the Inspections, Purchaser desires to proceed with the purchase of the Property, Purchaser shall
so notify Seller, in writing (such writing being referred to herein as a “Satisfaction Notice”), which Satisfaction
Notice must be given before the end of the Inspection Period. In the event that Purchaser gives such Satisfaction Notice within
such time period, the Initial Deposit shall immediately become non-refundable to Purchaser except as otherwise provided herein,
and Purchaser agrees to proceed to Closing subject to the remaining terms and conditions of this Agreement. If Purchaser does not
provide a Satisfaction Notice or provides written notice that it will not furnish a Satisfaction Notice, then in either event,
this Agreement shall terminate and become null and void, and Purchaser shall receive a prompt refund of the Initial Deposit and
be relieved of any and all liability under this Agreement (except for any surviving obligations under this Agreement) upon return
or, as directed by Seller, destruction of the Evaluation Materials.

 

3.6         Purchaser
shall indemnify, defend and hold Seller and its officers, trustees, partners, members and employees harmless from any and all claims,
losses, damages (but not consequential damages), costs and expenses (including reasonable attorneys’ fees) arising from or
in any way related to (i) the breach of any of the terms of this Article III; (ii) the Inspections; or (iii) the
entry onto the Property and/or the conduct of any due diligence activities by Purchaser or any of Purchaser’s affiliates,
employees, officers, agents or contractors, at any time prior to the Closing. Purchaser shall repair any damage to the Property
caused by Purchaser’s activities upon the Property. The obligations of Purchaser under this Section 3.6 shall
survive the termination of this Agreement and the indemnity obligations of Purchaser under this Section 3.6 shall
survive the Closing.

 

3.7         Notwithstanding
anything herein to the contrary, Purchaser hereby expressly acknowledges and agrees that Purchaser has or will have, prior to the
end of the Inspection Period, thoroughly inspected and examined the Property to the extent deemed necessary by Purchaser in order
to enable Purchaser to evaluate the purchase of the Property. Purchaser hereby further acknowledges and agrees that Purchaser is
relying solely upon its examination and evaluation of the Property and that Purchaser is purchasing the Property on an “AS
IS”, “WHERE IS” and “WITH ALL FAULTS” basis, without representations (other than
the limited representations set forth herein and in the Closing documents), warranties or covenants, express or implied, of any
kind or nature including, but not limited to, the zoning of the Property, the tax consequences to Purchaser, the physical condition
of the Property, environmental compliance, governmental approvals and compliance of the Property with applicable rules, regulations,
ordinances and statutes. The express intention of Purchaser and Seller is that Purchaser shall purchase the Property from Seller
without any representations (other than the limited representations set forth herein and in the Closing documents), warranties
or covenants, express or implied, from or of Seller. Purchaser hereby waives and relinquishes all rights and privileges arising
out of, or with respect to or in relation to, any representations (other than the limited representations set forth herein and
in the Closing documents), warranties or covenants, whether express or implied, which may have been made or given, or which may
be deemed to have been made or given, by Seller. Without limiting the generality of the foregoing, Purchaser hereby further acknowledges
and agrees that warranties of merchantability and fitness for a particular purpose are excluded from the transactions contemplated
hereby, as are any warranties arising from a course of dealing or usage or trade, and that (except as expressly provided in Section
6.1 hereof) Seller has not represented or warranted, and Seller does not hereby represent or warrant, that the Property
now or in the future will meet or comply with the requirements of any health, environmental or safety code or regulation of the
United States of America, any state in which the Property or any portion thereof is located, or any other authority or jurisdiction.
Without limiting the generality of the foregoing and subject to the limited representations and covenants set forth herein and
in the Closing documents, in the event Purchaser actually takes title to the Property or any portion thereof, Purchaser hereby
assumes all risk and agrees that Seller shall not be liable to Purchaser (or Purchaser’s successors and assigns) for any
special, direct, indirect, consequential or any other damages resulting or arising from or relating to the ownership, use, condition,
location, maintenance, repair or operation of the Property accruing from or after Closing.

 

     

     

    

 

3.8         Subject
to the terms hereof, up until Closing, Purchaser agrees to keep confidential all information furnished to Purchaser by Seller concerning
the Property, including, without limitation, the Leases, loan documents or other contracts and agreements, financial statements,
legal instruments, studies, brochures and other materials, and any discussions or visitations to the Property (all of the aforementioned
information is collectively referred to as “Evaluation Material(s)”). The Evaluation Material shall not be used
or duplicated by Purchaser for any purpose other than evaluating a possible acquisition of the Property. The Evaluation Material
may be disclosed by Purchaser prior to Closing to the Related Parties (as hereinafter defined), and as otherwise required by law,
rule or regulation (with respect to the rules and regulations of the Securities and Exchange Commission, Purchaser shall have the
right to rely on interpretations of the requirements thereof by Purchaser's securities counsel), court order, and in connection
with the enforcement and/or defense to enforcement of this Agreement. As used herein, the term “Related Parties”
shall mean Purchaser’s members, managers, directors, trustees, officers, partners, employees, outside legal counsel, architects,
engineers, accountants and potential lenders who, in Purchaser’s reasonable judgment, need to review the Evaluation Material
for the purpose of evaluating the Property. The Related Parties shall be informed of the confidential nature of the Evaluation
Material and shall be directed to keep the same in the strictest confidence and use such information only for the purpose of evaluating
the Property. Purchaser will direct all Related Parties to destroy the Evaluation Materials (and copies thereof) in their possession
in the event this Agreement is terminated. Any disclosure of the Evaluation Materials by any of the Related Parties in violation
of the terms hereof shall be be the responsibility of Purchaser.

 

3.9         Purchaser
may interview any of the tenants of the Property if a representative of Seller shall have been given the opportunity to be present
during any such interview; provided, however, that any such interview may proceed notwithstanding that no Seller representative
is able to attend.

 

     

     

    

 

3.10       Before
conducting and during the Inspections, Purchaser and Purchaser’s representative conducting any Inspection, shall maintain
workers’ compensation insurance in accordance with applicable laws, and Purchaser, or the applicable Purchaser’s representative
conducting any Inspection, shall maintain commercial general liability insurance with (i) limits of not less than Three Million
and 00/100 Dollars ($3,000,000.00) per occurrence for personal injury, including bodily injury and death, and property damage,
(ii) contractual liability insurance with respect to Purchaser’s obligations under this Article III, and (iii) Seller, and
any mortgage lender and such other parties as Seller may reasonably designate, named as additional insured. Purchaser shall deliver
to Seller evidence of such workers’ compensation insurance and a certificate evidencing the commercial general liability,
property damage and contractual liability insurance before conducting any inspections of the Property. Each such insurance policy
shall be written by a reputable insurance company having a rating of at least “A-:VIII” by Best’s Rating Guide
(or a comparable rating by a successor rating service), and shall otherwise be subject to Seller’s prior reasonable approval.
Prior to its entry onto the Real Property, Purchaser shall deliver to Seller certificates of insurance to evidence the foregoing
coverage.

 

ARTICLE IV.

 

TITLE AND SURVEY MATTERS

 

4.1         (a)           Prior
to the Effective Date, Seller delivered to Purchaser a title commitment (the “Title Commitment”) for the Real
Property from Escrow Agent, in its capacity as title insurer (in such capacity, the “Title Company”), pursuant
to which Title Company shall issue to Purchaser, at the Closing, an ALTA 2006 owner’s title insurance policy in the amount
of the Purchase Price, dated as of the time and date of Closing and providing so called “gap coverage” (the “Title
Insurance Policy”), without standard exceptions relating to mechanics liens or parties in possession (other than tenants
as tenants only) and with such endorsements as Purchaser may require, to the extent reasonably available, free and clear of any
liens and encumbrances except for matters set forth in the Title Commitment not objected to by Purchaser, as permitted hereunder,
or objected to by Purchaser but waived by Purchaser or insured over by the Title Company in a manner satisfactory to Purchaser
in its reasonable discretion (collectively, the “Permitted Exceptions”), but excluding in all events the so-called
“standard exceptions” (provided that the standard survey exception shall be a Permitted Exception unless Purchaser
so chooses to provide a survey as the Title Company shall require in order to delete such survey exception) and taxes and assessment
for any period prior to Closing.

 

(b)         Purchaser
may, at its sole cost and expense, obtain a survey of the Real Property in such form as Purchaser may desire (the “Survey”)
at Purchaser’s sole cost and expense.

 

4.2         On
or before November 30, 2017, Purchaser shall have the right to deliver written notice to Seller of its objections to the state
of title to the Real Property. Seller shall thereupon have five (5) days after receipt of the same (such 5 day period being referred
to herein as the “Title/Survey Defect Cure Period”) to provide Purchaser with such documentation evidencing
that such objections have been, or will be upon Closing, remedied and/or insured over by the Title Company (provided that, it is
expressly understood and agreed that any affirmative insurance over any such objections shall be subject to Purchaser’s acceptance
thereof in Purchaser’s sole discretion). If Seller fails to provide such documentation on or before the end of the Title/Survey
Defect Cure Period, Purchaser shall have the option: (a) to proceed with the purchase of the Property, on and subject to the remaining
terms and conditions hereof, in which event such objections will be deemed Permitted Exceptions; or (b) to terminate this Agreement
and receive a prompt refund of the Deposit, in full termination of any and all liabilities and rights of Purchaser and Seller under
this Agreement (except for any surviving obligations under this Agreement) by delivery of notice of termination to Seller within
three (3) business days after the end of the Title/Survey Defect Cure Period. Failure of Purchaser to timely deliver such notice
shall be deemed an election by Purchaser to choose option (b). Notwithstanding anything herein contained to the contrary, in the
event of Closing, in all events, upon Closing, Seller shall be obligated to satisfy and cause to be discharged all mortgages on
the Real Property, to pay all delinquent property taxes and assessments and to pay all other liens or monetary claims or encumbrances
due to Seller’s acts or omissions.

 

     

     

    

 

ARTICLE V.

 

CLOSING

 

5.1         In
the event Purchaser has timely provided a Satisfaction Notice, subject to the remaining terms and conditions hereof, the transaction
contemplated under this Agreement shall be consummated by the parties in escrow (the “Closing”) on a mutually
agreeable business day (the “Closing Date”) that occurs within the period of time from December 15, 2017 through,
and including, December 29, 2017, subject to extension as provided in Section 7.3 and Section 12.2
of this Agreement. At such time as the Title Company has all required executed documents and all required funds, and at such time
as the Title Company is able and has committed to issue the Title Insurance Policy in the form required hereunder, the Title Company
shall concurrently disburse the funds in its possession in accordance with a Closing Statement executed by Seller and Purchaser,
record all documents that are to be recorded and deliver the Closing documents to the respective parties hereunder. At Closing,
Seller shall deliver possession of the Property to Purchaser subject to the Permitted Exceptions.

 

ARTICLE VI.

 

SELLER’S REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

6.1         Seller
represents and warrants for the exclusive benefit of Purchaser the following as of the date hereof, and which representations and
warranties shall be true and correct in all material respects on the Closing Date:

 

(a)          Seller
has not received any written notice of any violation by Seller of any law, zoning ordinances or regulations affecting the Property
nor has Seller received any written notice of any existing or threatened condemnation or eminent domain proceeding involving the
Property.

 

(b)          Seller
has not contracted for any services or employment which will bind Purchaser as a successor in interest with respect to the Property
after the Closing Date.

 

(c)          Attached
hereto as Exhibit C-1 is a list of all leases for all tenants of the Property which leases, amendments and letter
agreements are all of the agreements that comprise the leases (the “Leases”). Attached as Exhibit C-2
is a rental report (the “Rent Roll”) for the Property. The Leases and Rent Roll contain a true and correct list
of all of the Leases presently in force and affecting the Property and accurately sets forth the information contained therein
in all material respects; that there are no leases or occupancy agreements entered into by Seller currently in effect which affect
the Property other than those listed on Exhibits C-1 and C-2 (together with any additional leases approved by Purchaser
under this Agreement); and that no amendment, modification, or supplement of any kind of said Leases exists other than as specified
thereon. There are no commissions or similar fees accrued, due or payable to any broker in connection with the Leases.

 

     

     

    

 

(d)          That
except as disclosed in the environmental site assessments identified in Exhibit D attached hereto and made a part
hereof (collectively, the “Site Assessments”), copies of which have been provided to Purchaser, and except for
quantities of materials permitted by law or regulations, and to Seller’s actual knowledge, the Property has not been used
for the purpose of disposal of, refining, generating, manufacturing, producing, storing, handling, treating, transferring, releasing,
processing or transporting any hazardous waste or hazardous substance, as such terms are defined in the Resource Conservation and
Recovery Act of 1976, 42 USC 6901 et seq., as amended, the Compensation and Liability Act of 1980, 42 USC 9601 et seq., or the
Superfund Amendments and Reauthorization Act, Public Law 99 499 during Seller’s ownership of the Property.

 

(e)          That
Seller has no employees at the Property and is not a party to any collective bargaining agreement.

 

(f)          That
Seller has not granted any right or option to acquire, lease, use or occupy all or any portion of the Property other than as provided
for in the Leases or the Title Commitment.

 

(g)          That
to Seller’s actual knowledge, there is no material action, suit or proceeding pending against Seller, or affecting the Property,
this Agreement or the transaction contemplated hereby which would have a material adverse effect on the value of the Property.

 

(h)          That
Seller is a limited partnership duly formed and validly existing under the laws of the State of Delaware and has all requisite
power and authority to enter into this Agreement and perform its obligations hereunder.

 

(i)          That
Seller is not a “foreign person” as defined in Section 1445(f)(3) of the Internal Revenue Code (the “Code”).

 

(j)          That
this Agreement constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its
terms, and the execution and performance of this Agreement does not and will not conflict with, or cause a default under any agreement
to which Seller is a party or by which Seller or any portion of the Property is bound.

 

(k)          No
tenants of the Property are entitled to any concessions, rebates, allowances, or free rent for any period after the Closing except
as set forth in the Leases or on the Rent Roll.

 

(l)          Seller
has no knowledge that the Key Tenant intends to cease operations from the Property or that it intends to file for bankruptcy protection
from its creditors.

 

     

     

    

 

(m)          Neither
Seller nor any person, group, entity or nation that Seller is acting, directly or indirectly for, or on behalf of, is named by
any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons
Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”)) or the United States Treasury
Department as a terrorist, “Specially Designated National and Blocked Person,” or is otherwise a banned or blocked
person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign Assets Control,
and Seller is not engaging in the transaction contemplated hereby, directly or indirectly, on behalf of, or instigating or facilitating
the same, directly or indirectly, on behalf of, any such person, group, entity or nation. Seller is not engaging in such transaction,
directly or indirectly, in violation of any Laws relating to drug trafficking, money laundering or predicate crimes to money laundering.
The investment of direct or indirect equity owners in Seller is not prohibited by applicable law and neither the transaction contemplated
hereby nor this Agreement is or will be in violation of applicable law. Seller has and will continue to implement procedures, and
has consistently and will continue consistently to apply those procedures, to ensure the foregoing representations and warranties
remain true and correct at all times prior to Closing. Notwithstanding the foregoing, Seller makes no representation regarding
the owners of (i) operating units in Seller or (ii) stock in Seller’s general partner Ramco-Gershenson Properties Trust.

 

(n)          To
Seller’s knowledge, the operating statements, general ledgers, reconciliation statements and all other financial statements
delivered or to be delivered or made available for review by Seller to Purchaser which were prepared by Seller are true, accurate
and complete in all material respects.

 

(o)          There
exist no contracts between Seller and/or its manager, on the one hand, or service and/or materials providers, on the other hand,
which relate to the operation and/or maintenance of the Property that will survive Closing and/or be binding on Purchaser.

 

Notwithstanding the
foregoing, Seller shall not be deemed to have breached any of the foregoing representations and warranties to the extent that any
of same become untrue between the Effective Date and Closing, provided that Purchaser obtains actual knowledge or is informed of
the same prior to Closing. Seller covenants to promptly inform Purchaser in writing of any such changes that come to Seller’s
actual knowledge. If any of the foregoing representations and warranties shall become untrue and would result in any material adverse
effect on the Property or the operation thereof, Purchaser shall have the right, within five (5) days after Purchaser has obtained
actual knowledge of or is informed that a representation and/or warranty has become untrue, to terminate this Agreement upon notice
thereof to Seller. If Purchaser timely exercises its right to terminate this Agreement, then Purchaser shall be entitled to a prompt
return of the Deposit, and this Agreement shall terminate and the parties shall be relieved of all liability hereunder (except
for any surviving obligations under this Agreement). If Purchaser fails to terminate this Agreement despite any such material adverse
effect, as permitted above, then, in the event of Closing, the applicable representations and warranties shall be deemed modified
to the extent of the change making the same untrue.

 

     

     

    

 

As used herein, the
term “Seller’s actual knowledge” or words of similar import shall mean only the actual, unimputed knowledge of
Catherine Clark, Executive Vice President, Transactions and Michael McBride, Vice President, Managing Director, Eastern Portfolio
(each, a “Designated Representative”), who are the persons with the most knowledge about the Property, without
any of them having performed any investigation or diligence of any kind. Purchaser hereby unconditionally and irrevocably waives
any claim against the Designated Representative of Seller relating to or arising out of this Agreement, which waiver shall survive
the Closing or the earlier termination of this Agreement.

 

6.2         Purchaser
hereby warrants and represents for the sole and exclusive benefit of Seller as follows:

 

(a)          Purchaser
is a limited liability company, duly organized and validly existing under the laws of the State of Ohio and has all requisite power
and authority to enter into this Agreement and perform its obligations hereunder.

 

(b)          That
this Agreement constitutes the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with
its terms, and the execution and performance of this Agreement does not and will not conflict with, or cause a default under any
agreement to which Purchaser is a party or by which Purchaser or the Property is bound.

 

(c)          Purchaser
is familiar with the source of funds for the purchase price and represents that all such funds derived from legitimate business
activities within the United States of America and/or from loans from a banking or financial institution chartered or organized
within the United States of America.

 

(d)          Purchaser
is not subject to sanctions of the United States government or in violation of any federal, state, municipal or local laws, statues
codes, ordinances, orders, decrees, rules or regulations (“Laws”) relating to terrorism or money laundering,
including, without limitation, the Executive Order and the Uniting and Strengthening of America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56, the “Patriot Act”). Purchaser is
not a “Prohibited Person”, which term is defined as follows: (i) a person or entity that is listed in the Annex
to, or is otherwise subject to the provisions of, the Executive Order; (ii) a person or entity owned or controlled by, or acting
for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive
Order; (iii) a person or entity with whom Sellers are prohibited from dealing or otherwise engaging in any transaction by any terrorism
or anti-money laundering law, including the Executive Order and the Patriot Act; (iv) a person or entity who commits, threatens
or conspires to commit or supports “terrorism” as defined in the Executive Order; or (v) a person or entity that is
named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury
Department Office of Foreign Asset Control at its official website, http://www.treas.gov/ofac/tllsdn.pdf or any replacement website
or other replacement official publication of such list.

 

(e)          Purchaser
is not nor will Purchaser (i) conduct any business or engage in making or receiving any contribution of funds, goods or services
to or for the benefit of any Prohibited Person, (ii) deal in, or otherwise engage in, any transaction relating to any property
or interest in property blocked pursuant to the Executive Order, or (iii) engage in or conspire to engage in any transaction that
evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in the Executive
Order or the Patriot Act.

 

     

     

    

 

(f)          Purchaser
shall deliver to Seller any certification or other evidence requested from time to time by Seller, in its reasonable discretion
and in form reasonably acceptable to Purchaser, confirming Purchaser’s compliance with the provisions of Subparagraphs (c),
(d) and (e) of this Section 6.2.

 

6.3         The
representations and warranties set forth in Section 6.1 hereof shall survive Closing for a period of twelve (12)
months following the Closing. Any claim against Seller for violation or alleged violation of the representations and warranties
shall be asserted in writing within said twelve (12) months following the Closing in a written notice to Seller giving reasonable
details of the claims, and if not so asserted within such time, Seller shall have no further liability with respect thereto. Notwithstanding
anything to the contrary contained herein, prior to the Closing, if Purchaser has knowledge that any representation or warranty
of Seller set forth in this Agreement is not true, and nevertheless Purchaser proceeds to close the transaction, then Purchaser
shall be deemed to have irrevocably and unconditionally waived its right to assert any claim against Seller after the Closing with
respect to any misrepresentation of which it had knowledge prior to Closing. The provisions of the proceeding sentence shall survive
the Closing.

 

6.4         Notwithstanding
anything to the contrary contained in this Agreement, (a) the maximum liability of Seller following the Closing under this Article
VI, under any documents executed and delivered by Seller at the Closing and under any Seller’s Certificate (as hereinafter
defined) shall not exceed the aggregate sum of $440,000.00 and (b) Purchaser shall not assert any claim(s) against Seller following
the Closing unless the aggregate amount of all claim(s) exceeds $25,000.00. The provisions of this Section 6.4 shall
survive the Closing.

 

6.5         Seller
shall pay all amounts due under the Existing Contracts (as hereinafter defined), and Seller shall cause the Existing Contracts
to be discharged or terminated prior to the Closing. As used in this Agreement, the term “Existing Contracts”
shall mean the existing contracts relating to the Property and any contracts relating to Property that Seller enters into after
the Effective Date, subject to the terms and conditions of this Agreement. Purchaser may elect to assume an Existing Contract by
providing written notice thereof to Seller prior to the expiration of the Inspection Period.

 

6.6         Prior
to the expiration of the Inspection Period, without the prior written consent of Purchaser, which consent shall not be unreasonably
withheld, conditioned or delayed and which consent shall be deemed given if a request for consent is not rejected by Purchaser
in writing to Seller on or before the close of business on the date three (3) business days after receipt of the request for such
consent, (a) Seller shall not cancel or terminate any of the Leases or accept surrender or termination of same, (b) Seller shall
not enter into any amendment to or modification of any of the Leases which will materially reduce or forgive any rents or which
would otherwise materially affect the value of the Property, (c) Seller shall not accept any advance rental under, any Lease unless
pursuant to the terms thereof, (d) Seller shall not enter into any new Leases, and (e) unless Seller is reasonably required to
do so by the terms of such Lease or by applicable law, consent to any assignment of any Lease or any sublease of the premises demised
thereunder.

 

     

     

    

 

6.7         From
and after the end of the Inspection Period, provided Purchaser has prior thereto delivered a Satisfaction Notice, without the prior
written consent of Purchaser, to be granted or denied in Purchaser’s sole and absolute discretion, Seller shall not: (a)
cancel or terminate any of the Leases or accept surrender or termination of same; (b) enter into any amendment to or modification
of any of the Leases; (c) accept any advance rental under, any Lease unless pursuant to the terms thereof; (d) enter into any new
Leases; and (e) unless Seller is reasonably required to do so by the terms of such Lease or by applicable law, consent to any assignment
of any Lease or any sublease of the premises demised thereunder.

 

6.8         That
from the date of this Agreement to the Closing Date, Seller shall conduct its business involving the Property in the ordinary course,
and during said period will:

 

(i)          Refrain
from transferring any of the Property or creating on the Property any easements, liens, mortgages, encumbrances or other interests
that would affect the Property after Closing or Seller’s ability to comply with the terms of this Agreement;

 

(ii)         Refrain
from entering into any contracts or other commitments regarding the Property, other than in the ordinary and usual course of business,
without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed prior
to the expiration of the Inspection Period but may be withheld subsequent to the expiration of the Inspection Period in Purchaser’s
sole discretion unless such contracts or commitments will be terminated prior to the Closing;

 

(iii)        Continue
to maintain and repair the Property in at least the same manner which Seller has previously maintained and repaired the Property;

 

(iv)        Keep
in effect Seller’s existing policies of public liability and hazard and extended coverage insurance insuring the Property;

 

(v)         Deliver
notice to Purchaser of any actions, suits, claims and other proceedings which are likely to have a material adverse effect on the
value of the Property and that have been received by Seller and any actual condemnation of any portion of the Property; and

 

(vi)        Perform
all of its material obligations under the Leases and Contracts and timely pay all taxes, assessments, and other operating expenses.

 

     

     

    

 

ARTICLE VII.

 

DEFAULTS

 

7.1         If
Purchaser breaches this Agreement, then the Escrow Agent shall deliver the Deposit to Seller as full compensation for its damages
as its sole remedy, given that the parties acknowledge and agree that actual damages are impossible to ascertain with any certainty
but the Deposit is a reasonable estimate thereof. The parties have agreed that Seller’s actual damages in the event of a
failure to consummate this sale due to Purchaser’s default would be extremely difficult or impracticable to determine. After
negotiation, the parties have agreed that, considering all of the circumstances existing on the date of this Agreement, the amount
of the Deposit is a reasonable estimate of the damage that Seller would incur in such event, and each party specifically confirms
the accuracy of the statements made above and the fact that each party was represented by counsel who explained, at the time this
Agreement was made, the consequences of this liquidated damages provision. The foregoing is not intended to limit any indemnifications
given by Purchaser in this Agreement.

 

7.2         If
Seller breaches this Agreement, Purchaser shall, as its sole remedy, have the right to either: (a) declare this Agreement terminated,
in which event the Deposit shall be promptly returned to Purchaser and, if the breach is a “Material Breach” (as defined
below) Seller shall reimburse Purchaser for Purchaser’s Costs (as hereinafter defined), but in no event greater than $40,000.00,
or (b) seek specific performance of Seller’s obligations hereunder. Purchaser hereby unconditionally and irrevocably waives,
to the greatest extent permitted by law, any other claims for monetary damages against Seller arising out of a default or by Seller
hereunder prior to Closing (except as to Purchaser’s Costs as provided above), which waiver will survive the termination
of this Agreement. “Purchaser’s Costs” as used in this Section 7.2 shall mean all actual,
out-of-pocket, third party costs incurred by Purchaser with regard to this transaction, including, without limitation, its costs
incurred in conducting its “due diligence” studies, audit examinations, surveys, title searches and examination, environmental,
structural and other exams of the Property, engineering costs, and deposits, and any and all other expenses incurred by Purchaser
associated with the transaction contemplated hereby, but expressly excluding attorneys’ fees. Purchaser’s Costs shall
be evidenced by paid invoices and/or paid receipts and other statements submitted to Seller and Seller’s attorney and such
other reasonable information requested by Seller and Seller’s attorney. A “Material Breach” of this Agreement
shall be a breach by Seller caused by fraud, willful misrepresentation, intentional tort, intentional sale to another party, and/or
intentional failure to convey the Property to Purchaser where Purchaser has otherwise satisfied with and/or has waived all conditions
to Closing.

 

7.3         Notwithstanding
Section 7.2 above, in the event of a non-monetary default by Seller or Purchaser, the alleged defaulting party shall
have the right, but not the obligation, to cure, or attempt to cure the default before the non-defaulting party may exercise its
rights granted under this Article VII, provided the cure therefore is effected within ten (10) business days of the alleged defaulting
party’s receipt of written notice of such default from the non-defaulting party and the outside date set for Closing, as
necessary, will be extended for such up to ten (10) business days.

  

     

     

    

 

ARTICLE VIII.

 

CLOSING DOCUMENTS AND DELIVERIES

 

On the Closing Date,
Seller shall execute and deliver to Purchaser (as required) and Purchaser shall execute and deliver to Seller (as required) the
following:

 

8.1         Seller
shall execute and deliver to Purchaser a limited warranty deed (or its equivalent form customarily used in the State in which the
Property is located) conveying the Property to Purchaser subject to the Permitted Exceptions (the “Deed”).

 

8.2         An
assignment and assumption of the Leases and other occupancy agreements and all rents to become due thereunder from and after the
Closing Date (the “Assignment and Assumption of Leases”) in the form of Exhibit E, which is attached
hereto and made a part hereof.

 

8.3         Purchaser
shall cause Escrow Agent to deliver to Seller the Purchase Price by wire transfer of readily available funds, subject to the adjustments
and prorations set forth herein.

 

8.4         Seller
shall execute and deliver to Purchaser for the Property a bill of sale (the “Bill of Sale”) in the form of Exhibit
F, which is attached hereto and made a part hereof.

 

8.5         An
assignment of the Intangibles, Permits and Warranties (the “Assignment of Intangibles, Permits and Warranties”)
in the form of Exhibit E-1, which is attached hereto and made a part hereof.

 

8.6         Seller
shall deliver such evidence of Seller’s authority to enter into this transaction which is reasonably required by the Title
Company. Seller shall execute and deliver such affidavit as the Title Company may reasonably require to remove its standard printed
exceptions relating, among other things, to mechanics liens and right of parties in possession, but not with respect to matters
of survey.

 

8.7         Seller
shall deliver to Purchaser a notice to the tenants of the change of ownership of the Property in the form of Exhibit G,
which is attached hereto and made a part hereof.

 

8.8         Seller
shall deliver to the Title Company an affidavit stating that Seller is not a “Foreign Person” within the meaning of
Section 1445(f)(3) of the Code.

 

8.9         A
closing statement (the “Closing Statement”) (an initial draft of which shall be prepared and circulated by Seller
at least two (2) business days prior to Closing) showing the items and amounts prorated and the amounts by which the Purchase Price
shall be adjusted in the following manner as of the Closing Date:

 

(a)         Purchaser
shall pay the premium costs and expenses of the Title Insurance Policy, including, but not limited to, any endorsements to the
Title Insurance Policy and for the Survey.

 

(b)         Seller
shall pay all ad valorem real property taxes and assessments due and payable against the Real Property as of Closing. Inasmuch
as the State of Illinois bills property taxes and assessments one year in arrears, for purposes of proration of ad valorem real
property taxes: (i) Purchaser shall receive a credit against the Purchase Price in the amount of 105% of the real property tax
and assessment bill received for the Real Property in 2017 (i.e., for 2016 taxes); and (ii) Seller shall receive a credit equal
to 105% of the sum of the portion of the real property tax and assessment bill received in 2017 payable by the tenants of the Real
Property who were not obligated by their Leases to reimburse to Seller their share of real property taxes and assessments monthly
in 2017 (i.e., they pay their share of such taxes and assessments once the applicable tax bill is due or following its payment
by the landlord under their Leases). All other real estate taxes, all special and other assessments (not payable in installments)
which encumber the Property on the Closing Date for years prior to Closing, shall be the sole responsibility of Seller.

 

     

     

    

 

(c)         Seller
shall pay all costs of the Title Commitment. Seller shall pay all real estate transfer taxes and documentary stamps imposed in
connection with the conveyance of the Property at Closing to Purchaser. Purchaser shall pay all costs, expenses, charges and taxes
of any kind whatsoever relating to any financing obtained by Purchaser in connection with its purchase of the Property.

 

(d)         Purchaser
shall receive credit for all security deposits (including all interest earned thereon if required by applicable laws) which Seller
is required to have in its possession or control pursuant to the terms of any Lease.

 

(e)         Seller
shall pay all water, sewer, and utility charges, common area maintenance charges, and other operating expenditures through the
day before the Closing Date. If final readings have not been taken, estimated charges shall be prorated between the parties and
appropriate credits given, and post-closing adjustments shall be made when the actual billings are received.

 

(f)          Rent
and other amounts paid and or payable by tenants will be prorated at the Closing in accordance with the following provisions:

 

(i)          Minimum
Rent. Minimum Rent, as defined in this subsection, shall be prorated between Seller and Purchaser as of the Closing Date based
on the actual number of days in the month during which the Closing Date occurs; provided, however, (x) such proration shall be
subject to Subsection (iv) hereof, and (y) to the extent that Minimum Rent is payable in arrears, such proration
shall not occur until such Minimum Rent is actually collected by Purchaser or Seller. Seller shall be entitled to all Minimum Rent
which accrues before the Closing Date and Purchaser shall be entitled to all Minimum Rent which accrues on and after the Closing
Date. “Minimum Rent” means all rent payable in fixed installments and fixed amounts for stated periods by tenants
under their Leases.

 

(ii)         Additional
Rent. Additional Rent, as defined in this subsection, shall be prorated between Seller and Purchaser as of the Closing Date
based on the actual number of days in the month or other period for which the advance payment is made, taking into account whether
Seller or Purchaser is responsible for the expense related to such payment; provided, however, (x) such proration shall be subject
to Subsection (iv) hereof and to the last sentence of this subsection, and (y) to the extent that Additional Rent
is payable in arrears, such proration shall not occur until such Additional Rent is actually collected by Purchaser or Seller.
Purchaser shall receive a credit for amounts that tenants of the Property have paid in advance to Seller for expenses coming due
on or after the Closing Date. Subject to the last sentence of this subsection, such proration is to be made separately for each
tenant who is obligated to pay Additional Rent on the basis of the lease year set forth in such tenant’s Lease for the determination
and payment of Additional Rent. “Additional Rent” means all reimbursements of operating expenses and administrative
charges, management fees, common area maintenance charges, property promotional fund charges, reimbursements for electricity and
charges for electrical resale, reimbursement of charges under various easement agreements affecting the Property, retroactive rent
escalations, insurance cost reimbursements, reimbursements owed for tenant improvement construction costs and all other amounts
and charges payable by tenants to Seller (other than Minimum Rent and Percentage Rent), but shall not include security deposits
and Taxes.

 

     

     

    

 

(iii)        Percentage
Rent. Subject to Subsection (iv) hereof, Percentage Rent, as defined in this subsection, payable by a tenant
under its Lease, if any, is to be separately prorated as of the Closing Date between Seller and Purchaser, but such proration shall
not occur until Purchaser or Seller actually collects such Percentage Rent. Such proration is to be made separately for each tenant
who is obligated to pay Percentage Rent on the basis of the lease year set forth in such tenant’s Lease for the determination
and payment of Percentage Rent and the number of days within that lease year that the Property was owned by Seller. Seller and
Purchaser will prorate the total Percentage Rent due from each tenant as a part of the Final Closing Adjustment pursuant to Section
8.11 hereof. “Percentage Rent” means amounts payable by tenants under their Leases in addition to Minimum
Rent, in an amount equal to a fixed percentage or percentages of the tenants’ gross receipts or gross sales (generally in
excess of a break point), as applicable.

 

(iv)        Delinquent
Rent. Minimum Rent, Additional Rent and Percentage Rent (collectively, “Rent”) which is due but unpaid on
the Closing Date (“Delinquent Rent”) shall be prorated between Seller and Purchaser as of the Closing Date but
not until it is actually collected, if at all, by Purchaser after the Closing. Delinquent Rent collected by Purchaser after the
Closing shall be applied (w) first to the month in which the Closing occurs if Rent for such month was unpaid as of the date of
the Closing but was subsequently collected during the month in which the Closing occurs; (x) then to Purchaser for current Rent
due and payable and for any other current amounts owed by such tenant to Purchaser; (y) then to Purchaser for any other Rent owed
to Purchaser by such tenant; and (z) then to Seller, up to the amount of any Delinquent Rent owing to Seller. If Seller mistakenly
receives any rent after the Closing Date, Seller shall promptly deliver such Rent to Purchaser. Upon receipt of any such Rent from
Seller, Purchaser shall apply such Rent in accordance with this Subsection (iv). Seller may pursue collection of
any rent past due as of the Closing Date provided that Seller shall have no right to terminate any Lease or any tenant’s
occupancy under the Lease in connection therewith.

 

(g)         Purchaser
shall pay the recording fees relative to the recording of the Deed and any other document to be recorded other than corrective
title instruments, which shall be paid for by Seller.

 

(h)         Except
any tenant improvement costs and/or leasing commissions expressly set forth in the Leases which become due and payable after the
Closing Date, Seller shall be responsible for all tenant improvement costs and leasing commissions for all Leases in effect on
the Closing Date.

 

(i)          Each
party shall pay its own attorney fees.

 

     

     

    

 

(j)          Survival.
The provisions of this Section 8.9 shall survive the Closing.

 

8.10       On
or before one business day after Closing, Seller shall deliver to Purchaser’s offices at 11501 Northlake Drive, Cincinnati,
Ohio 45249, Attention Director of Lease Administration, all original Leases, lease files, correspondence files and other books
and records, keys to all leased premises, security codes, if any, and maintenance agreements (e.g., HVAC maintenance agreement)
relating solely to the Property in Seller’s and/or its property and/or asset manager’s possession and all existing
plans and specifications (including construction drawings) in Seller’s possession or control relating to the improvements
located upon the Property, and all licenses and certificates of occupancy or such other comparable certificates or documents issued
by the appropriate governmental authorities with respect to the Property or any part thereof.

 

8.11       No
later than August 31, 2018, Seller and Purchaser shall make a final adjustment to the prorations made pursuant to this Agreement
(the “Final Closing Adjustment”). The Final Closing Adjustment shall be made in the following manner.

 

(a)          General.
All adjustments or prorations which could not be determined at the Closing because of the lack of actual statements, bills or invoices
for the current period, the period-end adjustment of Additional Rent, the unavailability of final sales figures or amounts for
Percentage Rent or any other reason is to be made as a part of the Final Closing Adjustment. Any net adjustment in favor of Purchaser
is to be paid in cash by Seller to Purchaser no later than thirty (30) days after the Final Closing Adjustment. Any net adjustment
in favor of Seller is to be promptly paid in cash by Purchaser to Seller upon collection of such amounts from the tenants.

 

(b)         Additional
Rent Adjustment. Seller and Purchaser shall prorate the actual amount of Additional Rent paid by each tenant for such tenant’s
applicable lease year or other period, as distinguished from the interim payments prorated as of the Closing Date as follows:

 

(i)          Seller
shall be entitled to the portion of the actual amount of Additional Rent paid by the tenant (and for which Seller was not credited
at Closing) equal to the product obtained by multiplying such amount by a fraction, the numerator of which is the number of days
in the tenant’s lease year or other period preceding the Closing Date and the denominator of which is the total number of
days in the tenant’s lease year or other period; provided, however, that tax reimbursements shall be prorated based upon
the tax bills paid by Seller and Purchaser, and

 

(ii)         Purchaser
shall be entitled to the balance of the Additional Rent paid by the tenant.

 

If the sum of all interim
payments of Additional Rent collected and retained by Seller from each tenant for the tenant’s lease year or other period
(reduced by the amount for which Purchaser is given credit) exceeds the amount of such Additional Rent to which Seller is entitled
with respect to such tenant, Seller shall promptly pay such excess to Purchaser. If the sum of all interim payments of such Additional
Rent collected and retained by Purchaser from each tenant for the tenant’s lease year or other period (increased by the amount
for which Purchaser is given credit) exceeds the amount of Additional Rent to which Purchaser is entitled with respect to such
tenant, Purchaser will pay the excess to Seller upon collection thereof from each tenant (unless said tenant(s) would be entitled
to credit or refund of such amounts). The adjustment of interim payments received and actual Additional Rent paid shall be made
separately for each tenant and for each type of Additional Rent.

 

     

     

    

 

(c)          No
Further Adjustments. Except for: (i) additional or supplemental real estate taxes, real estate tax credits or rebates, or other
adjustments to real estate taxes due to back assessments, corrections to previous tax bills or real estate tax appeals or contests;
(ii) any item of Additional Rent or any Percentage Rent which may be contested by a tenant; or (iii) manifest errors, the Final
Closing Adjustment will be conclusive and binding upon Seller and Purchaser, and Seller and Purchaser waive any right to contest
after the Final Closing Adjustment any prorations, apportionments or adjustments to be made pursuant to this Section 8.11
after the Final Closing Adjustment.

 

(d)         Survival.
The provisions of this Section 8.11 shall survive the Closing.

 

ARTICLE IX.

 

FIRE DAMAGE

 

9.1         As
used in this Agreement, the term “Major Damage” shall mean that all or a portion of the rentable floor area
of the improvements located upon any of the Property shall be damaged or destroyed by fire, storm or other casualty before the
Closing Date, and the costs to repair such damage or destruction exceeds the sum of $1,000,000.00. If Major Damage should occur,
then Purchaser shall have the right to terminate this Agreement by providing to Seller a written notice of termination within fifteen
(15) days after receiving notice of such Major Damage and to receive back the Deposit and the parties shall be relieved of all
liability under this Agreement except for any surviving obligations under this Agreement. In the event Purchaser shall not elect
to terminate this Agreement or fails to timely terminate this Agreement, Purchaser shall be entitled to receive at Closing an absolute
assignment from Seller of any interest Seller may have otherwise had in the proceeds of any insurance on the Property, Seller shall
pay to Purchaser the amount of any deductible or self-insured retention in Seller’s insurance policies, and Purchaser shall
proceed with the Closing on the Property in its then “as-is” condition with no reduction in the Purchase Price.

 

ARTICLE X.

 

CONDEMNATION

 

10.1       In
the event, between the date hereof and the Closing Date, any condemnation or eminent domain proceedings are initiated which would
result in (i) any Key Tenant (as hereinafter defined) being allowed to terminate its lease or (ii) reduction of the parking requirements
below the number of spaces required by zoning codes, Purchaser may:

 

(a)          terminate
this Agreement in its entirety by providing written notice to Seller and receive a refund of the Deposit (within the time periods
provided for in Section 10.2 below and the parties shall be relieved of all liability under this Agreement except
for any surviving obligations under this Agreement); or

 

     

     

    

 

(b)          proceed
with the Closing, in which event Seller shall assign to Purchaser at Closing all of Seller’s right, title and interest in
and to any award made in connection with any such condemnation or eminent domain proceedings, with the Property being in its then
“as is” condition with no reduction to the Purchase Price.

 

10.2       Seller
shall promptly notify Purchaser in writing if Seller has actual knowledge of the commencement or occurrence of any condemnation
or eminent domain proceedings. Purchaser shall then notify Seller, within ten (10) days of Purchaser’s receipt of said Seller’s
notice, which of Purchaser’s rights Purchaser elects to exercise under Section 10.1(a) or Section 10.1(b).
If Purchaser fails to make an election within such ten (10) day period, Purchaser shall be deemed to have elected to exercise Purchaser’s
rights under Section 10.1(b).

 

ARTICLE XI.

 

BROKER

 

11.1       Purchaser
represents that it has not been represented in this transaction by a broker. Seller represents that it has been represented in
this transaction by Mid America Real Estate Corp., and that Seller will be responsible for any commission due that firm under separate
agreement with Seller. Seller and Purchaser shall indemnify and hold each other harmless from any loss, cost, liability or expense
(including reasonable attorneys’ fees) for the breach of this Section 11.1.

 

ARTICLE XII.

 

ESTOPPEL CERTIFICATES

 

12.1       Seller
shall use its commercially reasonable efforts to deliver Estoppel Certificates to Purchaser at or prior to the Closing from all
tenants at the Property. In the event that Seller is unable to deliver the Estoppel Certificates executed by the Requisite Number
(as hereinafter defined) of tenants at or prior to the Closing, Purchaser’s sole remedy shall be, subject to Section
12.2 and 12.3 hereof, to terminate this Agreement and receive a return of the Deposit as set forth in Section 12.5
hereof. Seller’s failure to obtain the Requisite Number of Estoppel Certificates shall in no event be a default hereunder.
As used herein, the term “Estoppel Certificate” shall mean: (i) with respect to any major, national or regional
tenants, such tenant’s usual and customary form of Estoppel Certificate; (ii) with respect to any other tenant of the Property
that has agreed to a form of Estoppel Certificate in its Lease, the form of Estoppel Certificate so agreed upon in the Lease, and
(iii) with respect to the balance of tenants in the Property, a certificate in form and substance which does not vary materially
from the form attached hereto as Exhibit H and made a part hereof. The term “Requisite Number”
shall mean (i) Jewel Osco and Northwest Community Hospital (collectively, the “Key Tenants” and individually,
a “Key Tenant”) and (ii) the balance of the tenants at the Property which demise an aggregate number of leasable
square feet in the Property equal to at least seventy percent (70%) of the remaining leased and occupied space in the Property
as of the Effective Date.

 

     

     

    

 

12.2       If
the Requisite Number of Estoppel Certificates cannot be delivered by Closing, then Seller may, but shall not be obligated to deliver
its Certificate (“Seller’s Certificate”) with respect to not more than ten percent (10%) of the Tenants
of the leased and occupied space within the Property but excluding the Key Tenants, covering all of the matters that such Tenant
would have been obligated to certify if an appropriate Estoppel Certificate had been delivered by such Tenant. Subsequent to the
Closing, Seller may deliver to Purchaser Estoppel Certificates or supplemental Estoppel Certificates covering those matters not
covered by the previously delivered Estoppel Certificates. Upon delivery of such supplemental Estoppel Certificates, Seller shall
be entirely released from all liability arising out of Seller’s Certificate delivered at the Closing as Seller’s Certificate
relates to the particular tenant or Lease covered by Seller’s Certificate, to the extent the information contained in such
Estoppel Certificate is consistent with the information contained in Seller’s Certificate. If Seller does not or cannot deliver
the Requisite Number of Estoppel Certificates or such lesser number of Estoppel Certificates and Seller’s Certificate by
Closing, Closing shall be extended for a period of ten (10) days to afford Seller additional time to obtain the foregoing and,
if Seller has not been able to obtain either the Requisite Number of Estoppel Certificates or such lesser number of Estoppel Certificates
and Seller’s Certificate by the end of such ten (10) day period in satisfaction of Seller’s obligations hereunder with
respect to delivery of Estoppel Certificates, Purchaser’s sole remedy shall be to either terminate this Agreement and receive
a return of the Deposit and the parties shall be relieved of all liability under this Agreement except for any surviving obligations
or to consummate the transaction contemplated hereby notwithstanding the lack of the Estoppel Certificate or Seller’s Certificate
without any reduction of the Purchase Price and without any liability of Seller relative thereto.

 

12.3       For
an Estoppel Certificate to be acceptable to Purchaser and included within the Requisite Number, such Estoppel Certificate shall
be consistent in all material respects with the terms of such tenant’s lease and the Rent Roll and shall not indicate any
material default by the landlord or tenant and shall be dated no earlier than 30 days prior to Closing.

 

12.4       Drafts
of all estoppel letters shall be prepared by Seller and, before delivery to the tenants, furnished to Purchaser, for its review
and approval, on or before the date 15 day after the Effective Date, such approval not to be unreasonably withheld and to be granted
or denied within 2 business days after receipt thereof, failing of which the same shall be deemed approved by Purchaser for delivery
to the tenants.

 

12.5       In
the event that Seller is not able to comply with the requirements of this Article XII, then Purchaser shall have the right, as
its sole remedy on account of such events (i) to terminate this Agreement by notice in writing to Seller, in which event Seller
shall cause the Escrow Agent to refund the Deposit to Purchaser, whereupon except as otherwise provided herein, neither party shall
have any further rights or obligations hereunder; or (ii) to waive the same and accept the Property without any abatement of the
Purchase Price.

 

     

     

    

 

ARTICLE XIII.

 

MISCELLANEOUS

 

13.1       In
the event that there has been any Material Adverse Change during the period between the Effective Date and the date of Closing,
Purchaser shall have the right, upon notice thereof to Seller on or prior to Closing, to terminate this Agreement and thereupon
to receive an immediate refund of the Deposit and neither party shall thereafter have any further liability or obligation hereunder
except for such liabilities and obligations that are expressly stated herein to survive termination of this Agreement. For purposes
hereof, “Material Adverse Change” shall mean the announcement by the Key Tenant that it shall be closing its store
from the Property and/or that it has or intends to file for bankruptcy protection from its creditors.

 

13.2       The
parties acknowledge that the purchase and sale of the Property involves only the purchase and sale of the Property and that Seller
is not selling a business nor do the parties intend that Purchaser be deemed a successor of Seller with respect to any liabilities
of Seller to any third parties other than the tenants under the Leases. Accordingly, Purchaser shall neither assume nor be liable
for any of the debts, liabilities, taxes or obligations of, or claims against any other person or entity, of any kind or nature,
whether existing now, upon Closing or at any time thereafter, which shall be solely those of Seller, and Seller hereby agrees to
indemnify, defend and hold harmless Purchaser against any loss, cost, liability, damage or expense with respect thereto.

 

13.3       Purchaser
has advised Seller that Purchaser may be required to file, in compliance with certain laws and regulations (including, without
limitation, Regulation S-X of the Securities and Exchange Commission), audited financial statements, pro forma financial statements
and other financial information related to the Property for up to three (3) fiscal years prior to Closing and any interim period
during the fiscal year in which the Closing occurs (the “Financial Information”). Following the Closing, Seller agrees
to use its commercially reasonably efforts to cooperate with Purchaser and its representatives and agents in the preparation of
the Financial Information; provided, however, Seller shall not be required to incur any out of pocket expenses or costs unless
Purchaser reimburses Seller for the same. Seller shall maintain and allow access to, during normal business hours, such books and
records of Seller and Seller’s manager of the Property reasonably related to the Property. Further, so long as the persons
in charge of management of the Property at the time of Closing remains in the employ of Seller or an affiliate of Seller, Seller
will make such persons available for interview. Notwithstanding the foregoing, Seller shall not be required to provide any information
concerning (a) Seller’s capital structure or debt, (b) Seller’s financial analyses or projections, investment analyses,
account summaries or other documents prepared solely for Seller’s internal purposes and not directly related to the operation
of the Property, (c) Seller’s tax returns or (d) financial statements of Seller or any affiliate of Seller (other than Property-level
financial statements). Purchaser acknowledges Purchaser may not use the results of its review under this Section 13.3
to pursue any claim against Seller under the terms of this Agreement, unless the basis of the claim was discovered by Purchaser
or its representatives or agents independently of any such review.

 

13.4       This
Agreement and the exhibits attached hereto embody the entire agreement between the parties in connection with this transaction
and there are no oral or parole agreements existing between the parties relating to this transaction which are not expressly set
forth herein and covered hereby; this Agreement may not be modified except in writing signed by all parties.

 

     

     

    

 

13.5       Failure
of either party to complain of any act or omission on the part of the other party, no matter how long the same may continue, shall
not be deemed to be a waiver by such party to any of its rights hereunder. No waiver by any party at any time, expressed or implied,
of any breach of any provision of this Agreement shall be deemed a waiver or a breach of any other provision of this Agreement
or a consent to any subsequent breach of the same or any other provision. If any action by any party shall require the consent
or approval of another party, such consent or approval of such action on any one occasion shall not be deemed a consent to or approval
of said action on any subsequent occasion or a consent to or approval of any action on the same or any subsequent occasion.

 

13.6       The
captions, section numbers and article numbers appearing in this Agreement are inserted only as a matter of convenience, and do
not define, limit, construe or describe the scope or intent of such sections or articles of this Agreement nor in any way affect
this Agreement.

 

13.7       No
party other than Seller and Purchaser, their successors and assigns, shall have any rights to enforce or rely upon this Agreement,
which is binding upon and made solely for the benefit of Seller and Purchaser, their successors and assigns, and not for the benefit
of any other party.

 

13.8       All
Notices provided for or permitted to be given pursuant to this Agreement must be in writing. All Notices to be sent hereunder shall
be deemed to have been properly given or served: if hand delivered by courier, in hand when received; if by telecopy or electronic
mail, on the date sent (or the next business day after the date of transmission if the transmission day is not a business day)
provided that the facsimile or electronic mail was properly addressed and, as to any fax, disclosed the number of pages transmitted
on its front sheet and that the transmission report produced indicates that each of the pages of the facsimile was received at
the correct facsimile number; and if by overnight courier (e.g., Federal Express), on the business day following the day such notice
was deposited with a national overnight courier service, so long as the day of deposit was on a service day of such courier and
prior to the last pick up for such day.

 

	If to Seller:	Ramco-Gershenson Properties, L.P.
	 	31500 Northwestern Highway
	 	Suite 300
	 	Farmington Hills, Michigan  48334
	 	Attention:   Ms. Catherine Clark
	 	Fax:  (248) 592-6211
	 	Email:  cclark@rgpt.com
	 	 
	With a copy to:	Honigman Miller Schwartz and Cohn LLP
	 	39400 Woodward Avenue
	 	Suite 101
	 	Bloomfield Hills, Michigan 48304
	 	Attention:  Jonathan D. Block, Esq.
	 	Fax:  (248) 566-8425
	 	Email:  jblock@honigman.com

 

     

     

    

 

	If to Purchaser:	c/o Phillips Edison & Company
	 	11501 Northlake Drive
	 	Cincinnati, Ohio  45249
	 	Attention: David Wik and Stephen Bien
	 	Fax:  (513) 554-1009
	 	Email: Sbien@phillipsedison.com and

    dwik@phillipsedison.com
	 	 
	With a copy to:	Honigman Miller Schwartz and Cohn LLP
	 	39400 Woodward Avenue
	 	Suite 101
	 	Bloomfield Hills, Michigan 48304
	 	Attention: J. Adam Rothstein, Esq.
	 	Fax:  (248) 566-8479
	 	Email: jrothstein@honigman.com

 

13.9       This
Agreement shall be governed by the laws of the State of Illinois.

 

13.10     This
Agreement may be signed in any number of counterparts and such counterparts may thereupon be delivered between the parties via
electronic mail. An electronic mail copy of this Agreement which is fully executed, whether or not by counterparts, shall be treated
as an original and fully binding upon the parties, unless a contrary intention is specifically and conspicuously stated on the
cover page to the electronic mail of the counterpart of this Agreement.

 

13.11     Neither
Seller nor Purchaser shall make any public disclosure of this Agreement without the prior express written consent of the other.

 

13.12     Purchaser
may not assign this Agreement or its rights hereunder without the prior written consent of Seller, which consent may be withheld
in its sole discretion, except that Purchaser may assign this Agreement to any affiliate of Purchaser, provided that Purchaser
shall provide notice thereof to Seller reasonably in advance of Closing. Any such assignment by Purchaser shall not release Purchaser
from liability hereunder.

 

13.13     Except
as otherwise expressly provided herein, no representations, warranties, covenants, agreements or other obligations in this Agreement
shall survive the Closing and no action based thereon shall be commenced after the Closing Date.

 

13.14     The
parties acknowledge that either may elect to purchase or sell the Property as part of a tax-free exchange under Section 1031 of
the Internal Revenue Code of 1986, as amended. As such, the parties agree to reasonably cooperate in connection therewith. If requested
by Purchaser or Seller, each will participate in the exchange contemplated by this Section as an accommodation to the other with
the express understanding and agreement that: (i) Seller or Purchaser shall not be required to take title to any property in order
to effectuate such exchange, (ii) under no circumstance shall Seller be required to postpone or refrain from receiving any of the
purchase proceeds due Seller hereunder, (iii) neither party is making any representation or warranty regarding such exchange or
whether such exchange qualifies as such under the Code, (iv) each party shall indemnify and hold the other harmless from and against
any cost, expense or liability, including attorneys’ fees, incurred by Purchaser and/or Seller as the case may be, in connection
with the provisions of this Section or any such exchange and (v) Purchaser and/or Seller as the case may be, shall not be required
to incur any additional costs, fees or expenses (including, without limitation, attorney fees) to accommodate any proposed like-kind
exchange.

 

     

     

    

 

13.15     As
used in this Agreement, the term “business day” shall refer to all days other than Saturdays, Sundays and State
and Federal holidays. To the extent a time period set forth in this Agreement expires on any day other than a business day, then
expiration of such time period shall be deemed to have been extended to the next business day.

 

13.16     In
the event of any litigation relating to this Agreement, the prevailing party in such litigation shall be entitled to recover from
the losing party its actual costs and expenses of the litigation, including reasonable attorneys’ fees.

 

13.17     Purchaser
has advised Seller that Purchaser may be required to file, in compliance with certain laws and regulations (including, without
limitation, Regulation S-X of the Securities and Exchange Commission), audited financial statements, pro forma financial statements
and other financial information related to the operation of the Property for up to 18 months prior to Closing and any interim period
during the fiscal year in which the Closing occurs, as required by Regulation S-X of the Securities and Exchange Commission, 17
C.F.R. Following the Closing, Seller agrees to use its commercially reasonably efforts to cooperate with Purchaser and its representatives
and agents in the preparation of the Financial Information; provided, however, Seller shall not be required to incur any out of
pocket expenses or costs unless Purchaser reimburses Seller for the same. Seller shall maintain and allow access to, during normal
business hours, such books and records of Seller and Seller’s manager of the Property reasonably related to the Property.
Notwithstanding the foregoing, Seller shall not be required to provide any information concerning (a) Seller’s capital structure
or debt, (b) Seller’s financial analyses or projections, investment analyses, account summaries or other documents prepared
solely for Seller’s internal purposes and not directly related to the operation of the Property, (c) Seller’s tax returns
or (d) financial statements of Seller or any affiliate of Seller (other than Property-level financial statements).  Purchaser
may not use the results of its review under this Section to pursue any claim against Seller under the terms of this Agreement,
unless the basis of the claim was discovered by Purchaser or its representatives or agents independently of any such review. This
Section shall survive Closing.

 

[END OF TEXT – SIGNATURES ON FOLLOWING
PAGES]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Shopping Center Purchase and Sale Agreement as of the Effective Date.

 

	 	RAMCO-GERSHENSON PROPERTIES, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Ramco-Gershenson Properties Trust,
	 	 	a Maryland real estate investment trust, its
	 	 	General Partner
	 	 	 	 
	 	 	By:	/s/ Catherine Clark
	 	 	Name:	Catherine Clark
	 	 	Its:	Executive Vice President – Transactions
	 	 	 
	 	“Seller”

 

     

     

    

 

	 	THE PHILLIPS EDISON GROUP LLC,
	 	an Ohio limited liability company
	 	 	 
	 	By:	PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I L.P., a Delaware limited partnership, its Sole Member
	 	 	 
	 	 	By:	PHILLIPS EDISON GROCERY CENTER OP GP I LLC, a Delaware limited liability company, its General Partner
	 	 	 	 	 
	 	 	 	By:	/s/ Robert Myers
	 	 	 	Name:	Robert Myers
	 	 	 	Its:	Vice President
	 	“Purchaser”

 

     

     

    

 

RECEIPT OF ESCROW AGENT

 

Fidelity National Title
Insurance Company hereby acknowledges receipt of the sum of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) which it
agrees to hold in escrow in accordance with the terms of the foregoing agreement.

 

	 	FIDELITY NATIONAL TITLE INSURANCE COMPANY
	 	 	 
	 	By:	/s/ Maxine J. Lievois
	 	 	 
	 	Name:	Maxine J. Lievois
	 	 	 
	 	Its:	Vice President

 

     

     

    

 

Exhibit List

 

		A	Legal Description of the Real Estate

		B	Personalty

		C-1	List of Tenant Leases

		C-2	Rent Roll

		D	Site Assessments

		E	Assignment and Assumption of Leases

		E-1	Assignment of Intangibles, Permits and Warranties

		F	Bill of Sale

		G	Notice to Tenants

		H	Tenant Estoppel Certificate

 

     

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTION OF THE REAL ESTATE

 

Lots 2 and 4 in the Rolling Meadows Shopping
Center Subdivision of Lot l in, Rolling Meadows, Unit No. 4, being a subdivision of part of the South 1/2 of Section 25 and part
of the North 1/2 of Section 36, Township 42 North, Range 10 East of the Third Principal Meridian, in Cook County, Illinois.

 

     

     

    

 

EXHIBIT B

 

PERSONALTY

 

None

 

     

     

    

 

EXHIBIT C-1

 

LIST OF TENANT LEASES

 

	Rolling Meadows Lease Documents
	 
	Advance America
	2007-07-25 - Amendment to Lease 
	2007-07-25 - Lease Agreement 
	2008-01-31 - Second Amendment (Letter Agreement) 
	2008-09-29 - Commencement Agreement 
	2010-10-11 - Letter Agreement Re MTM Tenancy
	2010-11-16 - Notice to Tenant Re Renewal Option Expir
	2011-10-14 - Third Amendment -
	2013-01-04 - Fourth Amendment
	2014-02-19 - Fifth Amendment 
	2016-07-05 - Address Change
	2016-07-20 - Exercise of Option 
	Anytime Fitness
	2016-12-16 - Guaranty 
	2016-12-16 - Lease Agreement 
	Ben Franklin Bank
	2014-03-31 - Lease Agreement 
	Chase Bank  
	2010-06-15 - Ground Lease 
	2010-07-07 - Tenant Objections to Title Commitment
	2010-07-30 - Chase Bank Development Agreement 
	2010-08-10 - Ordinance No. 10-22 - Special Use for Dr 
	2011-02-22 - First Amendment to Shopping Center Easem 
	2011-03-31 - First Amendment to Ground Lease 
	2011-03-31 - Memorandum of Lease (Recorded) 
	2011-03-31 - SNDA Agreement (Recorded) 
	2011-07-08 - Owner's Affidavit and Survey Affidavit
	2011-12-12 - Rent Commencement Memorandum -
	Dollar Tree
	2014-01-01 - Fifth Amendment for Jewel Osco (Dollar T
	2014-06-05 - Amended and Restated Lease
	2014-09-02 - Commencement Certificate
	Eyebrow Threading & Beyond
	2016-03-08 - Lease Agreement

 

     

     

    

 

	Great
    American Bagel
	1995-06-21
    - Lease Agreement 
	2001-10-25
    - First Amendment -
	2004-12-01
    - Amendment, Assignment and Assumption Agr 
	2007-08-02
    - Lease Extension Agreement
	2008-06-01
    - Address Change
	2012-06-26
    - Fourth Amendment 
	2013-07-19
    - Fifth Amendment 
	2016-03-09
    - Sixth Amendment
	Great
    Clips
	2004-06-24
    - Lease Agreement 
	2008-01-15
    - Assignment, Assumption and Amendment of 
	2008-01-15
    - Guaranty 
	2009-03-30
    - Second Amendment 
	2010-03-31
    - Address Change 
	2010-04-14
    - Address Change 
	2012-04-01
    - Address Change
	2012-09-06
    - Third Amendment
	2017-10-31
    - Fourth Amendment
	JC
    Licht - EPCO Paint
	2011-09-15
    - Lease Agreement 
	2015-01-30
    - Assignment and Assumption of Lease 
	2016-12-13
    - First Amendment -
	Jewel-Osco
	1987-10-30
    - Lease Agreement -
	1987-10-30
    - Memorandum of Lease -
	1989-05-04
    - Subordination Agreement
	1991-06-09
    - First Amendment
	1996-11-12
    - Memorandum of Second Amendment to Lease -
	1996-11-12
    - Second Amendment -
	2008-09-04
    - Address Change
	2009-04-14
    - Ordinance No. 09-14 (Allowing Signage-Fa 
	2009-04-15
    - Third Amendment 
	2010-05-19
    - Fourth Amendment to Lease 
	2014-01-01
    - Fifth Amendment
	2015-01-30
    - Exercise of Option 
	2015-10-05
    - Sixth Amendment 
	Joelle's
    Hallmark
	1994-06-21
    - Amendment to Lease 
	1994-06-21
    - Lease Agreement 
	1996-10-01
    - Guaranty 
	1996-11-06
    - Assignment and Assumption of Lease 

 

     

     

    

 

	2001-06-27 - Second Amendment 
	2004-03-30 - Third Amendment 
	2007-01-14 - Fourth Amendment 
	2014-01-10 - Fifth Amendment 
	2016-12-27 - Sixth Amendment
	Little Caesars Pizza
	2013-12-31 - Lease Agreement -
	Northwest Community Hosptial
	2010-03-17 - Lease Agreement 
	Subway
	2008-04-17 - Lease Agreement 
	2008-11-03 - Address Change 
	2009-06-18 - Lease Commencement Agreement 
	2009-10-27 - Memorandum of Lease 
	2015-12-14 - Address Change 

 

     

     

    

 

EXHIBIT C-2

 

RENT ROLL

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

EXHIBIT D

 

SITE ASSESSMENTS

 

Phase I Environmental Site Assessment performed
by LandAmerica dated 1/04/2008

 

Phase II Limited Subsurface Investigation
performed by LandAmerica dated 1/29/2008

 

     

     

    

 

EXHIBIT E

 

ASSIGNMENT AND ASSUMPTION OF LEASES

 

KNOW ALL PERSONS that
Ramco-Gershenson Properties, L.P., a Delaware limited partnership (“Assignor”), in consideration of Ten ($10.00)
Dollars and other good and valuable consideration, received from _______________________________, _______________________ (“Assignee”),
does hereby assign, transfer and deliver unto Assignee, all of its right, title and interest in and to the leases, together with
all security deposits presently held by Assignor in connection therewith (collectively, the “Leases”) affecting the
premises known as __________________________________ more particularly described on Schedule A annexed hereto.

 

TO HAVE AND TO HOLD
the same unto Assignee, its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions
and provisions hereof and of said Leases.

 

AND Assignee does hereby
acknowledge receipt of said Leases (including the security deposits) so delivered, and does hereby (a) accept the within assignment,
(b) assume the performance of all of the terms, covenants and conditions of the said Leases on the part of the lessor/Assignor
thereunder which are to be performed or arise from and after the date hereof, and (c) indemnify, defend and hold Assignor free
and harmless from and against any and all costs, expenses, claims, losses or damages, liabilities and judgments (including reasonable
attorneys’ fees and disbursements) which Assignor may suffer in respect of any claim arising out of or relating to any default
on the part of Assignee to perform said terms, covenants and conditions of the Leases (including the security deposits) arising
with respect to acts or omissions occurring from and after the date hereof.

 

Assignor does hereby
indemnify, defend and hold Assignee free and harmless from and against any and all costs, expenses, claims, losses or damages,
liabilities and judgments (including reasonable attorneys’ fees and disbursements) which Assignee may suffer in respect of
any claim arising out of or relating to any default on the part of Assignor to perform said terms, covenants and conditions of
the Leases (including the security deposits) arising with respect to acts or omissions occurring prior to the date hereof.

 

This assignment is
made without warranty or representation by the Assignor and without recourse to the Assignor in any manner whatsoever. This assignment
and assumption agreement shall inure to the benefit of Assignee and Assignor and their respective successors and assigns and shall
be governed by the laws of the State in which the premises leased by the Leases are located. This assignment and assumption agreement
may not be modified, altered or amended, or its terms waived, except by an instrument in writing signed by the parties hereto.

 

None of the provisions
of this instrument are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

[Signatures appear on following page]

 

     

     

    

 

SIGNATURE PAGE TO

 

ASSIGNMENT AND ASSUMPTION OF LEASES

 

IN WITNESS WHEREOF,
Assignor and Assignee have only executed this assignment and assumption agreement this _____ day of __________, 2017.

 

	 	RAMCO-GERSHENSON PROPERTIES, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Ramco-Gershenson Properties Trust,
	 	 	a Maryland real estate investment trust,
	 	 	its General Partner
	 	 	 	                       
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 
	 	 	 
	 	 	“Assignor”

 

	    	   
	 	a	   
	 	 	            
	 	By:	 
	 	Name:	 
	 	Its:	 
	 	 	 	 
	 	“Assignee”

 

     

     

    

 

SCHEDULE A TO ASSIGNMENT AND ASSUMPTION
OF LEASES

 

Legal Description

 

     

     

    

 

EXHIBIT E-1

 

ASSIGNMENT OF INTANGIBLES, PERMITS
AND WARRANTIES

 

ASSIGNMENT

OF INTANGIBLES, PERMITS AND WARRANTIES

 

KNOW ALL PERSONS, that
Ramco-Gershenson Properties, L.P., a Delaware limited partnership (“Seller”), for and in consideration of the sum of
Ten and No/100 Dollars ($10.00) and other good and valuable consideration received from ___________________________, a _______________________
(“Purchaser”), the receipt and sufficiency of which is hereby acknowledged, does hereby quit claim, grant, bargain,
sell, convey, set over, transfer, assign and deliver unto Purchaser, without representation or warranty, the following:

 

(a)          All
of Seller’s right, title and interest, if any, in and to all those permits, licenses, certificates, approvals, authorizations,
variances and consents affecting the parcel of land described in Exhibit A (“Land”) and the buildings and improvements
thereon (the “Premises”) issued to Seller or to its predecessors in interest in the Premises by any and all federal,
state, county, municipal and local governments, and all departments, commissions, boards, bureaus and offices thereof, having or
claiming jurisdiction over the Premises, whether or not the same may presently be in full force and effect, all to the extent that
Seller may lawfully transfer the same to Purchaser;

 

(b)          All
of Seller’s right, title and interest, if any, in and to all unexpired warranties and guaranties affecting the Premises and/or
Seller’s personal property located thereon, all to the extent that Seller may lawfully transfer the same to Purchaser (it
being agreed that nothing in this Section (b) shall be construed to affect Seller’s rights under such warranties and guaranties
with respect to periods prior to the date hereof); and

 

(c)          All
of Seller’s right, title and interest, if any, in and to all appraisals, surveys, architectural and/or engineering renderings,
plans and specifications, soils and other geological reports and studies, and all other reports, studies and other information
relating in any way to the development and/or use of the Premises to the extent provided by Seller to Purchaser.

 

To have and to hold
the same unto Purchaser, its successors and assigns forever.

 

(Signatures follow on next page)

 

     

     

    

 

IN WITNESS WHEREOF,
this General Assignment has been duly signed and sealed by Seller as of the _____ day of ___________, 2017.

 

	 	RAMCO-GERSHENSON PROPERTIES, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Ramco-Gershenson Properties Trust,
	 	 	a Maryland real estate investment trust,
	 	 	its General Partner
	 	 	 	                     
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 

 

     

     

    

 

EXHIBIT A

 

Description of Land

 

     

     

    

EXHIBIT F

 

BILL OF SALE

 

FOR $1.00 RECEIVED
as of ___________, 2017 and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged,
Ramco-Gershenson Properties, L.P., a Delaware limited partnership, whose address is 31500 Northwestern Highway, Suite 300, Farmington
Hills, Michigan 48334 (“Assignor”), does hereby quit claim, assign, transfer, convey and deliver to __________________________
______________________________, whose address is ______________________________, all of its right, title and interest in and to
the personal property situated on and/or used in connection with the operation of that certain real property more particularly
described on Schedule A attached hereto and incorporated herein by reference, to the extent of Assignor’s right,
title and interest, if any, therein or thereto, but without warranty of title, condition or otherwise.

 

IN WITNESS WHEREOF,
Assignor has executed this Bill of Sale.

 

	 	RAMCO-GERSHENSON PROPERTIES, L.P.,
	 	a Delaware limited partnership
	 	 	               
	 	By:	Ramco-Gershenson Properties Trust,
	 	 	a Maryland real estate investment trust,
	 	 	its General Partner
	 	 	 	                       
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 

 

     

     

    

 

SCHEDULE A TO BILL OF SALE

 

Legal Description

 

     

     

    

 

EXHIBIT G

 

NOTICE TO TENANTS

 

NOTICE TO TENANTS

OF ROLLING MEADOWS SHOPPING CENTER

ROLLING MEADOWS, ILLINOIS

 

_____________________________, 2017

 

	 	 
	[INSERT DBA] 	 	 
	 	 
	 	 
	 	 	 

ATTN:

 

		RE:	Transfer of Ownership of Rolling Meadows Shopping Center
Rolling Meadows, Illinois

 

Dear _______________:

 

Please be advised that today, [INSERT
SELLER ENTITY NAME] conveyed Rolling Meadows Shopping Center and assigned your lease to __________________ Station LLC. Your security
deposit, if any, transferred to the new owner.

 

All amounts due prior
to the conveyance remain payable to [INSERT SELLER ENTITY NAME]. Beginning with your next payment, your rent should be sent to
the address provided in the enclosed Welcome Packet. Unless otherwise provided for in your lease agreement, your rental payment
is due and payable on the first of each month. The name of the Property Manager and Accounts Receivable contact can also be found
in the enclosed Welcome Packet.

 

	 	Sincerely,
	 	 
	 	[INSERT SELLER ENTITY NAME]
	 	 	                        
	 	By:	 
	 	Name:	 
	 	Its:	 

 

     

     

    

 

EXHIBIT H

 

TENANT ESTOPPEL CERTIFICATE

 

		TO:	The Phillips Edison Group LLC, its successors and assigns (“Purchaser”)

Purchaser’s mortgage lender,
and its successors and assigns (“Lender”)

 

_____________________________
(“Tenant”) hereby warrants and represents to and agrees with Purchaser and Lender as follows, with the understanding
that Purchaser is relying on such warranties and representations as an inducement to purchase the ______________________ Shopping
Center located in ______________________ (“Project”) and Lender is relying on such warranties and representations
as an inducement to make a mortgage loan to Purchaser in connection with Purchaser’s acquisition of the Project:

 

1.          Tenant
is the lessee under that certain lease dated ____________ (the "Lease") pertaining to Suite ____ (“Demised
Premises”) within the Project. The Lease contains the entire agreement between Landlord and Tenant with respect to its
subject matter and it has not been modified or amended except by the following documents (if none, so state):______________________________________________.
The Lease is presently in full force and effect in accordance with its terms.

 

2.          The
name of the current landlord (Seller) under the Lease is: ________________.

 

3.          The
initial term of the Lease commenced on _________, 2____ and shall expire on ______, 2_____, unless sooner terminated in accordance
with the terms of the Lease. Tenant has no option to renew or extend the term of the Lease, except as follows (if none, so state):
______________

 

4.          As
of the date hereof, Tenant is paying rent on a current basis under the Lease as follows:

 

(a)          The
monthly minimum or base rent is $______ and has been paid through __________, 2017.

 

(b)          Percentage
rent ("Percentage Rent"), if any, due under the Lease has been paid through _____________, 201__ and the amount
of Percentage Rent for the last period paid was $________.

 

(c)          Common
area maintenance, taxes, insurance and other charges (the "Reimbursables"), if any, due under the Lease have been
paid through _______, 201__ in the monthly amount of $____.

 

5.          No
rentals are accrued and unpaid under the Lease, except for Percentage Rent, if any, and Reimbursables, if any, which are not yet
due and payable.

 

6.          No
prepayment of rentals due under the Lease has been made for more than one month in advance.

 

     

     

    

 

7.          No
security or similar deposit has been made under the Lease, except for the sum of $_____ which has been deposited by Tenant with
Landlord pursuant to the terms of the Lease.

 

8.           Tenant
has accepted possession of the Demised Premises and is occupying the same, and all items of an executory nature relating thereto
to be performed by Landlord have been completed, including, but not limited to, completion of construction thereof (and all other
improvements required under the Lease) in accordance with the terms of the Lease and within the time periods set forth in the Lease.
Landlord has paid in full any required contribution towards work to be performed by Tenant under the Lease, except as follows (if
none, so state): ________________________________.

 

9.           No
default or event that with the passage of time or notice would constitute a default (a "Default") on the part
of Tenant exists under the Lease in the performance of the terms, covenants and conditions of the Lease required to be performed
on the part of Tenant.

 

10.         To
the best of Tenant's knowledge, no Default on the part of Landlord exists under the Lease. Tenant has no defense to its obligations
under the Lease and has not asserted any setoff, claim or counterclaim against Landlord.

 

11.         Tenant
has no option or right to purchase all or any part of the Project.

 

12.         Tenant
has not assigned, sublet, transferred, hypothecated or otherwise disposed of its interest in the Lease and/or the Demised Premises,
or any part thereof.

 

13.         Neither
the Lease nor any obligations of Tenant thereunder have been guaranteed by any person or entity, except as follows (if none, so
state): ______________________.

 

14.         The
Lease is subject and subordinate to any and all existing and future mortgages on the Project.

 

15.         Tenant’s
street address (not a P.O. Box) for notice purposes is:  _______________________________________________.

 

16.         The
individual executing this Tenant Estoppel Certificate on behalf of Tenant has been authorized to execute and deliver the same by
all appropriate corporate, partnership or limited liability company action of Tenant, as applicable.

 

     

     

    

 

THIS TENANT ESTOPPEL
CERTIFICATE has been executed this ___________, 2017.

 

	 	TENANT:
	 	 	 
	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:

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