Document:

Agreement of Sale and Purchase

 EXHIBIT 10.53 
 Agreement of Sale and Purchase dated as of November 16, 2006 
 among 
 Fund IV EAGL Canyon Springs, L.P., 
 EAGL Fund
IV Canyon Springs Lessee, L.P., 
 Fund IV EAGL Cinco Ranch, L.P., 
 EAGL Fund IV Cinco Ranch Lessee, L.P., 
 Fund IV EAGL Fossil Creek, L.P., 
 Fund IV EAGL Plantation Resort, L.P., 
 EAGL
Fund IV Plantation Resort Lessee, L.P., 
 Fund IV EAGL Clear Creek, L.P., 
 EAGL Fund IV Clear Creek Lessee, L.P. 
 and CNL Income Partners, LP 

 AGREEMENT OF SALE AND PURCHASE 
 among 
 FUND IV EAGL CANYON SPRINGS, L.P., 
 a Delaware limited partnership (“Canyon Owner”); 
 EAGL FUND IV CANYON SPRINGS LESSEE, L.P., 
 a Delaware limited partnership (“Canyon
Lessee”); 
 FUND IV EAGL CINCO RANCH, L.P., 
 a Delaware limited partnership (“Cinco Owner”); 
 EAGL FUND IV CINCO RANCH LESSEE, L.P.,

 a Delaware limited partnership (“Cinco Lessee”); 
 FUND IV EAGL FOSSIL CREEK, L.P., 
 a Delaware limited partnership (“Fossil
Owner”); 
 EAGL FUND IV FOSSIL CREEK LESSEE, L.P., 
 a Delaware limited partnership (“Fossil Lessee”); 
 FUND IV EAGL
PLANTATION RESORT, L.P., 
 a Delaware limited partnership (“Plantation Owner”); 
 EAGL FUND IV PLANTATION RESORT LESSEE, L.P., 
 a Delaware limited partnership (“Plantation Lessee”); 
 FUND IV EAGL CLEAR CREEK, L.P., 
 a Delaware limited partnership (“Clear Owner”); 
 EAGL FUND IV CLEAR CREEK LESSEE, L.P., 
 a Delaware limited partnership (“Clear Lessee”)

 collectively “Seller” 
 and 
 CNL INCOME PARTNERS, LP 
 a Delaware limited partnership 
 “Buyer” 
 with Escrow Instructions for 
 The Talon Group,
a division of First American Title Insurance Company, 
 as Escrow Agent 

 Table of Contents 
  

					
	 	 	 	  	Page
	 ARTICLE 1
	 	CERTAIN DEFINITIONS	  	2
			
	 Section 1.1
	 	Definitions	  	2
			
	 Section 1.2
	 	Rules of Construction	  	13
			
	 ARTICLE 2
	 	THE PROPERTY	  	13
			
	 Section 2.1
	 	Canyon Springs Golf Club	  	13
			
	 Section 2.2
	 	Cinco Ranch Golf Club	  	15
			
	 Section 2.3
	 	Fossil Creek Golf Club	  	17
			
	 Section 2.4
	 	Plantation Golf Club	  	19
			
	 Section 2.5
	 	Clear Creek Golf Club	  	21
			
	 ARTICLE 3
	 	AGREEMENT OF PURCHASE AND SALE; PURCHASE PRICE	  	22
			
	 Section 3.1
	 	Agreement of Purchase and Sale	  	22
			
	 Section 3.2
	 	Purchase Price	  	22
			
	 Section 3.3
	 	Deposit	  	23
			
	 Section 3.4
	 	Independent Consideration	  	23
			
	 Section 3.5
	 	Indivisible Economic Package	  	23
			
	 Section 3.6
	 	Assumption of Obligations/Retained Liabilities/Assumed Liabilities	  	23
			
	 Section 3.7
	 	Intentionally Omitted	  	24
			
	 Section 3.8
	 	Termination of or Default under Fund III Entity Purchase Agreement and/or the Fund III Asset Purchase Agreement	  	24
			
	 Section 3.9
	 	Lease Assets to Premier	  	24
			
	 Section 3.10
	 	Fossil Minerals	  	25
			
	 ARTICLE 4
	 	BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY	  	25
			
	 Section 4.1
	 	Buyer’s Inspections and Due Diligence	  	25
			
	 Section 4.2
	 	Delivery Period	  	26
			
	 Section 4.3
	 	Deliveries	  	27
			
	 Section 4.4
	 	Excluded Property Records	  	28
			
	 Section 4.5
	 	Site Visits	  	28

  

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	 Section 4.6
	 	Due Diligence Indemnity	  	28
			
	 Section 4.7
	 	Confidentiality	  	29
			
	 Section 4.8
	 	Due Diligence Period	  	29
			
	 Section 4.9
	 	Buyer’s Conditions	  	29
			
	 Section 4.10
	 	Consents	  	30
			
	 Section 4.11
	 	Inventories	  	30
			
	 Section 4.12
	 	Accuracy of Representations and Warranties	  	30
			
	 ARTICLE 5
	 	TITLE AND SURVEY	  	30
			
	 Section 5.1
	 	Title to Real Property	  	30
			
	 Section 5.2
	 	Certain Exceptions to Title	  	31
			
	 Section 5.3
	 	Title Insurance	  	32
			
	 Section 5.4
	 	Conveyance of Real Property	  	32
			
	 ARTICLE 6
	 	REMEDIES AND DEPOSIT INSTRUCTIONS	  	32
			
	 Section 6.1
	 	Permitted Termination; Seller Default	  	32
			
	 Section 6.2
	 	Buyer Default; Liquidated Damages	  	33
			
	 Section 6.3
	 	Deposit Instructions	  	34
			
	 Section 6.4
	 	Designation of Reporting Person	  	35
			
	 ARTICLE 7
	 	REPRESENTATIONS AND WARRANTIES OF SELLER	  	35
			
	 Section 7.1
	 	Representations and Warranties of Seller	  	35
			
	 Section 7.2
	 	Limited Liability	  	39
			
	 Section 7.3
	 	Seller’s Knowledge	  	39
			
	 Section 7.4
	 	Liability of Representations and Warranties	  	39
			
	 ARTICLE 8
	 	REPRESENTATIONS AND WARRANTIES OF BUYER	  	40
			
	 Section 8.1
	 	Buyer’s Representations and Warranties	  	40
			
	 Section 8.2
	 	Buyer’s Independent Investigation	  	42
			
	 Section 8.3
	 	Buyer’s Release of Seller	  	44
			
	 Section 8.4
	 	Discharge	  	45

  

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	 ARTICLE 9
	 	MAINTENANCE OF PROPERTY	  	45
			
	 Section 9.1
	 	Certain Interim Operating Covenants	  	45
			
	 Section 9.2
	 	Liquor Licenses	  	46
			
	 ARTICLE 10
	 	CLOSING AND CONDITIONS	  	47
			
	 Section 10.1
	 	Escrow Instructions	  	47
			
	 Section 10.2
	 	Closing	  	47
			
	 Section 10.3
	 	Seller’s Closing Documents and Other Items	  	48
			
	 Section 10.4
	 	Buyer’s Closing Documents and Other Items	  	49
			
	 Section 10.5
	 	Actions at Closing	  	50
			
	 Section 10.6
	 	Prorations and Closing Costs	  	51
			
	 Section 10.7
	 	Broker	  	53
			
	 Section 10.8
	 	Expenses	  	53
			
	 Section 10.9
	 	Estoppel Certificate	  	53
			
	 ARTICLE 11
	 	MISCELLANEOUS	  	54
			
	 Section 11.1
	 	Amendment and Modification	  	54
			
	 Section 11.2
	 	Risk of Loss and Insurance Proceeds	  	54
			
	 Section 11.3
	 	Notices	  	55
			
	 Section 11.4
	 	Assignment	  	56
			
	 Section 11.5
	 	Governing Law and Consent to Jurisdiction	  	56
			
	 Section 11.6
	 	Counterparts	  	56
			
	 Section 11.7
	 	Entire Agreement	  	57
			
	 Section 11.8
	 	Severability	  	57
			
	 Section 10.9
	 	Attorney Fees	  	57
			
	 Section 11.10
	 	Payment of Fees and Expenses	  	57
			
	 Section 11.11
	 	Confidential Information	  	57
			
	 Section 11.12
	 	No Joint Venture	  	58
			
	 Section 11.13
	 	Waiver of Jury Trial	  	58
			
	 Section 11.14
	 	Limited Liability	  	58
			
	 Section 11.15
	 	Time of Essence	  	58
			
	 Section 11.16
	 	No Waiver	  	58
			
	 Section 11.17
	 	No Recordation	  	58
			
	 Section 11.18
	 	Tax Disclosures	  	58

  

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 AGREEMENT OF SALE AND PURCHASE 
 THIS AGREEMENT OF SALE AND PURCHASE (this “Agreement”), dated as of November 16,, 2006, is among FUND IV EAGL CANYON SPRINGS, L.P., a
Delaware limited partnership (“Canyon Owner”); EAGL FUND IV CANYON SPRINGS LESSEE, L.P., a Delaware limited partnership (“Canyon Lessee”); FUND IV EAGL CINCO RANCH, L.P., a Delaware limited partnership (“Cinco Owner”);
EAGL FUND IV CINCO RANCH LESSEE, L.P., a Delaware limited partnership (“Cinco Lessee”); FUND IV EAGL FOSSIL CREEK, L.P., a Delaware limited partnership (“Fossil Owner”); EAGL FUND IV FOSSIL CREEK LESSEE, L.P., a Delaware limited
partnership (“Fossil Lessee”); FUND IV EAGL PLANTATION RESORT, L.P., a Delaware limited partnership (“Plantation Owner”); EAGL FUND IV PLANTATION RESORT LESSEE, L.P., a Delaware limited partnership (“Plantation
Lessee”); FUND IV EAGL CLEAR CREEK, L.P., a Delaware limited partnership (“Clear Owner”); EAGL FUND IV CLEAR CREEK LESSEE, L.P., a Delaware limited partnership (“Clear Lessee”) (collectively “Seller”), and CNL
INCOME PARTNERS, LP, a Delaware limited partnership (“Buyer”). 
 RECITALS 
 WHEREAS, Canyon Owner owns certain real property located in San Antonio, Texas, commonly known as Canyon Springs Golf Club (“Canyon Springs Golf
Club”), and more particularly described in Exhibit A-1 attached hereto (the “Canyon Land”). The Canyon Land is currently improved with an 18-hole daily fee golf course, clubhouse, event pavilion, maintenance
building, cart barn and other improvements; and 
 WHEREAS, Cinco Owner owns certain real property located in Katy, Texas, commonly known as
“The Golf Club at Cinco Ranch” (“Cinco Ranch Golf Club”), and more particularly described in Exhibit A-2 attached hereto (the “Cinco Land”). The Cinco Land is currently improved with an
18-hole daily fee golf course, clubhouse, golf academy, maintenance building, cart barn and other improvements; and 
 WHEREAS, Fossil Owner
owns certain real property located in Fort Worth, Texas, commonly known as “The Golf Club at Fossil Creek” (“Fossil Creek Golf Club”), and more particularly described in Exhibit A-3 attached hereto (the
“Fossil Land”). The Fossil Land is currently improved with an 18-hole daily fee golf course, clubhouse, maintenance building, cart barn and other improvements; and 
 WHEREAS, Plantation Owner owns certain real property located in Frisco Texas, commonly known as “Plantation Golf Club” (“Plantation
Golf Club”), and more particularly described in Exhibit A-4 attached hereto (the “Plantation Land”). The Plantation Land is currently improved with an 18-hole daily fee golf course, clubhouse, events facility,
maintenance building, cart barn and other improvements; and 
 WHEREAS, Clear Owner is the concessionaire for certain real property located
in Houston Texas, commonly known as “Clear Creek Golf Club” (“Clear Creek Golf Club”), and more particularly described in Exhibit A-5 attached hereto (the “Clear Land”). The Clear Land is
currently improved with an 18-hole daily fee golf course, clubhouse, events facility, maintenance building, cart barn and other improvements; and 
  

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 WHEREAS, Seller desires to sell and assign the Property (as defined herein) to Buyer, and Buyer desires
to purchase the Property from Seller, all upon and subject to the terms and conditions set forth below; and 
 WHEREAS, Canyon Lessee, Cinco
Lessee, Fossil Lessee, Plantation Lessee and Clear Lessee are Lessees under Lease Agreements with Canyon Owner, Cinco Owner, Fossil Owner, Plantation Owner and Clear Owner, respectively, and have leasehold interest in their respective properties
pursuant to such Leases and own certain personalty. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 - CERTAIN DEFINITIONS 
 Section 1.1 Definitions. The parties hereby agree that the following terms
shall have the meanings hereinafter set forth, such definitions to be applicable equally to the singular and plural forms, and to the masculine and feminine forms, of such terms: 
 1.1.1 “Affiliate” shall mean the any person or entity that directly, or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with Buyer or Seller, as the case may be. For the purposes of this definition, “control” means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have the meanings correlative to the foregoing.

 1.1.2 “Applicable Laws” shall mean (i) all statutes, laws, common law, rules, regulations,
ordinances, codes or other legal requirements of any Governmental Entity, stock exchange, board of fire underwriters and similar quasi-governmental authority, and (ii) any judgment, injunction, order or other similar requirement of any court or
other adjudicatory authority, in effect at the time in question and in each case to the extent the Person or property in question is subject to the same. 
 1.1.3 “Assignment and Assumption of Concession Agreement” shall have the meaning ascribed in Section 10.3.2. 
 1.1.4 “Assignments and Assumptions of Contracts” shall have the meaning ascribed in Section 10.3.4.

 1.1.5 “Bankruptcy Code” shall have the meaning ascribed in Section 7.1(h). 

 

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 1.1.6 “Bill of Sale and Assignment Agreements” shall have the
meaning ascribed in Section 10.3.3. 
 1.1.7 “Broker” shall mean Secured Capital LLC.

 1.1.8 “Broker’s Commission” shall have the meaning ascribed in Section 10.7.

 1.1.9 “BSA” shall have the meaning ascribed in Section 8.1(f). 
 1.1.10 “Business Days” or “business days” shall mean Monday-Friday, unless a nationally
recognized banking holiday. 
 1.1.11 “Buyer’s Indemnity” shall have the meaning ascribed in
Section 3.6.2. 
 1.1.12 “Buyer’s Participation” shall have the meaning ascribed in
Section 3.10. 
 1.1.13 “Canyon Appurtenances” shall have the meaning ascribed in
Section 2.1.4. 
 1.1.14 “Canyon Contracts” shall have the meaning ascribed in
Section 1.1.58. 
 1.1.15 “Canyon Effluent Discharge Rights” shall have the meaning
ascribed in Section 2.1.8. 
 1.1.16 “Canyon Goods and Inventory” shall have the meaning ascribed
in Section 2.1.5(b). 
 1.1.17 “Canyon Improvements” shall have the meaning ascribed in
Section 2.1.2. 
 1.1.18 “Canyon Intangible Personal Property” shall have the meaning ascribed in
Section 2.1.6. 
 1.1.19 “Canyon Land” shall have the meaning ascribed in the Recitals.

 1.1.20 “Canyon Personal Property” shall mean the Canyon Tangible Personal Property and the Canyon
Intangible Personal Property. 
 1.1.21 “Canyon Property” shall have the meaning ascribed in
Section 2.1. 
 1.1.22 “Canyon Real Property” shall have the meaning ascribed in
Section 2.1.4. 
 1.1.23 “Canyon Seller” shall mean Canyon Owner and Canyon Lessee. 

1.1.24 “Canyon Springs Golf Club” shall have the meaning ascribed in the Recitals. 
  

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 1.1.25 “Canyon Tangible Personal Property” shall have the meaning
ascribed in Section 2.1.5. 
 1.1.26 “Canyon Water Rights” shall have the meaning ascribed in
Section 2.1.3. 
 1.1.27 “Cinco Appurtenances” shall have the meaning ascribed in
Section 2.2.4. 
 1.1.28 “Cinco Contracts” shall have the meaning ascribed in
Section 1.1.58. 
 1.1.29 “Cinco Effluent Discharge Rights” shall have the meaning
ascribed in Section 2.2.8. 
 1.1.30 “Cinco Goods and Inventory” shall have the meaning ascribed
in Section 2.2.5(b). 
 1.1.31 “Cinco Improvements” shall have the meaning ascribed in
Section 2.2.2. 
 1.1.32 “Cinco Intangible Personal Property” shall have the meaning ascribed in
Section 2.2.6. 
 1.1.33 “Cinco Land” shall have the meaning ascribed in the Recitals.

 1.1.34 “Cinco Personal Property” shall mean the Cinco Tangible Personal Property and the Cinco Intangible
Personal Property. 
 1.1.35 “Cinco Property” shall have the meaning ascribed in Section 2.2.

 1.1.36 “Cinco Ranch Golf Club” shall have the meaning ascribed in the Recitals. 
 1.1.37 “Cinco Seller” shall mean Cinco Owner and Cinco Lessee. 
 1.1.38 “Cinco Tangible Personal Property” shall have the meaning ascribed in Section 2.2.5. 
 1.1.39 “Cinco Water Rights” shall have the meaning ascribed in Section 2.2.3. 
 1.1.40 “Clear Contracts” shall have the meaning ascribed in Section 1.1.58. 
 1.1.41 “Clear Effluent Discharge Rights” shall have the meaning ascribed in Section 2.5.8. 

1.1.42 “Clear Goods and Inventory” shall have the meaning ascribed in Section 2.5.3(b). 
  

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 1.1.43 “Clear Creek Concession Agreement” shall have the meaning
ascribed in Section 2.5.1. 
 1.1.44 “Clear Creek Golf Club” shall have the meaning ascribed in the
Recitals. 
 1.1.45 “Clear Improvements” shall mean all existing buildings, structures and other improvements
located upon the Clear Land, including: a clubhouse building, a maintenance facility, an 18-hole golf course, landscaping, irrigation system, parking facilities, and all other improvements located on the Clear Land. 
 1.1.46 “Clear Intangible Personal Property” shall have the meaning ascribed in Section 2.5.4. 
 1.1.47 “Clear Land” shall have the meaning ascribed in the Recitals. 
 1.1.48 “Clear Personal Property” shall mean Clear Tangible Personal Property and Clear Intangible Personal Property.

 1.1.49 “Clear Property” shall have the meaning ascribed in Section 2.5. 
 1.1.50 “Clear Seller” shall mean Clear Owner and Clear Lessee. 
 1.1.51 “Clear Tangible Personal Property” shall have the meaning ascribed in Section 2.5.3. 
 1.1.52 “Clear Water Rights” shall have the meaning ascribed in Section 2.5.2. 
 1.1.53 “Close Associate” shall have the meaning ascribed in Section 8.1(h). 
 1.1.54 “Closing” shall have the meaning ascribed in Section 10.2. 
 1.1.55 “Closing Date” shall mean the date set forth in Section 10.2. 
 1.1.56 “Closing Statements” shall have the meaning ascribed in Section 10.6.2. 
 1.1.57 “Code” shall have the meaning ascribed in Section 6.4. 
 1.1.58 “Contracts” shall mean: (a) the leases, contracts and other agreements pertaining to the ownership,
operation, management, maintenance and use with respect to Canyon Springs Golf Club (the “Canyon Contracts”), including without limitation, (i) those set forth in Schedule 1.1.58(a), and (ii) the tournament,
banquet, meeting and other advance bookings to be held at the Canyon Springs Golf Club on or after the Closing Date listed in Schedule 1.1.58(a)(i), (b) the leases, contracts and other agreements pertaining to the ownership,
operation, management, maintenance and use with respect to Cinco Ranch Golf Club (the “Cinco Contracts”), including without 

  

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limitation, (i) those set forth in Schedule 1.1.58(b), and (ii) the tournament, banquet, meeting and other advance bookings to be
held at the Cinco Ranch Golf Club on or after the Closing Date listed in Schedule 1.1.58(b)(i), (c) the leases, contracts and other agreements pertaining to the ownership, operation, management, maintenance and use with respect to
Fossil Creek Golf Club (the “Fossil Contracts”), including without limitation, (i) those set forth in Schedule 1.1.58(c), and (ii) the tournament, banquet, meeting and other advance bookings to be held at the
Fossil Creek Golf Club on or after the Closing Date listed in Schedule 1.1.58(c)(i), (d) the leases, contracts and other agreements pertaining to the ownership, operation, management, maintenance and use with respect to Plantation
Golf Club (the “Plantation Contracts”), including without limitation, (i) those set forth in Schedule 1.1.58(d), and (ii) the tournament, banquet, meeting and other advance bookings to be held at the
Plantation Golf Club on or after the Closing Date listed in Schedule 1.1.58(d)(i), and (e) the leases, contracts and other agreements pertaining to the ownership, operation, management, maintenance and use with respect to Clear
Creek Golf Club (the “Clear Contracts”), including without limitation, (i) those set forth in Schedule 1.1.58(e), and (ii) the tournament, banquet, meeting and other advance bookings to be held at the Clear
Creek Golf Club on or after the Closing Date listed in Schedule 1.1.58(e)(i). Contracts shall additionally be deemed to include EAGL cards, annual or other periodic passes, membership agreements, discount programs, trade out agreements
and similar agreements (collectively, “Golf Play Agreements”) including, without limitation, those set forth on Schedule 1.1.58(f), and contracts entered into pursuant to Section 9.1. 
 1.1.59 “Days” or “days” shall mean calendar days. 
 1.1.60 “Deeds” shall have the meaning ascribed in Section 10.3.1. 
 1.1.61 “Deposit” shall have the meaning ascribed in Section 3.3. 
 1.1.62 “Disclosure Items” shall have the meaning ascribed in Section 7.1. 
 1.1.63 “Due Diligence” shall have the meaning ascribed in Section 4.1. 
 1.1.64 “Due Diligence Items” shall have the meaning ascribed in Section 4.2. 
 1.1.65 “Due Diligence Period” shall mean the time period provided for in Section 4.1 of this
Agreement. 
 1.1.66 “Effluent Discharge Rights” shall mean the Canyon Effluent Discharge Rights,
Cinco Effluent Discharge Rights, Clear Effluent Discharge Rights, Fossil Effluent Discharge Rights and Plantation Effluent Discharge Rights. 
 1.1.67 “Effective Date” shall mean November 16, 2006. 
 1.1.68 “Environmental Claims” shall mean all claims for reimbursement, remediation, abatement, removal, clean up, contribution, personal injury, property damage or damage to natural resources made by any Governmental
Entity or other Person arising from or in connection with the (i) presence or actual or potential spill, 

  

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leak, emission, discharge or release of any Hazardous Substances over, on, in, under or from the Real Property, or (ii) violation of any Environmental
Laws with respect to the Real Property or any portion thereof. 
 1.1.69 “Environmental Laws” means
all federal, state and local environmental laws, rules, statutes, directives, binding written interpretations, binding written policies, ordinances and regulations issued by any Governmental Entity and in effect as of the date of this Agreement with
respect to or which otherwise pertain to or affect the Land or the Improvements, or any portion thereof, the use, ownership, occupancy or operation of the Land or the Improvements, or any portion thereof, or any owner of the Land, and as same have
been amended, modified or supplemented from time to time prior to the date of this Agreement, including but not limited to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the
Hazardous Substances Transportation Act (49 U.S.C. § 1802 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Safe Drinking
Water Act (42 U.S.C. § 300f et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Solid Waste Disposal Act (42 U.S.C. § 6901 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the
Emergency Planning and Community Right-to-Know Act of 1986 (42 U.S.C. § 11001 et seq.), the Radon and Indoor Air Quality Research Act (42 U.S.C. § 7401 note, et seq.), the Superfund Amendment Reauthorization Act of 1986 (42
U.S.C. § 9601 et seq.), comparable state and local laws, and any and all rules and regulations which have become effective prior to the date of this Agreement under any and all of the aforementioned laws. 
 1.1.70 “Escrow Agent” shall mean The Talon Group, a division of First American Title Insurance Company, Attention:
Michael Moore. 
 1.1.71 “Excluded Property” The term “Excluded Property” shall mean
(i) Seller’s Excluded Property Records (but copies of all such non-proprietary books and records needed by Buyer in connection with its post-Closing operations of the Property will be provided to Buyer, (ii) Seller’s cash
(whether held by Seller or Seller’s Affiliates), (iii) Seller’s utility deposits, (iv) Seller’s certificates of deposit, (v) Seller’s name(s) and logo(s), but not the Marks and Logos (vi) all product and
service warranties and guaranties to the extent relating to the period on or before the Closing, (vii) all rights and benefits under the Contracts to the extent relating to the period on or before the Closing, (viii) the Fossil
Reservation, and (ix) other items described on Schedule 1.1.71 attached hereto. 
 1.1.72
“Excluded Property Records” shall have the meaning ascribed in Section 4.4. 
 1.1.73
“Existing Surveys” shall mean those certain existing surveys of the Land and Improvements more particularly described on Exhibit C attached hereto. 
 1.1.74 “Excluded Property Records” shall have the meaning ascribed in Section 4.4. 
  

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 1.1.75 “First Extended Due Diligence Period” shall have the meaning
ascribed in Section 4.1. 
 1.1.76 “First Extension Payment” shall have the meaning ascribed in
Section 4.1. 
 1.1.77 “Fossil Contracts” shall have the meaning ascribed in
Section 1.1.58. 
 1.1.78 “Fossil Creek Golf Club” shall have the meaning ascribed in the
Recitals. 
 1.1.79 “Fossil Effluent Discharge Rights” shall have the meaning ascribed in
Section 2.3.8. 
 1.1.80 “Fossil Goods and Inventory” shall have the meaning ascribed in
Section 2.3.5(b). 
 1.1.81 “Fossil Intangible Personal Property” shall have the meaning ascribed
in Section 2.3.6. 
 1.1.82 “Fossil Improvements” shall have the meaning ascribed in
Section 2.3.2. 
 1.1.83 “Fossil Land” shall have the meaning ascribed in the Recitals.

 1.1.84 “Fossil Minerals” shall have the meaning ascribed in Section 3.10. 
 1.1.85 “Fossil Personal Property” shall mean the Fossil Tangible Personal Property and the Fossil Intangible Personal
Property. 
 1.1.86 “Fossil Property” shall have the meaning ascribed in Section 2.3. 

1.1.87 “Fossil Real Property” shall have the meaning ascribed in Section 2.3.4. 
 1.1.88 “Fossil Reservation” shall have the meaning ascribed in Section 3.10. 
 1.1.89 “Fossil Seller” shall mean Fossil Owner and Fossil Lessee. 
 1.1.90 “Fossil Tangible Personal Property” shall have the meaning ascribed in Section 2.3.5. 
 1.1.91 “Fossil Water Rights” shall have the meaning ascribed in Section 2.3.3. 
 1.1.92 “Fund III Asset Purchase Agreement” shall mean that certain Agreement of Purchase and Sale between Buyer
and Golf Course Partners, Ltd., EAGL Mansfield, L.P., Evergreen Alliance Golf Limited, L.P. and Westbrook EAGL Parent, L.L.C. 
  

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 1.1.93 “Fund III Entity Purchase Agreement” shall mean that
certain Agreement of Sale and Purchase (Limited Liability Company Interests) between Premier and Westbrook Real Estate Fund III, L.P. and Westbrook Real Estate Co-Investment Partnership III, L.P. 
 1.1.94 “Golf Clubs” shall mean collectively, Canyon Springs Golf Club, Cinco Ranch Golf Club, Fossil Creek Golf Club,
Plantation Golf Club and Clear Creek Golf Club. 
 1.1.95 “Goods and Inventory” shall mean the Canyon
Goods and Inventory, the Cinco Goods and Inventory, the Fossil Goods and Inventory, the Plantation Goods and Inventory and the Clear Goods and Inventory. 
 1.1.96 “Governmental Entity” means the various governmental and quasi- governmental bodies or agencies having jurisdiction over Seller, the Real Property or any portion thereof. 
 1.1.97 “Hazardous Materials” means any pollutants, contaminants, hazardous or toxic substances, materials or
wastes (including petroleum, petroleum by-products, radon, asbestos and asbestos containing materials, polychlorinated biphenyls (“PCBs”), PCB-containing equipment, radioactive elements, infectious agents, and urea formaldehyde), as
such terms are used in any Environmental Laws (excluding solvents, cleaning fluids and other lawful substances stored and used in the ordinary operation and maintenance of the Land. 
 1.1.98 “Immediate Family Member” shall have the meaning ascribed in Section 8.1(h). 
 1.1.99 “Improvements” shall mean the Canyon Improvements, the Cinco Improvements, the Fossil Improvements, the
Plantation Improvements and the Clear Improvements. 
 1.1.100 “Independent Consideration” shall have
the meaning ascribed in Section 3.4. 
 1.1.101 “Intangible Personal Property” shall mean
the Canyon Intangible Personal Property, the Cinco Intangible Personal Property, the Fossil Intangible Personal Property, the Plantation Intangible Personal Property and the Clear Intangible Personal Property. 
 1.1.102 “Interim Liquor Management Agreement” shall have the meaning ascribed in Section 9.2.3. 

1.1.103 “Land” shall mean the Canyon Land, the Cinco Land, the Fossil Land, the Plantation Land and the Clear
Land. 
 1.1.104 “Leases” shall mean the Canyon Lease, the Cinco Lease, the Fossil Lease, the
Plantation Lease and the Clear Lease. 
  

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 1.1.105 “Lessees” shall mean Canyon Lessee, Cinco Lessee, Fossil
Lessee, Plantation Lessee and Clear Lessee. 
 1.1.106 “Liability” shall mean any liability,
obligation, damage, loss, diminution in value, cost or expense of any kind or nature whatsoever, whether accrued or unaccrued, actual or contingent, known or unknown, foreseen or unforeseen and “Liabilities” has a corresponding
meaning. 
 1.1.107 “Licensee Parties” shall mean those authorized agents, contractors, consultants
and representatives of Buyer who shall inspect, investigate, test or evaluate the Property on behalf of Buyer in accordance with this Agreement. 
 1.1.108 “Licenses and Permits” shall have the meaning ascribed in Section 4.2(a). 
 1.1.109 “Marks and Logos” shall mean the Canyon Marks and Logos, the Cinco Marks and Logos, the Fossil Marks and Logos, the Plantation Marks and Logos and the Clear Marks and Logos. 
 1.1.110 “OFAC” shall mean the Office of Foreign Assets Control of the United States Department of the Treasury.

 1.1.111 “OFAC List” shall mean any list of prohibited countries, individuals, organizations and entities
that is administered or maintained by OFAC, including: (i) Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001) issued by the President of the United States (Executive Order Blocking Property and
Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), any related enabling legislation or any other similar executive orders, (ii) the List of Specially Designated Nationals and Blocked Persons maintained
by OFAC, and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, or (iii) a “Designated National” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515.

 1.1.112 “Ordinary Course of Business” shall mean the ordinary course of business consistent with
the Seller’s past custom and practice for the Property, taking into account the facts and circumstances in existence from time to time. 
 1.1.113 “Patriot Act” shall have the meaning ascribed in Section 8.1(f). 
 1.1.114 “Permitted Encumbrances” shall have the meaning ascribed in Section 5.2. 
 1.1.115 “Permitted Outside Parties” shall have the meaning ascribed in Section 4.7. 
 1.1.116 “Person” shall mean any natural person, firm, corporation, general or limited partnership, limited liability company, association, joint venture, trust, estate, Governmental Entity or
other legal entity, in each case whether in its own or a representative capacity. 
  

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 1.1.117 “Personal Property” shall mean the Tangible Personal
Property and the Intangible Personal Property. 
 1.1.118 “Plantation Appurtenances” shall have the meaning
ascribed in Section 2.4.4. 
 1.1.119 “Plantation Contracts” shall have the meaning
ascribed in Section 1.1.58. 
 1.1.120 “Plantation Effluent Discharge Rights” shall have
the meaning ascribed in Section 2.4.8. 
 1.1.121 “Plantation Golf Club” shall have the meaning
ascribed in the Recitals. 
 1.1.122 “Plantation Goods and Inventory” shall have the meaning ascribed
in Section 2.4.5(b). 
 1.1.123 “Plantation Improvements” shall have the meaning ascribed in
Section 2.4.2. 
 1.1.124 “Plantation Intangible Personal Property” shall have the meaning
ascribed in Section 2.4.6 
 1.1.125 “Plantation Land” shall have the meaning ascribed in the
Recitals. 
 1.1.126 “Plantation Personal Property” shall mean the Plantation Tangible Personal Property and
the Plantation Intangible Personal Property. 
 1.1.127 “Plantation Property” shall have the meaning ascribed
in Section 2.4. 
 1.1.128 “Plantation Real Property” shall have the meaning ascribed in
Section 2.4.4. 
 1.1.129 “Plantation Seller” shall mean Plantation Owner and Plantation Lessee.

 1.1.130 “Plantation Tangible Personal Property” shall have the meaning ascribed in
Section 2.4.5. 
 1.1.131 “Plantation Water Rights” shall have the meaning ascribed in
Section 2.4.3. 
 1.1.132 “Premier” shall mean Premier Golf Management, Inc. 
 1.1.133 “Property” shall have the meaning ascribed in Article 2. 
  

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 1.1.134 “Property Manager” shall mean Evergreen Alliance Golf
Limited, L.P., a Delaware limited partnership. 
 1.1.135 “Proration Items” shall have the meaning
ascribed in Section 10.6.1. 
 1.1.136 “Proration Time” shall have the meaning ascribed in
Section 10.6.1. 
 1.1.137 “Purchase Price” shall have the meaning ascribed in
Section 3.2. 
 1.1.138 “Real Property” shall mean the Canyon Real Property, the Cinco
Real Property, the Fossil Real Property and the Plantation Real Property. 
 1.1.139 “Reporting
Person” shall have the meaning ascribed in Section 6.4(a). 
 1.1.140 “Second Extended Due
Diligence Period” shall have the meaning ascribed in Section 4.1. 
 1.1.141 “Second Extension
Payment” shall have the meaning ascribed in Section 4.1. 
 1.1.142 “Seller’s
Indemnity” shall have the meaning ascribed in Section 3.6.1. 
 1.1.143 “Seller’s
Receivables” shall have the meaning ascribed in Section 10.6.1(g). 
 1.1.144
“Seller’s Knowledge” shall have the meaning ascribed in Section 7.3. 
 1.1.145
“Senior Foreign Political Figure” shall have the meaning ascribed in Section 8.1(h). 
 1.1.146 “Survey” shall have the meaning ascribed in Section 5.1. 
 1.1.147
“Survey Defects” shall have the meaning ascribed in Section 5.1. 
 1.1.148
“Tangible Personal Property” shall mean the Canyon Tangible Personal Property, the Cinco Tangible Personal Property, the Fossil Tangible Personal Property, the Plantation Tangible Personal Property and the Clear Tangible
Personal Property. 
 1.1.149 “Taxes” shall mean any federal, state, local or foreign, personal
property, sales, use, excise or similar taxes, assessments, levies, charges or fees imposed by any Governmental Entity on the Seller with respect to the Property or the operation of the Golf Clubs including, without limitation, any interest, penalty
or fine with respect thereto, but expressly excluding any (i) federal, state, local or foreign income, capital gain, gross receipts, capital stock, franchise, profits, estate, gift or generation skipping tax, or (ii) transfer, documentary
stamp, recording or similar tax, levy, charge or fee incurred with respect to the transactions described in this Agreement. 
  

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 1.1.150 “Third Party Estoppels” shall have the meaning ascribed
in Section 10.9. 
 1.1.151 “Title Commitments” shall have the meaning ascribed in
Section 5.1. 
 1.1.152 “Title Company” shall mean The Talon Group, a division of First
American Title Insurance Company, Attention: Michael Moore. 
 1.1.153 “Title Documents” shall have the
meaning ascribed in Section 5.1. 
 1.1.154 “Title Exceptions” shall have the meaning
ascribed in Section 5.2. 
 1.1.155 “Title Notice” shall have the meaning ascribed in
Section 5.2. 
 1.1.156 “Title Objections” shall have the meaning ascribed in
Section 5.2. 
 1.1.157 “Title Policies” shall have the meaning ascribed in
Section 5.3. 
 1.1.158 “Unpermitted Title Exceptions” shall have the meaning ascribed in
Section 5.2. 
 1.1.159 “Water Rights” shall mean the Canyon Water Rights, the Cinco Water
Rights, the Fossil Water Rights and the Plantation Water Rights and the Clear Water Rights. 
 Section 1.2 Rules of Construction.
Article and Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement. All references to “Article” or “Sections” without reference to a document other than this
Agreement, are intended to designate articles and sections of this Agreement, and the words “herein,” “hereof,” “hereunder,” and other words of similar import refer to this Agreement as a whole and not to any particular
Article or Section, unless specifically designated otherwise. The use of the term “including” shall mean in all cases “including but not limited to,” unless specifically designated otherwise. No rules of construction against the
drafter of this Agreement shall apply in any interpretation or enforcement of this Agreement, any documents or certificates executed pursuant hereto, or any provisions of any of the foregoing. 
 ARTICLE 2 – THE PROPERTY 
 The property to be purchased and sold pursuant
to this Agreement is all of the following property (collectively the “Property”): 
 Section 2.1 Canyon Springs Golf
Club. The following property described in this Section 2.1 which is collectively referred to herein as the “Canyon Property.” 
 2.1.1 Land. The Canyon Land is more particularly described as Exhibit A-1, attached hereto. 
  

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 2.1.2 Buildings and Other Improvements/Fixtures. All existing buildings,
structures and other improvements located upon the Canyon Land, including: a clubhouse building, events pavilion, a maintenance facility, an 18-hole golf course, landscaping, irrigation system, parking facilities, and all other improvements located
on the Canyon Land (collectively the “Canyon Improvements”) and all fixtures attached to and forming a part of the Canyon Real Property, other than those which constitute Canyon Improvements (collectively, the “Canyon
Fixtures”). 
 2.1.3 Water Rights. All right, title and interest of Canyon Seller in and to all water rights,
appropriative rights, water allocations and water stock associated with irrigating and/or draining Canyon Springs Golf Club, including, without limitation, under the Canyon Water Document, to the extent such are assignable (collectively, the
“Canyon Water Rights”). 
 2.1.4 Appurtenances. All right, title and interest of Canyon Seller in and
to all appurtenances, hereditaments, easements, reversionary rights, and all other rights, privileges, and entitlements belonging to or running with the Canyon Land (collectively, the “Canyon Appurtenances”). The Canyon Land, the
Canyon Improvements, the Canyon Water Rights (to the extent such are real property rights), and the Canyon Appurtenances are collectively referred to herein as the “Canyon Real Property”. 
 2.1.5 Tangible Personal Property. All tangible personal property owned by Canyon Seller located on or used solely in the operation,
maintenance, repair or ownership of the Canyon Real Property, including, without limitation, the following to the extent owned by Canyon Seller and located on and used in the operation, maintenance, repair, or ownership of the Canyon Real Property
(collectively referred to herein as the “Canyon Tangible Personal Property”; provided, however, that the Canyon Tangible Personal Property shall not include any Excluded Property): 
 (a) All furniture, furnishings, machinery, tools, repair parts, goods, supplies, televisions, communications equipment, kitchen utensils,
linen, glassware, china, appliances, gasoline and lubricants, fertilizer, seed, sand, chemicals, irrigation parts and supplies; and 
 (b) All food and beverage items (excluding liquor, wine and beer), consumable supplies and inventories of every kind of nature and all professional shop merchandise, goods and inventory (the “Canyon Goods and Inventory”)
and further including the personal property described in Exhibit B-1. 
 2.1.6 Intangible Personal Property.
To the extent transferable, all of Canyon Seller’s right, title and interest in the intangible personal property appurtenant to the ownership, operation and use of Canyon Springs Golf Club including, without limitation, Canyon Seller’s
right, title and interest in the following to the extent transferable and appurtenant to the ownership, operation and use of Canyon Springs Golf Club (collectively referred to herein as the “Canyon Intangible Personal Property”;
provided however, that the Canyon Intangible Personal Property shall not include any Excluded Property): 
  

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 (a) All Canyon Licenses and Permits; 
 (b) All plans and specifications, blue prints, architectural plans, golf course designs, engineering drawings and similar items;

 (c) All surveys, topographical surveys and environmental and soils reports; 
 (d) All software licenses, telephone number listings in directories, customer files, guest lists, credit records, labels, promotional
literature and security codes. 
 (e) All proprietary rights Canyon Seller may have with respect to the use of the name
“Canyon Springs Golf Club” and any variations thereof, including course-specific, stand-alone internet sites and domain names; 
 (f) Tradenames, trademarks, service marks, and logos with respect to the name “Canyon Springs Golf Club” (the “Canyon Marks and Logos”); and 
 (g) The Canyon Contracts; and 
 (h) All product and service warranties and guaranties to the extent relating to the period after Closing 
 2.1.7 Lease. The landlord’s and tenant’s interest pursuant to that certain Lease Agreement between Canyon Owner and Canyon Lessee dated March 23, 2003 (the “Canyon Lease”).

 2.1.8 Effluent Discharge Rights. All right, title and interest of Seller, if any, in all rights to discharge
effluent to a water of a State or the United States in connection with the operation of the Canyon Springs Golf Club (the “Canyon Effluent Discharge Rights”). 
 Section 2.2 Cinco Ranch Golf Club. The following property described in this Section 2.2 which is collectively referred to herein
as the “Cinco Property.” 
 2.2.1 Land. The Cinco Land is more particularly described as Exhibit
A-2, attached hereto. 
 2.2.2 Buildings and Other Improvements. All existing buildings, structures and other
improvements located upon the Cinco Land, including: a clubhouse building, a maintenance facility, an 18-hole golf course, landscaping, golf academy, irrigation system, parking facilities, and all other improvements located on the Cinco Land
(collectively the “Cinco Improvements”) and all fixtures attached to and forming a part of the Cinco Real Property, other than those which constitute Cinco Improvements (collectively, the “Cinco Fixtures”).

  

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 2.2.3 Water Rights. All right, title and interest of Cinco Seller in and to all
water rights, appropriative rights, water allocations and water stock associated with irrigating and/or draining Cinco Ranch Golf Club, including, without limitation, under the Cinco Water Documents, to the extent such are assignable (collectively,
the “Cinco Water Rights”). 
 2.2.4 Appurtenances. All right, title and interest of Cinco Seller in
and to all appurtenances, hereditaments, easements, reversionary rights, and all other rights, privileges, and entitlements belonging to or running with the Cinco Land (collectively, the “Cinco Appurtenances”). The Cinco Land, the
Cinco Improvements, the Cinco Water Rights (to the extent such are real property rights), and the Cinco Appurtenances are collectively referred to herein as the “Cinco Real Property”. 
 2.2.5 Tangible Personal Property. All tangible personal property owned by Cinco Owner located on or used solely in the operation,
maintenance, repair or ownership of the Cinco Real Property, including, without limitation, the following to the extent owned by Cinco Seller and located on and used in the operation, maintenance, repair, or ownership of the Cinco Real Property
(collectively referred to herein as the “Cinco Tangible Personal Property”; provided, however, that the Cinco Personal Property shall not include any Excluded Property): 
 (a) All furniture, furnishings, machinery, tools, repair parts, goods, supplies, televisions, communications equipment, kitchen utensils,
linen, glassware, china, appliances, gasoline and lubricants, fertilizer, seed, sand, chemicals, irrigation parts and supplies; and 
 (b) All food and beverage items (excluding liquor, wine and beer), consumable supplies and inventories of every kind of nature and all professional shop merchandise, goods and inventory (the “Cinco Goods and Inventory”) and
further including the personal property described in Exhibit B-2. 
 2.2.6 Intangible Personal Property.
To the extent transferable, all of Cinco Seller’s right, title and interest in the intangible personal property appurtenant to the ownership, operation and use of Cinco Ranch Golf Club including, without limitation, Cinco Seller’s
right, title and interest in the following to the extent transferable and appurtenant to the ownership, operation and use of Cinco Ranch Golf Club (collectively referred to herein as the “Cinco Intangible Personal Property”;
provided, however, that the Cinco Intangible Personal Property shall not include any Excluded Property): 
 (a) All Cinco
Licenses and Permits; 
 (b) All plans and specifications, blue prints, architectural plans, golf course designs, engineering
drawings and similar items; 
 (c) All surveys, topographical surveys and environmental and soils reports; 
  

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 (d) All software licenses, telephone number listings in directories, customer files,
guest lists, credit records, labels, promotional literature and security codes. 
 (e) All proprietary rights Cinco Seller may
have with respect to the use of the name “The Golf Club at Cinco Ranch” and any variations thereof, including course-specific, stand-alone internet sites and domain names; 
 (f) Tradenames, trademarks, service marks, and logos with respect to the name “The Golf Club at Cinco Ranch” (the “Cinco
Marks and Logos”); 
 (g) The Cinco Contracts; and 
 (h) All product and service warranties and guaranties to the extent relating to the period after Closing. 
 2.2.7 Lease. The landlord’s and tenant’s interest pursuant to that certain Lease Agreement between Cinco Owner and Cinco
Lessee dated October 29, 2002 (the “Cinco Lease”). 
 2.2.8 Effluent Discharge Rights. All right,
title and interest of Seller, if any, in all rights to discharge effluent to a water of a State or the United States in connection with the operation of the Cinco Ranch Golf Club (the “Cinco Effluent Discharge Rights”). 

Section 2.3 Fossil Creek Golf Club. The following property described in this Section 2.3 which is collectively referred to
herein as the “Fossil Property.” 
 2.3.1 Land. The Fossil Land is more particularly described as
Exhibit A-3, attached hereto. 
 2.3.2 Buildings and Other Improvements. All existing buildings,
structures and other improvements located upon the Fossil Land, including: a clubhouse building, a maintenance facility, an 18-hole golf course, landscaping, irrigation system, parking facilities, and all other improvements located on the Fossil
Land (collectively the “Fossil Improvements”) and all fixtures attached to and forming a part of the Fossil Real Property, other than those constituting Fossil Improvements (collectively, the “Fossil Fixtures”).

 2.3.3 Water Rights. All right, title and interest of Fossil Seller in and to all water rights, appropriative rights,
water allocations and water stock associated with irrigating and/or draining Fossil Creek Golf Club, including, without limitation, under the Fossil Water Documents, to the extent such are assignable (collectively, the “Fossil Water
Rights”). 
 2.3.4 Appurtenances. All right, title and interest of Fossil Seller in and to all appurtenances,
hereditaments, easements, reversionary rights, and all other rights, privileges, and entitlements belonging to or running with the Fossil Land (collectively, 

  

 - 17 - 

 
the “Fossil Appurtenances”). The Fossil Land, the Fossil Improvements, the Fossil Water Rights (to the extent such are real property
rights), and the Fossil Appurtenances are collectively referred to herein as the “Fossil Real Property”. 
 2.3.5 Tangible Personal Property. All tangible personal property owned by Fossil Seller located on or used solely in the operation, maintenance, repair or ownership of the Fossil Real Property, including, without limitation, the
following to the extent owned by Fossil Seller and located on and used in the operation, maintenance, repair, or ownership of the Fossil Real Property (collectively referred to herein as the “Fossil Tangible Personal Property”;
provided, however, that the Fossil Personal Property shall not include any Excluded Property): 
 (a) All furniture,
furnishings, machinery, tools, repair parts, goods, supplies, televisions, communications equipment, kitchen utensils, linen, glassware, china, appliances, gasoline and lubricants, fertilizer, seed, sand, chemicals, irrigation parts and supplies;
and 
 (b) All food and beverage items (excluding liquor, wine and beer), consumable supplies and inventories of every kind of
nature and all professional shop merchandise, goods and inventory (the “Fossil Goods and Inventory”) and further including the personal property described in Exhibit B-3. 
 2.3.6 Intangible Personal Property. To the extent transferable, all of Fossil Seller’s right, title and interest in the
intangible personal property appurtenant to the ownership, operation and use of Fossil Creek Golf Club including, without limitation, Fossil Seller’s right, title and interest in the following to the extent transferable and appurtenant to the
ownership, operation and use of Fossil Creek Golf Club (collectively referred to herein as the “Fossil Intangible Personal Property”; provided however, that the Fossil Intangible Personal Property shall not include any Excluded
Property): 
 (a) All Fossil Licenses and Permits; 
 (b) All plans and specifications, blue prints, architectural plans, golf course designs, engineering drawings and similar items;

 (c) All surveys, topographical surveys and environmental and soils reports; 
 (d) All software licenses, telephone number listings in directories, customer files, guest lists, credit records, labels, promotional
literature and security codes. 
 (e) All proprietary rights Fossil Seller may have with respect to the use of the name
“The Golf Club at Fossil Creek” and any variations thereof, including course-specific, stand-alone internet sites and domain names; 
 (f) Tradenames, trademarks, service marks, and logos with respect to the name “The Golf Club at Fossil Creek” (the “Fossil Marks and Logos”); 
  

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 (g) The Fossil Contracts; and 
 (h) All product and service warranties and guaranties to the extent relating to the period after Closing. 
 2.3.7 Lease. The landlord’s and tenant’s interest pursuant to that certain Lease Agreement between Fossil Owner and
Fossil Lessee dated October 29, 2002 (the “Fossil Lease”). 
 2.3.8 Effluent Discharge Rights.
All right, title and interest of Seller, if any, in all rights to discharge effluent to a water of a State or the United States in connection with the operation of the Fossil Creek Golf Club (the “Fossil Effluent Discharge Rights”).

 Section 2.4 Plantation Golf Club. The following property described in this Section 2.3 which is collectively
referred to herein as the “Plantation Property.” 
 2.4.1 Land. The Plantation Land is more
particularly described as Exhibit A-4, attached hereto. 
 2.4.2 Buildings and Other Improvements. All
existing buildings, structures and other improvements located upon the Plantation Land, including: a clubhouse building, events facility, a maintenance facility, an 18-hole golf course, landscaping, irrigation system, parking facilities, and all
other improvements located on the Plantation Land (collectively the “Plantation Improvements”) and all fixtures attached to and forming a part of the Plantation Real Property, other than those which constitute Plantation
Improvements (collectively, the “Plantation Fixtures”). 
 2.4.3 Water Rights. All right, title and
interest of Plantation Seller in and to all water rights, appropriative rights, water allocations and water stock associated with irrigating and/or draining Plantation Golf Club, including, without limitation, under the Plantation Water Documents,
to the extent such are assignable (collectively, the “Plantation Water Rights”). 
 2.4.4 Appurtenances.
All right, title and interest of Plantation Seller in and to all appurtenances, hereditaments, easements, reversionary rights, and all other rights, privileges, and entitlements belonging to or running with the Plantation Land (collectively, the
“Plantation Appurtenances”). The Plantation Land, the Plantation Improvements, the Plantation Water Rights (to the extent such are real property rights), and the Plantation Appurtenances are collectively referred to herein as the
“Plantation Real Property”. 
 2.4.5 Tangible Personal Property. All tangible personal property
owned by Plantation Seller located on or used solely in the operation, maintenance, repair or ownership of the Plantation Real Property, including, without limitation, the following to the extent owned by Plantation Seller and located on and used in
the operation, maintenance, repair, or ownership of the Plantation Real Property (collectively referred to herein as the “Plantation Tangible Personal Property”; provided, however, that the Plantation Personal Property shall not
include any Excluded Property): 
  

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 (a) All furniture, furnishings, machinery, tools, repair parts, goods, supplies,
televisions, communications equipment, kitchen utensils, linen, glassware, china, appliances, gasoline and lubricants, fertilizer, seed, sand, chemicals, irrigation parts and supplies; and 
 (b) All food and beverage items (excluding liquor, wine and beer), consumable supplies and inventories of every kind of nature and all
professional shop merchandise, goods and inventory (the “Plantation Goods and Inventory”) and further including the personal property described in Exhibit B-4. 
 2.4.6 Intangible Personal Property. To the extent transferable, all of Plantation Seller’s right, title and interest in the
intangible personal property appurtenant to the ownership, operation and use of Plantation Golf Club including, without limitation, Plantation Seller’s right, title and interest in the following to the extent transferable and pertinent to the
ownership, operation and use of Plantation Golf Club and the Plantation Personal Property (collectively referred to herein as the “Plantation Intangible Personal Property”; provided, however, that the Plantation Intangible Personal
Property shall not include any Excluded Property): 
 (a) All Plantation Licenses and Permits; 
 (b) All plans and specifications, blue prints, architectural plans, golf course designs, engineering drawings or similar items;

 (c) All surveys, topographical surveys and environmental and soils reports; 
 (d) All software licenses, telephone number listings in directories, customer files, guest lists, credit records, labels, promotional
literature and security codes. 
 (e) All proprietary rights Plantation Seller may have with respect to the use of the name
“Plantation Golf Club” and any variations thereof, including course-specific, stand-alone internet sites and domain names; 
 (f) Tradenames, trademarks, service marks, and logos with respect to the name “Plantation Golf Club” (the “Plantation Marks and Logos”); 
 (g) The Plantation Approval Contracts; and 
 (h) All product and service warranties and guaranties to the extent relating to the period after Closing. 
  

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 2.4.7 Lease. The landlord’s and tenant’s interest pursuant to that
certain Lease Agreement between Plantation Owner and Plantation Lessee dated October 29, 2002 (the “Plantation Lease”). 
 2.4.8 Effluent Discharge Rights. All right, title and interest of Seller, if any, in all rights to discharge effluent to a water of a State or the United States in connection with the operation of the
Plantation Golf Club (the “Plantation Effluent Discharge Rights”). 
 Section 2.5 Clear Creek Golf Club. The
following property described in this Section 2.5 which is collectively referred to herein as the “Clear Property.” 
 2.5.1 Concession Agreement. Clear Seller’s right, title and interest as concessionaire under the Clear Creek Concession Agreement. As used herein, the term “Clear Creek Concession Agreement”
shall mean the documents listed on Schedule 2.5.1. 
 2.5.2 Water Rights. All right, title and
interest of Clear Seller in and to all water rights, appropriative rights, water allocations and water stock associated with irrigating and/or draining Clear Creek Golf Club, including, without limitation, under the Clear Water Documents, to the
extent the same are assignable (collectively, the “Clear Water Rights”). 
 2.5.3 Appurtenances. All
right, title and interest of Clear Seller in and to all appurtenances, hereditaments, easements, reversionary rights, and all other rights, privileges, and entitlements belonging to or running with the Clear Land (collectively, the “Clear
Creek Appurtenances”). 
 2.5.4 Tangible Personal Property. All tangible personal property owned by Clear
Seller located on or used solely in the operation, maintenance, repair or ownership of the Clear Creek Golf Club, including, without limitation, the following to the extent owned by Clear Seller and located on and used in the operation, maintenance,
repair, or ownership of the Clear Land (collectively referred to herein as the “Clear Tangible Personal Property”; provided, however, that the Clear Personal Property shall not include any Excluded Property): 
 (a) All furniture, furnishings, machinery, tools, repair parts, goods, supplies, televisions, communications equipment, kitchen utensils,
linen, glassware, china, appliances, gasoline and lubricants, fertilizer, seed, sand, chemicals, irrigation parts and supplies; and 
 (b) All food and beverage items (excluding liquor, wine and beer), consumable supplies and inventories of every kind of nature and all professional shop merchandise, goods and inventory (the “Clear Goods and Inventory”) and
further including the personal property described in Exhibit B-5. 
 2.5.5 Intangible Personal Property.
To the extent transferable, all of Clear Seller’s right, title and interest in the intangible personal property appurtenant to the ownership, operation and use of Clear Creek Golf Club including, without 

  

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limitation, Clear Seller’s right, title and interest in the following to the extent transferable and appurtenant to the ownership, operation and use of
Clear Creek Golf Club (collectively referred to herein as the “Clear Intangible Personal Property”; provided however, that the Clear Intangible Personal Property shall not include any Excluded Property): 
 (a) All Clear Licenses and Permits; 
 (b) All plans and specifications, blue prints, architectural plans, golf course designs, engineering drawings and similar items; 
 (c) All surveys, topographical surveys and environmental and soils reports; 
 (d) All software licenses, telephone number listings in directories, customer files, guest lists, credit records, labels, promotional
literature and security codes. 
 (e) All proprietary rights Clear Seller may have with respect to the use of the name
“Clear Creek Golf Club” and any variations thereof, including course-specific, stand-alone internet sites and domain names; 
 (f) Tradenames, trademarks, service marks, and logos with respect to the name “Clear Creek Golf Club” (the “Clear Marks and Logos”); 
 (g) The Clear Contracts; and 
 (h) All product and service warranties and guaranties to the extent relating to the period after Closing. 
 2.5.6 Lease. The landlord’s and tenant’s interest pursuant to that certain Lease Agreement between Clear Owner and Clear Lessee dated October 29, 2002 (the “Clear Lease”).

 2.5.7 Effluent Discharge Rights. All right, title and interest of Seller, if any, in all rights to discharge
effluent to a water of a State or the United States in connection with the operation of the Clear Creek Golf Club (the “Clear Effluent Discharge Rights”). 
 ARTICLE 3 - AGREEMENT OF PURCHASE AND SALE; PURCHASE PRICE 
 Section 3.1 Agreement of
Purchase and Sale. Seller agrees to sell, transfer, assign and convey to Buyer, and Buyer agrees to purchase, accept and assume subject to the terms and conditions stated herein, all of Seller’s right, title and interest in and to the
Property. 
 Section 3.2 Purchase Price. Buyer shall pay Seller the purchase price of THIRTY-FOUR MILLION THREE HUNDRED
FORTY-FIVE THOUSAND and NO/100 Dollars ($34,345,000.00), as adjusted by the Proration Items in Section 10.6 (“Purchase Price”) at Closing. The Purchase Price and such other funds as may be necessary to pay Buyer’s
expenses hereunder, subject 

  

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to closing adjustments, shall be deposited with the Escrow Agent on or before the Closing Date in accordance with this Agreement and shall be paid to Seller
in accordance with Article 10 hereof. 
 Section 3.3 Deposit. Within three (3) business days after this Agreement is
executed by Buyer and Seller, Buyer shall deposit via wire transfer the sum of THREE MILLION and NO/100 Dollars ($3,000,000.00) in immediately available funds as a deposit (the “Deposit”) with Escrow Agent whose address is as
indicated in Section 11.3. The Deposit shall be non-refundable except as provided in Sections 4.8, 4.10, 5.2, 6.1, 7.2 and 11.2 and shall be held and delivered by Escrow Agent in accordance with the provisions of Article 6.
Interest earned on the Deposit shall be considered part of the Deposit and shall be deemed to have been earned by, and constitute income of, Buyer. Except as otherwise expressly set forth herein, the Deposit shall be applied against the Purchase
Price on the Closing Date. 
 Section 3.4 Independent Consideration. Contemporaneously with the execution and delivery of this
Agreement, Buyer has paid to Seller as further consideration for this Agreement, in cash, the sum of One Hundred Dollars ($100.00) (the “Independent Consideration”), in addition to the Deposit and the Purchase Price and independent
of any other consideration provided hereunder, which Independent Consideration is fully earned by Seller and is non-refundable under any circumstances. 
 Section 3.5 Indivisible Economic Package. Buyer has no right to purchase, and Seller has no obligation to sell, less than all of the Property, it being the express agreement and understanding of Buyer and
Seller that, as a material inducement to Seller and Buyer to enter into this Agreement, Buyer has agreed to purchase, and Seller has agreed to sell, all of the Property, subject to and in accordance with the terms and conditions hereof. 

Section 3.6 Assumption of Obligations/Retained Liabilities/Assumed Liabilities. 
 Section 3.6.1 Retained Liabilities. At Closing, the Seller shall retain all Liabilities for, and the Buyer shall not have any
Liability concerning, (i) any Liabilities under the Contracts, the Clear Creek Concession Agreement, Intangible Personal Property, Water Rights, Effluent Discharge Rights, Licenses and Permits and Permitted Exceptions which have arisen or
accrued and pertain to the period prior to the Closing Date, including, without limitation, the Liability for the payment of any amounts due and payable or accrued but not yet due or payable prior to the Closing Date under the Contracts, and
Licenses and Permits, except to the extent the Buyer receives a credit for such Liabilities under Section 10.6 (in which case Buyer would assume such Liability or Liabilities, only to the extent of such credit), (ii) the payment of
all Taxes and ad valorem or property taxes due and payable or accrued but not yet paid prior to the Closing Date, except to the extent the Buyer has received a credit for such Taxes and ad valorem or property taxes under Section 10.6 (in
which case Buyer would assume such Liability or Liabilities, only to the extent of such credit), (iii) any claim for personal injury to a Person or to a Person’s property (but not to the Property) which is based on any event which occurred
at the Real Property prior to the Closing Date and (iv) Liabilities related to breaches of the representations and warranties contained in Section 7.1 (collectively, the “Retained Liabilities”); 

  

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provided, however, with the express exception of clause (iv) above, the Retained Liabilities shall not in any manner include matters related to the
physical, environmental or legal compliance of the Property. Seller hereby indemnifies, saves, pays, insures and holds Buyer harmless from and against all Liabilities (including, but not limited to, reasonable attorneys’ fees and expenses)
asserted against or incurred by Buyer and arising out of the Retained Liabilities, which shall include, without limitation the pending sales tax audit disclosed on Schedule 7.1(j) (the “Seller’s Indemnity”); provided,
however, the Seller’s Indemnity with respect to clause (iv) above shall be limited by the threshold and limits on liability set forth in Section 7.2. 
 Section 3.6.2 Assumed Liabilities. At Closing, the Buyer shall assume and the Seller shall not have any Liability
concerning (i) all Liabilities under the Contracts, the Clear Creek Concession Agreement, Intangible Personal Property, Water Rights, Effluent Discharge Rights, Licenses and Permits and Permitted Encumbrances for the period on and after the
Closing Date, (ii) the payment of Taxes and ad valorem or property taxes for the period on or after the Closing Date, (iii) all obligations and Liabilities pursuant to any items disclosed by Seller pursuant to Article 7, except for
the matters described in Schedule 7.1(d) and 7.1(j) (which exception includes, without limitation, the pending sales tax audit disclosed on Schedule 7.1 [j]), and (iv) all obligations and
Liabilities related to the physical, environmental and legal compliance condition of the Property, regardless of whether such obligations or Liabilities arise before, on or after the Closing Date (collectively, the “Assumed
Liabilities”). Buyer hereby indemnifies, saves, pays, insures and holds Seller harmless from and against all Liabilities (including, but not limited to, reasonable attorneys’ fees and expenses) asserted against or incurred by Seller
and arising out of the Assumed Liabilities or the failure of Buyer to perform its obligations under this Section 3.6.2 (the “Buyer’s Indemnity”). 
 The rights and obligations of the Seller and Buyer under this Section 3.6 shall survive the Closing. 
 Section 3.7 Intentionally omitted. 
 Section 3.8 Termination of or Default under Fund III Entity Purchase Agreement and/or the Fund III Asset Purchase Agreement. In the event that Buyer or Premier, as applicable, (i) fails to execute the
Fund III Entity Purchase Agreement or the Fund III Asset Purchase Agreement on or before the expiration of ten (10) days following the Effective Date, or (ii) for any reason, terminates or is in default under any of the Fund III Entity
Purchase Agreement or the Fund III Asset Purchase Agreement, Seller may, in its sole discretion, elect to terminate this Agreement within seven (7) Business Days of such termination or default, and upon such termination by Seller, the Deposit
shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. 
 Section 3.9 Certain Assets to Premier. Buyer may elect to have the Lessees’ interest in the Leases and/or their assets, including without limitation, portions of the Property conveyed or assigned, as
applicable, to Premier, or its permitted assignee by providing written notice to Seller at least three (3) days prior to the Closing Date. 
  

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 Section 3.10 Fossil Minerals. Subject to the terms of this Section 3.10, Fossil
Owner shall retain and reserve for itself, and its permitted lessees hereunder, rights to any oil, gas, coal or other minerals located on or under the Fossil Land (collectively, the “Fossil Minerals”) and such reservation of rights
shall be set forth in the Deed for the Fossil Real Property to be delivered at Closing (the “Fossil Minerals Reservation”). The Fossil Minerals Reservation shall provide the following: (i) Fossil Owner shall have all rights in
and to the Fossil Minerals, except for and subject to prior existing rights in and to the Fossil Minerals, if any, and subject to the Buyer Participation, (ii) Fossil Owner and any assignee, transferor or lessee hereunder shall have no right of
entry or access to or upon the surface of the Fossil Land for any purpose related to or in connection with the Fossil Minerals Reservation, including, without limitation, the conduct of any operations or activities such as seismic testing or other
exploration for the Fossil Minerals, the drilling of any wells or other production of the Fossil Minerals, or the storage of any property or equipment used in connection with any permitted subsurface drilling for exploration and production of the
Fossil Minerals, (iii) Fossil Owner and any assignee, transferor or lessee shall be permitted to use the subsurface of the Fossil Land solely for the purpose of drilling from drill wells located off the Fossil Land for exploration and
production of the Fossil Minerals and for the extraction of Fossil Minerals, solely in accordance with all applicable rules, regulations and restrictions imposed by any Governmental Entity, but shall have no right to drill any well from the Fossil
Land to other lands, (iv) any lease, contract or other agreement between Fossil Owner and any lessee, assignee or transferor shall include those restrictions set forth in this Section 3.10, and (v) Fossil Owner shall pay to
Buyer fifty percent (50%) of the proceeds actually received by Fossil Owner from any sale, lease or other disposition of any of the Fossil Minerals or the right to explore for or produce the same, net of any reasonable expenses incurred by
Fossil Owner in connection with the same (the “Buyer Participation”). Fossil Owner shall provide Buyer with copies of (a) any and all leases, contracts or other agreements, (b) financial statements or reports related to
any sale, lease or other disposition of the Fossil Minerals, and (c) documentation in support of all reasonable expenses incurred by Fossil Owner in connection with the same. 
 ARTICLE 4 - BUYER’S DUE 
 DILIGENCE/CONDITION OF THE PROPERTY

 Section 4.1 Buyer’s Inspections and Due Diligence. Buyer acknowledges that commencing on the Effective Date and
continuing for a period which will expire at 11:59 p.m. Eastern Standard Time on the Closing Date (the “Due Diligence Period”), Buyer shall conduct its examinations, inspections, testing, studies and investigations of the Property,
information regarding the Property and such documents applicable to the Property, including, without limitation, the documents that Seller delivers or makes available, as set forth in Section 4.2 below (collectively, the “Due
Diligence”). In addition, the Buyer shall have the right, but not the obligation, to contact (i) any Governmental Entity as it may elect in connection with this transaction including, without limitation, Harris County,
(ii) owner’s associations, club members or club membership board, if applicable and as appropriate; provided, however, that for contact under clauses (i) and (ii) above, Buyer shall have first given Seller forty-eight
(48) hours advance notice, and Seller shall have the opportunity to have a representative present during any such communication. Except for any limitations as may be imposed by Section 4.5 below, Buyer may conduct such due diligence
activities, inspections, and studies of the Property as it deems necessary or appropriate, and examine and investigate to its full satisfaction all facts, circumstances, and matters relating 

  

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to the Property (including the physical condition and use, availability and adequacy of utilities, access, zoning, compliance with applicable laws,
environmental conditions, engineering and structural matters), title and survey matters, and any other matters it deems necessary or appropriate for purposes of consummating this transaction. The Due Diligence shall be at Buyer’s sole cost and
expense. Seller shall reasonably assist Buyer in obtaining third party consents or approvals related to this transaction. Buyer shall have the right, in its sole discretion, to elect in writing to (i) pay to Seller TWO HUNDRED FIFTY THOUSAND
DOLLARS ($250,000.00) (the “First Extension Payment”) and extend the Due Diligence Period to 11:59 p.m. Eastern Standard Time on the Closing Date (the “First Extended Due Diligence Period”) provided that
Buyer’s written notification to extend is delivered to Seller and the payment is delivered to Seller via wire transfer on or before the expiration of the original Due Diligence Period and (ii) to pay to Seller an additional TWO HUNDRED
FIFTY THOUSAND DOLLARS ($250,000.00) (the “Second Extension Payment”) to further extend the Due Diligence Period to 11:59 p.m. Eastern Standard Time on the Closing Date (the “Second Extended Due Diligence Period”)
(the Due Diligence Period, the First Extended Due Diligence Period and the Second Extended Due Diligence Period are collectively referred to as the “Due Diligence Period”), provided that Buyer’s written notification to extend
is delivered to Seller and the payment is delivered to the Seller via wire transfer on or before the expiration of the First Extended Due Diligence Period in accordance with the wire transfer instructions provided by Seller and more particularly set
forth on Schedule 4.1 attached hereto. The Escrow Agent shall forward the First Extension Payment and the Second Extension Payment to Seller via wire transfer within one (1) business day of receipt of each. If Buyer has paid the
Second Extension Payment, Buyer shall receive a credit against the Purchase Price at Closing equal to the Second Extension Payment. There shall be no credit to the Purchase Price for the First Extension Payment. 
 Section 4.2 Delivery Period. On or before seven (7) business days after the Effective Date, Seller shall deliver to Buyer (except as
noted below), the following (collectively, the “Due Diligence Items”): 
 (a) A copy of all certificates of
occupancy, licenses, permits and approvals issued by any Governmental Entity to the extent such are in Seller’s possession or control with respect to Canyon Springs Golf Club (the “Canyon Licenses and Permits”), Cinco Ranch
Golf Club (the “Cinco Licenses and Permits”), Fossil Creek Golf Club (the “Fossil Licenses and Permits”), Plantation Golf Club (the “Plantation Licenses and Permits”), and Clear Creek Golf Club (the
“Clear Licenses and Permits”) (collectively the “Licenses and Permits”). A list of the Licenses and Permits is attached hereto as Schedule 4.2(a). 
 (b) A copy of the liquor licenses in Seller’s possession or control with respect to Canyon Springs Golf Club (the “Canyon
Liquor Licenses”), Cinco Ranch Golf Club (the “Cinco Liquor Licenses”), Fossil Creek Golf Club (the “Fossil Liquor Licenses”), Plantation Golf Club (the “Plantation Liquor Licenses”), and
Clear Creek Golf Club (the “Clear Liquor Licenses”) (collectively the “Liquor Licenses”). A list of the Liquor Licenses is attached hereto as Schedule 4.2(b). 
  

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 (c) A copy of the Clear Creek Concession Agreement and all amendments and modifications
thereto. 
 (d) A copy of the Contracts listed on Schedule 1.1.58(a), Schedule 1.1.58(b),
Schedule 1.1.58(c), Schedule 1.1.58(d), and Schedule 1.1.58(e). 
 (e) A copy of all
documents, agreements and permits in Seller’s possession or control relating to the supply of irrigation water to the Canyon Springs Golf Club (the “Canyon Water Documents”), Cinco Ranch Golf Club (the “Cinco Water
Documents”), Fossil Creek Golf Club (the “Fossil Water Documents”), Plantation Golf Club (the “Plantation Water Documents”), and Clear Creek Golf Club (the “Clear Water Documents”)
(collectively the “Water Documents”). 
 (f) A copy of the Leases. 
 (g) A copy of the Existing Surveys. 
 (h) A copy of any existing title insurance policies and pending commitments of title insurance and endorsements, together with copies of exemption documents and instruments relating to the Real Property in
Seller’s possession or control. 
 (i) A copy of the most recent real estate tax statements with respect to the Real
Property and any notices of appraised value of the Real Property. 
 (j) To the extent they are in Seller’s possession or
control, Seller shall make available at the corporate office of Property Manager or at the individual Club(s), a copy of all plans and specifications, blue prints, architectural plans, golf course designs or drawings, engineering drawings and
similar items relating to the Real Property. 
 (k) A copy of all environmental and soil reports relating to the Real Property
and in Seller’s possession or control. 
 (l) Such other information (other than the Excluded Property Records defined
below) as is reasonably requested by Buyer and is reasonably available to Seller. 
 Section 4.3 Deliveries. All documents,
materials, and information furnished to or made available to Buyer pursuant to Section 4.2 are being furnished or made available to Buyer for information purposes only and without any representation or warranty by Seller with respect
thereto, express or implied, except as may otherwise be expressly set forth in Section 7.1 below and as limited by Sections 7.2 and 8.2 below, and all such documents, materials, and information are expressly understood by
Buyer to be subject to the confidentiality provisions of Section 4.7 below. To the extent Seller elects to make such documents or copies thereof available to Buyer at the corporate office of Seller or at one or more of the Golf Clubs,
then, with at least twenty-four (24) hours prior notification to Seller, Buyer and its agents and representatives shall have reasonable access to such documents or copies thereof and the consent to copy such documents during normal business
hours until the earlier of the termination of this Agreement or the expiration of the Due Diligence Period. 
  

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 Section 4.4 Excluded Property Records. Notwithstanding any terms to the contrary in this
Agreement, (a) Seller shall not be obligated or otherwise required to furnish or make available to Buyer any of the following (collectively, “Excluded Property Records”): (i) any appraisals or other economic evaluations
of, or projections with respect to, all or any portion of the Property, including, without limitation, 2006 budgets, prepared by or on behalf of Seller or any Affiliate of Seller, (ii) any documents, materials or information which are subject
to attorney/client, work product or similar privilege, which constitute attorney communications with respect to the purchase of the Property by Seller, or which are subject to a confidentiality agreement, and (iii) those documents listed on
Schedule 4.4 attached hereto; (b) Due Diligence Items shall not include any Excluded Property Records; and (c) Seller shall have no obligation or liability of any kind to Buyer as a result of Seller not furnishing or
making available to Buyer the Excluded Property Records. 
 Section 4.5 Site Visits. Buyer and its Licensee Parties shall have
reasonable access to the Golf Clubs at agreed upon times for agreed upon purposes, including those set forth in Section 4.1 hereinabove, on at least one (1) business day prior notice to Seller. Seller shall make reasonable efforts
to have an agent available to accompany Buyer or any Licensee Parties, and in all events Seller shall have the right to have a representative present during any visits to or inspections of any Golf Clubs. Buyer will conduct its Due Diligence in a
manner so as to minimize, to the extent reasonably possible to do so, any interference with the operations of the Golf Clubs. In the event Buyer desires to conduct any physically intrusive Due Diligence, Buyer will identify in writing exactly what
procedures Buyer desires to perform and request Seller’s express written consent. Seller may withhold or condition consent to any physically intrusive Due Diligence in Seller’s sole discretion, acting reasonably. Upon receipt of
Seller’s written consent, Buyer and all Licensee Parties shall, in performing such Due Diligence, comply with agreed upon procedures and any and all laws, ordinances, rules, and regulations applicable to the Property and will not engage in any
activities which would violate any permit, license, or environmental law or regulation. Buyer and any Licensee Parties will: (a) maintain comprehensive general liability (occurrence) insurance in an amount of not less than $5,000,000 covering
any accident arising in connection with the presence of Buyer or the other Licensee Parties at the Golf Clubs and deliver a certificate of insurance verifying such coverage to Seller prior to entry to the Golf Clubs; (b) promptly pay when due
the costs of all inspections and examinations done with regard to the Property; and (c) restore the Golf Clubs to substantially the same condition in which the same were found before any such entry to the Golf Clubs and inspection or
examination was undertaken. 
 Section 4.6 Due Diligence Indemnity. Buyer shall defend, indemnify, and hold harmless Seller,
Seller’s partners, shareholders or members, as applicable, and the Property Manager from and against all losses, costs, damages, claims, and liabilities (whether arising out of injury or death to persons or damage to the Property or otherwise)
including, but not limited to, costs of remediation, restoration and other similar activities, mechanic’s and materialmen’s liens and attorneys’ fees, arising out of or in connection with Buyer’s Due Diligence, Buyer’s
breach of its obligations under Section 4.7 or Buyer’s or any Licensee Parties’ entry to the Golf Clubs, unless any of the same are caused by the gross negligence or willful misconduct of Seller, Seller’s partners,
shareholders or members or the Property Manager. The provisions of this Section 4.6 shall survive the Closing or, if the purchase and sale is not consummated, any termination of this Agreement. 
  

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 Section 4.7 Confidentiality. Buyer agrees that any information obtained by Buyer, Premier or
their respective attorneys, partners, accountants, lenders, investors or Licensee Parties (collectively, for purposes of this Section 4.7, the “Permitted Outside Parties”) in the conduct of its Due Diligence shall be
treated by Buyer and Permitted Outside Parties as confidential pursuant to Section 11.11 of this Agreement and shall be used only to evaluate the acquisition of the Property from Seller. Buyer further agrees that within its organization,
or as to the Permitted Outside Parties, the Due Diligence Items will be disclosed and exhibited only to those persons within Buyer’s organization or to those Permitted Outside Parties who are involved in determining the feasibility of
Buyer’s acquisition of the Property. Buyer further acknowledges that the Due Diligence Items and other information gained during Buyer’s Due Diligence are proprietary and confidential in nature. Buyer agrees not to divulge the contents of
such Due Diligence Items or any other information except in strict accordance with Sections 4.7 and 11.11 of this Agreement. In permitting Buyer and the Permitted Outside Parties to review the Due Diligence Items and other information
to assist Buyer, Seller has not waived any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships of any kind, either express or implied, have been offered, intended or created by Seller and any such
claims are expressly rejected by Seller and waived by Buyer and the Permitted Outside Parties. The provisions of this Section 4.7 shall survive the termination of this Agreement. 
 Section 4.8 Due Diligence Period. Buyer, by giving Seller and Escrow Agent written notice on or before the end of the Due Diligence Period,
may terminate its obligations hereunder, and upon such termination by Buyer, the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in this Section 4.8 and in
Sections 4.5, 4.6, 4.7, 10.7 and 11.11. If before the end of the Due Diligence Period, Buyer fails to give Seller such written notice, then Buyer shall be deemed to have elected to waive its rights to terminate this Agreement and to have
approved all of the matters with regard to the Golf Clubs. If Buyer timely elects to terminate its obligations hereunder as described above, Buyer shall provide to Seller, promptly after receipt of a request from Seller, originals of all third party
reports, studies and appraisals relating to the Property in its possession, without representation or warranty and at no cost to Seller. The foregoing obligation shall survive any termination of this Agreement. Subject to the terms of this
Agreement, Buyer, provided it has not terminated this Agreement, after the expiration of the Due Diligence Period, may continue to conduct further physical Due Diligence or other examinations, inspections, tests, studies and investigations regarding
the Property; provided, however, that except as otherwise expressly provided in Sections 6.1 and 11.2.2, in no event shall Buyer have any right to terminate or otherwise modify its obligations hereunder after the end of the Due
Diligence Period solely as a result of any such further physical Due Diligence or other examinations, inspections, tests, studies or investigations regarding the Property and the provisions of this Article 4, including, without limitation,
the indemnification provisions, shall continue to apply. 
 Section 4.9 Buyer’s Conditions. The transaction contemplated
herein is contingent on Buyer during the Due Diligence Period (i) obtaining the approval of its Board of Directors for this transaction, and (ii) Buyer and Premier Golf Management, Inc. agreeing to the form of a lease agreement to be
entered into at or subsequent to Closing (the “Buyer Conditions”). If Buyer fails to timely terminate this Agreement as provided in Section 4.8, then the Buyer Conditions shall be deemed satisfied or waived. 

 

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 Section 4.10 Consents. Buyer and Seller acknowledge that Buyer desires to obtain the consents
listed on Schedule 4.10 attached hereto for the conveyance or assignment of certain of the Property (the “Material Consents”). It shall be a condition precedent to Seller’s and Purchaser’s obligation to
close this transaction that Buyer shall have obtained the Material Consents on or prior to the Closing Date. In the event the Material Consents are not obtained prior to the Closing Date, Buyer or Seller may elect to extend the Closing Date for up
to thirty (30) days in order to obtain the Material Consents and if the Material Consents cannot be obtained on or before the expiration of such thirty (30) day extension, then either Buyer or Seller may terminate this Agreement in which
event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. Within ten (10) days of the Effective Date, Buyer shall
use good faith efforts to identify all other consents Buyer desires to obtain. Buyer and Seller shall mutually cooperate to prepare the forms of the Material Consents and such other consents and to obtain the Material Consents and such other
consents. Seller shall pay for legal or other de minimus costs in connection with assignment of the Clear Creek Concession Agreement and assignment of the Water Rights. Seller shall not be responsible for any other costs or expenses related to
obtaining the Material Consents and any other third party consents or approvals related to this transaction (including without limitation, any negotiated amounts required in connection with any assignment or any credit enhancement requirements under
any Contract). 
 Section 4.11 Inventories. During the Due Diligence Period, Buyer and its representatives shall be permitted to
enter the Real Property for the purpose of taking an inventory of all Tangible Personal Property related to the Golf Clubs. 
 Section 4.12 Accuracy of Representations and Warranties. Buyer’s obligation to purchase the Property and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior to
the Closing, of the following condition (which may be waived by Buyer, in whole or in part): 
 (a) Accuracy of
Representations. All of Seller’s representations and warranties in this Agreement (considered collectively), and each of these representations and warranties (considered individually), must have been accurate in all material respects as of
the date of this Agreement, and must be accurate in all material respects as of the time of the Closing as if then made, but after giving effect to any supplements to such representations and warranties relating to matters first occurring after
Seller’s execution hereof; provided, however, subject to the provisions of Section 7.2 hereof, this condition will be satisfied if Buyer had actual knowledge of the inaccuracy prior to the end of the Due Diligence Period or if such
matter was disclosed in any Due Diligence Items delivered or made available for Buyer’s review. 
 ARTICLE 5 - TITLE AND SURVEY

 Section 5.1 Title to Real Property. The Buyer will obtain a current title commitment with respect to each parcel
comprising the Real Property issued by the Title Company (the “Title Commitments”), together with legible copies of all recorded documents referred to on Schedule B of the Title Commitments as exceptions to coverage (the
“Title Documents”). The Buyer shall have the right to obtain new Surveys of the Real Property or an update of the Existing Surveys (the “Surveys”). 
  

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 Section 5.2 Certain Exceptions to Title. No later than ten (10) days prior to the
expiration of the Due Diligence Period, the Buyer will submit to the Seller a written Notice from the Buyer (“Title Notice”) specifying any alleged defects in or objections to the title shown in any Title Commitment (“Title
Exceptions”) or any of the Surveys (“Survey Exception”) which in the Buyer’s judgment adversely affect the Real Property. The Buyer shall be deemed to have waived its right to object to any encumbrance or other title
or survey objection existing at the time of the Closing Date unless the Buyer shall have given to the Seller the Title Notice specifying the Buyer’s objections within the time period described above. The Seller shall notify the Buyer in writing
within five (5) Business Days of receiving the Title Notice whether the Seller elects and/or is able to cure any Title Exception(s) and/or Survey Exception(s) set forth in the Title Notice and if the Seller is able and willing to cure such
title matters, Seller shall do so at their own expense and provided that Seller shall have no obligation to cure any Title Exceptions or Survey Exceptions. Seller’s failure to respond in writing within such five (5) Business Day period
shall be deemed an election by Seller to not cure any of the Title Exceptions and/or Survey Exceptions set forth in the Title Notice. If on the Closing Date, there exists Title Exception(s) and/or Survey Exception(s) that Seller has agreed to cure,
but has not cured as of the Closing Date, the Buyer may elect, as its sole right and remedy, either (i) to take such title to the Real Property as the Seller can convey, with no abatement of the Purchase Price (except to the extent of monetary
liens of a definite, fixed and ascertainable amount not in excess of the Purchase Price), or (ii) to terminate this Agreement in which event the Deposit shall be paid to Buyer and, thereafter, the parties shall have no further rights or
obligations hereunder except for those obligations which expressly survive the termination of this Agreement. The term “Permitted Encumbrances” shall mean (i) all matters and exceptions shown on any Title Commitment (including
without limitation, all standard printed exceptions), or on the Surveys (or Existing Surveys, as applicable), (ii) applicable zoning and building ordinances and land use regulations, (iii) such state of facts as would be disclosed by a
physical inspection of the Property, (iv) the lien of taxes and assessments not yet due and payable, (v) any exceptions caused by Buyer, its agents, representatives or employees, (vi) the Leases and (vii) the Fossil Reservation;
provided, however, (a) if Buyer timely delivers a Title Notice, and Seller elects in writing to cure all or any portion of the Title Exception(s) or Survey Exception(s), the term “Permitted Encumbrances” shall be amended to exclude
those specific Title Exceptions(s) and/or Survey Exception(s) that Seller has agreed in writing to cure, and (b) the term “Permitted Encumbrances” shall not include any items which the Title Company agrees to modify or delete at or
prior to the Closing (Seller agrees to execute a reasonable Owner’s Affidavit for the purposes of the Title Company deleting the standard exceptions as are customarily deleted or modified in Texas with the issuance of an Owner’s
Affidavit). In the event there is an “Unpermitted Title Defect,” the following shall apply. If the Unpermitted Title Defect is the result of a default by Seller of its covenants hereunder then (a) Buyer shall give written notice to
Seller of such and (b) in the event Seller cannot cure such Unpermitted Title Defect prior to Closing, then the Unpermitted Title Defect shall constitute a default by Seller hereunder and Buyer may elect in writing on or prior to the Closing
Date to (i) waive such Unpermitted Title Defect and proceed to Closing or (ii) pursue all remedies afforded to Buyer hereunder. If the Unpermitted Title Defect is not the result of a default by Seller of its covenants hereunder, then
(a) Buyer shall give written notice to Seller of such and (b) in the event Seller cannot cure such Unpermitted Title Defect prior to Closing, then Buyer may 

  

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elect in writing on or prior to the Closing Date to waive such Unpermitted Title Defect and proceed to Closing or, if Buyer does not so waive such
Unpermitted Title Defect, then either party shall have the right to terminate this Agreement in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in
Sections 4.5, 4.6, 4.7, 10.7 and 11.11. An “Unpermitted Title Defect” is a matter of title or survey which arises after the effective date of the Updated Commitments (defined below). An Unpermitted Title Defect shall not be a
default by Seller hereunder unless such matter arose after the effective date of the Updated Commitments directly as the result of the actions or inactions of Seller and such action or inaction is a breach of Seller’s covenants hereunder. Buyer
shall have the Title Company update the Title Commitments as close to the end of the Due Diligence Period as is possible and such updated Title Commitments are referred to herein as the “Updated Commitments.” In the event that Buyer
fails to have the Title Company update the Title Commitments, as provided in the preceding sentence, then the term Updated Commitments shall mean the most current Title Commitments and shall be deemed to include all matters which would have been
included as exceptions had the Title Commitments been updated as required in the preceding sentence. 
 Section 5.3 Title
Insurance. At Closing, the Title Company shall issue to Buyer or be irrevocably committed to issue to Buyer TLTA owner’s form title policies (the “Title Policies”), in the amount of the Purchase Price (as allocated among
the Golf Clubs), insuring that fee simple title to the Real Property (or leasehold title in the case of the Clear Creek Property) is vested in Buyer subject only to the Permitted Encumbrances. Buyer shall be entitled to request that the Title
Company provide such endorsements (or amendments) to the Title Policy as Buyer may reasonably require, provided that (a) such endorsements (or amendments) shall be at no cost to, and shall impose no additional liability on, Seller,
(b) Buyer’s obligations under this Agreement shall not be conditioned upon Buyer’s ability to obtain such endorsements and, if Buyer is unable to obtain such endorsements, Buyer shall nevertheless be obligated to proceed to close the
transaction contemplated by this Agreement without reduction of or set off against the Purchase Price, and (c) the Closing shall not be delayed as a result of Buyer’s request. Notwithstanding anything herein to the contrary, it shall not
in any event be a requirement hereunder that the Title Company provides insurance for the Water Rights; provided, however, the above shall not preclude Buyer from seeking or obtaining insurance coverage for Water Rights from the Title Company.

 Section 5.4 Conveyance of Real Property. At Closing, the Seller (subject to Seller’s right to terminate this Agreement as
provided in Section 5.2) shall convey the Real Property to the Buyer pursuant to the Deeds and Assignment and Assumption of Concession Agreement, subject only to the Permitted Encumbrances 
 ARTICLE 6 - REMEDIES AND DEPOSIT INSTRUCTIONS 
 Section 6.1 Permitted Termination; Seller Default. If the sale of the Property is not consummated due to the permitted termination of this Agreement by Buyer as herein expressly provided, the Deposit shall be returned to Buyer
and Buyer will have no liability hereunder except as set forth in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. If the sale of the Property is not consummated due to Seller’s material default hereunder not cured within the below defined
“Cure Period” (including, without limitation, a default by Seller which creates an Unpermitted Title Defect as further described in Section 5.2)(a “Material Default”), Buyer shall be entitled, 

  

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as its sole and exclusive remedy, either (a) to terminate this Agreement, and in the event of such termination receive the return of the Deposit and
liquidated damages in the amount of THREE MILLION DOLLARS ($3,000,000.00), and upon payment of such liquidated damages, Seller shall be released from any and all liability hereunder, except as provided in Sections 10.7 and 11.11, or
(b) to enforce specific performance of this Agreement in accordance with Section 6.1.1 below. Notwithstanding anything herein to the contrary, (i) representations and warranties of Seller which satisfy the conditions of
Section 4.12 shall not in any event constitute a Material Default and (ii) Seller shall have ten (10) days following the receipt of written notice from Buyer to cure any alleged default prior to such becoming a Material Default (the
“Cure Period”); provided, however, the Cure Period shall not be applicable to a material default by Seller or its obligations to convey the Property and the Cowboys Ownership Interests to Buyer at Closing. Buyer shall be deemed to have
elected to terminate this Agreement and receive return of the Deposit and liquidated damages provided above if Buyer fails to file suit for specific performance against Seller in a court prescribed by Section 11.5 hereof, on or before
forty-five (45) days following the date upon which Closing was to have occurred; provided, however, subject to applicable limitation of actions laws, Buyer may, at any time following the date upon which Closing was to have occurred, waive such
right to specific performance by written notice to Seller and upon Seller’s receipt of such written notice, Buyer shall receive prompt return of the Deposit and liquidated damages hereunder. For defaults by Seller which are not Material
Defaults, Buyers sole remedy shall be to terminate this Agreement and upon such termination, the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in this Sections 4.7,
10.7, and 11.11. 
 6.1.1 THE PARTIES HAVE AGREED THAT BUYER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE
TO CONSUMMATE THIS SALE DUE TO SELLER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT
OF THREE MILLION DOLLARS ($3,000,000.00) IS A REASONABLE ESTIMATE OF THE DAMAGES THAT BUYER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, 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 SELLER’S SURVIVING OBLIGATIONS UNDER SECTIONS 10.7 AND
11.11. 
 Initials:             Seller
                         Buyer              

Section 6.2 Buyer Default; Liquidated Damages. IF THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY BUYER HEREUNDER, THEN SELLER SHALL RETAIN
THE DEPOSIT AS LIQUIDATED DAMAGES, WHICH 

  

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RETENTION SHALL OPERATE TO TERMINATE THIS AGREEMENT AND RELEASE BUYER FROM ANY AND ALL LIABILITY HEREUNDER, EXCEPT AS PROVIDED IN SECTIONS 4.5,
4.6, 4.7, 10.7 AND 11.11. THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO BUYER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO
DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT. BY PLACING
THEIR INITIALS BELOW, 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 BUYER’S SURVIVING OBLIGATIONS UNDER SECTIONS 4.5, 4.6, 4.7, 10.7 AND 11.11. 
 Initials:             Seller             
             Buyer              
 Section 6.3 Deposit Instructions. The Escrow Agent joins herein below to evidence its agreement to hold such funds in accordance with the terms and conditions of this Agreement. Further, the following
provisions shall control with respect to the rights, duties and liabilities of the Escrow Agent. 
 6.3.1 The Escrow
Agent acts hereunder as a depository only and is not responsible or liable in any manner whatsoever for the (i) sufficiency, correctness, genuineness or validity of any written instrument, notice or evidence of a party’s receipt of any
instruction or notice which is received by the Escrow Agent, or (ii) identity or authority of any person executing such instruction notice or evidence. 
 6.3.2 The Escrow Agent shall have no responsibility hereunder except for the performance by it in good faith of the acts to be
performed by it hereunder, and the Escrow Agent shall have no liability except for its own willful misconduct or gross negligence. 
 6.3.3 The Escrow Agent shall be reimbursed on an equal basis by Buyer and Seller for any reasonable expenses incurred by the Escrow Agent arising from a dispute with respect to the amount held in escrow, including the cost of any
legal expenses and court costs incurred by the Escrow Agent, should the Escrow Agent deem it necessary to retain an attorney with respect to the disposition of the amount held in escrow. 
 6.3.4 In the event of a dispute between the parties hereto with respect to the disposition of the amount held in escrow, the Escrow
Agent shall be entitled, at its own discretion, to deliver such amount to an appropriate court of law pending resolution of the dispute. 
  

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 6.3.5 The Escrow Agent shall invest the amount in escrow in accounts which are
federally insured or which invest solely in government securities and shall be applied in accordance with the terms of this Agreement. Interest earned thereon shall be added to the funds deposited by Buyer, and shall become part of the Deposit.

 Section 6.4 Designation of Reporting Person. In order to assure compliance with the requirements of Section 6045 of the
Internal Revenue Code of 1986, as amended (for purposes of this Section 6.4, the “Code”), and any related reporting requirements of the Code, the parties hereto agree as follows: 
 (a) Provided the Escrow Agent shall execute a statement in writing (in form and substance reasonably acceptable to the parties hereunder)
pursuant to which it agrees to assume all responsibilities for information reporting required under Section 6045(e) of the Code, Seller and Buyer shall designate the Escrow Agent as the person to be responsible for all information reporting
under Section 6045(e) of the Code (the “Reporting Person”). If the Escrow Agent refuses to execute a statement pursuant to which it agrees to be the Reporting Person, Seller and Buyer shall agree to appoint another third party
as the Reporting Person. 
 (b) Seller and Buyer hereby agree: 
 (i) to provide to the Reporting Person all information and certifications regarding such party, as reasonably requested by the Reporting
Person or otherwise required to be provided by a party to the transaction described herein under Section 6045 of the Code; and 
 (ii) to provide to the Reporting Person such party’s taxpayer identification number and a statement (on Internal Revenue Service Form W-9 or an acceptable substitute form, or on any other form the applicable current or future Code
sections and regulations might require and/or any form requested by the Reporting Person), signed under penalties of perjury, stating that the taxpayer identification number supplied by such party to the Reporting Person is correct. 
 (iii) Each party hereto agrees to retain this Agreement for not less than four years from the end of the calendar year in which the
Closing occurred, and to produce it to the Internal Revenue Service upon a valid request therefor. 
 ARTICLE 7 - REPRESENTATIONS AND
WARRANTIES OF SELLER 
 Section 7.1 Representations and Warranties of Seller. Subject to the provisions of Sections
7.2 and 8.4, each Seller makes the following representations and warranties with respect to itself and its portion of the Property, upon which the Seller acknowledges and agrees that the Buyer is entitled to rely, and as of the Closing
shall provide a Certificate reconfirming that all such representations and warranties remain true and correct as of the Closing Date, subject to the provisions of Section 4.12 hereof regarding supplements: 
 (a) Status. Each entity constituting Seller is a limited partnership duly formed, validly existing and in good standing under the
laws of the State of Delaware, is qualified to do business in the jurisdiction in which its Property is located and has all requisite power and authority to own its Property and conduct its business as currently owned and conducted. 
  

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 (b) Authority. (i) Each Seller has full power and authority to execute and
deliver this Agreement and all other documents to be executed and delivered by them pursuant to this Agreement (the “Seller’s Documents”), and to perform all obligations required of them under this Agreement and each of the
Seller’s Documents, (ii) the execution and delivery by each Seller of this Agreement and, when executed and delivered, each of the Seller’s Documents, and the performance by each Seller of its obligations under this Agreement and,
when executed and delivered, each Seller’s Documents, have been, or will have been, duly and validly authorized by all necessary action by the Seller, and (iii) subject to equitable principles and principles governing creditors’
rights generally, this Agreement and, when executed and delivered, the Seller’s Documents constitutes, or will constitute, legal, valid and binding obligations of the Seller enforceable against the Seller in accordance with its and their terms,
except to the extent the Buyer itself is in default hereunder or thereunder. 
 (c) Non-Contravention. The execution
and delivery of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby will not, to Seller’s knowledge (i) violate any judgment, order, injunction, decree, regulation or ruling of any court or
Governmental Entity or (ii) conflict with, result in a breach of, or constitute a default under the organic documents of each entity constituting Seller. 
 (d) Suits and Proceedings. Except as set forth in Schedule 7.1(d), there are no legal actions, suits or similar
proceedings pending and, to Seller’s Knowledge, served, or threatened against Seller or the Property 
 (e)
Non-Foreign Entity. Seller is a “United States person” (as defined in Section 7701(a)(30)(B) or (C) of the Code) for the purposes of the provisions of Section 1445(a) of the Code. 
 (f) Condemnation. Seller has not received from any Governmental Entity any written notice of any pending condemnation proceeding or
other proceeding in eminent domain, and to Seller’s Knowledge, no such condemnation proceeding or eminent domain proceeding is threatened affecting any of the Real Property or portion thereof. 
 (g) Bankruptcy. Seller is not insolvent within the meaning of Title 11 of the United States Code, as amended (the
“Bankruptcy Code”), and Seller has not ceased to pay its debts as they become due. Seller has not filed or taken any action to file a voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or
under any similar law or statute of the United States or any state thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such petition, case or proceeding has been filed against it
which has not been dismissed, vacated or stayed on appeal and Seller has not been adjudicated as bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. Seller
has not sought, or consented to or acquiesced 

  

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in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its assets, and Seller has not made or taken any
action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and to Seller’s Knowledge, no tax lien or other governmental or similar lien has been filed, against them or a material
part of the Property, which has not been duly and fully discharged prior to the date hereof. 
 (h) Environmental. To
Seller’s Knowledge, Seller has or will deliver to Buyer pursuant to Section 4.2, copies of all third party environmental audits with respect to the Property in Seller’s possession. Seller has not received written notice from
any Governmental Entity of any Environmental Claims in respect of the Real Property. 
 (i) Compliance with Applicable
Law. Seller has not received any written notice of any material violation of any Applicable Law with respect to any of the Real Property or Improvements that have not been cured or dismissed with prejudice. 
 (j) Taxes. All Taxes which would be delinquent if unpaid will be paid in full prior to Closing or prorated at Closing as part of
the prorations pursuant to Section 10.6; provided, however, that if any Taxes are payable in installments, such representation and warranty shall apply only to such installments which would be delinquent if unpaid at Closing. Except as set
forth on Schedule 7.1(j) the Seller has not received any written notice for an audit or delinquency of any Taxes with respect to any portion of the Real Property which has not been resolved or completed. The Seller is not
currently contesting any Taxes with respect to any portion of the Real Property. 
 (k) Licenses and Permits. Seller
has not received any written notice from any Governmental Entity of (i) any violation, suspension, revocation or non-renewal of any Licenses and Permits that materially affect the Property or operation and use of the Golf Clubs that has not
been cured or dismissed with prejudice or (ii) any failure by the Seller to obtain any Licenses and Permits that materially affect the Property or operation and use of the Golf Clubs that has not been cured or dismissed with prejudice.

 (l) Contracts. To Seller’s Knowledge, except for Golf Play Agreements, to which Seller makes no representation
or warranty, Schedule 1.1.58(a), Schedule 1.1.58(a)(i), Schedule 1.1.58(b), Schedule 1.1.58(b)(i), Schedule 1.1.58(c), Schedule 1.1.58(c)(i), Schedule 1.1.58(d),
Schedule 1.1.58(d)(i), Schedule 1.1.58(e), and Schedule 1.1.58(e)(i) list the material Contracts that affect the Property. Seller has not received written notification that Seller is in default of a material
Contract. Seller has not given a notice of default under a material Contract. 
 (m) Personal Property. To
Seller’s Knowledge, Seller is the owner of the Personal Property, free and clear of any and all leases, liens, encumbrances, liabilities or other claims, except with respect to any financing or lease agreements or as would be shown in any UCC
search reports. At the Closing, Seller shall convey the Personal Property free and clear of debts and liens created by through or under Seller, but not otherwise; provided, however, Seller shall have no obligation to deliver items leased under
capital leases free and clear of the interests of the lessors under such capital leases. 
  

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(n) Employees. Seller has no employees. 
 (o) Patriot Act. Seller is in compliance with all applicable anti-money laundering and anti-terrorist laws, regulations, rules, executive orders and government guidance, including the reporting, record keeping
and compliance requirements of the Bank Secrecy Act (“BSA”), as amended by The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, Title III of the USA PATRIOT Act (the “Patriot Act”),
and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission, self-regulatory organization or other agency rules and regulations, and has policies, procedures, internal
controls and systems that are reasonably designed to ensure such compliance. Seller and its officers and shareholders, and their respective principals, shall not transfer the proceeds obtained as a result of this Agreement to any person or entity
listed on the OFAC list as “Terrorists” and “Specially Designated Nationals and Blocked Persons”, or otherwise be in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of
2001. 
 (p) OFAC. Neither (i) Seller, any Affiliate of Seller nor any person controlled by Seller; nor
(ii) to the Seller’s Knowledge, after making due inquiry, any person who owns a controlling interest in or otherwise controls Seller; nor (iii) to Seller’s Knowledge, after making due inquiry, if Seller is a privately held
entity, any person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a publicly traded entity) in Seller; nor (iv) any person for whom Seller is acting as agent or nominee in connection with
this investment, is a country, territory, person, organization, or entity named on an OFAC List, nor is a prohibited country, territory, person, organization, or entity under any economic sanctions program administered or maintained by OFAC.

 (q) Senior Foreign Political Figure. Unless disclosed in writing to Buyer on the date hereof, Seller is not a Senior
Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, that Seller is not controlled by a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior
Foreign Political Figure, and that, to Seller’s Knowledge, after making due inquiry, none of the direct or indirect owners of Seller (other than any owner(s) of any interest(s) in a publicly-traded entity) is a Senior Foreign Political Figure,
or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. As used herein, “Senior Foreign Political Figure” means a senior official of a major non-United States political party or a senior executive of
a government-owned corporation not organized within the United States, including, without limitation, any corporation, business or other entity that has been formed by or for the benefit of a Senior Foreign Political Figure; “Immediate
Family Member” means the parents, siblings, spouse, children and in-laws of a Senior Foreign Political Figure; and “Close Associate” means a person who is widely and publicly known to maintain an unusually close
relationship with a Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial United States and non-United States financial transactions on behalf of the Senior Foreign Political Figure. 
  

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 Section 7.2 Limited Liability. The representations and warranties of Seller set forth in
Section 7.1, together with Seller’s liability for any breach before Closing of any of Seller’s interim operating covenants under Section 9.1 will survive the Closing for a period of twelve (12) months. Buyer
will not have any right to bring any action against Seller as a result of any untruth or inaccuracy of such representations and warranties, or any such breach, unless and until the aggregate amount of all liability and losses arising out of any such
untruth or inaccuracy, or any such breach exceeds FIFTY THOUSAND DOLLARS ($50,000.00), and then only to the extent of such excess. In addition, in no event will Seller’s liability for all such breaches exceed, in the aggregate, ONE MILLION
DOLLARS ($1,000,000.00). Seller shall have no liability with respect to any of Seller’s representations, warranties and covenants herein if, prior to the Closing, Buyer has actual knowledge of any breach of a representation, warranty or
covenant of Seller herein, or Buyer obtains knowledge (from whatever source, including, without limitation, the Due Diligence Items, as a result of Buyer’s Due Diligence or any information in any written disclosure by Seller or Seller’s
agents and employees, including the Seller’s Certificate regarding representations and warranties to be provided at Closing) that changes or contradicts any of Seller’s representations and warranties herein, and Buyer nevertheless
consummates the transaction contemplated by this Agreement. Notwithstanding any provision herein to the contrary, in the event that Buyer obtains any knowledge on or before the Closing Date that the condition contained in Section 4.12 is
not satisfied, then Buyer shall have the right to elect to terminate this Agreement, in which event, Buyer shall receive return of the Deposit and neither party shall have any further obligation to the other, except as otherwise provided for herein.
Sections 4.5, 4.6, 4.7, 10.7 and 11.11 will survive Closing without limitation unless a specified period is otherwise provided in this Agreement. All other representations, warranties, covenants and agreements made or undertaken by Seller
under this Agreement, unless otherwise specifically provided herein, will not survive the Closing Date but will be merged into the Deeds and other Closing documents delivered at the Closing. 
 Section 7.3 Seller’s Knowledge. For purposes of this Agreement and any document delivered at Closing, whenever the phrase “to
Seller’s Knowledge,” “ to Seller’s knowledge” or the “knowledge” of Seller or words of similar import are used, they shall be deemed to refer to facts within the actual knowledge only of David Hanan, Patrick Fox
and Barry Richards (collectively, “Knowledge Party”), and no others, at the times indicated only, without duty of inquiry whatsoever. In no event shall the Knowledge Party be charged with knowledge of the acts, omissions and/or
knowledge of predecessors in title to the Property or with knowledge of the acts, omissions and/or knowledge of Seller’s agents or employees, unless the Knowledge Party has actual knowledge thereof. 
 Section 7.4 Liability of Representations and Warranties. Buyer acknowledges that the individuals named above are named solely for the purpose
of defining and narrowing the scope of Seller’s knowledge and not for the purpose of imposing any liability on or creating any duties running from such individuals to Buyer. Buyer covenants that it will bring no action of any kind against such
individuals, any shareholder, partner or member of Seller, as applicable, or related to or arising out of these representations and warranties. 
  

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 ARTICLE 8 - REPRESENTATIONS AND WARRANTIES OF BUYER 
 Section 8.1 Buyer’s Representations and Warranties. Buyer represents and warrants to Seller the following, upon which the Buyer
acknowledges and agrees that the Seller is entitled to rely, and as of the Closing shall provide a Certificate reconfirming that all such representations and warranties remain true and correct as of the Closing Date and shall survive thereunder for
a period of twelve (12) months following the Closing Date: 
 (a) Status. The Buyer is a limited partnership duly
formed, validly existing and in good standing under the laws of the State of Delaware, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as currently being conducted. 
 (b) Authority. The Buyer has full power and authority to execute and deliver this Agreement and, upon the approval of the Board of
Directors of the general partner of Buyer, which approval shall be obtained during the Due Diligence Period, all other documents to be executed and delivered by the Buyer pursuant to this Agreement (the “Buyer’s Documents”),
and to perform all obligations of the Buyer arising under this Agreement and each of the Buyer’s Documents. The execution and delivery by the signer on behalf of the Buyer of this Agreement and, when executed and delivered, each of the
Buyer’s Documents, and the performance by the Buyer of its obligations under this Agreement, and when executed and delivered, each of the Buyer’s Documents, has been, or as of Closing, will be, duly and validly authorized by all necessary
actions by the Buyer. This Agreement and, when executed and delivered, each of the Buyer’s Documents, constitutes, or will constitute, legal, valid and binding obligations of the Buyer, enforceable against the Buyer in accordance with its and
their terms, except to the extent the Seller is in default thereunder. 
 (c) Consents and Approvals; No Conflicts. No
filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for the execution or delivery by the Buyer of this Agreement or any of the Buyer’s Documents, the performance by the
Buyer of any of its obligations under this Agreement or any of the Buyer’s Documents, or the consummation by the Buyer of the transactions described in this Agreement or any of the Buyer’s Documents. Neither the execution and delivery by
the Buyer of any of the Buyer’s Documents, nor the performance by the Buyer of any of its obligations under any of the Buyer’s Documents, nor the consummation by the Buyer of the transactions described in this Agreement, will:
(A) violate any provision of the organizational or governing documents of the Buyer; (B) violate any Applicable Law to which the Buyer is subject; or (C) result in a violation or breach of or constitute a default under any contract,
agreement or other instrument or obligation to which the Buyer is a party or by which any of the Buyer’s properties are subject. 
 (d) Bankruptcy. Buyer is not insolvent within the meaning of Title 11 of the Bankruptcy Code, and Buyer has not ceased to pay its debts as they become due. Buyer has not filed or taken any action to file a
voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, 

  

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relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such petition, case or proceeding has been
filed against it which has not been dismissed, vacated or stayed on appeal and Buyer has not been adjudicated as bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or
insolvency. Buyer has not sought, or consented to or acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its assets, and Buyer has not made or taken any action to make a general
assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no tax lien or other governmental or similar lien has been filed, against them or a material part of their properties, which has not been duly and
fully discharged prior to the date hereof. 
 (e) Solvency. Buyer will not be rendered insolvent in connection with, or
as a result of, the performance by Buyer of its obligations hereunder or the consummation of the transactions contemplated hereby. 
 (f) Patriot Act. Buyer is in compliance with all applicable anti-money laundering and anti-terrorist laws, regulations, rules, executive orders and government guidance, including the reporting, record keeping and compliance
requirements of the BSA, as amended by the Patriot Act, and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission, self-regulatory organization or other agency rules and
regulations, and has policies, procedures, internal controls and systems that are reasonably designed to ensure such compliance. 
 (g) OFAC. Neither (i) Buyer, any Affiliate of Buyer nor any person controlled by Buyer; nor (ii) to the best of knowledge of Buyer, after making due inquiry, any person who owns a controlling interest in or otherwise
controls Buyer; nor (iii) to the best of knowledge of Buyer, after making due inquiry, if Buyer is a privately held entity, any person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a
publicly traded entity) in Buyer; nor (iv) any person for whom Buyer is acting as agent or nominee in connection with this investment, is a country, territory, person, organization, or entity named on an OFAC List, nor is a prohibited country,
territory, person, organization, or entity under any economic sanctions program administered or maintained by OFAC. 
 (h)
Senior Foreign Political Figure. Unless disclosed in writing to Seller on the date hereof, Buyer is not a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, that Buyer is
not controlled by a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, and that, to the best of Buyer’s knowledge, after making due inquiry, none of the direct or indirect
owners of Buyer (other than any owner(s) of any interest(s) in a publicly-traded entity) is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. 
  

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 Section 8.2 Buyer’s Independent Investigation. 
 8.2.1 Buyer has been given, or will be given before the end of the Due Diligence Period, a full opportunity to inspect and
investigate the Property, either independently or through agents of Buyer’s choosing, including, without limitation: 
 (a) All matters relating to title, together with all governmental and other legal requirements such as taxes, assessments, zoning, use permit requirements, and building codes; 
 (b) The physical condition and aspects of the Property, including, without limitation, the interior, the exterior, the square footage
within the improvements on the Real Property, the structures, the paving, the utilities, and all other physical and functional aspects of the Property, including, without limitation, an examination for the presence or absence of Hazardous Materials,
which shall be performed or arranged by Buyer at Buyer’s sole expense; 
 (c) Any easements and/or access rights
affecting the Property; 
 (d) The Contracts, the Licenses and Permits and any other documents or agreements of significance
affecting the Property; and 
 (e) All other matters of material significance affecting the Property or delivered to Buyer by
Seller in accordance with Article 4 of this Agreement. 
 8.2.2 THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT HAS
BEEN NEGOTIATED BETWEEN SELLER AND BUYER, THIS AGREEMENT REFLECTS THE MUTUAL AGREEMENT OF SELLER AND BUYER, AND BUYER HAS CONDUCTED, OR WILL CONDUCT, ITS OWN INDEPENDENT EXAMINATION OF THE PROPERTY. OTHER THAN THE MATTERS REPRESENTED IN
SECTION 7.1 AND THOSE SET FORTH IN ANY OF THE SELLER’S DOCUMENTS HEREOF, AS SUCH MAY BE LIMITED BY SECTION 7.2 HEREOF (PROVIDED, SUCH LIMITATION SHALL NOT APPLY TO THE DEEDS, THE ASSIGNMENT AND
ASSUMPTION OF CLEAR CREEK CONCESSION AGREEMENT AND THE BILL OF SALE AND ASSIGNMENT AGREEMENTS TO BE DELIVERED AT CLOSING), BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION OR WARRANTY OF SELLER OR
ANY OF SELLER’S AGENTS OR REPRESENTATIVES, AND BUYER HEREBY ACKNOWLEDGES THAT NO SUCH REPRESENTATIONS HAVE BEEN MADE. EXCEPT AS PROVIDED IN SECTION 7.1 HEREOF AND IN THE SELLER’S DOCUMENTS, AS SUCH MAY BE LIMITED BY
SECTION 7.2 HEREOF (PROVIDED, SUCH LIMITATION SHALL NOT APPLY TO THE DEEDS, THE ASSIGNMENT AND ASSUMPTION OF CLEAR CREEK CONCESSION AGREEMENT AND THE BILL OF SALE AND ASSIGNMENT AGREEMENTS TO BE DELIVERED AT CLOSING), SELLER
SPECIFICALLY DISCLAIMS, AND NEITHER IT NOR ANY OTHER PERSON IS MAKING, ANY REPRESENTATION, WARRANTY OR ASSURANCE WHATSOEVER TO BUYER AND 

  

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NO WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EITHER EXPRESS OR IMPLIED, ARE MADE BY SELLER OR RELIED UPON BY BUYER WITH RESPECT TO THE
STATUS OF TITLE TO OR THE MAINTENANCE, REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE PROPERTY, OR ANY PORTION THEREOF, INCLUDING BUT NOT LIMITED TO (a) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, (b) ANY IMPLIED OR EXPRESS
WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (c) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (d) ANY RIGHTS OF BUYER UNDER APPROPRIATE STATUTES TO CLAIM DIMINUTION OF CONSIDERATION, (e) ANY CLAIM
BY BUYER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, WITH RESPECT TO THE IMPROVEMENTS OR THE PERSONAL PROPERTY, (f) THE FINANCIAL CONDITION OR PROSPECTS OF THE PROPERTY AND (g) THE COMPLIANCE OR LACK THEREOF OF THE REAL
PROPERTY OR THE IMPROVEMENTS WITH GOVERNMENTAL REGULATIONS, IT BEING THE EXPRESS INTENTION OF SELLER AND BUYER THAT, EXCEPT AS EXPRESSLY SET FORTH IN SECTION 7.1 HEREOF AS SUCH MAY BE LIMITED BY
SECTION 7.2 HEREOF (PROVIDED, SUCH LIMITATION SHALL NOT APPLY TO THE DEEDS, THE ASSIGNMENT AND ASSUMPTION OF CLEAR CREEK CONCESSION AGREEMENT AND THE BILL OF SALE AND ASSIGNMENT AGREEMENTS TO BE DELIVERED AT CLOSING), THE
PROPERTY WILL BE CONVEYED AND TRANSFERRED TO BUYER IN ITS PRESENT CONDITION AND STATE OF REPAIR, “AS IS” AND “WHERE IS”, WITH ALL FAULTS. Buyer represents that it is a knowledgeable, experienced and sophisticated buyer of real
estate, including golf courses, and that it is relying solely on its own expertise and that of Buyer’s consultants in purchasing the Property and that it is receiving reasonably equivalent value in consummating the transactions contemplated
hereby. Buyer acknowledges and agrees that it will have the opportunity to conduct such inspections, investigations and other independent examinations of the Property and related matters, including but not limited to the physical and environmental
conditions thereof, during the Due Diligence Period and, except as set forth in Section 7.1 and in the Seller’s Documents, as such may be limited by Section 7.2 (provided, such limitation
shall not apply to the Deeds, the Assignment and Assumption of Clear Creek Concession Agreement and the Bill of Sale and Assignment Agreements to be delivered at Closing), Buyer will rely upon same and not upon any statements of Seller or of any
officer, director, employee, agent or attorney of Seller. Buyer acknowledges that all information obtained by Buyer will be obtained from a variety of sources and Seller will not be deemed to have represented or warranted the completeness, truth or
accuracy of any of the Due Diligence Items or other such information heretofore or hereafter furnished to Buyer. Upon Closing, Buyer will assume the risk that adverse matters, including, but not limited to, adverse physical and environmental
conditions, may not have been revealed by Buyer’s inspections and investigations. Buyer acknowledges and agrees that upon Closing, Seller will sell and 
  

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 convey to Buyer, and Buyer will accept the Property, “AS IS, WHERE IS,” with all faults.
Buyer further acknowledges and agrees that there are no oral agreements, warranties or representations, collateral to or affecting the Property, by Seller, any agent of Seller or any third party. Seller is not liable or bound in any manner by any
oral or written statements, representations or information pertaining to the Property furnished by any real estate broker, agent, employee, servant or other person, unless the same are specifically set forth or referred to herein. Buyer acknowledges
that the Purchase Price reflects the “as is, where is” nature of this sale and any faults, liabilities, defects or other adverse matters that may be associated with the Property. BUYER, WITH BUYER’S COUNSEL, HAS FULLY REVIEWED THE
DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT, AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. BUYER ACKNOWLEDGES AND AGREES THAT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT, AND THAT
SELLER WOULD NOT HAVE AGREED TO SELL THE PROPERTY TO BUYER FOR THE PURCHASE PRICE WITHOUT THE DISCLAIMER AND OTHER AGREEMENTS SET FORTH IN THIS AGREEMENT. THE TERMS AND CONDITIONS OF THIS SECTION 8.2.2 WILL EXPRESSLY SURVIVE THE
CLOSING, WILL NOT MERGE WITH THE PROVISIONS OF ANY CLOSING DOCUMENTS. 
 Section 8.3 Buyer’s Release of Seller.

 8.3.1 Seller Released From Liability. Buyer, on behalf of itself and its agents, heirs, successors and assigns,
waives, releases, acquits and forever discharges Seller, its respective affiliates, owners, officers, directors, partners, employees, agents and representatives of and from any and all claims actions, causes of actions, demands, rights, damages,
costs, expenses or compensation whatsoever, direct or indirect, known or unknown foreseen or unforeseen, which Buyer or any of Buyer’s heirs, successors, or assigns now has or which may arise in the future on account of or in any way related to
or in connection with the condition (including its physical condition and its compliance with applicable laws, and the presence in the soil, air, structures and surface and subsurface waters, of Hazardous Materials or substances that have been or
may in the future be determined to be toxic, hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property under current or future federal, state and local laws, regulations or
guidelines), valuation, salability or utility of the Property, its suitability for any purpose whatsoever and any past, present or future aspect, feature, characteristic, circumstance or condition arising out of or in connection with the Property,
except to the extent that such responsibility or liability is the result of the breach (if any) of Seller’s representations under Section 7.1 hereof, as limited by Section 7.2, or the Retained Liabilities. THE FOREGOING
WAIVER AND RELEASE SHALL APPLY TO ANY AND ALL SUCH CLAIMS WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE OF SELLER AND/OR MATTER WHICH CREATED ANY STRICT LIABILITY UNDER APPLICABLE ENVIRONMENTAL LAWS. 
  

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 8.3.2 Buyer’s Waiver of Objections. Buyer acknowledges that it has inspected
the Property, observed its physical characteristics and existing conditions and had, or will have, the opportunity to conduct such investigation and study on and of said Property and adjacent areas as it deemed necessary, and subject to
Seller’s responsibility for any breach of the warranties and representations contained in Section 7.1 of this Agreement (as limited by Section 7.2 of this Agreement), hereby waives any and all objections to or complaints
(including but not limited to actions based on federal, state or common law and any private right of action under CERCLA, RCRA or any other state and federal law to which the Property is or may be subject) regarding physical characteristics and
existing conditions, including without limitation structural and geologic conditions, subsurface soil and water conditions and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property. Buyer
further hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions on the Property, and the risk that adverse physical characteristics and conditions, including without
limitation the presence of Hazardous Materials or other contaminants, may not be revealed by its investigation. 
 8.3.3
Survival. The foregoing waivers and releases by Buyer shall survive either (a) the Closing and the recordation of the Deeds, and shall not be deemed merged into the Seller’s Documents or the Deed upon its recordation, or (b) any
termination of this Agreement. 
 Section 8.4 Discharge. Notwithstanding any other provisions contained herein, or in any
document or instrument delivered in connection with the transfer contemplated hereby, to the contrary (including, without limitation, any language providing for survival of certain provisions hereof or thereof), Buyer hereby acknowledges and agrees
that (a) prior to Closing, Buyer’s sole recourse in the event of a breach by Seller shall be as set forth in Section 6.1 hereof, and (b) Seller shall, upon consummation of Closing, be deemed to have satisfied and fulfilled
all of Seller’s covenants, indemnities, and obligations contained in this Agreement and the documents delivered pursuant hereto, and Seller shall have no further liability to Buyer or otherwise with respect to this Agreement, the transfers
contemplated hereby, or any documents delivered pursuant hereto, except to the extent of any obligation or liability Seller may have under Section 7.1 as to which Seller’s liability, if any, shall be limited as provided in
Section 7.2 and under Section 11.11. 
 ARTICLE 9 - MAINTENANCE OF PROPERTY 
 From the date hereof until the Closing, and except as otherwise consented to or approved by Buyer, Seller covenants and agrees with Buyer as follows:

 Section 9.1 Certain Interim Operating Covenants. Seller covenants to Buyer that Seller will: from the Effective Date until
Closing or earlier termination of this Agreement, (i) continue to operate, manage and maintain the Improvements in the Ordinary Course of Business, subject to ordinary wear and tear and further subject to Section 11.2,
(ii) maintain fire and extended coverage insurance on the Property which is at least equivalent in all material respects to the insurance policies covering the Land and the Improvements as of the Effective Date; and (iii) prior to the end
of the Due Diligence Period, consult with and provide Buyer with copies of any new material contracts or agreements with respect to the Property prior to Seller entering into any 

  

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such matter; provided, however, Seller shall have the sole authority to determine if it will enter into any such matter. Seller covenants to Buyer that
following the expiration of the Due Diligence Period until Closing or the sooner termination of this Agreement, that Seller will not (i) enter into any new contracts or agreements with respect to the Property other than contracts entered into
in the Ordinary Course of Business or those which are terminable as of the Closing Date without payment of any fees or penalty or unless Buyer consents thereto in writing, which approval shall not be unreasonably withheld, delayed or conditioned, or
(ii) renew, extend, modify or replace any of the Contracts unless such is in the Ordinary Course of Business or is terminable as of the Closing Date without payment of any fees or penalty or unless Buyer consents thereto in writing, which
approval shall not be unreasonably withheld, delayed or conditioned. As used in this Section 9.1, a contract will be deemed to be entered into in the Ordinary Course of Business unless the terms of the contract require Seller or Buyer,
as Seller’s assignee to expend funds in excess of an aggregate of TEN THOUSAND DOLLARS ($10,000.00) over the term of the contract (but not in connection with a revenue generating contract [for example, banquet agreements and tournament
agreements]), and the contract cannot be terminated without penalty of fees or penalty upon thirty (30) days notice. 
 Section 9.2 Liquor Licenses. Buyer acknowledges that (i) the alcoholic beverage licenses for the sale of alcoholic beverages at the Golf Clubs are not transferable, and as such Buyer may need to obtain its own alcoholic
beverage licenses if it desires to serve alcoholic beverages at the Golf Clubs. 
 9.2.1 New Alcoholic Beverage
Licenses. If Buyer desires to obtain new alcoholic beverages licenses permitting Buyer (or Buyer’s Tenant) to serve alcoholic beverages at any Golf Club then, (i) commencing at any time after the Effective Date and continuing until the
Closing Date, Buyer and Seller (if any action of Seller is required), shall, at the sole cost and expense of Buyer, use reasonable efforts to obtain all governmental approvals necessary to obtain such new alcoholic beverage licenses as soon as
reasonably possible, but in any event not sooner than the Closing Date; and (ii) Buyer shall follow all legal procedures and processes necessary or advisable for Buyer to obtain the new alcoholic beverage licenses. 
 9.2.2 Assumption of Operations Under Private Alcohol Club Permits. If Buyer desires to assume operations under any private alcohol
club permits, then (i) commencing at any time after the Effective Date and continuing until the Closing Date, Buyer and Seller may, at the sole cost and expense of Buyer, use reasonable efforts to obtain all governmental approvals necessary to
transfer the operations under the private alcohol club permits to Buyer as soon as reasonable possible, but in any event not sooner than the Closing Date; and (ii) Seller and Buyer shall follow all legal procedures and processes necessary or
advisable to accomplish the transfer of operations under the private alcohol club permits to Buyer. Seller shall cause the current officers and directors of said private alcohol clubs to resign such positions effective as of Closing Date, unless
such officers and directors wish to continue such positions subsequent to the Closing Date and Buyer approves of same. 
  

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 9.2.3 No Effect on Agreement. Buyer acknowledges and agrees that the Purchase
Price shall not be reduced, and Buyer shall not otherwise be entitled to any compensation, in the event any or all new alcoholic beverage licenses are not obtained by Buyer. Buyer’s purchase of the Property is not contingent upon Buyer’s
obtaining any new alcoholic beverage licenses. Buyer expressly waives any right of rescission which might otherwise exist if Buyer is unable to obtain any or all alcoholic beverage licenses. 
 9.2.4 Interim Liquor Management Agreement. Without limiting or otherwise affecting the provisions of this Section 9.2,
if Buyer has not obtained new liquor licenses with respect to the Golf Clubs by the Closing, and if permitted under applicable law, then, so long as Buyer notifies Seller in writing at least seven (7) Business Days before the Closing that Buyer
elects to enter into the same with Seller, Seller and Buyer shall execute and deliver, at the Closing, an interim management agreement (each, an “Interim Liquor Management Agreement”) with respect to the applicable Golf Club in form
and content reasonably acceptable to Seller to allow Buyer to operate the alcoholic beverage operations at the applicable Golf Clubs utilizing the same liquor licenses which Seller currently utilizes. The term of the Interim Liquor Management
Agreement shall be from the Closing Date through the earlier of the date which is ninety (90) days thereafter, or the date Buyer obtains its own liquor license for the applicable Golf Clubs. Under the Interim Liquor Management Agreement, among
other things, (i) Buyer shall name Seller as an additional insured on Buyer’s commercial general liability insurance policy (which policy must contain a liquor service endorsement); (ii) Buyer and Seller shall use reasonable efforts
to maintain in full force and effect, and if necessary renew, each applicable liquor license during the term of the Interim Liquor Management Agreement; and (iii) Buyer shall protect, defend, indemnify and hold harmless Seller from and against
any and all Claims arising out of or in connection with the alcoholic beverage operations at the Golf Courses after the Closing. 
 ARTICLE
10 - CLOSING AND CONDITIONS 
 Section 10.1 Escrow Instructions. Upon execution of this Agreement, the parties hereto shall
deposit an executed counterpart of this Agreement with the Title Company, and this Agreement shall serve as escrow instructions to the Title Company as the escrow holder for consummation of the purchase and sale contemplated hereby. Seller and Buyer
agree to execute such reasonable additional and supplementary escrow instructions as may be appropriate to enable the Title Company to comply with the terms of this Agreement; provided, however, that in the event of any conflict between the
provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control. 
 Section 10.2
Closing. Subject to the terms of Section 4.10 with regard to Material Consents, the closing hereunder (“Closing”) shall be held and delivery of all items to be made at the Closing under the terms of this Agreement shall be
made through escrow at Escrow Agent’s office on the date that is five (5) days after the last day of the Due Diligence Period but not later than November 16, 2006 (if such day is a business day, or if not a business day, on the first
day following such 5th day which is a business day), or such other date and time as Buyer and Seller may mutually agree upon in writing (the “Closing Date”). If the Closing Date is extended as 

  

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provided in Section 4.10, then the term Closing Date as used in this Agreement shall be such extended date. The Closing Date may not be extended without
the prior written approval of both Seller and Buyer. Subject to Seller’s delivery of the documents set forth in Section 10.3 into escrow with the Escrow Agent, no later than 10:00 a.m. Central Time on the Closing Date, Buyer shall
deposit in escrow with the Escrow Agent the Purchase Price (subject to adjustments described in Section 10.6), together with all other costs and amounts to be paid by Buyer at the Closing pursuant to the terms of this Agreement, by
Federal Reserve wire transfer of immediately available funds to an account to be designated by the Escrow Agent. Subject to Seller’s delivery of the documents set forth in Section 10.3 into escrow with the Escrow Agent, no later
than 11:00 a.m. Central Standard Time on the Closing Date, Buyer will cause the Escrow Agent to (i) pay to Seller by Federal Reserve wire transfer of immediately available funds to an account designated by Seller, the Purchase Price (subject to
adjustments described in Section 10.5), less any costs or other amounts to be paid by Seller at Closing pursuant to the terms of this Agreement, and (ii) pay all appropriate payees the other costs and amounts to be paid by Buyer at
Closing pursuant to the terms of this Agreement and Seller will direct the Escrow Agent to pay to the appropriate payees out of the proceeds of Closing payable to Seller, all costs and amounts to be paid by Seller at Closing pursuant to the terms of
this Agreement. 
 Section 10.3 Seller’s Closing Documents and Other Items. At or before Closing, Seller shall deposit into
escrow the following items: 
 10.3.1 Special Warranty Deeds in the form attached hereto as Exhibit D
covering the Canyon Real Property, the Cinco Real Property, the Fossil Real Property and the Plantation Real Property (the “Deeds”) duly executed by Canyon Owner, Cinco Owner, Fossil Owner and Plantation Owner, as applicable;

 10.3.2 Two (2) original counterparts of an assignment and assumption of concession agreement with respect to
the Clear Creek Concession Agreement in the form attached hereto as Exhibit E (the “Assignment and Assumption of Concession Agreement”); 
 10.3.3 Two (2) original counterparts of Bill of Sale and Assignment Agreements with respect to (i) the transfer of the
Canyon Personal Property, the Cinco Personal Property, the Fossil Personal Property, the Plantation Personal Property and the Clear Personal Property each in the form attached hereto as Exhibit F (collectively, the Bill of Sale and
Assignment Agreements”) duly executed by Canyon Lessee, Cinco Lessee, Fossil Lessee, Plantation Lessee and Clear Lessee, as applicable; provided, however, for purposes of the Bill of Sale and Assignment Agreements, the Personal Property
shall not include the Contracts, the Warranties and Guaranties and the Licenses and Permits which all shall be assigned by separate documents; 
 10.3.4 Two (2) original counterparts of assignments and assumptions with respect to the Canyon Contracts, the Cinco Contracts, the Fossil Contracts, the Plantation Contracts, and the Clear Contracts
(collectively, the “Assignments and Assumptions of Contracts”) each in the form attached hereto as Exhibit G duly executed by Canyon Lessee, Cinco Lessee, Fossil Lessee, Plantation Lessee and the Clear Lessee, as
applicable; 
  

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 10.3.5 Two (2) original counterparts of assignments and assumptions with
respect to the Canyon Water Documents, the Canyon Effluent Discharge Rights, the Cinco Water Documents, the Cinco Effluent Discharge Rights, the Fossil Water Documents, the Fossil Effluent Discharge Rights, the Plantation Water Documents, the
Plantation Effluent Discharge Rights, the Clear Water Documents and the Clear Effluent Discharge Rights, (collectively, the “Assignments of Water Documents”) each in the form attached hereto as Exhibit H, duly executed
by Canyon Owner, Cinco Owner, Fossil Owner, Plantation Owner and Clear Owner or the Lessees, as applicable; 
 10.3.6
Two (2) original counterparts of assignments and assumptions with respect to the Canyon warranties and guaranties and Canyon Licenses and Permits, the Cinco warranties and guaranties and Cinco Licenses and Permits, the Fossil warranties and
guaranties and Fossil Licenses and Permits, the Plantation warranties and guaranties and Plantation Licenses and Permits, and the Clear warranties and guaranties and Clear Licenses and Permits (collectively, the “Assignments and Assumptions
of Warranties and Guaranties, and Licenses and Permits”) each in the form attached hereto as Exhibit I, duly executed by Canyon Owner, Cinco Owner, Fossil Owner, Plantation Owner and Clear Owner; 
 10.3.7 Two (2) duly executed counterparts of the Seller’s Certificate regarding representations and warranties to be
provided pursuant to Section 7.1 hereof; 
 10.3.8 Affidavits pursuant to Section l445(b)(2) of the Code,
and on which Buyer is entitled to rely, executed by each of Seller stating that each Seller respectively is not a “foreign person” within the meaning of Section l445(f)(3) of the Code; 
 10.3.9 If applicable, duly completed and signed real estate transfer tax declarations; 
 10.3.10 Two (2) duly executed counterparts of the Closing Statements; and 
 10.3.11 Such other documents as may be reasonably required by the Title Company or as may be agreed upon by Seller and Buyer to
consummate the purchase of the Property as contemplated by this Agreement. 
 Section 10.4 Buyer’s Closing Documents and Other
Items. At or before Closing, Buyer shall deposit into escrow the following items: 
 10.4.1 The balance of the
Purchase Price and such additional funds as are necessary to close this transaction; 
 10.4.2 Two (2) executed
counterparts of the Assignment and Assumption of Concession Agreement; 
  

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 10.4.3 Two (2) executed counterparts of the Assignments and Assumptions of
Contracts; 
 10.4.4 Two (2) executed counterparts of the Assignments of Water Documents; 
 10.4.5 Two (2) executed counterparts of the Assignments and Assumption of Warranties and Guaranties and Licenses and Permits;

 10.4.6 Documentation to establish to Seller’s reasonable satisfaction the due authority of Buyer’s
acquisition of the Property and Buyer’s delivery of the documents required to be delivered by Buyer pursuant to this Agreement including, but not limited to, the organizational documents of Buyer, as they may have been amended from time to
time, resolutions of Buyer and incumbency certificates of Buyer; 
 10.4.7 Two (2) duly executed counterparts of
the Closing Statements; and 
 10.4.8 Such other documents as may be reasonably required by the Title Company or as may
be agreed upon by Seller and Buyer to consummate the purchase of the Property as contemplated by this Agreement. 
 Section 10.5 -
Actions at Closing. On the Closing Date, Escrow Holder shall do the following: 
 10.5.1 Cause each of the Deeds
(and such other documents as are customarily filed for record) to be recorded in the real estate records of the county in which the real property which is the subject of the applicable Deed is located; 
 10.5.2 Deliver to Buyer (i) a fully executed original (in counterparts, if applicable) of the Assignment and Assumption of
Concession Agreement, the Bill of Sale and Assignment Agreements, the Assignments and Assumptions of Contracts, the Assignments of Water Documents, the Assignments and Assumptions of Warranties and Guaranties and Licenses and Permits, and the other
documents required to be delivered by Seller to Escrow Holder pursuant to Section 10.3 (other than the Deeds), (ii) the Title Policy in accordance with Section 5.3, (iii) the final Closing Statements, and
(iv) conformed copies of the recorded documents (including the Deeds); 
 10.5.3 Deliver to Seller (i) the
Purchase Price (less any prorations and costs to be paid by Seller pursuant to Sections 10.6), (ii) fully executed originals (in counterparts) of each Assignment and Assumption of Concession Agreement, Bill of Sale and Assignment
Agreements, Assignments and Assumptions of Contracts, Assignments of Water Documents and Assignments and Assumptions of Warranties and Guaranties and Licenses and Permits, (iii) a final closing statement, and (iv) conformed copies of the
recorded documents (including the Deeds). 
  

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 Section 10.6 Prorations and Closing Costs. 
 10.6.1 Seller and Buyer agree to adjust, as of 11:59 p.m. on the day immediately preceding the Closing Date (the “Proration
Time”), for the proration items listed in this Section 10.6 (collectively, the “Proration Items”): 
 (a) All taxes and assessments on the Property for all prior years and all current year taxes and assessments that are due and payable on or before the Closing shall have been paid by Seller on or before the Closing,
subject to proration with Buyer to be responsible for taxes and assessments relating to the period after the Proration Time. Accrued but not yet payable general real estate, personal property and ad valorem taxes and assessments for the current year
only shall be prorated on the basis of the most recent available information, as adjusted by any known charges relating to the period during which the Closing occurs. 
 (b) All charges for gas, electricity, water, telephone, sewer and other utilities shall be prorated as of the Proration Time, based on
meter reading (if available) taken on the day prior to Closing, or on the basis of the most recent available information, as reasonably adjusted to account for known variances from usage that would not otherwise be reflected in such information.
Buyer shall transfer all utilities to its own name or Premier’s name on the Closing Date. Seller shall reasonably cooperate with Buyer to transfer the utilities into Buyer’s or Premier’s name in connection with the Closing.

 (c) Any income or expense items under the Contracts shall be prorated as of the Proration Time. 
 (d) All periodic membership dues or other periodic membership charges (other than membership initiation fees, which shall not be prorated)
that have been collected by Seller shall be prorated as of the Proration Time. 
 (e) Buyer shall receive a credit to the
Purchase Price in the amount of all deposits for Bookings to take place on or after the Closing. 
 (f) Buyer shall receive a
credit to the Purchase Price for fifty percent (50%) for all merchandise gift certificates and rain checks redeemable at the Golf Club and sold or issued before the Closing but neither redeemed nor expired as of the Closing. 
 (g) Buyer shall pay to Seller at Closing an amount for Seller’s Receivables as provided below (the “Seller’s Receivables
Amount”). Seller’s Receivables which are sixty (60) days or less old from the initial billing date shall be paid at one hundred percent (100%). Seller’s Receivables which are more than sixty (60) days but less than one
hundred twenty (120) days old from the initial billing date shall be paid at fifty percent (50%). Seller’s Receivables which are one hundred twenty (120) days old or greater shall be paid at zero percent (0%). The term
“Seller’s Receivables” means: (1) delinquent or uncollected membership dues and charges or fees, golf cart fees, handicap fees, driving range fees, golf club storage fees, locker 

  

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fees and trail fees with respect to the Golf Clubs as of the Proration Time; (2) unpaid amounts with respect to tournaments, banquets, meetings and
other functions held at the Golf Clubs prior to the Proration Time; and (3) any other receivables of Seller with respect to the Golf Clubs which, as of the Proration Time, are payable or past due. 
 (h) Buyer shall pay to Seller an amount equal to Seller’s cost for the Goods and Inventory. 
 (i) Any other items of income or expense with respect to the Property shall be prorated as of the Proration Time. Without limiting the
generality of the preceding sentence, (i) accounts receivable that represent billings for goods and services to be rendered after the Proration Time shall be for the account of Buyer, (ii) pre-paid expense which are intended to benefit to
the Property after the Proration Time shall be borne by Buyer, and (iii) refunds to the extent relating to the period on or prior to the Proration Time shall be for the account of Seller. 
 10.6.2 Seller will be charged and credited for the amounts of all of the Proration Items relating to the period up to and including
the Proration Time, and Buyer will be charged and credited for all of the Proration Items relating to the period after the Proration Time. Preliminary estimated Closing prorations shall be set forth on preliminary closing statements to be prepared
by Seller and submitted to Buyer for Buyer’s approval prior to the Closing Date (the “Closing Statements”). The Closing Statements, once agreed upon, shall be signed by Buyer and Seller and delivered to the Escrow Agent for
purposes of making the preliminary proration adjustment at Closing subject to the final cash settlement provided for below. The preliminary proration shall be paid at Closing by Buyer to Seller (if the preliminary prorations result in a net credit
to Seller) or by Seller to Buyer (if the preliminary prorations result in a net credit to Buyer) by increasing or reducing the cash to be delivered by Buyer in payment of the Purchase Price at the Closing. If the actual amounts of the Proration
Items are not known as of the Proration Time, the prorations will be made at Closing on the basis of the best evidence then available; thereafter, when actual figures are received (not to exceed 60 days after closing), re-prorations will be made on
the basis of the actual figures, and a final cash settlement will be made between Seller and Buyer. No prorations will be made in relation to insurance premiums, and Seller’s insurance policies will not be assigned to Buyer. Final readings and
final billings for utilities will be made if possible as of the Proration Time, in which event no proration will be made at Closing with respect to utility bills. Seller will be entitled to all deposits presently in effect with the utility
providers, and Buyer will be obligated to make its own arrangements for deposits with the utility providers. For purposes of calculation prorations, Buyer shall be entitled to the income from the Property and responsible for the expenses of the
Property, for the entire day upon which the Closing occurs. All such prorations shall be made on the basis of the actual number of days of the month which shall have elapsed as of the Proration Time and based upon a three hundred sixty-five
(365) day year. Except as set forth in this Section 10.6.1, all items of income and expense for the period prior to the Closing Date will be for the account of Seller, and all items of income and expense for the period on and after
the Closing Date will be for the account of Buyer, all as determined by the accrual method of accounting. The provisions of this Section 10.6.2 will survive the Closing for a period of twelve (12) months. 
  

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 10.6.3 Seller shall pay (a) the cost of releasing or reconveying any mortgage
or deed of trust encumbering the Property for any portion of Seller’s debt not assumed by Buyer, (b) one-half of the Escrow Agent’s escrow fee and (c) any additional costs and charges customarily charged to sellers in accordance
with common escrow practices in Dallas County, Texas, other than those costs and charges specifically required to be paid by Buyer hereunder. Buyer shall pay (a) one-half of the Escrow Agent’s escrow fee, (b) all of the costs
associated with the issuance of the Title Commitment and Title Policy, including the costs of any endorsements Buyer may require in accordance with Section 5.3, (c) the recording fees required in connection with the transfer of the
Property to Buyer, and (d) any additional costs and charges customarily charged to buyers in accordance with common escrow practices in Dallas County, Texas, other than those costs and charges specifically required to be paid by Seller
hereunder. In addition to the foregoing, Buyer shall be responsible for any costs of updating the Existing Surveys or otherwise conforming the Existing Surveys to the requirements for issuance of the Title Policy or for any new survey that may be
required for issuance of the Title Policy. 
 Section 10.7 Broker. Buyer hereby represents and warrants to Seller that it did not
employ or use any broker or finder to arrange or bring about this transaction, and that there are no claims or rights for brokerage commissions or finder’s fees in connection with the transactions contemplated by this Agreement, other than the
commission (“Broker’s Commission”) required to be paid by Seller to Broker pursuant to a separate agreement between Seller and Broker. Seller hereby represents and warrants to Buyer that Seller has not employed any broker with
respect to this transaction, other than Broker, and Seller shall only pay the Broker’s Commission. If any person brings a claim for a commission or finder’s fee based upon any contact, dealings, or communication with Buyer in connection
with the transactions contemplated by this Agreement, other than Broker, then Buyer shall defend Seller from such claim, and shall indemnify Seller and hold Seller harmless from any and all costs, damages, claims, liabilities, or expenses
(including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Seller with respect to the claim. The provisions of this Section 10.7 shall survive the Closing or, if the purchase and sale is not
consummated, any termination of this Agreement and shall not be subject to the six (6) month limitation set forth in Section 7.2. 
 Section 10.8 Expenses. Except as provided in Sections 10.6 and 10.7, each party hereto shall pay its own expenses incurred in connection with this Agreement and the transactions contemplated hereby, including, without
limitation, in the case of Buyer, all third-party engineering and environmental review costs and all other Due Diligence costs. 
 Section 10.9 Estoppel Certificate. Seller shall use commercially reasonable efforts to assist Buyer, at no cost to Seller, in obtaining estoppel certificates from any third-party (the “Third-Party Estoppels”).
The obtaining of a Third-Party Estoppel shall not in any event be a condition to the Closing. 
  

 - 53 - 

 ARTICLE 11 – MISCELLANEOUS 
 Section 11.1 Amendment and Modification. Subject to applicable law, this Agreement may be amended, modified, or supplemented only by a
written agreement signed by Buyer and Seller. 
 Section 11.2 Risk of Loss and Insurance Proceeds. 
 11.2.1 Minor Loss. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof,
without regard to the occurrence or effect of any damage to the Property or destruction of any improvements thereon or condemnation of any portion of the Property, provided that: (a) the cost to repair any such damage or destruction, or the
diminution in the value of the remaining Property as a result of a partial condemnation, is equal to less than ten percent (10%) of the Purchase Price on an aggregate basis and on an individual Golf Club basis is equal to or less than twenty
percent (20%) of the portion of the Purchase Price allocated to the affected Golf Club as shown on Schedule 11.2.1 attached hereto, and (b) upon the Closing, there shall be a credit against the Purchase Price due hereunder
equal to the amount of any insurance proceeds or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by Seller toward the
restoration or repair of the Property or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been collected as of the Closing, then such proceeds or awards shall be assigned to Buyer, except to the extent
needed to reimburse Seller for sums paid to third parties prior to the Closing to repair or restore the Property or for sums reasonably paid to third parties to collect any such proceeds or awards. 
 11.2.2 Major Loss. If the amount of the damage or destruction or condemnation as specified above exceeds ten percent (10%) of
the Purchase Price on an aggregate basis or on an individual Golf Club basis twenty percent (20%) of the portion of the Purchase Price allocated to the affected Golf Club as shown on Schedule 11.2.2 attached hereto, then Buyer may
at its option, to be exercised by written notice to Seller within ten (10) business days of Seller’s notice of the occurrence of the damage or destruction or the commencement of condemnation proceedings, terminate this Agreement.
Buyer’s failure to elect to terminate this Agreement within said ten business day period shall be deemed an election by Buyer to consummate this purchase and sale transaction. If Buyer elects to terminate this Agreement within such ten business
day period, the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. If Buyer elects or is deemed to have elected to proceed
with the purchase, then upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds or condemnation awards collected by Seller as a result of any such damage or destruction or
condemnation, plus the amount of any insurance deductible, less any sums expended by Seller toward the restoration or repair of the Property or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been
collected as of the Closing, then (i) such proceeds or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums paid to third parties prior to the 
  

 - 54 - 

 
Closing to repair or restore the Property or for sums reasonably paid to third parties to collect any such proceeds or awards, and (ii) the Purchase
Price shall be credited by the amount of any applicable finance deductible. 
 Section 11.3 Notices. All notices required or
permitted hereunder shall be in writing and shall be served on the parties at the following address: 
  

			
	If to Seller:	 	 c/o Westbrook Real Estate Partners, L.L.C.
 13155 Noel
Road
 Suite 700
 Dallas, Texas 75240
 Attn:     Patrick K. Fox, Esq.
               David Hanan
 Facsimile: (972) 934-8333

		
	and to:	 	 c/o Evergreen Alliance Golf Limited, L.P.
 4851 LBJ
Freeway, Suite 600
 Dallas, Texas 75244
 Attn:     Joe R. Munsch
               Lynn Marie Mallery,
Esq.
               Barry Richards
 Facsimile: (214) 722-6052

		
	and to:	 	 Addison Law Firm
 14901 Quorum Drive, Suite
650
 Dallas, Texas 75254
 Attn:     Matthew
C. Martin, Esq.
               Dallas Addison, Esq.
 Facsimile: (972) 960-7719

		
	If to Buyer:	 	 CNL INCOME PARTNERS, LP
 450 South Orange Avenue,
5th Floor
 Orlando,
Florida 32802
 Attention: Tammie A. Quinlan, Chief Financial Officer
 Attention: Amy Sinelli, Vice President and
 Corporate Counsel Facsimile: 407-540-2544

		
	with Copies to:	 	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
 215
N. Eola Drive
 Orlando, Florida 32802
 Attention: William T.
Dymond, Esq.
 Facsimile: 407-843-4444

  

 - 55 - 

			
	If to Escrow Agent:	  	 The Talon Group, a division of
 First American Title
Insurance Company
 111 N. Orange Avenue, Suite 1285
 Orlando,
Florida 32901
 Attn: Michael Moore, Esq.
 Facsimile:
888-216-9941

 Any such notices may be sent by (a) certified mail, return receipt requested, in which case
notice shall be deemed delivered five (5) business days after deposit, postage prepaid in the U.S. mail, (b) a nationally recognized overnight courier, in which case notice shall be deemed delivered one (1) business day after deposit
for next business day delivery with such courier, or (c) facsimile transmission, in which case notice shall be deemed delivered upon electronic verification that transmission to recipient was completed. The above addresses and facsimile numbers
may be changed by written notice to the other party; provided that no notice of a change of address or facsimile number shall be effective until actual receipt of such notice. Copies of notices are for informational purposes only, and a failure to
give or receive copies of any notice shall not be deemed a failure to give notice. 
 Section 11.4 Assignment. Buyer and Seller
shall not have the right to assign this Agreement, without the prior written consent of the other party. Notwithstanding the foregoing, Buyer and Seller may each assign (a) their interests herein to an Affiliate of such assigning party and
(b) their rights (but not obligations) herein to any party which is not an Affiliate for the purposes of effectuating an exchange of properties under Section 1031 of the Code, provided that any such assignment does not relieve the
assigning party of its obligations hereunder. This Agreement will be binding upon and inure to the benefit of Seller and Buyer and their respective successors and permitted assigns, and no other party will be conferred any rights by virtue of this
Agreement or be entitled to enforce any of the provisions hereof. Whenever a reference is made in this Agreement to Seller or Buyer, such reference will include the successors and permitted assigns of such party under this Agreement. 
 Section 11.5 Governing Law and Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF TEXAS, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION ARISING OUT OF THIS AGREEMENT MUST BE COMMENCED BY BUYER OR SELLER IN THE STATE COURTS OF THE STATE OF TEXAS AND EACH PARTY HEREBY CONSENTS TO
THE JURISDICTION OF THE ABOVE COURT IN ANY SUCH ACTION AND TO THE LAYING OF VENUE IN THE STATE OF TEXAS. ANY PROCESS IN ANY SUCH ACTION SHALL BE DULY SERVED IF MAILED BY REGISTERED MAIL, POSTAGE PREPAID, TO THE PARTIES AT THEIR RESPECTIVE ADDRESS
DESCRIBED IN SECTION 11.3 HEREOF. 
 Section 11.6 Counterparts. This Agreement may be executed in two or more fully or
partially executed counterparts, each of which will be deemed an original binding the signer thereof against the other signing parties, but all counterparts together will constitute one and the same instrument. 
  

 - 56 - 

 Section 11.7 Entire Agreement. This Agreement and any other document to be furnished pursuant
to the provisions hereof embody the entire agreement and understanding of the parties hereto as to the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants, or undertakings other than those
expressly set forth or referred to in such documents. This Agreement and such documents supersede all prior agreements and understandings among the parties with respect to the subject matter hereof. 
 Section 11.8 Severability. Any term or provision of this Agreement that is invalid or unenforceable in any jurisdiction will, as to such
jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement, or affecting the validity or enforceability of any of the terms or
provisions of this Agreement and the parties further hereby agree that any terms of this Agreement held unenforceable shall be automatically revised to terms which the court has found to be enforceable; provided, however, that such revision may not
in any event deprive any party of a material benefit of this Agreement. Any such unenforceable term or provision determined by any one jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 11.9 Attorney Fees. If any action is brought by any party to this Agreement to enforce or interpret its terms or provisions, the
substantially prevailing Party will be entitled to reasonable attorney fees and costs incurred in connection with such action prior to and at trial and on any appeal therefrom. 
 Section 11.10 Payment of Fees and Expenses. Each party to this Agreement will be responsible for, and will pay, all of its own fees and
expenses, including those of its counsel and accountants, incurred in the negotiation, preparation, and consummation of this Agreement and the transaction contemplated hereunder. 
 Section 11.11 Confidential Information. The parties acknowledge that the transaction described herein is of a confidential nature and shall
not be disclosed except to Permitted Outside Parties or as required by law. No party shall make any public disclosure of the specific terms of this Agreement or press release or similar public announcement or communication (unless specifically
approved in advance in writing by both Buyer and Seller), except as required by law (including SEC regulations and NYSE requirements). In connection with the negotiation of this Agreement and the preparation for the consummation of the transactions
contemplated hereby, each party acknowledges that it will have access to confidential information relating to the other party. Each party shall treat such information as confidential, preserve the confidentiality thereof, and not duplicate or use
such information, except to Permitted Outside Parties in connection with the transactions contemplated hereby. In the event of the termination of this Agreement for any reason whatsoever, Buyer shall return to Seller, all documents, work papers,
engineering and environmental studies and reports and all other materials (including all copies thereof obtained from Seller in connection with the transactions contemplated hereby), and each party shall use its best efforts, including instructing
its employees and others who have had access to such information, to keep confidential and not to use any such information. Except as required by applicable law, neither party shall issue any press release or make any statement to the media without
the other party’s consent, which consent shall not be unreasonably withheld. The provisions of this Section 11.11 shall survive the Closing or, if the purchase and sale is not consummated, any termination of this Agreement.

  

 - 57 - 

 Section 11.12 No Joint Venture. Nothing set forth in this Agreement shall be construed to
create a joint venture between Buyer and Seller. 
 Section 11.13 Waiver of Jury Trial. Each party to this Agreement hereby
expressly waives any right to trial by jury of any claim, demand, action or cause of action (each, an “Action”) (a) arising out of this Agreement, including any present or future amendment thereof or (b) in any way connected with
or related or incidental to the dealings of the parties or any of them with respect to this Agreement (as hereafter amended) or any other instrument, document or agreement executed or delivered in connection herewith, or the transactions related
hereto or thereto, in each case whether such Action is now existing or hereafter arising, and whether sounding in contract or tort or otherwise and regardless of which party asserts such Action; and each party hereby agrees and consents that any
such Action shall be decided by court trial without a jury, and that any party to this Agreement may file an original counterpart or a copy of this Section 11.13 with any court as written evidence of the consent of the parties to the
waiver of any right they might otherwise have to trial by jury. 
 Section 11.14 Limited Liability. Neither the members,
managers, employees or agents of Seller, nor the shareholders, officers, directors, employees or agents of any of them shall be liable under this Agreement and all parties hereto shall look solely to the assets of Seller and the Deposit for the
payment of any claim or the performance of any obligation by Seller. Neither the members, managers, employees or agents of Buyer, nor the shareholders, officers, directors, employees or agents of any of them shall be liable under this Agreement and
all parties hereto shall look solely to the assets of Buyer and the Deposit for the payment of any claim or the performance of any obligation by Buyer. 
 Section 11.15 Time of Essence. Time is of the essence of this Agreement. 
 Section 11.16
No Waiver. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, nor shall a waiver in any
instance constitute a waiver in any subsequent instance. No waiver shall be binding unless executed in writing by the party making the waiver. 
 Section 11.17 No Recordation. Seller and Buyer hereby acknowledge that neither this Agreement nor any memorandum or affidavit thereof shall be recorded with the county recorder of the applicable Texas counties where the Land is
located, or anywhere else. Should Buyer ever record or attempt to record this Agreement, or a memorandum or affidavit thereof, or any other similar document, then, notwithstanding anything herein to the contrary, said recordation or attempt at
recordation shall constitute a default by Buyer hereunder, and, in addition to the other remedies provided for herein, Seller shall have the express right to terminate this Agreement by filing a notice of said termination in the proper place for
said filing. 
 Section 11.18 Tax Disclosures. Notwithstanding anything in this Agreement to the contrary, in accordance with
Section 1.6011-4(b)(3)(iii) of the Treasury Regulations, Buyer and Seller (and each employee, representative, or other agent of Buyer and Seller) may disclose to any and all persons, without limitation of any kind, the tax treatment and
tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to Buyer or Seller relating to such tax treatment and tax structure. However, any information
relating to tax treatment or tax structure shall remain subject to the confidentiality provisions hereof (and the foregoing sentence shall not apply) to the extent, but only to the extent, reasonably necessary to enable Buyer and Seller to comply
with applicable securities laws. For purposes hereof, “tax structure” means any fact that may be relevant to understanding the federal income tax treatment of the transaction. 
  

 - 58 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first above written. 
  

							
	SELLER:	 	 FUND IV EAGL CANYON SPRINGS, L.P.,
 a
Delaware limited partnership

			
		 	By:	 	 Fund IV EAGL Owner GP Corporation,
 its
general partner

				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President
		
		 	 EAGL FUND IV CANYON SPRINGS LESSEE, L.P.,
 a Delaware limited partnership

			
		 	By:	 	 EAGL Fund IV Lessee GP, Inc.,
 its general
partner

				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President
		
		 	 FUND IV EAGL CINCO RANCH, L.P.,
 a
Delaware limited partnership

			
		 	By:	 	 Fund IV EAGL Owner GP Corporation,
 its
general partner

				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President
		
		 	 EAGL FUND IV CINCO RANCH LESSEE, L.P.,
 a
Delaware limited partnership

			
		 	By:	 	 EAGL Fund IV Lessee GP, Inc.,
 its general
partner

				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President

  

 - 59 - 

					
	 FUND IV EAGL CLEAR CREEK, L.P.,
 a Delaware
limited partnership

		
	By:	 	 Fund IV EAGL Owner GP Corporation,
 its
general partner

			
		 	By:	 	 /s/ Patrick K. Fox

		 	Name:	 	Patrick K. Fox
		 	Title:	 	Vice President
	
	 EAGL FUND IV CLEAR CREEK LESSEE, L.P.,
 a
Delaware limited partnership

		
	By:	 	 EAGL Fund IV Lessee GP, Inc.,
 its general
partner

			
		 	By:	 	 /s/ Patrick K. Fox

		 	Name:	 	Patrick K. Fox
		 	Title:	 	Vice President
	
	 FUND IV EAGL PLANTATION RESORT, L.P.,
 a
Delaware limited partnership

		
	By:	 	 Fund IV EAGL Owner GP Corporation,
 its
general partner

			
		 	By:	 	 /s/ Patrick K. Fox

		 	Name:	 	Patrick K. Fox
		 	Title:	 	Vice President
	
	 EAGL FUND IV PLANTATION RESORT LESSEE, L.P.,
 a Delaware limited partnership

		
	By:	 	 EAGL Fund IV Lessee GP, Inc.,
 its general
partner

			
		 	By:	 	 /s/ Patrick K. Fox

		 	Name:	 	Patrick K. Fox
		 	Title:	 	Vice President

  

 - 60 - 

					
	 FUND IV EAGL FOSSIL CREEK, L.P.,
 a Delaware
limited partnership

		
	By:	 	 Fund IV EAGL Owner GP Corporation,
 its
general partner

			
		 	By:	 	 /s/ Patrick K. Fox

		 	Name:	 	Patrick K. Fox
		 	Title:	 	Vice President
	
	 EAGL FUND IV FOSSIL CREEK LESSEE, L.P.,
 a
Delaware limited partnership

		
	By:	 	 EAGL Fund IV Lessee GP, Inc.,
 its general
partner

			
		 	By:	 	 /s/ Patrick K. Fox

		 	Name:	 	Patrick K. Fox
		 	Title:	 	Vice President

  

 - 61 - 

					
	BUYER:	 	 CNL INCOME PARTNERS, LP,
 a Delaware limited
partnership

			
		 	By:	 	 CNL Income GP Corp.,
 its general
partner

			
		 	By:	 	 /s/ Tammie A. Quinlan

		 	Name:	 	Tammie A. Quinlan
		 	Title:	 	Executive Vice President

 ESCROW AGENT: 
 The Escrow Agent is executing this Agreement to evidence its agreement to hold the Deposit and act as escrow agent in accordance with the terms and conditions of this Agreement. 
  

			
	THE TALON GROUP, A DIVISION OF FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 - 62 - 

 EXHIBITS TO AGREEMENT OF SALE AND PURCHASE 
 BETWEEN 
 FUND IV EAGL CANYON
SPRINGS, L.P., 
 EAGL FUND IV CANYON SPRINGS LESSEE, L.P., 
 FUND IV EAGL CINCO RANCH, L.P., 
 EAGL FUND IV CINCO RANCH LESSEE, L.P.,

 FUND IV EAGL FOSSIL CREEK, L.P., 
 EAGL FUND IV FOSSIL CREEK LESSEE, L.P., 
 FUND IV EAGL PLANTATION RESORT, L.P., 
 EAGL FUND IV PLANTATION RESORT LESSEE, L.P., 
 FUND IV EAGL CLEAR CREEK, L.P., 
 EAGL FUND IV CLEAR CREEK LESSEE, L.P., 
 (collectively “Seller”) 
 and

 CNL INCOME PARTNERS, LP 
 (“Buyer”) 
 EXHIBITS 
  

			
	 CANYON LAND
	  	A-1
	 CINCO LAND
	  	A-2
	 FOSSIL LAND
	  	A-3
	 PLANTATION LAND
	  	A-4
	 CLEAR LAND
	  	A-5
	 CANYON PERSONAL PROPERTY
	  	B-1
	 CINCO PERSONAL PROPERTY
	  	B-2
	 FOSSIL PERSONAL PROPERTY
	  	B-3
	 PLANTATION PERSONAL PROPERTY
	  	B-4
	 CLEAR PERSONAL PROPERTY
	  	B-5
	 EXISTING SURVEYS
	  	C
	 DEED FORM
	  	D
	 ASSIGNMENT OF CONCESSION AGREEMENT FORM
	  	E
	 BILL OF SALE AND ASSIGNMENT AGREEMENT FORM
	  	F
	 ASSIGNMENT OF APPROVED CONTRACTS FORM
	  	G
	 ASSIGNMENT OF WATER DOCUMENTS FORM
	  	H
	 ASSIGNMENT OF WARRANTIES AND GUARANTIES AND LICENSES AND PERMITS FORM
	  	I

  

 SCHEDULES 
  

			
	 CANYON CONTRACTS
	  	1.1.58(a)
	 ADVANCE BOOKINGS AT THE CANYON SPRINGS GOLF CLUB
	  	1.1.58(a)(i)
	 CINCO CONTRACTS
	  	1.1.58(b)
	 ADVANCE BOOKINGS AT THE CINCO RANCH GOLF CLUB
	  	1.1.58(b)(i)
	 FOSSIL CONTRACTS
	  	1.1.58(c)
	 ADVANCE BOOKINGS AT THE FOSSIL CREEK GOLF CLUB
	  	1.1.58(c)(i)
	 PLANTATION CONTRACTS
	  	1.1.58(d)
	 ADVANCE BOOKINGS AT THE PLANTATION GOLF CLUB
	  	1.1.58(d)(i)
	 CLEAR CONTRACTS
	  	1.1.58(e)
	 ADVANCE BOOKINGS AT THE CLEAR CREEK GOLF CLUB
	  	1.1.58(e)(i)
	 GOLF PLAY AGREEMENTS
	  	1.1.58(f)
	 EXCLUDED PROPERTY
	  	1.1.71
	 CLEAR CREEK CONCESSION AGREEMENT
	  	2.5.1
	 WIRE TRANSFER
	  	4.1
	 LICENSES AND PERMITS
	  	4.2(a)
	 LIQUOR LICENSES
	  	4.2(b)
	 EXCLUDED PROPERTY RECORDS
	  	4.4
	 CONSENTS
	  	4.10
	 LITIGATION
	  	7.1(d)
	 TAXES
	  	7.1(j)
	 INSURANCE MINOR LOSS
	  	11.2.1
	 INSURANCE MAJOR LOSS
	  	11.2.2

  

 - 2 -Asset Purchase Agreement

 EXHIBIT 10.54 
 Asset Purchase Agreement dated as of November 30, 2006 
 between 
 Marinas-Kentucky, LLC, 
 Crystal-Manasquan, LLC,

 Harborage Marina, LLC, 
 Grand
Lake Marina, Ltd., 
 S.M.B.R. Operations, LLC, 
 S.M.B.R. Realty, LLC, 
 Pier 121 Service Company, Inc., 
 121 Marinas, Ltd., 
 F&F Holdings I, Ltd.,

 F&F Holdings II, Ltd., 
 and
CNL Income Partners, L.P. 

 ASSET PURCHASE AGREEMENT 
 BETWEEN 
 MARINAS-KENTUCKY, LLC, 
 a Kentucky limited liability company 
 CRYSTAL-MANASQUAN, LLC, 
 a New Jersey limited liability company 
 HARBORAGE MARINA, LLC, 
 a Delaware
limited liability company 
 GRAND LAKE MARINA, LTD., 
 a Texas limited partnership 
 S.M.B.R. OPERATIONS, LLC, 
 a Delaware limited liability company 
 S.M.B.R. REALTY, LLC, 
 a Delaware limited liability company 
 PIER 121 SERVICE COMPANY, INC., 
 a Texas corporation 
 121 MARINAS, LTD., 
 a Texas limited
partnership, 
 F&F HOLDINGS I, LTD., 
 a Texas limited partnership, and 
 F&F HOLDINGS II, LTD., 
 a Texas limited partnership 
 (COLLECTIVELY, AS “SELLERS”) 
 AND 
 CNL INCOME PARTNERS, LP, 
 a Delaware limited partnership 
 (AS “PURCHASER”) 
 DATED AS OF
NOVEMBER 30, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS	  	3
			
	        1.1	  	Definitions»	  	3
		
	ARTICLE II PURCHASE AND SALE, ASSETS AND LIABILITIES	  	18
			
	        2.1	  	Purchase and Sale	  	18
			
	        2.2	  	Description of the Assets	  	18
			
	        2.3	  	Excluded Assets	  	20
		
	ARTICLE III PURCHASE PRICE	  	21
			
	        3.1	  	Purchase Price.	  	21
			
	        3.2	  	Deposit	  	21
			
	        3.3	  	Payment of Purchase Price	  	23
			
	        3.4	  	Allocation of Purchase Price	  	23
			
	        3.5	  	Purchaser Option Regarding Beaver Creek, Burnside and Harborage Sites.	  	23
		
	ARTICLE IV DUE DILIGENCE AND INSPECTION	  	27
			
	        4.1	  	Right to Inspect.	  	27
			
	        4.2	  	Matters Relating to Title.	  	29
			
	        4.3	  	Environmental Inspections and Reports	  	31
			
	        4.4	  	Contracts	  	33
			
	        4.5	  	Inventory	  	33
			
	        4.6	  	Purchaser’s Election Whether or Not to Proceed	  	33
			
	        4.7	  	Operating Leases	  	34
			
	        4.8	  	Consents and Approvals	  	35
			
	        4.9	  	CNL Mortgage Loan Documents.	  	36

  

 -i- 

					
	ARTICLE V REPRESENTATIONS AND WARRANTIES	  	37
			
	        5.1	  	The Seller’s Representations and Warranties	  	37
			
	        5.2	  	The Purchaser’s Representations and Warranties	  	45
		
	ARTICLE VI COVENANTS	  	46
			
	        6.1	  	Confidentiality	  	46
			
	        6.2	  	Improvements	  	47
			
	        6.3	  	Conduct of the Business	  	47
			
	        6.4	  	Licenses and Permits	  	48
			
	        6.5	  	Tax Contests	  	48
			
	        6.6	  	Notices and Filings	  	48
			
	        6.7	  	Further Assurances	  	48
			
	        6.8	  	Compliance; Property Maintenance	  	49
			
	        6.9	  	Estoppel Certificate	  	49
			
	        6.10	  	Exclusivity	  	50
			
	        6.11	  	Employees	  	50
			
	        6.12	  	Liquor Licenses	  	51
			
	        6.13	  	Audit	  	51
		
	ARTICLE VII CLOSING CONDITIONS	  	51
			
	        7.1	  	Purchaser’s Closing Conditions	  	51
			
	        7.2	  	Failure of Any Purchaser’s Closing Condition	  	53
			
	        7.3	  	Sellers’ Closing Conditions	  	53
			
	        7.4	  	Failure of the Sellers’ Closing Conditions	  	54
		
	ARTICLE VIII CLOSING	  	54
			
	        8.1	  	Closing Date	  	54
			
	        8.2	  	Closing Escrow	  	54
			
	        8.3	  	Sellers’ Closing Deliveries	  	54

  

 -ii- 

					
	        8.4	  	Purchaser’s Deliveries	  	57
			
	        8.5	  	Possession	  	58
		
	ARTICLE IX PRORATIONS AND EXPENSES	  	58
			
	        9.1	  	Closing Statement	  	58
			
	        9.2	  	Prorations	  	59
			
	        9.3	  	Taxes	  	60
			
	        9.4	  	Cash and Utility Deposits	  	60
			
	        9.5	  	Employees	  	60
			
	        9.6	  	Reconciliation and Final Payment	  	60
			
	        9.7	  	Acquisition Costs	  	60
		
	ARTICLE X DEFAULT AND REMEDIES	  	61
			
	        10.1	  	A Seller’s Default	  	61
			
	        10.2	  	Purchaser’s Default	  	62
			
	        10.3	  	Liquidated Damages	  	62
			
	        10.4	  	No Punitive or Consequential Damages	  	62
		
	ARTICLE XI RISK OF LOSS	  	62
			
	        11.1	  	Casualty	  	62
			
	        11.2	  	Condemnation	  	63
			
	        11.3	  	Definition of “Material”	  	63
		
	ARTICLE XII SURVIVAL, INDEMNIFICATION AND RELEASE	  	63
			
	        12.1	  	Survival	  	63
			
	        12.2	  	Indemnification by the Sellers	  	64
			
	        12.3	  	Indemnification by Purchaser	  	64
			
	        12.4	  	Indemnification Procedure; Notice of Indemnification Claim	  	65
			
	        12.5	  	Exclusive Remedy for Indemnification Loss; Interpretation	  	66

  

 -iii- 

					
	ARTICLE XIII MISCELLANEOUS PROVISIONS	  	66
			
	        13.1	  	Notices	  	66
			
	        13.2	  	Time is of the Essence	  	67
			
	        13.3	  	Assignment	  	67
			
	        13.4	  	Successors and Assigns	  	68
			
	        13.5	  	Third Party Beneficiaries	  	68
			
	        13.6	  	Rules of Construction	  	68
			
	        13.7	  	Severability	  	68
			
	        13.8	  	Governing Law	  	69
			
	        13.9	  	Waiver of Trial by Jury	  	69
			
	        13.10	  	Prevailing Party	  	69
			
	        13.11	  	Incorporation of Recitals, Exhibits and Schedules	  	69
			
	        13.12	  	Liability of Interest-Holders in Purchaser, Sellers and Their Respective Affiliates	  	69
			
	        13.13	  	Entire Agreement	  	69
			
	        13.14	  	Amendments, Waivers and Termination of Agreement	  	70
			
	        13.15	  	Execution of Agreement	  	70
			
	        13.16	  	Purchase Option for Option Tracts.	  	70
			
	        13.17	  	Tax Disclosures	  	73
			
	        13.18	  	Green Turtle Bay (Waiver of Conflict)	  	74
			
	        13.19	  	Consolidation of Seller Entities	  	74

  

 -iv- 

 LIST OF EXHIBITS AND SCHEDULES 
 List of Exhibits 
  

			
	Exhibit A-1	 	Legal Description of the Crystal Point Land
	Exhibit A-2	 	Legal Description of the Manasquan Land
	Exhibit A-3	 	Legal Description of the Harborage Land
	Exhibit A-4	 	Legal Description of the Harbors View Land
	Exhibit A-5	 	Legal Description of the Lake Front Land
	Exhibit A-6	 	Legal Description of the Sandusky Land
	Exhibit A-7	 	Legal Description of the Beaver Creek Land
	Exhibit A-8	 	Legal Description of the Burnside Land
	Exhibit A-9	 	Legal Description of the Easthill Park Land
	Exhibit A-10	 	Legal Description of the Pier 121 Land
	Exhibit B-1	 	Form of Lease Agreement
	Exhibit B-2	 	Form of Sublease Agreement
	Exhibit B-3	 	Form of Sub-Sublease Agreement
	Exhibit C	 	Form of Seller’s Closing Certificate
	Exhibit D	 	Forms of Special Warranty Deeds
	Exhibit E	 	Form of Bill of Sale
	Exhibit F	 	Form of Assignment and Assumption of Intangible Property
	Exhibit G	 	Form of Assignment and Assumption of Contracts
	Exhibit H	 	Form of Assignment and Assumption of Ground Leases, Submerged Land Leases, and Docks Lease
	Exhibit I	 	Form of Assignment and Assumption of Harbors View Permit
	Exhibit J	 	Form of Intellectual Property License/Sub-License Agreement
	Exhibit K	 	Form of Purchaser’s Closing Certificate
	Exhibit L	 	Form of Manasquan Purchase Option Agreement
	Exhibit M	 	Form of Memorandum of Manasquan Purchase Option Agreement
	Exhibit N	 	Form of Harborage Purchase Option Agreement
	Exhibit O	 	Form of Memorandum of Harborage Purchase Option Agreement
	
	List of Schedules
		
	Schedule 2.3.2	 	Third Party Assets
	Schedule 2.3.4	 	Legal Descriptions of the Excluded Land
	Schedule 2.3.5	 	Excluded Land
	Schedule 3.4	 	Purchase Price Allocation
	Schedule 4.7	 	Material Lease Terms
	Schedule 4.9	 	Material Loan Terms
	Schedule 5.1.7	 	Litigation
	Schedule 5.1.9	 	Licenses and Permits
	Schedule 5.1.12	 	Contracts
	Schedule 5.1.28	 	Owned Intellectual Property
	Schedule 5.1.30	 	Personal Property
	Schedule 11.3	 	Material Casualty Amounts
	Schedule 13.16(a)	 	Manesquan and Harborage Purchase Option Price
	Schedule 13.16(k)	 	Purchase Option Tract Restrictive Covenants

  

 -v- 

 ASSET PURCHASE AGREEMENT 
 THIS ASSET PURCHASE AGREEMENT (“Agreement”) is made as of November 30, 2006 (the “Effective
Date”), by and between MARINAS-KENTUCKY, LLC, a Kentucky limited liability company (referred to herein as the “Marinas Seller”), CRYSTAL-MANASQUAN, LLC, a New Jersey limited liability company
(referred to herein as the “Crystal Point Seller”), HARBORAGE MARINA, LLC, a Delaware limited liability company (referred to herein as the “Harborage Seller”), GRAND LAKE MARINA, LTD., a
Texas limited partnership (referred to herein as the “Harbors View Seller”), S.M.B.R. OPERATIONS, LLC, a Delaware limited liability company and S.M.B.R. REALTY, LLC, a Delaware limited liability company
(referred to herein, collectively, as the “Lake Front/Sandusky Seller”), PIER 121 SERVICE COMPANY, INC., a Texas corporation (referred to herein as the “Easthill Park Seller”), and 121
MARINAS, LTD., a Texas limited partnership, F&F HOLDINGS I, LTD., a Texas limited partnership and F&F HOLDINGS II, LTD., a Texas limited partnership (referred to herein, collectively, as the “Pier 121
Seller”) (the Marinas Seller, the Crystal Point Seller, the Harborage Seller, the Harbors View Seller, the Lake Front/Sandusky Seller, the Easthill Park Seller and the Pier 121 Seller may be referred to herein, individually as
“Seller” and, collectively, as “Sellers”), and CNL INCOME PARTNERS, LP, a Delaware limited partnership, or its designated affiliate or subsidiary, and its or their successors or assigns
(“Purchaser”) (each a “Party” and together the “Parties”). 
 R E C
I T A L S 
 WHEREAS, the Crystal Point Seller owns certain land located in Ocean County, New Jersey, more particularly described
on Exhibit A-1 attached hereto (the “Crystal Point Land”, currently improved with the “Crystal Point Improvements” (as defined herein) and operated as the “Crystal Point Marina” (referred to
hereinafter as the “Crystal Point Site”); and 
 WHEREAS, the Crystal Point Seller owns certain land located
in Ocean County, New Jersey, more particularly described on Exhibit A-2 attached hereto (the “Manasquan Land”), currently improved with the “Manasquan Improvements” (as defined herein) and operated as
the “Manasquan River Club” (referred to hereinafter as the “Manasquan Site”); and 
 WHEREAS, the
Harborage Seller owns certain land located in Pinellas County, Florida, more particularly described on Exhibit A-3 attached hereto (the “Harborage Land”), currently improved with the “Harborage
Improvements” (as defined herein) and operated as the “Harborage Marina”, subject to certain additional rights and obligations as set forth in the “Harborage Docks Lease” (as defined herein) (referred to hereinafter as the
“Harborage Site”); and 
 WHEREAS, the Harbors View Seller owns certain land located in Delaware County,
Oklahoma, more particularly described on Exhibit A-4 attached hereto (the “Harbors View Land”), currently improved with the “Harbors View Improvements” (as defined herein) and operated as the
“Harbors View Marina”, subject to certain additional rights and obligations as set forth under the “Harbors View Permit” (as defined herein) (referred to hereinafter as the “Harbors View Site”); and

  

 -1- 

 WHEREAS, the Lake Front/Sandusky Seller owns certain land located in Ottawa County, Ohio, more
particularly described on Exhibit A-5 attached hereto (the “Lake Front Land”), currently improved with the “Lake Front Improvements” (as defined herein) and operated as the “Lake Front
Marina”, subject to certain additional rights and obligations as set forth in the “Lake Front Submerged Land Lease” (as defined herein) (referred to hereinafter as the “Lake Front Site”); and 
 WHEREAS, the Lake Front/Sandusky Seller owns certain land located in Ottawa County, Ohio, more particularly described on Exhibit A-6
attached hereto (the “Sandusky Land”), currently improved with the “Sandusky Improvements” (as defined herein) and operated as “Sandusky Harbor”, subject to certain additional rights and obligations as set
forth in the “Sandusky Submerged Land Lease” (as defined herein) (referred to hereinafter as the “Sandusky Site”); and 
 WHEREAS, the Marinas Seller is the lessee of certain land and water area located in Wayne County, Kentucky, more particularly described on Exhibit A-7 attached hereto (the “Beaver
Creek Land”), currently improved with the “Beaver Creek Improvements” (as defined herein) and operated as the “Beaver Creek Resort”, subject to the terms of the “Beaver Creek Ground Lease” (as defined
herein) (referred to hereinafter as the “Beaver Creek Site”); and 
 WHEREAS, the Marinas Seller is the lessee
of certain land and water area located in Pulaski County, Kentucky, more particularly described on Exhibit A-8 attached hereto (the “Burnside Land”), currently improved with the “Burnside
Improvements” (as defined herein) and operated as the “Burnside Marina”, subject to the terms of the “Burnside Ground Lease” (as defined herein) (referred to hereinafter as the “Burnside Site”); and

 WHEREAS, the Easthill Park Seller is the lessee of certain land located in Denton County, Texas, more particularly described on
Exhibit A-10 attached hereto (the “Easthill Park Land”), currently improved with the “Easthill Park Improvements” (as defined herein) and operated as “Easthill Park”, subject to the terms of
the “Easthill Park Ground Sublease” (as defined herein) (referred to hereinafter as the “Easthill Park Site”); and 
 WHEREAS, the Pier 121 Seller is the lessee of certain land and water area located in Denton County, Texas, more particularly described on Exhibit A-11 attached hereto (the “Pier 121
Land”), currently improved with the “Pier 121 Improvements” (as defined herein) and operated as the “Pier 121 Marina”, subject to the terms of the “Pier 121 Ground Lease” (as defined herein) (referred to
hereinafter as the “Pier 121 Site”). 
 WHEREAS, each Seller desires to sell and assign all of the respective
“Assets” (as defined herein) owned by such Seller to Purchaser, and Purchaser desires to purchase all of the “Assets” owned by each Seller from such Seller, all upon, and subject to the terms and conditions set forth in this
Agreement. 
 NOW, THEREFORE, in consideration of the respective provisions contained in this Agreement, Seller and Purchaser agree as
follows: 
  

 -2- 

 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions». The following terms will have the following meanings in
this Agreement: 
 “Acquisition Costs” has the meaning set forth in Section 9.7. 
 “Affiliate” has the following meaning: two entities are “Affiliates” if (a) one of the entities is a Subsidiary of
the other entity; (b) both of the entities are Subsidiaries of the same entity; or (c) both of the entities are Controlled by the same person or entity. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 
 “Applicable Laws” means (i) in each case to the extent the Person or Real Property in question is subject to the same, all statutes, laws, common law, rules, regulations, ordinances, codes or other legal
requirements of any Governmental Authority, stock exchange, board of fire underwriters and similar quasi-governmental authority, and (ii) any judgment, injunction, order or other similar requirement of any court or other adjudicatory authority,
in effect at the time in question and in each case to the extent the Person or property in question is subject to the same. 
 “Assets” has the meaning set forth in Section 2.2. 
 “Beaver Creek Ground
Lease” means that certain Department of the Army Lease No. DACW 62-1-99-0058, with an effective date of April 5, 1999, between the “Department” (as defined below), as ground lessor, and Marinas International Holdings,
L.P., as ground lessee; as assigned by that certain Assignment of Ground Lease dated May 25, 1999, between Marinas International Holdings, L.P., as assignor, and Marinas-Waterway, L.P., as assignee; and, as further assigned by that certain
Assignment of Ground Lease, dated as of December 31, 2001, between Marinas-Waterway, L.P., as assignor, and the Marinas Seller, as assignee. 
 “Beaver Creek Ground Lease Amendment” has the meaning set forth in Section 3.5. 
 “Beaver Creek Ground Lease Term” has the meaning set forth in Section 3.5. 
 “Beaver
Creek Improvements” means all buildings, structures and other improvements located on or affixed to the Beaver Creek Land, and all fixtures on the Beaver Creek Land which constitute real property under Applicable Law. 
 “Beaver Creek Land” has the meaning set forth in the Recitals. 
 “Beaver Creek Personal Property” means all tangible personal property, including, without limitation, any and all furniture,
fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are located at or on, or are used in connection with or related to, the Beaver Creek Land,
the Beaver Creek Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
  

 -3- 

 “Beaver Creek Site” has the meaning set forth in the Recitals. 
 “Bankruptcy Code” has the meaning set forth in Section 5.1.14. 
 “Benefits” has the meaning set forth in Section 6.11.2. 
 “Books and Records” has the meaning set forth in Section 2.2.12. 
 “Burnside Ground Lease” means that certain Department of the Army Lease No. DACW 62-1-99-0057, with an effective date of
April 5, 1999, between the Department, as ground lessor, and Marinas International Holdings, L.P., as ground lessee; as assigned by that certain Assignment of Ground Lease, dated May 25, 1999, between Marinas International Holdings, L.P.,
as assignor, and Marinas-Waterway, L.P., as assignee; and, as further assigned by that certain Assignment of Ground Lease, dated December 31, 2001, between Marinas-Waterway, L.P., as assignor, and the Marinas Seller, as assignee. 
 “Burnside Ground Lease Amendment” has the meaning set forth in Section 3.5. 
 “Burnside Ground Lease Term” has the meaning set forth in Section 3.5. 
 “Burnside Improvements” means all buildings, structures and other improvements located on or affixed to the Burnside Land, and
all fixtures on the Burnside Land which constitute real property under Applicable Law. 
 “Burnside Land” has the
meaning set forth in the Recitals. 
 “Burnside Personal Property” means all tangible personal property, including,
without limitation, any and all furniture, fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are located at or on, or are used in connection
with or related to, the Burnside Land, the Burnside Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Burnside Site” has the meaning set forth in the Recitals. 
 “Business” means the
operation of marina and recreation facilities and services conducted on or at each of the Sites, including, but not be limited to, boat storage and rental, mooring and boat slip rentals, fueling services, restaurant and other food service
facilities, clubhouse facilities, and such other facilities or services which are ancillary to the operation thereof. 
 “Business
Day” means any day other than a Saturday, Sunday or any United States federal legal holiday. Whenever under this Agreement (i) a notice or document is either received on a day which is not a Business Day or is required to be
delivered on or before a specific day which is not a Business Day, or (ii) a critical date such as the date upon which the Due Diligence Period expires (as the same may be extended pursuant to the terms hereof) is on a day which is not a
Business Day, then the day of receipt or required delivery, or the critical date, shall automatically be extended to the next Business Day. 
  

 -4- 

 “Casualty” has the meaning set forth in Section 11.1. 
 “City” shall mean the City of St. Petersburg, Florida. 
 “Closing” has the meaning set forth in ARTICLE VIII. 
 “Closing Conditions” means the Purchaser’s Closing Conditions and the Seller’s Closing Conditions. 
 “Closing Date” has the meaning set forth in Section 8.1. 
 “Closing Escrow” has the meaning set forth in Section 8.2. 
 “Closing Escrow Agreement” has the meaning set forth in Section 8.2. 
 “Closing Statement” has the meaning set forth in Section 9.1. 
 “CNL Mortgage Loan Documents” means, collectively, all notes, mortgages, collateral assignments or other security documents, and
any certificates or other instruments necessary or required in order to evidence and secure the CNL Mortgage Loans, the form of which shall be agreed upon during the Negotiation Period and entered into at Closing between Purchaser, or an Affiliate
thereof, as lender, and Emeryville Marina, LLC, Scott’s Expansion No. 1, Ltd., Pier 121 Service Company, Inc. and Scott’s Marinas at Lake Grapevine, Ltd., as borrowers. 
 “CNL Mortgage Loans” means, collectively, those certain mortgage loans in an aggregate principal amount not to exceed eighty-five
percent (85%) of the appraised value of the applicable mortgaged properties, to be made and entered into by Purchaser, or an Affiliate of Purchaser, as lender, to Emeryville Marina, LLC, Scott’s Expansion No. 1, Ltd., Pier 121 Service
Company, Inc. and Scott’s Marinas at Lake Grapevine, Ltd., as borrowers, and to be secured by certain land, improvements, fixtures, personal property and other assets owned or leased by the borrowers and located at, or are used in connection
with or related to the operation of the following properties: “Emeryville Marina”; the “Scott’s Landing Marina”; the “Silver Lake Marina”; the “Paradise Cove Marina”; the “Silver Lake Park”; the
“Twin Coves Marina”; and the “Twin Coves Park”. Notwithstanding the foregoing to the contrary, the amount allocated to Paradise Cove Marina will not be advanced and the corresponding lien and security interest against the
Paradise Cove collateral will not be granted to the lender, unless and until the applicable borrower obtains an extension of the underlying lease with the Department for at least 25 years, and if such extension is not obtained by December 31,
2007, any obligation of Purchaser and/or its Affiliates to lend the allocated amount will expire. 
 “COBRA” means
the Consolidated Omnibus Budget Reconciliation Act. 
 “Code” means the Internal Revenue Code of 1986, as amended
from time to time, and any regulations, rulings and guidance issued by the Internal Revenue Service pursuant thereto. 
 “Condemnation” has the meaning set forth in Section 11.2. 
 “Consumables” has the meaning set forth in Section 2.3.4. 
  

 -5- 

 “Contracts” has the meaning set forth in Section 2.2.10. 

“Control” means: 
 (a) the right to exercise, directly or indirectly, a majority of the votes which may be voted at a meeting of (i) the shareholders of the corporation, in the case of a corporation, (ii) the shareholders of the general partner, in
the case of a limited partnership, or (iii) the equity holders or other voting participants of a Person that is not a corporation or limited partnership, or 
 (b) the right to elect or appoint, directly or indirectly, a majority of (i) the directors of the corporation, in the case of a corporation, (ii) the directors of the general partner, in the case of a
limited partnership, or (iii) a majority of the Persons who have the right to manage or supervise the management of the affairs and business of a Person that is not a corporation or limited partnership; 
 and “Controlled” has a corresponding meaning. 
 “Crystal Point Improvements” means all buildings, structures and other improvements located on or affixed to the Crystal Point Land, and all fixtures on the Crystal Point Land which constitute
real property under Applicable Law. 
 “Crystal Point Land” has the meaning set forth in the Recitals. 
 “Crystal Point Personal Property” means all tangible personal property, including, without limitation, any and all furniture,
fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are located at or on, or are used in connection with or related to, the Crystal Point
Land, the Crystal Point Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Crystal
Point Site” has the meaning set forth in the Recitals. 
 “Deed(s)” means the special warranty deeds
delivered by the respective Seller to the Purchaser pursuant to Section 8.3.2. 
 “Department” means the
United States Department of the Army, acting by and through the Secretary of the Army and the United States Army Corps of Engineers (“ACOE”) District Offices. 
 “Deposit” has the meaning set forth in Section 3.2.1. 
 “Disapproved Contracts” has the meaning set forth in Section 4.4. 
 “Docks
Lease” means the Harborage Docks Lease. 
 “Docks Lease Interest” means all right, title and interest of
the Harborage Seller, and/or its Affiliates, in and to the Docks Lease. 
  

 -6- 

 “Dock Permit Interest” means all right, title and interest of the Harbors View
Seller, and/or its Affiliates, in and to the Harbors View Permit. 
 “Due Diligence Period” means the period from the
date of this Agreement until 5:00 p.m., eastern time, on the day which is fifty (50) days after the date of this Agreement. 
 “Easthill Park Ground Sublease” means that certain Sublease Agreement, dated June 2, 2003, between 121 Marinas, Ltd., as ground sublessor, and the Easthill Park Seller, as ground sublessee, under that certain
Department of the Army Lease No. DACW 63-1-97-0593, dated January 8, 1998, between the Department, as ground lessor, and Garrett Place, Inc., as ground lessee; as assigned by that certain Assignment and Assumption of Lease, dated May 1,
1999, between Garrett Place, Inc. and Delaware Pier 121 Company; and, as further assigned by that certain Assignment and Assumption of Lease, dated May 1, 1999, between Delaware Pier 121 Company, as assignor, and 121 Marinas, Ltd., as assignee.

 “Easthill Park Improvements” means all buildings, structures and other improvements located on or affixed to the
Easthill Park Land, and all fixtures on the Easthill Park Land which constitute real property under Applicable Law. 
 “Easthill
Park Land” has the meaning set forth in the Recitals. 
 “Easthill Park Personal Property” means all
tangible personal property, including, without limitation, any and all furniture, fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are
located at or on, or are used in connection with or related to, the Easthill Park Land, the Easthill Park Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Easthill Park Site” has the meaning set forth in the Recitals. 
 “Effluent Discharge Rights” has the meaning set forth in Section 2.2.16. 
 “Employees” means, collectively, at the time in question all persons employed full-time and part-time at each Business.

 “Environmental Claims” means all claims for reimbursement, remediation, abatement, removal, clean up,
contribution, personal injury, property damage or damage to natural resources made by any Governmental Authority or other Person arising from or in connection with the (i) presence of, or an actual or potential spill, leak, emission, discharge
or release of any Hazardous Substances over, on, in, under or from any of the Real Property, or (ii) violation of any Environmental Laws with respect to any of the Real Property or any portion thereof. 
 “Environmental Laws” means any Applicable Laws which regulate the manufacture, generation, formulation, processing, use,
treatment, handling, storage, disposal, distribution or transportation of any Hazardous Substance, or an actual or potential spill, leak, emission, discharge or release of any Hazardous Substances, pollution, contamination or radiation into any
water, soil, sediment, air or other environmental media, including, without limitation, (i) the Comprehensive Environmental Response, Compensation and Liability Act, (ii) the Resource 

  

 -7- 

 
Conservation and Recovery Act, (iii) the Federal Water Pollution Control Act, (iv) the Toxic Substances Control Act, (v) the Clean Water Act,
(vi) the Clean Air Act, and (vii) the Hazardous Materials Transportation Act, and similar state and local laws, as amended as of the time in question. 
 “Environmental Liabilities” means all Liabilities under any Environmental Laws arising from or in connection with the Real Property, including, without limitation, any obligations to manage,
control, contain, remove, remedy, respond to, clean up or abate any actual or potential spill, leak, emission, discharge or release of any Hazardous Substances, or any pollution, contamination or radiation into any water, soil, sediment, air or
other environmental media. 
 “Environmental Reports” has the meaning set forth in Section 4.3.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time and any
regulations, ratings and guidance issued pursuant thereto. 
 “Escrow Agent” means the Title Company or such other
escrow agent as is mutually acceptable to the Parties. 
 “Event Deposits” has the meaning set forth in
Section 9.2.3. 
 “Excluded Assets” has the meaning set forth in Section 2.3. 
 “Excluded Land” shall have the meaning set forth in Section 2.3.5. 
 “Extended Closing Date” has the meaning set forth in Section 4.8.2. 
 “Fiscal Year” means a calendar year beginning on January 1 and ending on December 31. Any partial Fiscal Year between
the Closing Date and the commencement of the first full Fiscal Year shall constitute a separate Fiscal Year. 
 “Fixtures” has the meaning set forth in Section 2.2.7. 
 “Governmental
Authority” means any federal, state or local government or other political subdivision thereof, including, without limitation, any Person exercising executive, legislative, judicial, regulatory or administrative governmental powers or
functions, in each case to the extent the same has jurisdiction over the Person or Real Property in question. 
 “Ground
Lease(s)” means, individually or collectively, as the context requires, the Beaver Creek Ground Lease, the Burnside Ground Lease, the Easthill Park Ground Sublease and the Pier 121 Ground Lease. 
 “Ground Lease Interests” means all right, title and interest of the respective Seller, and/or its Affiliates, in and to the
Ground Leases. 
 “Harborage Docks Lease” means that certain Lease Agreement, dated October 24, 1986, between
the City of St. Petersburg, Florida (the “City”), as lessor, and Hunnicutt Equities, 

  

 -8- 

 
Inc., as lessee; as assigned by that certain Assignment and Assumption of Submerged Lands Lease, dated December 22, 1999 between Hunnicutt Equities,
Inc., as assignor, and the Harborage Seller, as assignee. 
 “Harborage Docks Lease Amendment” has the meaning set
forth in Section 3.5. 
 “Harborage Docks Lease Term” has the meaning set forth in
Section 3.5. 
 “Harborage Improvements” means all buildings, structures and other improvements located
on or affixed to the Harborage Land, and all fixtures on the Harborage Land which constitute real property under Applicable Law. 
 “Harborage Land” has the meaning set forth in the Recitals. 
 “Harborage Personal
Property” means all tangible personal property, including, without limitation, any and all furniture, fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens
or encumbrances), which are located at or on, or are used in connection with or related to, the Harborage Land, the Harborage Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Harborage Purchase Option” has the meaning set forth in Section 13.16. 
 “Harborage Purchase Option Agreement” has the meaning set forth in Section 13.16(f). 
 “Harborage Purchase Option Price” has the meaning set forth in Section 13.16(a). 
 “Harborage Purchase Option Tract” has the meaning set forth in Section 13.16. 
 “Harborage Site” has the meaning set forth in the Recitals. 
 “Harbors View Improvements” means all buildings, structures and other improvements located on or affixed to the Harbors View
Land, and all fixtures on the Harbors View Land which constitute real property under Applicable law. 
 “Harbors View
Land” has the meaning set forth in the Recitals. 
 “Harbors View Permit” means that certain Grand River
Dam Authority Commercial Dock Permit No. CG-50 issued to Jim and G. Pete Howser, d/b/a Harbors View Marina as assigned to Marshall Funk and Stan Johnson, d/b/a Marstan, L.L.C. on February 9, 1998; and, as further assigned to the Harbors View
Seller. The Parties shall use commercially reasonable efforts to obtain a copy and/or an accurate description of the Harbors View Permit prior to the expiration of the Due Diligence Period. 
 “Harbors View Personal Property” means all tangible personal property, including, without limitation, any and all furniture,
fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens and encumbrances), 

  

 -9- 

 
which are located at or on, or are used in connection with or related to, the Harbors View Land, the Harbors View Improvements and/or the operation of the
Business conducted with respect thereto or thereon. 
 “Harbors View Site” has the meaning set forth in the Recitals.

 “Hazardous Substance(s)” means each and all hazardous or toxic substances, chemicals, materials or waste, whether
in solid, semisolid, liquid or gaseous form, including, without limitation, asbestos, petroleum or petroleum by-products, polychlorinated biphenyls, mold or other biological contaminants that are regulated by any Environmental Laws. 
 “Improvements” means, individually or collectively, as the context requires, the Crystal Point Improvements, the Manasquan
Improvements, the Harborage Improvements, the Harbors View Improvements, the Lake Front Improvements, the Sandusky Improvements, the Beaver Creek Improvements, the Burnside Improvements, the Easthill Park Improvements and the Pier 121 Improvements.

 “Indemnification Loss” means, with respect to any Indemnitee, any Liability, including, without limitation,
reasonable attorneys fees and expenses and court costs, incurred by such Indemnitee as a result of the act, omission or occurrence in question. 
 “Inspections” means any inspections, examinations, tests, investigations, or studies of the Real Property or the Business conducted by or on behalf of the Purchaser (or any Affiliate thereof). 
 “Intangible Assets” has the meaning set forth in Section 2.2.9. 
 “Intellectual Property” has the meaning set forth in Section 5.1.28. 
 “Lake Front Improvements” means all buildings, structures and other improvements located on or affixed to the Lake Front Land,
and all fixtures on the Lake Front Land which constitute real property under Applicable Law. 
 “Lake Front Land” has
the meaning set forth in the Recitals. 
 “Lake Front Personal Property” means all tangible personal property,
including, without limitation, any and all furniture, fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are located at or on, or are used in
connection with or related to, the Lake Front Land, the Lake Front Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Lake Front Site” has the meaning set forth in the Recitals. 
 “Lake
Front Submerged Land Lease” means that certain State of Ohio Lake Erie Submerged Land Lease No. SUB-0354-OT, dated February 1, 2003, between the State of Ohio, acting by and through the Director of the Ohio Department of Natural
Resources, as lessor, and Hoty Marine Group, LLC, as lessee; as assigned by that certain Assignment of Lease, dated February 19, 2003, between Hoty Marine Group, LLC, as assignor, and the Lake Front/Sandusky Seller, as assignee. 
  

 -10- 

 “Land” has the meaning set forth in Section 2.2.1. 
 “Lease Agreement” has the meaning set forth in the definition of “Operating Leases” set forth in this
Section 1.1, and “Lease Agreements” shall mean, collectively, each and every such Lease Agreement. 
 “Lease Amendment” has the meaning set forth in Section 3.5. 
 “Liability” means any liability, obligation, damage, loss, diminution in value, cost or expense of any kind or nature whatsoever, whether accrued or unaccrued, actual or contingent, known or unknown, foreseen or
unforeseen and “Liabilities” has a corresponding meaning. 
 “Licensed Intellectual Property”
has the meaning set forth in Section 5.1.28. 
 “Licenses and Permits” has the meaning set forth in
Section 2.2.11. 
 “Liquor Licenses” has the meaning set forth in Section 6.12. 

“M&E” has the meaning set forth in Section 2.2.17. 
 “Management Agreement(s)” has the meaning set forth in Section 5.1.21. 
 “Manager” has the meaning set forth in Section 5.1.21. 
 “Manasquan Improvements” means all buildings, structures and other improvements located on or affixed to the Manasquan Land and
all fixtures on the Manasquan Land which constitute real property under Applicable Law. 
 “Manasquan Land” has the
meaning set forth in the Recitals. 
 “Manasquan Personal Property” means all tangible personal property, including,
without limitation, any and all furniture, fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are located at or on, or are used in connection
with or related to, the Manasquan Land, the Manasquan Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Manasquan Purchase Option” has the meaning set forth in Section 13.16. 
 “Manasquan
Purchase Option Agreement” has the meaning set forth in Section 13.16(e). 
 “Manasquan Purchase Option
Price” has the meaning set forth in Section 13.16(a). 
 “Manasquan Purchase Option Tract”
has the meaning set forth in Section 13.16. 
  

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 “Manasquan Site” has the meaning set forth in the Recitals. 
 “Material Lease Terms” has the meaning set forth in Section 4.7. 
 “Material Loan Terms” has the meaning set forth in Section 4.9. 
 “Memorandum of Harborage Purchase Option Agreement” has the meaning set forth in Section 13.16(f). 
 “Memorandum of Manasquan Purchase Option Agreement” has the meaning set forth in Section 13.16(f). 
 “Negotiation Period” means the period from the date of this Agreement until 5:00 p.m., eastern time, on the day which is
thirty (30) days after the date of this Agreement. 
 “New Title Defect” has the meaning set forth in
Section 4.2.3. 
 “Operating Lease(s)” means, (i) with respect to the Crystal Point Site, the
Manasquan Site, the Harborage Site, the Harbors View Site, the Lake Front Site and the Sandusky Site, those certain Lease Agreements (each a “Lease Agreement”), the form of which shall be agreed upon during the Negotiation
Period and which shall be entered into at Closing, between Purchaser, or an Affiliate thereof, as landlord, and the Tenant, as tenant, pursuant to which the Tenant shall lease from Purchaser the Assets which the respective Sellers are selling to
Purchaser with respect to the Crystal Point Site, the Manasquan Site, the Harborage Site, the Harbors View Site, the Lake Front Site and the Sandusky Site, as applicable, (ii) with respect to the Beaver Creek Site, the Burnside Site and the
Pier 121 Site, those certain Sublease Agreements (each a “Sublease Agreement”) the form of which shall be agreed upon during the Negotiation Period and entered into at Closing between Purchaser, or an Affiliate thereof, as
sublandlord, and the Tenant, as subtenant, pursuant to which the Tenant shall lease from Purchaser the Assets which the respective Sellers are selling to Purchaser with respect to the Beaver Creek Site, the Burnside Site and the Pier 121 Site, as
applicable, and (iii) with respect to the Easthill Park Site, that certain Sub-Sublease Agreement (a “Sub-Sublease Agreement”) the form of which shall be agreed upon during the Negotiation Period and entered into at
Closing between Purchaser, or an Affiliate thereof, as sub-sublandlord, and the Tenant, as sub-subtenant, pursuant to which the Tenant shall lease from Purchaser the Assets which the respective Sellers are selling to Purchaser with respect to the
Easthill Park Site. 
 “Operations Statement(s)” shall have the meaning set forth in Section 3.1.1.

 “Option Tracts” has the meaning set forth in Section 13.16. 
 “Ordinary Course of Business” means the ordinary course of business consistent with the respective Seller’s past custom and
practice for the respective Business, taking into account the facts and circumstances in existence from time to time. 
 “Other
Inventory” has the meaning set forth in Section 2.3.4. 
 “Owned Intellectual Property” has
the meaning set forth in Section 5.1.28. 
  

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 “Par Level” has the meaning set forth in Section 6.3.1. 

“Party” or “Parties” has the meaning set forth in the preamble to this Agreement. 
 “Permitted Encumbrance” has the meaning set forth in Section 4.2.1. 
 “Person” means any natural person, firm, corporation, general or limited partnership, limited liability company, association,
joint venture, trust, estate, Governmental Authority or other legal entity, in each case whether in its own or a representative capacity. 
 “Personal Property” means, individually or collectively, as the context requires, the Crystal Point Personal Property, the Manasquan Personal Property, the Harborage Personal Property, the Harbors View Personal
Property, the Lake Front Personal Property, the Sandusky Personal Property, the Beaver Creek Personal Property, the Burnside Personal Property, the Easthill Park Personal Property and the Pier 121 Personal Property. 
 “Pier 121 Ground Lease” means that certain Department of the Army Lease No. DACW 63-1-97-0593, dated January 8, 1998,
between the Department, as ground lessor, and Garrett Place, Inc., as ground lessee; as assigned by that certain Assignment and Assumption of Lease, dated May 1, 1999, between Garrett Place, Inc. and Delaware Pier 121 Company; and, as further
assigned by that certain Assignment and Assumption of Lease, dated May 1, 1999, between Delaware Pier 121 Company, as assignor, and the Pier 121 Seller, as assignee. 
 “Pier 121 Improvements” means all buildings, structures and other improvements located on or affixed to the Pier 121 Land, and all fixtures on the Pier 121 Land which constitute real property
under Applicable Law. 
 “Pier 121 Land” has the meaning set forth in the Recitals. 
 “Pier 121 Personal Property” means all tangible personal property, including, without limitation, any and all furniture, fixtures
(other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are located at or on, or are used in connection with or related to, the Pier 121 Land, the Pier 121
Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Pier 121 Site” has
the meaning set forth in the Recitals. 
 “Plans and Specifications” has the meaning set forth in
Section 2.2.13. 
 “Property Condition Evaluations” means the property condition evaluations obtained by
the Purchaser in connection with the transaction contemplated herein with respect to certain of the Assets. 
 “Prorations” has the meaning set forth in Section 9.2. 
 “Purchase Option Expiration
Date” has the meaning set forth in Section 13.16(d). 
 “Purchase Options” has the meaning
set forth in Section 13.16. 
  

 -13- 

 “Purchase Price” has the meaning set forth in Section 3.1.

 “Purchaser” means CNL Income Partners, LP, a Delaware limited partnership, and its designated affiliates and
subsidiaries, and its or their successors and assignees. 
 “Purchaser’s Closing Conditions” has the meaning set
forth in Section 7.1. 
 “Purchaser’s Closing Condition Failure” has the meaning set forth in
Section 7.2. 
 “Purchaser’s Closing Deliveries” has the meaning set forth in
Section 8.4. 
 “Purchaser’s Default” has the meaning set forth in Section 10.2.

 “Purchaser’s Documents” has the meaning set forth in Section 5.2.2. 
 “Purchaser’s Due Diligence Reports” means all studies, reports and assessments prepared by any Person for or on behalf of
the Purchaser (other than any internal studies, reports and assessments prepared by any of the Purchaser’s employees, attorneys or accountants) in connection with the Inspections. 
 “Purchaser’s Indemnitees” means the Purchaser and its Affiliates, and each of their respective shareholders, members,
partners, trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 
 “Purchaser’s Inspectors” means any Person that conducted any Inspections for or on behalf of the Purchaser or any Affiliate thereof. 
 “Purchaser Liabilities” means (i) any Liabilities under the Contracts, and Licenses and Permits that are not Seller
Liabilities, (ii) the payment of Taxes, but only to the extent such Liabilities and Taxes arise or accrue on or after the Closing Date, and (iii) any claim for personal injury or property damage to a Person to the extent based upon any
event which occurs or any condition which first arises at the Real Property on or after the Closing Date. 
 “Real
Property” means the (i) the Crystal Point Land, the Manasquan Land, the Harborage Land, the Harbors View Land, the Lake Front Land and the Sandusky Land, (ii) the Beaver Creek Ground Lease, the Burnside Ground Lease, the
Easthill Park Ground Sublease, the Pier 121 Ground Lease, the Harborage Docks Lease, the Lake Front Submerged Land Lease and the Sandusky Submerged Land Lease, and (iii) the Improvements. 
 “Reduced Purchase Price” has the meaning set forth in Sections 3.5 and 4.8, as applicable. 
 “Reimbursed Seller Acquisition Costs” has the meaning set forth in Section 9.7. 
 “Remediation” shall mean any and all activities required by Governmental Authorities to identify, assess, test, characterize,
sample, clean up, remove, neutralize, abate, or stabilize any Environmental Matter at a particular site and/or to dispose of any Hazardous Substance and/or any material containing any Hazardous Substance, including, without limitation, 

  

 -14- 

 
environmental matters assessment, testing, sampling, quality control, modeling, consultants’ analyses and reports, laboratory work, field tests, system
installation, modification, operation, and maintenance, acquisition of equipment, contract negotiation and execution, contract development and bidding, monitoring, transportation and disposal. 
 “Required Consents” has the meaning set forth in Section 4.8.1. 
 “Sandusky Improvements” means all buildings, structures and other improvements located on or affixed to the Sandusky Land, and
all fixtures on the Sandusky Land which constitute real property under Applicable Law. 
 “Sandusky Land” has the
meaning set forth in the Recitals. 
 “Sandusky Personal Property” means all tangible personal property, including,
without limitation, any and all furniture, fixtures (other than “Fixtures” (as defined below)), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances), which are located at or on, or are used in connection
with or related to, the Sandusky Land, the Sandusky Improvements and/or the operation of the Business conducted with respect thereto or thereon. 
 “Sandusky Site” has the meaning set forth in the Recitals. 
 “Sandusky Submerged Land
Lease” means that certain State of Ohio Lake Erie Submerged Land Lease No. SUB-0447-ER, dated December 19, 2002, between the State of Ohio, acting by and through the Director of the Ohio Department of Natural Resources, as lessor,
and Hoty Marine Group, LLC, as lessee; as assigned by that certain Assignment of Lease, dated February 19, 2003, between Hoty Marine Group, LLC, as assignor, and the Lake Front/Sandusky Seller, as assignee. 
 “SEC” means the Securities and Exchange Commission. 
 “Seller” and “Sellers” shall each haves the meaning set forth in the preamble to this Agreement.

 “Sellers’ Closing Conditions” has the meaning set forth in Section 7.3. 
 “Sellers’ Closing Condition Failure” has the meaning set forth in Section 7.4. 
 “Sellers’ Closing Deliveries” has the meaning set forth in Section 8.3. 
 “Seller’s Default” has the meaning set forth in Section 10.1. 
 “Sellers’ Documents” has the meaning set forth in Section 5.1.2. 
 “Sellers’ Due Diligence Materials” means all documents, reports, photos and materials provided by any Seller to the
Purchaser with respect to any of the Assets, or the Sites, or any Business located at or operated thereon, pursuant to this Agreement or otherwise, together with any copies or reproductions of such documents or materials, or any summaries,
abstracts, compilations, or other analyses thereof. 
  

 -15- 

 “Sellers’ Indemnitees” means each Seller and its respective Affiliates, and
each of their respective shareholders, members, partners, trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 
 “Sellers’ Knowledge” means the knowledge that any of the directors, officers and managers of each Seller and its respective
Subsidiaries reasonably should have obtained after reasonable investigation; such persons will be deemed to have actual knowledge of (a) any matter disclosed in any Exhibits or Schedules to this Agreement, and (b) any matter disclosed in
any of the Seller’s Due Diligence Materials or any other documents or materials provided by any Seller to the Purchaser prior to Closing. 
 “Seller Liabilities” shall have the meaning set forth in Section 12.2. 
 “Site(s)” means, individually or collectively, as the context requires, the Crystal Point Site, the Manasquan Site, the Harborage Site, the Harbors View Site, the Lake Front Site, the Sandusky Site, the Beaver Creek
Site, the Burnside Site, the Easthill Park Site and the Pier 121 Site. 
 “Slip Leases” has the meaning set forth in
Section 2.2.10. 
 “Sublease Agreement” has the meaning set forth in the definition of “Operating
Leases” set forth in this Section 1.1, and “Sublease Agreements” shall mean, collectively, each and every such Sublease Agreement. 
 “Submerged Land Leases” means, individually or collectively, as the context requires, the Lake Front Submerged Land Lease and the
Sandusky Submerged Land Lease. 
 “Submerged Land Lease Interests” means all right, title and interest of the Lake
Front/Sandusky Seller, and/or its Affiliates, in and to the Submerged Land Leases. 
 “Subsidiary” means, in respect
of any Person: 
 (a) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect the
majority of the board of directors of such corporation is at the time directly or indirectly owned by (i) such Person, (ii) such Person and one or more subsidiaries of such Person, or (iii) one or more subsidiaries of such Person; or

 (b) any limited or general partnership, joint venture, limited liability company or other entity as to which (i) such Person,
(ii) such Person and one or more of its subsidiaries, or (iii) one or more subsidiaries of such Person owns, more than a 50% ownership, equity or similar interest or has power to direct or cause the direction of management and policies, or
the power to elect the general partner or managing partner (or equivalent thereof), of such limited or general partnership, joint venture, limited liability company or other entity, as the case may be. 
  

 -16- 

 “Sub-Sublease Agreement” has the meaning set forth in the definition of
“Operating Leases” set forth in this Section 1.1, and “Sub-Sublease Agreements” shall mean, collectively, each and every such Sub-Sublease Agreement. 
 “Survey(s)” means, individually or collectively as the context requires, the ALTA surveys of the Real Property to be obtained by
Purchaser in a form and with such information as may be required by the Title Company to enable the Title Company to delete the standard survey-related exceptions. 
 “Taxes” means any federal, state, local or foreign, real property, personal property, sales, use, excise, room, occupancy, ad valorem or similar taxes, assessments, levies, charges or fees
imposed by any Governmental Authority on any Seller with respect to the applicable Assets or the Business, including, without limitation, any interest, penalty or fine with respect thereto, but expressly excluding any (i) federal, state, local
or foreign income, capital gain, gross receipts, capital stock, franchise, profits, estate, gift or generation skipping tax, or (ii) transfer, documentary stamp, recording or similar tax, levy, charge or fee incurred with respect to the
transactions described in this Agreement. 
 “Tenant” shall mean that certain limited partnership, limited liability
company or corporation to be formed prior to the Closing Date that shall execute and deliver the Operating Leases as the tenant thereunder. Each Operating Lease shall provide that (i) Marshall Funk and J. Stan Johnson will be permitted to
transfer their interests in the Tenant as long as (a) such transfer is a permitted transfer, as described below, or (b) following such transfer either of them shall continue to control the day to day business and affairs of the Tenant,
(ii) Marshall Funk and J. Stan Johnson will be permitted to transfer their interests in the Tenant pursuant to bona fide estate planning transfers, (iii) Marshall Funk and J. Stan Johnson will be permitted to transfer their interests in
the Tenant to one or more successor Qualified Marina Operators (as hereinbelow defined) and (iv) any involuntary transfer of an interest in the Tenant (e.g. due to the death or disability of Marshall Funk or J. Stan Johnson), shall not result
in a breach of or default under the Operating Leases. For purposes of the Operating Leases, a “Qualified Marina Operator” means a Person that has (A) the financial resources necessary to be a satisfactory successor
controlling party in the Tenant, as reasonably determined by the landlords under the Operating Leases, and (B) the necessary expertise, qualifications and operational experience to be a satisfactory successor controlling party in the Tenant, as
reasonably determined by the landlords under the Operating Leases (provided, if such Person is a Certified Marina Manager (as certified by the International Marina Institute) then such Person will be deemed to have satisfied the requirements in
subsection (B) hereof) ((A) and (B) are collectively, the “Operational Qualifications”). 
 “Third-Party Claim” means, with respect to the Person in question, any claim, demand, lawsuit, arbitration or other legal or administrative action or proceeding against the Person in question by any other Person
which is not an Affiliate of the Person in question. 
 “Title Commitment(s)” has the meaning set forth in
Section 4.2.1. 
 “Title Company” means First American Title Insurance Company through the Talon Group,
Orlando Commercial Services Division, a division of First American Title Insurance Company, whose address is 111 North Orange Avenue, Suite 1285, Orlando, Florida 32801, Attention: Michael Moore. 
  

 -17- 

 “Title Defects” has the meaning set forth in Section 4.2.1 
 “Title Notice(s)” has the meaning set forth in Section 4.2.1. 
 “Title Policy(ies)” has the meaning set forth in Section 4.2.4. 
 “Total Facilities Revenue” shall have the meaning set forth in the Lease Agreements, the Sublease Agreements and the Sub-Sublease
Agreements. 
 “WARN Act” means the Worker’s Adjustment and Retraining Notification Act, 29 U.S.C. §2101,
et seq., and any similar state and local laws, as amended from time to time, and any regulations, rules and guidance issued pursuant thereto. 
 “Warranties” has the meaning set forth in Section 2.2.14. 
 “Water
Rights” has the meaning set forth in Section 2.2.15. 
 “Watercraft Fleet” has the meaning
set forth in Section 2.2.16. 
 ARTICLE II 
 PURCHASE AND SALE, ASSETS AND LIABILITIES 
 2.1 Purchase and Sale. Subject to the terms,
provisions and conditions set forth herein: 
 2.1.1 Each Seller agrees to sell the respective Assets owned and held by such Seller to the
Purchaser. 
 2.1.2 Purchaser agrees to buy the Assets from the applicable Sellers. 
 2.2 Description of the Assets. In this Agreement, the “Assets” means all of the following, but expressly excluding
the Excluded Assets: 
 2.2.1 Land. The Crystal Point Land, the Manasquan Land, the Harborage Land, the Harbors View Land, the Lake
Front Land and the Sandusky Land, but expressly excluding the Excluded Land. 
 2.2.2 Ground Lease Interests. Each Seller’s
right, title and interest in and to the Ground Leases. 
 2.2.3 Submerged Land Lease Interests. Each Seller’s right, title and
interest in and to the Submerged Land Leases. 
 2.2.4 Docks Lease Interest. Each Seller’s right, title and interest in and to
the Docks Lease. 
  

 -18- 

 2.2.5 Dock Permit Interest. Each Seller’s right, title and interest in and to the Harbors
View Permit. 
 2.2.6 Improvements. The Improvements. 
 2.2.7 Fixtures. All fixtures attached to and forming a part of the Real Property, other than those which constitute Improvements (the “Fixtures”). 
 2.2.8 Personal Property. Each Seller’s right, title and interest in and to the Personal Property (but specifically excluding the
“Consumables” and the “Other Inventory”, each as herein defined). 
 2.2.9 Intangible Assets. All of any
Seller’s right, title and interest in and to any and all Owned Intellectual Property, building plans, specifications and drawings, surveys, environmental and soil reports, software licenses (but only to the extent owned by any Seller and not
included in Licensed Intellectual Property), telephone numbers listing in directories, customer files, guest lists, credit records, labels, promotional literature (but only to the extent owned by any Seller and not included in Licensed Intellectual
Property), security codes, all records and sales and other customer data, and any unexpired guaranties or warranties, relating to the Assets and/or the operation of the Business (but in all cases specifically excluding the Seller Liabilities and any
Licensed Intellectual Property) to the extent that such items are transferable (collectively with the Licenses and Permits, Books and Records, Plans and Specifications, Warranties, Water Rights and Effluent Discharge Rights referred to as the
“Intangible Assets”). 
 2.2.10 Contracts. All of any Seller’s right, title and interest in and to any
maintenance, service and supply contracts, equipment leases, space leases (including without limitation, leases of any boat slips, dry stack storage and other storage spaces by any non-commercial tenant (collectively the “Slip
Leases”)) and all other similar agreements affecting the Assets and/or the operation of the Business to the extent that such contracts are transferable (but in all cases specifically excluding the Seller Liabilities and any leases by
any Seller, as lessee, of any M&E or Watercraft Fleet), which Contracts are set forth in Schedule 5.1.12, together with all deposits made or held by the applicable Seller thereunder, all to the extent that such prepayments and deposits
are transferable (the “Contracts”). Purchaser agrees that pursuant to the terms of the Operating Leases, Purchaser shall make all such prepayments and deposits actually transferred to Purchaser by any Seller in accordance
with the terms of this Agreement available to Tenant for purposes of operating the Business. 
 2.2.11 Licenses and Permits. All of
any Seller’s right, title and interest in and to all licenses, permits, consents, authorizations, approvals, registrations and certificates issued by any Governmental Authority which are held by any Seller with respect to the Real Property and
to the extent that such licenses, permits, consents, authorizations, approvals, registrations and certificates are transferable, including, without limitation, those necessary for the use, operation, or occupancy of any of the Real Property or any
Business operated thereon, but specifically excluding the Harbors View Permit referenced in Section 2.2.4 above, the Liquor Licenses and the Seller Liabilities, together with any deposits made by any Seller thereunder (the
“Licenses and Permits”). A complete listing of Licenses and Permits will be provided by Seller to Purchaser during the Due Diligence Period and attached to this Agreement as Schedule 5.1.9 hereof. 
  

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 2.2.12 Books and Records. All of the Seller’s books and records which relate to the Real
Property or the Business, but expressly excluding all documents and other materials which are legally privileged or constitute attorney work product (the “Books and Records”). 
 2.2.13 Plans and Specifications. All of each Seller’s right, title and interest in and to any plans and specifications, blue prints,
architectural plans, engineering diagrams and similar items within the possession or control of any Seller which specifically relate to any of the Real Property (the “Plans and Specifications”). 
 2.2.14 Warranties. All of each Seller’s right, title and interest in and to all warranties and guaranties held by such Seller with respect to
any Improvements, to the extent that such warranties are transferable (the “Warranties”). 
 2.2.15 Water
Rights. All right, title and interest of each Seller, in all water or riparian rights associated with or related to any Site which are necessary or required for the use or operation of the Business, including, without limitation, all documents,
agreements and permits relating to access to and the use of any navigable waters (the “Water Rights”) 
 2.2.16
Watercraft Fleet. Each Seller’s right, title and interest in and to all boats and other personal watercraft inventories, together with all supplies related thereto, of every kind or nature owned and/or leased by any Seller as of the
Closing Date and located at and used in connection with the operation of the Business at any of the Real Property, including without limitation, to the extent assignable by Sellers, any operating leases of any such boats or other watercraft by any
Seller as lessee thereunder (the “Watercraft Fleet”). 
 2.2.17 M&E. Each Seller’s right, title and
interest in and to all machinery and equipment, including forklifts and vehicles, together with all supplies related thereto, of every kind or nature owned and/or leased by any Seller as of the Closing Date and located at and used in connection with
the operation of the Business at any of the Real Property, including without limitation, to the extent assignable by Sellers, any operating leases of any such machinery and equipment by any Seller as lessee thereunder (the
“M&E”). 
 2.2.18 Effluent Discharge Rights. All right, title and interest of each Seller in all rights to
discharge effluent to a water of a state or the United States in connection with the operation of the Business (the “Effluent Discharge Rights”). 
 Purchaser and Sellers acknowledge and agree that notwithstanding the fact that title to the above-described Assets will be conveyed and transferred to Purchaser at Closing in accordance with the terms of this
Agreement, the Tenant shall have the right on and after the Closing Date to all requisite possession and/or licensed use, as applicable, of the Assets in connection with the operation of the Sites by the Tenant pursuant to the terms of the Operating
Leases. 
 2.3 Excluded Assets. Notwithstanding anything to the contrary in Section 2.2, the following property,
assets, rights and interests (the “Excluded Assets”) are excluded from the Assets: 
  

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 2.3.1 Cash. Except for deposits expressly included in Section 2.2, all cash on hand or
on deposit in any operating account or other account or reserve maintained in connection with the Real Property or the Business. 
 2.3.2
Third-Party Assets. Those removable fixtures, personal property and intellectual property owned by (i) the supplier, vendor, licensor or other party under any Contracts, Licenses and Permits, or Plans and Specifications, (ii) the
tenant under any Slip Leases or any other space lease at any of the Real Property, or (iii) any employees or any guests or customers of the Business. 
 2.3.3 Accounts Receivable. Seller’s accounts receivable and rents receivable. 
 2.3.4
Consumables; Other Inventory. All food, beverages, liquor, beer, wine, consumable supplies and inventories of every kind or nature owned by any Seller as of the Closing Date and located at and used in connection with the operation of the
Business at any of the Real Property (the “Consumables”), as well as all other operating inventory of any kind (other than the Watercraft Fleet) owned by any Seller as of the Closing Date and located at and used in connection
with the operation of the Business at any of the Real Property (the “Other Inventory”). 
 2.3.5 Excluded
Land. Those certain land parcels associated with the Lake Front Site and the Harbors View Site and marked as excluded from sale or as excluded property on the plat maps attached hereto as Schedule 2.3.5 are hereby excluded from the Land
and shall be an Excluded Asset (collectively, the “Excluded Land”). Prior to the Closing Date and to the extent not provided prior to the Effective Date, the applicable Seller(s) shall provide Purchaser with a reasonably
satisfactory legal description for each portion of the Excluded Land. 
 ARTICLE III 
 PURCHASE PRICE 
 3.1 Purchase Price. 
 3.1.1 Purchase Price. Subject to Sections 3.5 and 4.8.3 below, the Purchase Price to be paid by Purchaser to Sellers for the Assets (the
“Purchase Price”) shall be ONE HUNDRED SIX MILLION TWO HUNDRED NINETY THOUSAND AND NO/100 DOLLARS ($106,290,000.00), which shall be adjusted at Closing for the Prorations as expressly provided in this Agreement.

 3.2 Deposit. 
 3.2.1 Deposit. Immediately upon execution and delivery of this Agreement, Purchaser shall deliver into escrow the amount of ONE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,500,000.00), which amount, together with any
interest earned thereon, is hereinafter referred to as the “Deposit”. The Deposit shall be delivered to the Escrow Agent to be held in escrow in accordance with the terms of this Agreement and each of the Parties will execute
and deliver any document or instrument or do any act or thing reasonably required by the Escrow Agent in connection therewith. All interest earned in said account of the Escrow Agent shall be reported by the Escrow Agent to the Internal Revenue
Service as income to Purchaser (and Purchaser agrees to execute a W-9 form and any other federal tax documents necessary in connection therewith). The Escrow Agent shall not be liable for 
  

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any loss occurring which arises from the fact that the amount of the Escrow Deposit may cause the aggregate amount of any depositor’s accounts
contemplated under this Agreement to exceed $100,000 and that the excess amount is not insured by the Federal Deposit Insurance Corporation. 
 3.2.2 Maintenance of Deposit. The Deposit shall be held by the Escrow Agent in an insured, interest-bearing account pursuant to the terms and conditions of this Agreement and any escrow agreement entered into in connection with the
Deposit with the Escrow Agent, with such changes thereto as may be agreed to by the Sellers and the Purchaser, each acting reasonably. The Deposit shall be fully refunded to Purchaser if this Agreement is terminated by Purchaser in accordance with
any right of Purchaser to do so under this Agreement, but otherwise shall be non-refundable to the Purchaser. 
 3.2.3 Disbursement of
Deposit to the Seller. At Closing, the Purchaser shall cause the Escrow Agent to disburse the Deposit to the Seller, and the Purchaser shall receive a credit against the Purchase Price in the amount of the Deposit disbursed to the Seller. If
this Agreement is terminated for any reason and the Purchaser is not entitled to a refund of the Deposit under an express provision of this Agreement, then, unless the Escrow Agent shall receive written instructions to the contrary, the Escrow Agent
is hereby irrevocably authorized to immediately disburse the Deposit to the Sellers, and no later than two (2) Business Days after such termination, Purchaser shall deliver to the Escrow Agent any documentation required by the Escrow Agent, if
any, to further authorize disbursement of the Deposit to the Sellers. 
 3.2.4 Refund of Deposits to the Purchaser. If this Agreement
is terminated and the Purchaser is entitled to a refund of the Deposit this Agreement, then, unless the Escrow Agent shall receive written instructions to the contrary, the Escrow Agent shall disburse the Deposits to the Purchaser no later than two
(2) Business Days after termination. 
 3.2.5 Instructions to Escrow Agent. If this Agreement shall be terminated by the mutual
written agreement of Sellers and Purchaser, or if the Escrow Agent shall be unable to determine at any time to whom the Deposit should be paid, or if a dispute shall develop between Sellers and Purchaser concerning to whom the Deposit should be paid
and delivered, then and in any such event, the Escrow Agent shall pay and deliver such in accordance with the joint written instructions of Sellers and Purchaser. In the event that such written instructions shall not be received by the Escrow Agent
within ten (10) days after the Escrow Agent has served a written request for instructions upon Sellers and Purchaser, then the Escrow Agent shall have the right to pay and deliver the Deposit into an appropriate court of proper jurisdiction in
the State of Florida, and interplead Sellers and Purchaser in respect thereof, and thereupon the Escrow Agent shall be discharged of any obligations in connection with this Agreement. 
 3.2.6 Escrow Agent Costs and Expenses. If costs or expenses are incurred by the Escrow Agent in its capacity as holder of the Deposit in escrow
because of litigation or a dispute between Sellers and Purchaser arising out of the holding of the Deposit in escrow, Sellers and Purchaser shall each pay the Escrow Agent one-half of such reasonable costs and expenses not to exceed a total of
$2,000.00. Except for such costs or expenses, no fee or charge shall be due and payable to the Escrow Agent for its services as escrow holder only. 
  

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 3.2.7 Duties and Obligations of Escrow Agent. By joining herein, the Escrow Agent undertakes only
to perform the duties and obligations imposed upon the Escrow Agent under the terms of this Agreement and expressly does not undertake to perform any of the other covenants, terms and provisions incumbent upon Sellers and Purchaser hereunder.

 3.2.8 No Liability to Escrow Agent. Purchaser and Sellers hereby agree and acknowledge that the Escrow Agent assumes no liability
in connection herewith except for its negligence or willful misconduct; that the Escrow Agent shall not be responsible for the validity, correctness or genuineness of any document or notice referred to under this Agreement; and that in the event of
any dispute under this Agreement, the Escrow Agent may seek advice from its own legal counsel and shall be fully protected in any action taken by it in good faith in accordance with the good faith opinion of its legal counsel. 
 3.3 Payment of Purchase Price at Closing. 
 3.3.1 Payment of Purchase Price at Closing. At the Closing, the Purchaser shall pay to the Sellers by wire transfer an amount equal to the Purchase Price (as adjusted pursuant to Section 9.2), less
the Deposit. The Purchaser shall cause the wire transfer of funds to be delivered to Escrow Agent no later than 4:00 p.m. (Eastern Time) on the Closing Date. 
 3.3.2 Method of Payment. All amounts to be paid by the Purchaser to the Sellers or Escrow Agent pursuant to this Agreement shall be paid by wire transfer of immediately available U.S. federal funds. 

3.4 Allocation of Purchase Price. The Parties agree that the Purchase Price shall be allocated among the Sites for federal, state and
local tax purposes in accordance with Schedule 3.4, which Schedule shall be agreed upon and attached hereto on or before December 8, 2006. The Parties acknowledge and agree that the allocations to be set forth in Schedule 3.4
shall represent an arm’s length agreement based on the Parties’ best judgment as to the fair market value of the Sites. The Parties shall file all federal, state and local tax returns and related tax documents consistent with the
allocation set forth in Schedule 3.4, as the same may be adjusted pursuant to ARTICLE IX or any other provision in this Agreement. The Parties further agree that any further allocation of the Purchase Price among the Real Property and
Personal Property for each Site, and other related asset classes for each Site, if applicable, shall be determined by Purchaser for its own purposes, in Purchaser’s sole and absolute discretion. 
 3.5 Purchaser Option Regarding Beaver Creek, Burnside and Harborage Sites. 
 3.5.1 Lease Amendments. Sellers and Purchaser hereby acknowledge and agree that (i) the term under the Beaver Creek Ground Lease (the
“Beaver Creek Ground Lease Term”) expires on April 30, 2024, there are no extension terms available under such Lease, and the Beaver Creek Ground Lease Term is inadequate for Purchaser’s business purposes,
(ii) the term under the Burnside Ground Lease (the “Burnside Ground Lease Term”) expires on April 30, 2024, there are no extension terms available under such Lease, and the Burnside Ground Lease Term is inadequate
for Purchaser’ business purposes, and (iii) the term under the Harborage Docks Lease (the “Harborage Docks Lease Term”) expires on December 31, 2011, there are no extension terms available under such Lease, and
the Harborage Docks Lease Term is inadequate for Purchaser’s business purposes. Accordingly, in the event that the respective Seller cannot, on or before the expiration of the Due Diligence Period, obtain an agreement upon commercially
reasonable 

  

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terms by the Department to extend the Beaver Creek Ground Lease Term or the Burnside Ground Lease Term and/or grant one or more renewal options under the
terms of such applicable Lease(s) to extend the Beaver Creek Ground Lease Term or the Burnside Ground Lease Term, for a period not less than twenty-five (25) years from the Closing Date hereunder, or an agreement upon commercially reasonable
terms by the City to extend the Harborage Docks Lease Term and/or grant one or more renewal options under the terms of such applicable Lease to extend the Harborage Docks Lease Term, for a period not less than twenty (20) years from the Closing
Date hereunder, such agreements to be evidenced by a written amendment to the Beaver Creek Ground Lease (the “Beaver Creek Ground Lease Amendment”), the Burnside Ground Lease (the “Burnside Ground Lease
Amendment”) and the Harborage Docks Lease (the “Harborage Docks Lease Amendment”) (the Beaver Creek Ground Lease Amendment, the Burnside Ground Lease Amendment and the Harborage Docks Lease Amendment are
hereinafter individually a “Lease Amendment” and collectively, the “Lease Amendments”), which Lease Amendments shall be in form and substance acceptable to Purchaser, in Purchaser’s reasonable
discretion and fully-executed and delivered to Purchaser prior to the expiration of the Due Diligence Period, then the remaining terms of this Section 3.5 shall govern. Notwithstanding any provision herein to the contrary, in the event
that the Harborage Docks Lease Amendment contains any purchase or repurchase option exercisable by the lessor thereunder, or its successors or assignees, at any time prior to the expiration of the contemplated 20-year lease term thereof, such
Harborage Docks Lease Amendment is hereby deemed to be inadequate for Purchaser’s business purposes and Purchaser shall not have any further right or option to then acquire the Harborage Site and the Assets pertaining thereto under the terms of
this Section 3.5 or otherwise, unless otherwise consented to in writing by the Seller of the Harborage Site. 
 3.5.2 Lease
Amendments. 
 (a) Harborage Docks Lease Amendment. In the event that the respective Seller does not deliver a fully-executed
Harborage Docks Lease Amendment prior to the expiration of the Due Diligence Period, Purchaser shall have the right to elect by written notice to Sellers within five (5) days following the expiration of the Due Diligence Period, to
(i) close on the purchase and sale of the Assets related to the Harborage Site notwithstanding Seller’s failure to obtain the applicable Lease Amendment, or (ii) proceed under Section 3.5.3 below. In the event that
Purchaser elects to proceed under Section 3.5.3 below, then (a) at the Closing, the Purchase Price shall be reduced by the amount of the Purchase Price allocated to the Harborage such Site (such price, as adjusted pursuant to
Section 4.8.3 below is referred to herein as the “Reduced Purchase Price”), (b) for purposes of the Closing, this Agreement shall be deemed to have been amended to exclude all references to the Harborage
Site, the Assets pertaining thereto, or any obligations of Purchaser or Seller hereunder with respect thereto, except those set forth in Section 3.5.3 and those obligations which otherwise survive according to the terms hereof,
(d) for purposes of the Closing, all references to the defined term “Purchase Price” shall be deemed to refer to the “Reduced Purchase Price”, and (e) all fees, costs and expenses incurred by Purchaser and/or any Seller
in connection with the aborted acquisition of the Assets related to any such Site shall be included as part of the Acquisition Costs relating to such Site to the extent that Purchaser acquires such Site in accordance with Section 3.5.3
hereof. 
  

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 (b) Beaver Creek and Burnside Ground Lease Amendments. Seller shall exercise commercially
reasonable good faith efforts to obtain from the Department and deliver to Purchaser on or before December 8, 2006 (the “Conditional Approval Date”), a conditional advance approval of probable transfer of lease or
sublease, as applicable (the “Conditional Approval”), and which shall set forth the approval of the Beaver Creek Ground Lease Amendment and the Burnside Ground Lease Amendment and an agreement by the Department to execute and
deliver the Beaver Creek Ground Lease Amendment and the Burnside Ground Lease Amendment on the Closing Date hereunder, subject only to delivery of fully-executed counterparts of the Beaver Creek Ground Lease Amendment and the Burnside Ground Lease
Amendment and such other documentation or information as is customarily required by the Department (the “Supplemental Approval”). In the event that Sellers shall not obtain and deliver such Conditional Approval and
Supplemental Approval on or before such Conditional Approval Date, then either Purchaser or Sellers shall have the right to elect, in their sole discretion, to terminate this Agreement, by providing written notice of such termination to the other
Parties on or before that date which is five (5) days following the Conditional Approval Date, and in such event, this Agreement shall be terminated, the Deposit shall be returned to Purchaser and this Agreement shall be null and void and of no
further force or effect, and the Parties shall have no further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement; provided, however, in the event that Sellers
elect to terminate this Agreement pursuant to the provisions of this Section 3.5.2(b), Purchaser may elect to proceed to Closing notwithstanding Sellers’ failure to obtain and deliver such Conditional Approval and/or Supplemental
Approval on or before the Conditional Approval Date, in which event this Agreement shall not be terminated, and the Parties shall proceed in accordance with the provisions hereof. In the event that Sellers shall not obtain and deliver the
Conditional Approval and/or Supplemental Approval on or before the expiration of the Due Diligence Period, Purchaser shall have the right, with respect to each Site for which such Conditional Approval and/or Supplemental Approval has not been
delivered, to elect, upon written notice to Sellers within five (5) days following the expiration of the Due Diligence Period, to (i) close on the purchase and sale of the Assets related to each such Site notwithstanding Sellers’
failure to obtain such Conditional Approval and/or Supplemental Approval, or (ii) proceed under Section 3.5.3 below. In the event that Purchaser elects to proceed under Section 3.5.3 below, then (a) at the Closing,
the Purchase Price shall be reduced by the amount of the Purchase Price allocated to the applicable Site (such price, as adjusted pursuant to Section 4.8.3 below is referred to herein as the “Reduced Purchase
Price”), (b) for purposes of the Closing, this Agreement shall be deemed to have been amended to exclude all references to the applicable Site, the Assets pertaining thereto, or any obligations of Purchaser or Sellers hereunder
with respect thereto, except those set forth in Section 3.5.3 and those obligations which otherwise survive according to the terms hereof, (d) for purposes of the Closing, all references to the defined term “Purchase
Price” shall be deemed to refer to the “Reduced Purchase Price”, and (e) all fees, costs and expenses incurred by Purchaser and/or any Seller in connection with the aborted acquisition of the Assets related to any such Site shall
be included as part of the Acquisition Costs relating to such Site to the extent that Purchaser acquires such Site in accordance with Section 3.5.3 hereof. 
 3.5.3 Purchaser’s Option to Extend the Closing for Failure to Obtain the Harborage Docks Lease Amendment, the Beaver Creek Ground Lease Amendment, the Burnside Ground Lease Amendment, or Harbors View
Estoppel. In the event that the respective Sellers do not deliver a fully-executed Lease Amendment with respect to the Harborage Site as provided for in Section 3.5.2(a), a Conditional Approval and Supplemental Approval with respect
to the Beaver 

  

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Creek Site or the Burnside Site as provided for in Section 3.5.2(b), or the Third-Party Estoppel from Grand River Dam Authority for the Harbors
View Permit with respect to the Harbors View Site as provided for in Section 4.8 below (each affected Site being referred to herein as an “Affected Site”), and Purchaser has elected to proceed under this
Section 3.5.3, Purchaser shall have the right, with respect to each Affected Site to extend the date for closing on such Affected Site for up to an additional twelve (12) months in order to provide Seller additional time to obtain the
applicable Lease Amendment, Conditional Approval, Supplemental Approval and/or Third Party Estoppel and all terms and conditions and obligations of the Parties hereto with respect to the Assets, the Site or the Business operated thereon as provided
for hereunder shall survive and continue in full force and effect up to and including the Affected Site Closing Date (or, if earlier, the date upon which this Agreement shall be terminated in accordance with the express provisions hereof). Within
thirty (30) days of Seller’s written notice to Purchaser that it has obtained the applicable Lease Amendment, Conditional Approval, Supplemental Approval and/or Third Party Estoppel with respect to an Affected Site, and subject to the
satisfaction of Purchaser’s Closing Conditions set forth in Section 7.1 with respect to the Affected Site (the “Affected Site Closing Conditions”) and subject to any right that the Purchaser or the Sellers
may then have to terminate this Agreement pursuant to the express provisions of this Agreement, Purchaser shall, in accordance with the terms of this Agreement, close (the “Affected Site Closing”) on the purchase and sale of
the Assets related to such Affected Site (the “Affected Site Closing Date”) for the Purchase Price allocated to such Site (the “Affected Site Purchase Price”), as set forth in Schedule 3.4
hereto. In the event that Purchaser shall elect to proceed under this Section 3.5.3 with respect to any Affected Site, (a) a portion of the Deposit equal to FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) shall be credited against and
used to fund the Reduced Price at the Closing and the remainder of the Deposit (the “Remaining Deposit”) shall not be credited against the Reduced Purchase Price but shall be retained by Escrow Agent and shall be credited
against the Affected Site Purchase Price on the last Affected Site Closing Date occurring hereunder and (b) upon an Affected Site Closing, all fees, costs and expenses incurred by Purchaser and/or any Seller in connection with the acquisition
of the Assets related to the Affected Site shall be included as part of Acquisition Costs in accordance with Section 9.7 hereof. If the respective Seller shall provide written notice to Purchaser that it has obtained the applicable Lease
Amendment, Conditional Approval, Supplemental Approval and/or Third Party Estoppel and the Affected Site Closing Conditions shall have been fully satisfied with respect to an Affected Site, in the event that Purchaser shall default on its
obligation to close on the purchase of such Assets on the Affected Site Closing Date, the Remaining Deposit shall be forfeited by Purchaser and Escrow Agent shall deliver the Remaining Deposit to Seller, Purchaser shall have no further right to
acquire any Affected Sites hereunder and neither party shall have any further obligations to the other hereunder, except for those obligations which otherwise survive according to the terms hereof. Notwithstanding the foregoing, Purchaser may elect,
in Purchaser’s sole and absolute discretion, at any time following the Closing Date hereunder and upon thirty (30) days written notice to the respective Seller, to proceed to close on the purchase and sale of the Assets related to all
Affected Sites notwithstanding such Seller’s continued failure to obtain any applicable Lease Amendment, Conditional Approval, Supplemental Approval and/or Third Party Estoppel (and notwithstanding the failure of any Affected Site Closing
Condition relating thereto), at which time the Remaining Deposit shall be credited against the Affected Site Purchase Prices. In 
  

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the event that (A) the respective Seller shall not obtain the applicable Lease Amendments, Conditional Approval, and/or the Third-Party Estoppel from
Grand River Dam Authority for the Harbors View Permit with respect to any Affected Site, as applicable, on or before the expiration of twelve (12) months from the Closing Date hereunder, or (B) the applicable Lease Amendment, Conditional
Approval, Supplemental Approval and/or the Third-Party Estoppel from Grand River Dam Authority for the Harbors View Permit with respect to the Harbors View Site shall be obtained, however the Affected Site Closing Conditions with respect to any such
Affected Site shall not be fully satisfied on or before the applicable Affected Site Closing Date, then, at Purchaser’s sole and absolute election within fifteen (15) days after the expiration of twelve (12) months from the Closing
Date hereunder, either (a) (i) this Agreement and the provisions of this Section 3.5.3 shall terminate, (ii) the Remaining Deposit shall be refunded to Purchaser, and (iii) neither party shall have any further
obligations to the other hereunder, except for those obligations which otherwise survive according to the terms hereof, or (b) proceed to close on the purchase and sale of the Assets related to all Affected Sites not yet acquire by Purchaser
hereunder waiving all unsatisfied Affected Site Closing Conditions. 
 3.5.4 Cooperation. To the extent that Purchaser elects to
acquire the Assets relating to the Harborage Site, the Harbors View Site, the Beaver Creek Site and/or the Burnside Site notwithstanding that the respective Sellers do not deliver a fully-executed Harborage Docks Lease Amendment, Beaver Creek Lease
Amendment, Burnside Ground Lease Amendment or Third-Party Estoppel from Grand River Dam Authority (as applicable), and provided that any right of Sellers to terminate this Agreement shall have expired without exercise by Sellers, the parties shall
cooperate with each other and use commercially reasonable efforts to obtain the applicable Lease Amendments and/or Third Party Estoppel following the Closing Date hereunder. 
 ARTICLE IV 
 DUE DILIGENCE AND INSPECTION 
 4.1 Right to Inspect. Subject to the prior notification requirements set forth below, the Purchaser and the Purchaser’s Inspectors
shall have the right to enter upon the Real Property to perform, at the Purchaser’s expense, such Inspections of and concerning the Real Property and other Assets and other tests, studies, reviews and investigations, as the Purchaser may deem
appropriate. In connection with such Inspections, Purchaser covenants with Seller that the exercise of such inspection rights shall not materially interfere with the respective Seller’s operation of the Business, and Purchaser shall exercise
such inspection rights in the least intrusive manner as reasonably possible. Purchaser shall have the right to conduct such Inspections at the Real Property upon at least two (2) Business Days’ notice to and coordination with Jo Wilsmann
as the authorized representative of the Sellers (with such notice by Purchaser being required to set forth a name and telephone contact number for the representative of Purchaser coordinating such inspection activities), and Purchaser shall have the
right, with an authorized representative of the Sellers present if Sellers so elect, to meet with any managers and employees of the Sellers to discuss the Business, including the revenues, expenses, operation and physical condition of the Business.
In addition, the Purchaser shall have the right to contact any Governmental Authorities as it may 
  

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elect in connection with this transaction or any Inspection; provided, however, Purchaser agrees that it shall not contact the Department, the City or the
Grand River Dam Authority with respect to the applicable Lease Amendments, the Third-Party Estoppel for the Harbors View Permit or any consent to the assignment of the Ground Leases, the Submerged Land Leases, the Harborage Docks Lease, or the
Harbors View Permit, without first obtaining the consent of Jo Wilsmann as the authorized representative of the Sellers. Purchaser shall indemnify and hold Sellers harmless from any costs, expenses, claims, injuries, accidents, or damage to or on
any of the Real Property and/or any other Assets caused by Purchaser or Purchaser’s inspecting agents during Purchaser’s inspections or as the result of Purchaser’s inspections of or entry upon any of the Real Property. Purchaser
shall promptly restore the Real Property and any other Assets to their original condition if damaged or changed due to the tests and inspections performed by Purchaser, free of any mechanic’s or materialman’s liens or other encumbrances
arising out of any of the inspections or tests. Purchaser’s obligations under this Section 4.1 shall survive the termination or Closing of this Agreement. Sellers shall furnish to the Purchaser copies of the following Sellers’
Due Diligence Materials, to the extent available and in any Seller’s possession or control and to the extent the same has not been previously furnished to Purchaser by any of the Sellers’ representatives, within five (5) days of the
Effective Date, each of which, to the Seller’s Knowledge, is or will be a true, correct and complete copy of the document it purports to be: 
 (i) Copies of all Ground Leases, the Docks Lease, the Submerged Land Leases, and the Harbors View Permit, along with copies of all amendments, assignments, letter agreements or other material documents related thereto. 
 (ii) All Warranties. 
 (iii) All Licenses
and Permits. 
 (iv) All Liquor Licenses. 
 (v) The most recent real estate tax statements with respect to the Real Property and notices of appraised value for the Real Property. 
 (vi) All records relating to any pending tax appeals relating to any of the Real Property or any of the other Assets. 
 (vii) Any Environmental Reports. 
 (viii) All title insurance policies or then current title commitments
relating to any of the Real Property, along with copies of all title exception documents related thereto. 
 (ix) All documentation relating
to any Third-Party Claim asserted in writing or any material notice from any Governmental Authority issued, in connection with any Seller or any Business, other than any such Third Party Claim that has been fully resolved (i.e. settled or finally
adjudicated and, as applicable, paid in full) or material notice from a Governmental Authority relating to any matter that has been cured to the satisfaction of the Governmental Authority. 
  

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 (x) Surveys, engineering and architectural plans, drawings and specifications all relating to any of the
Real Property, including, without limitation, the Plans and Specifications. 
 (xi) All contracts affecting any of the Real Property in any
material respect, including, without limitation, the Contracts. 
 (xii) All agreements for real estate commissions, brokerage fees,
finder’s fees or other compensation payable in connection therewith which will or may be binding on the Purchaser. 
 (xiii) All
material communications by any Seller with Governmental Authorities and any other documents relating to the material compliance with Applicable Law of any Seller. 
 Within five (5) Business Days after the written request of Purchaser, Sellers shall furnish or cause to be furnished to Purchaser all other information and documentation that Purchaser may reasonably request
related to the Assets or any Business to the extent available and in any Seller’s possession or control. Should the proposed transaction not be completed, the Purchaser will promptly return to the Sellers all Sellers’ Due Diligence
Materials previously provided by any Seller to Purchaser. Purchaser acknowledges and agrees that to the extent any of Sellers’ Due Diligence Materials are or have been prepared by any third party, such Sellers’ Due Diligence Materials
shall be delivered to Purchaser without representation or warranty by any Seller as to accuracy, completeness or otherwise. 
 4.2
Matters Relating to Title. 
 4.2.1 Status of Title. Within thirty (30) days after the Effective Date hereof,
Purchaser shall obtain a current title commitment to be issued by the Title Company with respect to the Land and the other Real Property interests hereunder, together with legible copies of all title exception documents (the “Title
Commitment(s)”), as well as the Surveys, the reasonable expense of which shall be a Purchaser expense and included within Acquisition Costs under Section 9.7. Within fifteen (15) days of the Purchaser’s receipt of
all of the Title Commitment(s) and the Surveys, the Purchaser shall deliver to Seller a written Notice specifying any defects in or objections to the title shown in the Title Commitments or the Surveys which in the Purchaser’s reasonable
judgment adversely affect the Real Property which is the subject of such Title Commitment(s) or Surveys (the “Title Notice”). Any (a) lien or other exception contained in the Title Commitment(s) to which Purchaser timely
objects, and (b) any encroachment by improvements on adjoining properties onto or over the Land or any encroachment of the Improvements onto or over adjoining properties, setback lines or easements (to the extent in violation thereof), or any
other survey defects which adversely affect title to any of the Real Property, which are not otherwise Permitted Encumbrances, shall individually constitute a “Title Defect”, and collectively constitute the “Title
Defects”. The Sellers shall notify the Purchaser in writing (the “Sellers’ Title Response”) within ten (10) days of the Sellers’ receipt of the Title Notice whether the Sellers will, exercising
diligent efforts, cure any or all of the Title Defects as set forth in the Title Notice and which Title Defects, if less than all, Sellers will agree to cure. No Seller shall have any obligation to cure any Title Defect, but if Sellers shall agree,
at their option, in the Sellers’ Title Response to cure any or all of the Title Defects, Sellers shall do so on or prior to the Closing Date at their own cost and expense, but subject to reimbursement 

  

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of such cost and expense at Closing as an Acquisition Cost (other than the payoff of any lien or other exception securing the payment of money, which shall
not be included within the Acquisition Costs). If Sellers do not agree in the Sellers’ Title Response to cure all of the Title Defects, then Purchaser may, at its option and as its sole and exclusive remedy, within five (5) days following
the earlier of Purchaser’s receipt of Sellers’ Title Response or the expiration of Sellers’ ten (10) day response period described above (the “Title Review Expiration Period”), either (1) terminate
this Agreement by giving Sellers written notice thereof, and in such event the Deposit shall be immediately returned to Purchaser, or (2) waive the Title Defects which Sellers have not elected to cure and proceed to consummate the purchase of
the Assets subject to the uncured objections. Upon Purchaser’s failure to timely object to any of the Title Commitment(s) or the Surveys or to the extent otherwise waived by Purchaser hereunder, all matters shown on the Title Commitments or the
Surveys shall thereafter be deemed a “Permitted Encumbrance” with respect to such Real Property. If the Sellers shall agree to cure any or all of the Title Defects, but are unable to complete the cure of same on or before
Closing Date hereunder, the Purchaser shall have the right, in its sole and absolute discretion, to elect, upon written Notice to the Sellers, to either (i) postpone the Closing Date for a reasonable period not to exceed thirty (30) days
to provide Sellers a reasonable opportunity to either (A) cure such uncured Title Defect(s) Sellers have previously agreed to cure, or (B) if Purchaser shall agree, in its reasonable discretion, to accept any available affirmative title
insurance coverage with respect to such Title Defect, which affirmative title insurance coverage shall be at Sellers’ cost and expense to be reimbursed at Closing as an Acquisition Cost, and Sellers shall, in such event, provide Title Company
such assurances as the Title Company may require to provide such affirmative title coverage and insure the Purchaser against any loss arising from such uncured Title Defect, or (ii) to proceed pursuant to Section 4.2.2 below.

 4.2.2 Failure of Title. If on the Closing Date title to the Real Property is not insurable or is subject to any uncured Title
Defect not otherwise deemed to constitute a Permitted Encumbrance in accordance with the foregoing, and if Sellers are unable or unwilling to cure the same, the Purchaser may elect, as its sole right and remedy, either (a) to accept such title
to the Real Property as the respective Seller holds, with no abatement of the Purchase Price (except to the extent of monetary liens of a definite, fixed and ascertainable amount not in excess of the Purchase Price), or (b) to terminate this
Agreement and proceed pursuant to Section 10.1 below. 
 4.2.3 Updated Title Commitment or Survey. If prior to Closing any
update of any Title Commitment discloses any title exception which is objectionable to Purchaser, in Purchaser’s reasonable discretion, and which was not disclosed in the applicable Title Commitment, or any update previously obtained by the
Purchaser, or any update of the Surveys obtained by the Purchaser discloses any defect or exception which is objectionable to Purchaser, in Purchaser’s reasonable discretion, and which is not disclosed in any prior Survey, or any update
previously obtained by the Purchaser (each a “New Title Defect”), the Sellers shall remove or cure such New Title Defect at or prior to Closing. In the event that the Sellers fail to remove or cure such New Title Defect at or
prior to Closing, the Purchaser shall be entitled to proceed under Section 4.2.1 above. The Sellers hereby agree that they shall not voluntarily create or permit to exist any New Title Defect. Notwithstanding any provision herein to the
contrary, Sellers shall not be obligated to cure any New Title Defect not directly or indirectly caused by any action or inaction of any Seller (and provided that as to any lien resulting from any alleged non-payment by Sellers for labor or
materials relating to the 

  

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Sites, Sellers shall be provided with a reasonable opportunity to contest the same in good faith and may cure such New Title Defect by providing a bond or
other reasonable assurance of payment in the event that Sellers do not prevail in such contest). 
 4.2.4 Title Policies. At Closing,
the Purchaser shall cause the Title Company to issue owner’s title insurance policies to the Purchaser pursuant to the Title Commitments, subject only to the Permitted Encumbrances (the “Title Policy(ies)”). 

4.2.5 Conveyance of the Property. At Closing, the respective Sellers shall convey the respective Real Property to the Purchaser subject only to
the Permitted Encumbrances. 
 4.3 Environmental Inspections and Reports Prior to the Effective Date of this Agreement, Sellers
have provided to Purchaser for its review, a copy of any existing environmental reports, studies or notices which are in any Seller’s possession or control, if any. Purchaser has or will obtain on or before December 8, 2006, additional
environmental studies related to the Sites (including both Level I and Level II studies), audits and other tests of the Real Property as may be deemed necessary by Purchaser to determine the existence of any environmental conditions on the Real
Property which are unacceptable to Purchaser, in Purchaser’s reasonable discretion, or which reveal the existence of Hazardous Substances on or contaminating any of the Real Property above levels which exceed the allowable levels as set forth
in the current Environmental Laws, the expense of which shall be paid by Purchaser and included as an Acquisition Cost under Section 9.7 (collectively referred to herein as, the “Environmental Reports”). If the
Level I or Level II Environmental Reports reveal any Hazardous Substances on or contaminating any of the Real Property above levels which exceed the allowable levels as set forth in the current Environmental Laws or which reveal any environmental
conditions on the Property which are otherwise unacceptable to Purchaser, in Purchaser’s reasonable discretion (each a “Disclosed Environmental Defect”), then not later than December 8, 2006 (the
“Environmental Notification Date”), Purchaser may, at Purchaser’s election, (i) notify Sellers in writing (without setting forth in any detail or otherwise providing any specific or other description of the
applicable objection or objections) that the environmental condition of the applicable Real Property is unacceptable to Purchaser, or, (ii) terminate this Agreement, by written notice to Seller, in which event the Deposit shall be returned to
Purchaser, this Agreement shall be null and void and of no further force or effect, and the Parties shall have no further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. To
the extent that the Purchaser does not object in writing to a Disclosed Environmental Defect upon or prior to the Environmental Notification Date, then Purchaser shall be deemed to have waived its objection to such Disclosed Environmental Defect
hereunder. Upon receipt of a notice from Purchaser pursuant to subsection (i) above, the respective Seller of the affected Real Property may request, in writing, a copy of the applicable Environmental Report(s), whereupon Purchaser shall
promptly furnish to such Seller a copy of such Environmental Report(s), and within ten (10) days after receipt thereof, such Seller may elect, by written notice to Purchaser, to (a) agree to cause Remediation of the Disclosed Environmental
Defects objected to by Purchaser (“Proposed Remediation”), and, within ten (10) days of Seller’s written notice to Purchaser of such election, provide Purchaser with written notice of the estimated time frame for
completion of such Proposed Remediation, a total cost to complete such Proposed Remediation, and any other detail, information 
  

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or documentation regarding such Proposed Remediation as may be requested or required by Purchaser, in Purchaser’s reasonable discretion, or
(b) decline to pursue any Remediation of the condition(s) objected to by Purchaser, with it being agreed that if such Seller fails to provide Purchaser with a written response within ten (10) days after receipt of any such applicable
Environmental Report(s), then such Seller shall be deemed to have declined to pursue Remediation of the applicable Disclosed Environmental Defects. Upon Purchaser’s receipt of Seller’s election under subsections (a) or (b) above,
Purchaser may elect, by written notice to the Sellers to (x) accept such Proposed Remediation by the applicable Seller, or (y) in the event that such Proposed Remediation is not sufficient in Purchaser’s reasonable discretion to
address the risks associated with the Disclosed Environmental Defect, accept such Proposed Remediation by the applicable Seller and require that, in addition to the completion of such Proposed Remediation, such Seller agree to execute and deliver an
agreement to indemnify Purchaser, pursuant to which such Seller will agree to indemnify Purchaser against any and all loss, cost, liability or expense in connection with the Proposed Remediation, or any continuing adverse environmental condition(s)
existing at the Real Property to the extent attributable to the Disclosed Environmental Defect to which such Proposed Remediation relates (each an “Environmental Indemnification”), or (z) terminate this Agreement prior
to the expiration of the Due Diligence Period, by written notice to the Sellers, in which event the Deposit shall be returned to Purchaser, this Agreement shall be null and void and of no further force or effect, and the Parties shall have no
further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. In the event that Purchaser requests an Environmental Indemnification from any Seller pursuant to Subsection
(y) above, such Seller(s) may decline to do so by written notice to Purchaser within ten (10) days after receipt of such request from Purchaser, whereupon this Agreement shall terminate and shall be null and void and of no further force or
effect, and the Parties shall have no further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. 
 If Purchaser agrees to accept such Proposed Remediation, Sellers shall complete such Proposed Remediation on or before the Closing Date hereunder, and shall, upon completion, provide to Purchaser any certificates of
completion or no further action from any Governmental Authority or other third party, as may be available upon commercially reasonable terms and required by Purchaser, at Purchaser’s reasonable discretion. If any such Proposed Remediation shall
not be completed on or before the Closing Date, the applicable Seller shall thereafter continuously and with all due diligence pursue such Proposed Remediation to completion following the Closing Date and the portion of the Purchase Price paid at
the Closing Date shall be reduced by two hundred percent (200%) of the reasonably estimated cost to complete such Proposed Remediation as of the Closing Date, which amounts shall be held by Escrow Agent as security for the satisfactory
completion of such Required Remediation pursuant to the terms of an escrow agreement executed at Closing reasonably satisfactory to such Seller(s) and Purchaser, and in the event that Purchaser will require and Seller has agreed to provide an
Environmental Indemnification pursuant to subsection (y) and the related provisions above, Seller shall execute and deliver at Closing such Environmental Indemnification, which shall be in form and substance agreed upon by Seller(s) and
Purchaser during the Due Diligence Period, pursuant to which Seller shall agree to indemnify Purchaser against any and all loss, cost, liability or expense in connection with the Remediation or any continuing adverse environmental condition
(s) existing at the Real Property. Upon completion by the applicable Seller of any such Proposed Remediation following the Closing Date, such Seller 

  

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shall provide to Purchaser any certificates of completion or “no further action” from any Governmental Authority or other third party, as may be
available upon commercially reasonable terms and required by Purchaser, at Purchaser’s reasonable discretion. Once such Seller has provided Purchaser with such certificates upon completion of any such Proposed Remediation, the foregoing
Purchase Price holdback shall be promptly paid in full by Purchaser to such Seller. Notwithstanding any provision herein to the contrary, Purchaser acknowledges and agrees that unless Sellers specifically request in writing from Purchaser a copy of
any applicable Level I or Level II Environmental Reports, Purchaser shall not provide or furnish any Seller with a copy or summary of, or any excerpt from, any Level I or Level II Environmental Reports commissioned by Purchaser or received by
Purchaser from any source other than directly from any Seller as a part of the Sellers’ Due Diligence Materials. Finally, if any of the Environmental Reports disclose any condition of the Real Property which would obligate Purchaser to report
such information to a Governmental Authority under Applicable Law, then Purchaser shall so report such information, but only to the extent required to comply with its obligations under Applicable Laws. If Purchaser is otherwise obligated to report
by law, then Purchaser may so report. 
 4.4 Contracts. On the Closing Date, all Contracts which are not objected to by
Purchaser in accordance with the provisions below and which are not in violation of any Applicable Law shall be assigned by Sellers and assumed by Purchaser or such other party as Purchaser may direct as of the Closing Date (the “Assumed
Contracts”) pursuant to the “Assignment and Assumption of Contracts” (as described in Section 8.3.5). On or before fifteen (15) days after the Effective Date, Purchaser shall identify in writing to Sellers
(i) those Contracts which are acceptable to Purchaser and which will be assumed by Purchaser on the Closing Date hereunder, and (ii) those Contracts which are not acceptable to Purchaser and which Sellers shall be obligated to terminate at
or prior to the Closing Date. If Sellers shall not agree in writing to terminate any material Contract which is deemed by Purchaser to be unacceptable, then Purchaser, as its exclusive remedy, may elect to terminate this Agreement by giving Sellers
written notice of such termination within five (5) days after receipt of such notice from Sellers refusing to terminate the applicable Contract(s) deemed by Purchaser to be unacceptable, in which event, the Deposit shall be returned to
Purchaser, this Agreement shall be null and void and of no further force or effect, and the Parties shall have no further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. If
Purchaser does not so terminate this Agreement, Purchaser shall accept and assume on the Closing Date hereunder those Contracts to which Purchaser previously objected and which Sellers have not agreed to terminate. 
 4.5 Inventory. During the Due Diligence Period and subject to the notice requirements of Section 4.1, Purchaser and its
representatives shall be permitted to enter upon the Real Property for the purpose of taking an inventory of all tangible Personal Property related to the operation of the Business. 
 4.6 Purchaser’s Election Whether or Not to Proceed. From the Effective Date hereof through the date which is fifteen (15) days
after the Effective Date, Purchaser may elect, in Purchaser’s sole and absolute discretion, for any reason or for no reason, not acquire the Assets. Thereafter, at all times prior to the expiration of the Due Diligence Period, Purchaser may
elect not to acquire the Assets due to any materially adverse condition of any of the Assets that the applicable Seller has not agreed in writing 
  

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to cure prior to the Closing Date in accordance with the provisions of this Agreement. If Purchaser notifies Seller and the Escrow Agent of such properly
exercised election in writing prior to the expiration of fifteen (15) days after the Effective Date or the Due Diligence Period, as applicable, then in such event, the Deposit shall be returned to Purchaser, this Agreement shall be null and
void and of no further force or effect, and the Parties shall have no further obligation to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. Upon the expiration of the Due Diligence Period,
the Deposit shall be nonrefundable to Purchaser, except in the case of an uncured default by any Seller hereunder after expiration of any applicable curative period, the failure of a Purchaser’s Closing Condition, or as otherwise expressly set
forth herein. Notwithstanding the foregoing to the contrary, in any instance where Purchaser has the discretion to elect to terminate this Agreement, and in fact does elect to terminate this Agreement, pursuant to this Agreement, Escrow Agent shall
return the Deposit to Purchaser without further instructions, consent or written authorization by any Party hereto. 
 4.7 Operating
Leases. During the Negotiation Period, Purchaser and Sellers shall, using good faith and diligent efforts, mutually agree upon all of the terms and conditions of the Lease Agreement, Sublease Agreement and Sub-Sublease Agreement, as
applicable, for each Site which shall be entered into at Closing between Purchaser, as “Landlord”, and the Tenant, as “Tenant”, the form of which shall, prior to the expiration of the Negotiation Period, be attached hereto as
Exhibit B-1, Exhibit B-2 and Exhibit B-3, respectively. Sellers and Purchaser hereby agree that each of the Operating Leases shall include those material terms as expressly set forth herein relating to Leases or Tenants’
rights and obligations under the Leases, and to the extent not conflicting with any of such express Lease provisions set forth herein, as set forth in Schedule 4.7 hereto (collectively the “Material Lease Terms”),
which Material Lease Terms may be amended as reasonably necessary and as reasonably approved by Sellers to address any material defects or discrepancies shown by additional information discovered in the course of Purchaser’s Inspections
hereunder, and which shall include, without limitation the following: (i) subject to Sellers’ obligations pursuant to Section 3.5 hereof, an initial term of twenty (20) years, with options to extend the term for four
(4) additional periods of five (5) years each, subject to all of the then applicable terms and conditions of such Operating Lease; provided, however, the term of any Operating Lease shall not exceed the remaining term (including any
renewal term(s)) of any underlying material lease or permit pertaining to the applicable Site; (ii) upon Landlord or Tenant obtaining, in the Parties’ mutual reasonable discretion, any extension of, or option to extend, the term (including
the primary term as well as any renewal or extended term) of the underlying material lease or permit pertaining to the applicable Site, upon the election of Tenant, and provided Tenant shall not be in default under the applicable Operating Lease,
the term (i.e. the primary term or any renewal thereof, as applicable) of the Operating Lease shall be extended to correspond with such extension or, as applicable, the Tenant shall be provided with a correlative option to extend the term (i.e. the
primary term or any renewal thereof, as applicable) of such Operating Lease for the same period of time as the option relating to the material lease or permit; (iii) upon Tenant’s election to extend the lease term under any of the
Operating Leases, Tenant shall be obligated to elect to extend the term under all Operating Leases; provided, however, the term of any Operating Lease shall not exceed the remaining term (including any renewal term(s)) of any underlying lease or
permit pertaining to the applicable Site; provided, further, however, in the event that any underlying lease or permit pertaining to any Site shall have conditions, restrictions or prohibitions whereby simultaneous extension of the term of the
applicable Operating Lease shall not be possible, Purchaser, Tenant and 
  

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Manager shall each cooperate with the other and exercise good faith efforts to eliminate such conditions or prohibitions (provided that, in the event that
such conditions, restrictions or prohibitions with respect to such Operating Lease shall not be eliminated, despite Landlord’s and Tenant’s good faith efforts to do so, Tenant shall still have the right to exercise the option to extend
under all of the other Operating Leases); and (iv) each Operating Lease shall be cross-defaulted with all other Operating Leases, such that a default under any one Operating Lease shall constitute a default under all Operating Leases. In the
event that Purchaser and Sellers shall not have, prior to expiration of the Negotiation Period hereunder and after using good faith and diligent efforts at all times, agreed upon the terms and conditions of the Lease Agreements, Sublease Agreements
and Sub-Sublease Agreements to be entered into at Closing, and attached the forms of the same as Exhibit B-1, Exhibit B-2 and Exhibit B-3, either Purchaser or Sellers may elect to terminate this Agreement within five
(5) days of the expiration of the Negotiation Period, by written notice to the other, in which event the Deposit shall be returned to Purchaser, this Agreement shall be null and void and of no further force or effect, and the Parties shall have
no further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. 
 4.8
Consents and Approvals. 
 4.8.1 Required Consents. Notwithstanding any provision herein to the contrary, it is hereby
acknowledged and agreed that Seller shall use commercially reasonable efforts, at Sellers’ sole cost and expense (but included within and reimbursed as an Acquisition Cost), on or before the expiration of the Due Diligence Period, any and all
necessary authorizations, consents or approvals required under the Ground Leases, the Submerged Land Leases, the Docks Lease and the Harbors View Permit (other than the Third-Party Estoppel from Grand River Dam Authority for the Harbors View Permit,
which Purchaser acknowledges may not be obtained prior to Closing and with respect to which the closing of the sale of such Site may be extended pursuant to Section 3.5.3), from any Person, which are or may be required thereunder, or by
Applicable Law, in connection with the transactions contemplated hereunder, including, without limitation, with respect to (i) the sale, transfer, conveyance or assignment of the Assets by any Seller to Purchaser, (ii) the subsequent
lease, sublease or sub-sublease of the Assets to the Tenant, and (iii) to the extent required under the underlying Leases or Permit, the subsequent operation of the Business by the Manager under the Management Agreements (the
“Required Consents”); provided, however, that notwithstanding the foregoing, any Requisite Consents by the Department may be satisfied by delivery of a Conditional Approval. Sellers shall provide to Purchaser at or prior to
the expiration of the Due Diligence Period, written proof of any such Required Consents, which written proof shall be in form and substance satisfactory to Purchaser, in Purchaser’s reasonable discretion. 
 4.8.2 Failure to Deliver Required Consents, Other Consents and Third-Party Estoppels. No later than thirty (30) days after the Effective Date
(the “Consent/Estoppel Date”), Purchaser shall provide to Sellers a list of the Required Consents, the Third Party Estoppels and/or any of the Other Consents that have not previously been delivered by Sellers to Purchaser
(collectively, the “Remaining Consents/Estoppels”); provided that, for this purpose any Required Consents by the Department may be satisfied by delivery of a Conditional Approval. In the event that any of the Remaining
Consents/Estoppels are not obtained prior to the expiration 

  

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of the Due Diligence Period for any Site (other than the Harborage Docks Lease Amendment, the Third-Party Estoppel from Grand River Dam Authority for the
Harbors View Permit and the Conditional Approvals of the Department described in Section 3.5 hereof, with respect to each which Purchaser acknowledges that such item may not be obtained prior to Closing and with respect to which this
Agreement may be terminated or the closing of the sale of such Site(s) may be extended as expressly permitted by Section 3.5.2, Section 3.5.3 and Section 4.8.3), Purchaser may elect, in its sole and absolute
discretion, to extend the Closing Date for up to thirty (30) days in order to provide Sellers additional time to obtain such Remaining Consents/Estoppels (the “Extended Closing Date”). In the event Purchaser does not
elect to extend the Closing Date pursuant to the preceding sentence, or in the event that Sellers, after using commercially reasonable efforts, do not obtain such Remaining Consents/Estoppels for the applicable Site (other than the Harborage Docks
Lease Amendment, the Third-Party Estoppel from Grand River Dam Authority for the Harbors View Permit and the Conditional Approvals of the Department described in Section 3.5 hereof, with respect to each which Purchaser acknowledges that
such item may not be obtained prior to Closing and with respect to which this Agreement may be terminated or the closing of the sale of such Site may be extended as expressly permitted by Section 3.5.2, Section 3.5.3 and
Section 4.8.3) on or before the Extended Closing Date, Purchaser may elect, in its sole and absolute discretion, to terminate this Agreement by providing written notice of such termination to the other Parties hereunder not later than
five (5) days after the expiration of the Due Diligence Period or the Extended Closing Date, as applicable, whereupon, the Deposit shall be returned to Purchaser, this Agreement shall be null and void and of no further force or effect, and the
Parties shall have no further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. 
 4.8.3 Failure to Deliver Third-Party Estoppel from Grand River Dam Authority for the Harbors View Permit. In the event that the Third-Party Estoppel from Grand River Dam Authority for the Harbors View Permit is
not obtained prior to the expiration of the Due Diligence Period, Purchaser may elect, in its reasonable discretion, (i) to close on the purchase and sale of the Assets related to the Harbors View Site notwithstanding Sellers’ failure to
obtain the Third-Party Estoppel from Grand River Dam Authority for the Harbors View Permit or (ii) proceed under Section 3.5.3 above. In the event that Purchaser elects to proceed under Section 3.5.3 above, then
(a) at the Closing, the Purchase Price at shall be reduced by the amount of the Purchase Price allocated to the Harbors View Site (such reduced price, as the same may be adjusted pursuant to Section 3.5.2(a) above, is referred to
herein as the “Reduced Purchase Price”), (b) for purposes of the Closing, this Agreement shall be deemed to have been amended to exclude all references to the Harbors View Site, the Assets pertaining thereto, or any
obligations of Purchaser or Seller hereunder with respect thereto, except those set forth in Section 3.5.3 and those obligations which otherwise survive according to the terms hereof, and (c) for purposes of the Closing, all
references to the defined term “Purchase Price” shall be deemed to refer to the “Reduced Purchase Price.” 
 4.9
CNL Mortgage Loan Documents. During the Negotiation Period, Purchaser and Sellers shall, using good faith and diligent efforts, mutually agree upon all of the terms and conditions of the CNL Mortgage Loan Documents which shall be
entered into at Closing between Purchaser or an Affiliate of Purchaser, as lender, and the Tenant, as “Tenant”, the form of which shall, prior to the expiration of the Negotiation Period, be agreed upon in writing. Seller and Purchaser
hereby agree that the CNL 
  

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Mortgage Loan Documents collectively shall include those material terms as set forth in Schedule 4.9 hereto (the “Material Loan
Terms”), which Material Loan Terms may be amended as reasonably necessary and as approved by Sellers to address any material defects or discrepancies shown by additional information discovered in the course of Purchaser’s
Inspections hereunder, and which shall include, without limitation the general mortgage terms set forth in Schedule 4.9 hereto. In the event that (i) the appraised values of the properties contemplated to secure the CNL Mortgage Loans do
not total at least $42,500,000.00 and the Parties have not, prior to the expiration of the Negotiation Period hereunder and after using good faith and diligent efforts at all times, agreed in writing upon a mutually acceptable loan amount (based
upon an 85% loan to value ratio), or (ii) the appraised value allocable to the Emeryville Marina is less than $5,300,000.00, or (iii) Purchaser and Seller shall not have, prior to expiration of the Negotiation Period hereunder and after
using good faith and diligent efforts at all times, agreed in writing upon the terms and conditions of the CNL Mortgage Loan Documents to be entered into at Closing, then either Purchaser or Seller may elect to terminate this Agreement within five
(5) days of the expiration of the Negotiation Period, by written notice to the other, in which event the Deposit shall be returned to Purchaser, this Agreement shall be null and void and of no further force or effect, and the Parties shall have
no further obligations to the other, except for those obligations or liabilities that expressly survive termination of this Agreement. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 5.1 The Seller’s Representations and Warranties. To induce the Purchaser to enter into this Agreement and to consummate the transactions described in this Agreement, each Seller hereby make the
representations and warranties in this Section 5.1, as appropriate, upon which each Seller acknowledges and agrees that the Purchaser is entitled to rely, and as of Closing shall provide a Certificate reconfirming that all such
representations and warranties remain true and correct as of the Closing Date and shall survive thereafter for the one (1) year period provided in Section 12.1. 
 5.1.1 Organization and Power. Each of the Sellers is duly incorporated or formed (as the case may be), validly existing, in good standing in the
jurisdiction of its incorporation or formation, and is qualified to do business in the jurisdictions in which the Assets are located, as applicable, and has all requisite power and authority to own the Assets and conduct the Business as currently
owned and conducted. 
 5.1.2 Authority and Binding Obligation. (i) Each of the Sellers has full power and authority to execute
and deliver this Agreement and all other documents to be executed and delivered by such Seller pursuant to this Agreement (the “Seller’s Documents”), and to perform all obligations required of it under this Agreement and
each of the Seller’s Documents, (ii) the execution and delivery by each Seller of this Agreement and, when executed and delivered, each of the Seller’s Documents, and the performance by each Seller of its obligations under this
Agreement and, when executed and delivered, each of the Seller’s Documents, have been, or will have been, duly and validly authorized by all necessary action by such Seller, (iii) the execution and delivery of the Operating Leases by each
Seller, as applicable, and the performance of such Seller of its obligations thereunder will, as of Closing, have been duly and validly authorized by all necessary action by such Seller, 

  

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(iv) this Agreement and, when executed and delivered, the Seller’s Documents constitute, or will constitute, legal, valid and binding obligations
of such Seller enforceable against such Seller in accordance with its and their respective terms, and (v) at Closing, the Operating Leases will constitute legal, valid and binding obligations of the Tenant, enforceable against the Tenant, in
accordance with the respective terms thereof. 
 5.1.3 Title to the Real Property and Personal Property. Except for any Permitted
Encumbrances, each of the Sellers is the undisputed owner of all of the Real Property related to its respective Sites as set forth herein and is the undisputed owner of all of the Personal Property and other Assets located at or used in connection
with the Business operated at such Site, free and clear of all liens, mortgages, security interests and adverse claims (other than Permitted Encumbrances). 
 5.1.4 Consents and Approvals; No Conflicts. Subject to the recording of any of the Seller’s Documents as appropriate, (i) except for the consents and approvals which Seller shall use commercially
reasonable efforts to obtain pursuant to Section 4.8, no filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for execution or delivery by any of the Sellers of any of
the Seller’s Documents, or the performance by any of the Sellers of any of its obligations under this Agreement or any of the Seller’s Documents or the consummation by any of the Sellers of the transactions described in this Agreement,
except to the extent such permit, authorization, consent or approval has been or will be obtained by such Seller prior to Closing and (ii) neither the execution and delivery by any Seller of this Agreement or any of such Seller’s
Documents, nor the performance by any Seller of any of its obligations under this Agreement or any of such Seller’s Documents, nor the consummation by any Seller of the transactions described in this Agreement, will (A) violate any
provision of such Seller’s organizational or governing documents, (B) violate any Applicable Law to which such Seller is subject, (C) subject to receipt of the approvals described in Sections 4.8 and 6.9, result in a
violation or breach of, constitute a default under, result in the acceleration of, or create in any Person the right to accelerate, terminate, modify or cancel, any of the Ground Leases, Submerged Land Leases, the Docks Lease, the Harbors View
Permit, or any of the Contracts, or (D) result in the creation or imposition of any lien or encumbrance on any of the Assets or any portion thereof. 
 5.1.5 Condemnation. No Seller has received any written notice of any pending condemnation proceeding or other proceeding in eminent domain, and to each Seller’s Knowledge, no such condemnation proceeding
or eminent domain proceeding is threatened affecting any of the Real Property or any portion thereof. 
 5.1.6 Compliance with Applicable
Law. No Seller has received any written notice of, and to each Seller’s Knowledge, there is no, violation of any Applicable Law with respect to any of the Real Property which has not been cured or dismissed with prejudice. 
 5.1.7 Litigation. Except as disclosed in Schedule 5.1.7 attached hereto, no Seller has (i) been served with any court filing in any
litigation with respect to any Assets or the Business in which such Seller is named a party which has not been resolved, settled or dismissed and which could otherwise reasonably result in a materially adverse affect on the Real Property, the
Business, and Sellers’ 

  

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title to all of the Assets, or (ii) received written notice of any claim, charge or complaint from any Governmental Authority or other Person pursuant
to any administrative, arbitration or similar adjudicatory proceeding with respect to any Assets or the Business which has not been resolved, settled or dismissed with prejudice and which could reasonably result in a materially adverse affect on the
Business or the Assets. 
 5.1.8 Taxes. All Taxes which would be delinquent if unpaid will be paid in full prior to the Closing Date
or prorated at Closing as part of the Prorations pursuant to ARTICLE IX; provided, however, that if any Taxes are payable in installments, such representation and warranty shall apply only to such installments which would be
delinquent if unpaid at Closing. No Seller has received any written notice for an audit or delinquency of any Taxes with respect to any portion of the Real Property which has not been resolved or completed. Except as disclosed in Schedule
5.1.7 attached hereto, no Seller is currently contesting any Taxes with respect to any portion of the Real Property. To each Seller’s Knowledge, all sales, use and payroll taxes to which the Business is subject have been paid and all tax
returns and reports have been duly filed, except as disclosed in Schedule 5.1.7 attached hereto,. 
 5.1.9 Licenses and
Permits. To each Seller’s Knowledge, each Seller has all licenses, permits, consents, authorizations, approvals, registrations, orders, franchises and certificates of any Governmental Authority necessary or desirable for the operation of
the Business as currently conducted, all of which are included among the Licenses and Permits, other than the Liquor Licenses. All Licenses and Permits, licenses, orders, franchises and approvals are in full force and effect, and no suspension,
revocation, non-renewal or cancellation of any of such items are pending or, to the Knowledge of the Seller, threatened. Each Seller has made available to the Purchaser a true and complete copy of the Licenses and Permits. A complete listing of all
material Licenses and Permits is attached hereto as Schedule 5.1.9. 
 5.1.10 Possession. Except for any space or other leases
of any of the Real Property or any Improvements disclosed in any rent rolls provided to Purchaser prior to the Closing Date, no Seller has granted to any party any license, lease or other right relating to the use or possession of the Real Property
or any part thereof. 
 5.1.11 Purchase Rights. There are no purchase contracts, options or other agreements of any kind, whereby any
Person other than the Purchaser has or will have any right to acquire title to all or any portion of the Assets. 
 5.1.12 Contracts.
Copies of all material Contracts heretofore delivered to the Purchaser are true, correct and complete. With respect to each such Contract and to each Seller’s Knowledge: (a) the Contract is legal, valid, binding, enforceable, and in full
force and effect; (ii) the Contract will continue to be legal, valid, binding, enforceable, and in full force and effect on identical terms and conditions following the consummation of the transactions contemplated hereby; (iii) no party
is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification, or acceleration, under the Contract; (iv) no party has repudiated any provision of
the Contract; and (v) no Contract has, or shall have, a term extending beyond the expiration of the terms of the applicable Operating Lease. Seller’s shall use commercially reasonable efforts to secure the consent of any Person whose
consent for an assignment of any material Contract is required (collectively the 

  

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“Other Consents”) on or prior to the Closing Date. On or prior to the expiration of fifteen (15) days after the Effective Date,
Purchaser shall identify in writing to Sellers those material Contracts for which Sellers shall be required to use commercially reasonable efforts to obtain the Other Consents. 
 5.1.13 Municipal Assessment/Notices. There are no outstanding unpaid municipal assessment notices against the Assets. No Seller has received any
written notice from any Governmental Authority concerning the existence of any presently uncorrected violation of any Applicable Law with respect to the Assets. 
 5.1.14 Bankruptcy. No Seller is insolvent within the meaning of Title 11 of the United States Code, as amended (the “Bankruptcy Code”), and no Seller has ceased to pay its debts as they
become due. No Seller has filed or taken any action to file a voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, relating to
bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such petition, case or proceeding has been filed against it which has not been dismissed, vacated or stayed on appeal and no Seller has been
adjudicated as bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. No Seller has sought, or consented to or acquiesced in, the appointment of any receiver,
trustee, liquidator or other custodian of it or a material part of its assets, and no Seller has made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no tax
lien or other governmental or similar lien has been filed, against it or a material part of its properties, which has not been duly and fully discharged prior to the date hereof. 
 5.1.15 Labor and Employment Matters. There exists no union, strike, work stoppage, or to any Seller’s Knowledge any union organizing, in
respect of any Business, nor has any Seller received a petition or been asked within the past twelve (12) months by any Person to negotiate in connection with entering into any collective bargaining agreement or other contract or written
understanding with a labor union or organization or any other person representing or seeking to represent any Employees. No Seller is a party to any collective bargaining agreement or relationship with any labor union which affects the Real
Property. Each Seller acknowledges that Purchaser will at no time employ or be deemed to employ any Employees of any Business and each Seller, as applicable, shall be responsible for the payment of all costs associated with any and all Employees of
the Business or at the Real Property prior to Closing in its capacity as Seller, and Tenant under the Operating Lease shall be solely responsible for the payment of all costs associated with the Employees from and after Closing in its capacity as
the Tenant under the Operating Leases. Accordingly, each Seller shall indemnify, defend and exonerate and save Purchaser harmless from any claims therefor or any liability, loss, cost or expenses arising therefrom, including, without limitation, any
and all liability arising under the WARN Act as a result of the transactions contemplated herein. 
 5.1.16 ADA, WARN and COBRA. No
Seller has received any written notice of any violation of, and to each Seller’s Knowledge, there is no violation of, any provision of Applicable Law (including, but not limited to, the Americans with Disabilities Act, the WARN Act, the COBRA
and those of environmental agencies), with respect to the ownership, operation, use, maintenance 

  

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or condition of the Real Property, which violation has not been remedied. Purchaser acknowledges that with respect to the matters set forth in Sections
5.1.15 and 5.1.16, Sellers have no employees and that all employees at any of the Sites are and shall be employees of the Manager of such Site. 
 5.1.17 Construction Contracts. At Closing, there will be no outstanding Contracts made by any Seller for the construction, development or repair of any Improvements which have not been fully paid for, or provision for the payment of
which has not been made by such Seller, and such Seller shall discharge and have released of record or bonded all mechanic’s, builder’s or materialman’s liens, if any, arising from any labor or materials furnished to the Real Property
prior to the Closing to the extent any such lien is not insured over the Title Company or bonded over pursuant to Applicable Law. 
 5.1.18
Insurance Policies. No Seller has received written notice from any insurance carrier of defects or inadequacies in the Real Property which, if uncorrected, would result in a termination of insurance coverage or a material increase in the
premiums charged therefor. 
 5.1.19 General Condition of Property. To each Seller’s Knowledge, all material aspects of the Real
Property as of the Closing Date, will be in good working order and repair, mechanically and structurally sound, and free from all material defects in materials and workmanship. 
 5.1.20 Environmental Condition of Property. Except as set forth in the Property Condition Evaluations and the Environmental Reports, there are no
underground storage tanks on or under any of the Land, and to each Seller’s Knowledge, no Land or Improvements located thereon contain any Hazardous Substances and there are no Environmental Claims or Environmental Liabilities in respect of
thereof. 
 5.1.21 Management Agreements. As of the Closing Date, no Seller will be party to any management agreement with respect to
the Real Property that will not be terminated effective as of the Closing Date, and each Operating Lease shall require Tenant to enter into those certain management agreements at the Closing, the form of which shall be subject to the reasonable
approval of Purchaser, between Tenant and Marinas International Consolidated, LP, a Delaware limited partnership (the “Manager”) (each a “Management Agreement” and collectively, the
“Management Agreements”), which Management Agreements shall govern the operation of each of the Sites by Manager on behalf of Tenant. Each Operating Lease shall provide that (i) Marshall Funk and J. Stan Johnson will be
permitted to transfer their interests in the Manager as long as (A) such transfer is a permitted transfer, as described below, or (B) following such transfer either of them shall continue to control the day to day business and affairs of
the Manager, (ii) Marshall Funk and J. Stan Johnson will be permitted to transfer their interests in the Manager pursuant to bona fide estate planning transfers, (iii) Marshall Funk and J. Stan Johnson will be permitted to transfer their
interests in the Manager to one or more successor Qualified Marina Operators (as hereinbelow defined) and (iv) any involuntary transfer of an interest in the Manager (e.g. due to the death or disability of Marshall Funk or J. Stan Johnson),
shall not result in a breach of or default under the Management Agreements or the Operating Leases. For purposes of the Operating Leases, a “Qualified Marina Operator” 

  

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means a Person that has (A) the financial resources necessary to be a satisfactory successor controlling party in Manager, as reasonably determined by
the landlords under the Operating Leases, and (B) the necessary expertise, qualifications and operational experience to be a satisfactory successor controlling party in the Manager, as reasonably determined by the landlords under the Operating
Leases (provided, if such Person is a Certified Marina Manager (as certified by the International Marina Institute) then such Person will be deemed to have satisfied the requirements in subsection (B) hereof) ((A) and (B) are collectively,
the “Operational Qualifications”). Each Management Agreement and each Operating Lease shall provide that (i) the Management Agreements shall not be modified or amended in any material respect without the prior written
consent of the Landlord, (ii) each Management Agreement shall terminate upon the earlier to occur of the expiration or earlier termination of the corresponding Operating Lease, (iii) the Management Agreement and the rights and obligations
of the Manager thereunder may not be transferred or assigned to any independent third party manager or operator, other than a Qualified Marina Operator, without the prior written consent of the Landlord, and (iv) any and all fees, expenses or
other amounts payable to the Manager under the Management Agreements (other than a “Management Fee” for all of the Sites of six percent (6%) of gross revenues per annum in accordance with the provisions of the Operating Leases, which
shall be used for purposes of calculating “Additional Minimum Rent” under such Operating Leases) shall be subject and subordinate to the payment of all “Minimum Rent” and “Additional Minimum Rent” under the Operating
Leases. 
 5.1.22 Compliance with Permitted Encumbrances. No Seller has either received, or given, any written notice of any violation
of any Permitted Encumbrance which has not been cured or dismissed. 
 5.1.23 Insurance. The Sellers’ Due Diligence Materials set
forth a correct and complete list of each insurance policy maintained by each of the Sellers with respect to the respective Real Property and Business. 
 5.1.24 Finders and Investment Brokers. No Seller has dealt with any Person who has acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of any such
Seller in connection with the transactions described by this Agreement in a manner which would entitle such Person to any fee or commission in connection with this Agreement or the transactions described in this Agreement. 
 5.1.25 Foreign Person. No Seller is a “United States person” (as defined in Section 7701(a)(30)(B) or (C) of the Code) for the
purposes of the provisions of Section 1445(a) of the Code. 
 5.1.26 Financial Statements. The unaudited financial statements for
each Business and the Real Property which have been or shall be provided to the Purchaser: (i) are true and complete copies in all material respects of the operating statements for such period prepared by the Sellers with respect to the
Business; and (ii) have been prepared in accordance with consistently applied and generally accepted tax basis accounting practices and present fairly, in all material respects, the operation results of the Business for the periods covered by
such income statements, subject to standard year-end adjustments for any year to date income statements. 
  

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 5.1.27 ERISA. Neither (i) any assets of any Seller, nor (ii) any funds to be used by any
Seller with respect to the transactions contemplated pursuant to this Agreement, are, or at Closing will be, pursuant to ERISA or the Code considered for any purpose of ERISA or Section 4975 of the Code to be assets of a Plan. No Seller is
executing this Agreement and no Seller will be performing its obligations or exercising its rights or remedies under the Agreement on behalf of or for the benefit of any Plan. Neither the execution or delivery of this Agreement by any Seller, nor
the performance by any Seller of its obligations or the exercise of its rights or remedies under this Agreement, nor any transaction contemplated under this Agreement, is or will be a “prohibited transaction” within the meaning of
Section 406 of ERISA or Section 4975 of the Code. For the purposes hereof the following terms shall have the following meanings: “Code” shall mean the Internal Revenue Code of 1986, as amended;
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended (and any successor statute and any applicable regulations or guidance promulgated thereunder); and “Plan” shall mean a
“plan” as that term is defined in Section 3(3) of ERISA or Section 4975 of the Code. 
 5.1.28 Intellectual
Property. Except as expressly set forth below, each Seller currently owns or has the right use, and shall, as of the Closing Date hereunder, owns or shall have the right use all Intellectual Property rights reasonably necessary (i) to
operate its respective Business as it is currently being operated, and (ii) to convey those rights to Purchaser with respect to such owned, but not licensed, rights. For the purposes of this Agreement, “Intellectual
Property” shall mean, as used or to be used in connection with the Assets or the operation of the Business, (i) any patent, copyright, trademark, service marks, trade dress, trade name, licenses, franchises, websites or domain name
(regardless of whether such rights have been registered); (ii) registrations and applications for registration of any of the foregoing rights listed in clause (i) of this definition; (iii) trade secrets, confidential information,
know-how, moral rights, processes, goodwill and other intangible assets of such Seller; (iv) data of any kind, including rights to use personally-identifiable information relating to any natural person or any e-mail address; and (v) any
other intellectual property rights of any kind. Schedule 5.1.28 sets forth a true, complete and accurate list of all material Intellectual Property owned by each Seller, and the federal and/or state registration numbers with respect thereto,
if any (“Owned Intellectual Property”). In addition, under the terms of the existing management agreements between the applicable Sellers and the current manager(s) of each of the respective Sites, or pursuant to other
applicable licensing agreements, Sellers currently have rights to use the name “Marinas International” and other Intellectual Property owned by or licensed to Marinas International, including without limitation, logos, websites, domain
names, e-mail addresses and licensed software, in connection with the Assets and the operation of the Businesses (all of the foregoing items described in this sentence being collectively referred to as “Licensed Intellectual
Property”), and no Seller has received notification of any claims or actions by any party disputing or challenging any Seller’s right to use any such name or other Licensed Intellectual Property. None of the Licensed Intellectual
Property or any rights to utilize any of the Licensed Intellectual Property will be transferred or assigned by Sellers to Purchaser, it being agreed that under and subject to the terms of the Management Agreements, Tenant shall have the right to
utilize the Licensed Intellectual Property in connection with the operation of the Assets and the Businesses under the terms of the Operating Leases (and, to the extent that Manager is retained by Purchaser or any successor tenant of the
Sites to provide management services, then Purchaser or such successor tenant may be provided with the right to use such Licensed Intellectual Property pursuant to the terms of the applicable management agreement between the Manager and the
Purchaser or such successor tenant). 
  

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 5.1.29 Labor Disputes. During the three (3) years preceding the date hereof, the Business has
not experienced any labor disputes. There are no outstanding claims or actions or, to the Seller’s Knowledge, threatened claims or actions, by any current or former Employee of any Seller against such Seller or such Seller’s Business.

 5.1.30 Personal Property. Each Seller holds good and marketable title to, and the entire right, title and interest in and to, its
respective Personal Property, free and clear of any and all leases, liens, encumbrances, liabilities or other claims, except for the Permitted Encumbrances and as otherwise set forth on Schedule 5.1.30 attached hereto and by this reference
incorporated herein. If a listing of all Personal Property at each of the Sites is desired by Purchaser, then not later than ten (10) days prior to the expiration of the Due Diligence Period, Purchaser shall prepare and furnish to Sellers a
draft list of all such Personal Property for review and approval, and the final such Personal Property listing approved by Sellers shall be attached hereto as Schedule 5.1.30. 
 5.1.31 Patriot Act. Each Seller and its officers and shareholders, and their respective principals, shall not transfer the proceeds obtained as a
result of this Agreement to any person or entity listed on the Office of Foreign Assets Control list as “Terrorists” and “Specially Designated Nationals and Blocked Persons,” or otherwise be in violation of the International
Money Laundering Abatement and Financial Anti-Terrorism Act of 2001. 
 5.1.32 Water Rights. The Water Rights constitute all rights
reasonably necessary or required for the continued operation of the Assets and each Business. 
 5.1.33 Effluent Discharge Rights. The
Effluent Discharge Rights constitute all rights reasonably necessary for the discharge of effluent in connection with the operation of the Assets. 
 5.1.34 Existing Use. To each Seller’s Knowledge, the Assets, the use thereof and the condition thereof do not violate in any material respect any applicable deed restrictions, zoning or subdivision regulations, urban
redevelopment plans, local, state or federal environmental law or regulation or any building code or fire code applicable to the Assets and are not designated by any Governmental Authority to be in a flood plain area. To each Seller’s
Knowledge, there are no conditions or state of facts which would preclude, materially limit or materially restrict the use of the Assets for the existing uses and other uses ancillary thereto. 
 5.1.35 Restriction of Access. To each Seller’s Knowledge, there are no current federal, state, county or municipal plans to materially
restrict or materially change access to any part of any of the Real Property from any highway or road leading directly to or abutting any part of any of the Real Property. 
 5.1.36 Construction of Improvements. All of the Improvements have been constructed in accordance with the Plans and Specifications and the
building permits and other governmental approvals therefor in all material respects. 
  

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 5.1.37 Utilities. All public utilities including, without limitation, sewer, water, electric, gas,
and telephone, required for the operation of the Business as currently operated are installed and lawfully operating, and all installation and connection charges therefor have been paid in full. No Seller has received any notice stating that the
provision of utilities violates any public or private easement. 
 5.1.38 Ground Leases/Submerged Land Leases/Docks Lease/Harbors View
Permit. Each Seller represents and warrants that (i) the Ground Leases, the Submerged Land Leases, the Docks Lease and the Harbors View Permit to which such Seller is a party are in full force and effect, and to such Seller’s
Knowledge, and to each Seller’s Knowledge, no party thereto is in breach or default under any obligation thereunder, or any provision thereof, and (ii) with respect to the Ground Leases, the Submerged Land Leases, the Docks Lease, and the
Harbors View Permit, except as otherwise expressly provided for herein to the contrary, the consent of all Persons whose consent is required for the assignment of the interests therein and the subsequent leasing of same to the Tenant pursuant to the
Operating Leases, as provided for herein has been, or will be, secured on or prior to the Closing Date; provided, however, that notwithstanding the foregoing, any Required Consent by the Department may be satisfied by any delivery of a Conditional
Approval. 
 5.2 The Purchaser’s Representations and Warranties. To induce the Sellers to enter into this Agreement and to
consummate the transactions described in this Agreement, the Purchaser hereby makes the representations and warranties in this Section 5.2, upon which the Purchaser acknowledges and agrees that each Seller is entitled to rely.

 5.2.1 Organization and Power. The Purchaser is duly incorporated or formed (as the case may be), validly existing and in good
standing under the laws of the State of Delaware, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as currently being conducted. 
 5.2.2 Authority and Binding Obligation. The Purchaser has full power and authority to execute and deliver this Agreement and, upon the approval of
the Board of Director’s of Purchaser, which approval shall be obtained during the Due Diligence Period, all other documents to be executed and delivered by the Purchaser pursuant to this Agreement (the “Purchaser’s
Documents”), and to perform all obligations of the Purchaser arising under this Agreement and each of the Purchaser’s Documents. The execution and delivery by the signer on behalf of the Purchaser of this Agreement and, when
executed and delivered, each of the Purchaser’s Documents, and the performance by the Purchaser of its obligations under this Agreement, and when executed and delivered, each of the Purchaser’s Documents, has been, or as of Closing, will
be, duly and validly authorized by all necessary actions by the Purchaser. This Agreement and, when executed and delivered, each of the Purchaser’s Documents, constitutes, or will constitute, legal, valid and binding obligations of the
Purchaser, enforceable against the Purchaser in accordance with its and their terms. 
 5.2.3 Consents and Approvals; No Conflicts. No
filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for the execution or delivery by the Purchaser of this Agreement or any of the Purchaser’s Documents, the performance by
the Purchaser of any of its obligations under this Agreement or any of the Purchaser’s 

  

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Documents, or the consummation by the Purchaser of the transactions described in this Agreement or any of the Purchaser’s Documents, other than the
written consent and approval of the Purchaser’s Board of Directors. Except as specifically set forth in the previous sentence, neither the execution and delivery by the Purchaser of any of the Purchaser’s Documents, nor the performance by
the Purchaser of any of its obligations under any of the Purchaser’s Documents, nor the consummation by the Purchaser of the transactions described in this Agreement, will: (A) violate any provision of the organizational or governing
documents of the Purchaser; (B) violate any Applicable Law to which the Purchaser is subject; or (C) result in a violation or breach of or constitute a default under any contract, agreement or other instrument or obligation to which the
Purchaser is a party or by which any of the Purchaser’s properties are subject. 
 5.2.4 Finders and Investment Brokers. The
Purchaser has not dealt with any Person who has acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of the Purchaser in connection with the transactions described by this Agreement in any
manner which would entitle such Person to any fee or commission in connection with this Agreement or the transactions described in this Agreement. 
 ARTICLE VI 
 COVENANTS 
 6.1 Confidentiality. 
 6.1.1 Disclosure of Confidential Information. The Parties acknowledge and agree that the
existence of this Agreement, the terms of this Agreement and any other information disclosed in the Seller’s Due Diligence Materials, the Purchaser’s Inspection reports or any other documents, materials, data or other information with
respect to the Assets or the Businesses which is not generally known to the public shall be kept confidential and the Parties agree that they shall not disclose such information to any person or entity, other than to their respective counsel,
shareholders, directors, lenders, advisors, consultants or employees or otherwise as required by Applicable Law or already in the public domain. Nothing herein shall restrict or limit the Sellers from communicating with tenants or other parties in
connection with obtaining estoppels or other required consents or approvals, as may be reasonably necessary to consummate the transactions contemplated under this Agreement, or the Purchaser from contacting any Seller’s company officials,
property engineers and architects, and other third party consultants assisting the Purchaser in its investigation of the Real Property, subject to Section 6.1.3. 
 6.1.2 Public Announcements. No Party shall have the right to make a public announcement or disclosure regarding the transactions described in this
Agreement without the prior approval of the other Party. The Seller and the Purchaser shall approve the timing, form and substance of any such public announcement or disclosure, which approval shall not be unreasonably withheld, conditioned or
delayed, except if a Party is required to make a public announcement or disclosure under Applicable Law, in which case no such approval by the other Party shall be required. 
  

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 6.1.3 Communication with Governmental Authorities. The Purchaser and its representatives and
consultants shall have the right to review building department, health department and other local Governmental Authority records with respect to the Real Property and the operation of the Business and to reasonably request written or verbal
confirmation of zoning and any other compliance by the Real Property or the Business with any Applicable Laws. 
 6.2
Improvements. Any improvements or other work at any of the Sites performed prior to Closing, and any costs or expenses incurred in connection therewith, shall be the responsibility of the Seller. 
 6.3 Conduct of the Business. 
 6.3.1 Operation, Maintenance and Repair in Ordinary Course of Business. From the date of this Agreement until the Closing or earlier termination of this Agreement, each Seller shall (i) operate, manage and maintain the Assets
and conduct the Business in the Ordinary Course of Business, (ii) maintain and repair the Assets in the Ordinary Course of Business, (iii) maintain insurance coverage consistent with such Seller’s risk management policies in place as
of the date hereof, and (iii) maintain the Consumables, the Other Inventory, the M&E and the Watercraft Fleet at levels that are consistent with Par Level (as defined below). As used herein, “Par Level” means, with
respect to each category of Consumables, the Other Inventory, the M&E and the Watercraft Fleet, as applicable, the amount of Consumables, the Other Inventory, the M&E and the Watercraft Fleet, as applicable, maintained by the Business,
and/or located at the Real Property, in the ordinary course of the day to day operation of the Business, in accordance with its current operating budget and in a manner which does not materially vary from the policies, practices and procedures which
have characterized its operation during the twelve (12) months preceding the Effective Date. 
 6.3.2 Contracts. From the date of
this Agreement until the Closing or earlier termination of this Agreement, no Seller shall either, (i) amend, extend, renew or terminate any existing Contracts without the Purchaser’s prior written consent, which shall not be unreasonably
withheld, conditioned or delayed, provided that such consent of the Purchaser shall not be required for any commercially reasonable amendment, extension, renewal or termination of any existing Contract to the extent the same will be assumed by the
Tenant under the terms of the Operating Lease, (ii) enter into any new Contracts, leases, license agreements or management agreements with respect to the Business or Real Property, without the Purchaser’s prior written consent, which may
be granted or withheld in its reasonable discretion, provided that such consent of the Purchaser shall not be required for any commercially reasonable new Contracts, leases, license agreements or management agreements to the extent the same will be
assumed by the Tenant under the terms of the Operating Lease. 
 6.3.3 Ground Leases/Submerged Land Leases/Docks Lease/Harbors View
Permit. From the date of this Agreement until the Closing, Seller shall perform under and comply with (or cause its applicable Affiliates to perform under and comply with) all terms and conditions of the Ground Leases, the Submerged Land Leases,
the Docks Lease and the Harbors View Permit. 
  

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 6.3.4 Title. From the date of this Agreement until the Closing or earlier termination of this
Agreement, no Seller shall create any Title Exception which adversely affects any portion of the Real Property. 
 6.4 Licenses and
Permits. Seller shall be responsible for utilizing commercially reasonable efforts to obtain the transfer to Purchaser of all Licenses and Permits (to the extent transferable) which are reasonably required for the operation of the Business
as presently conducted. Seller and Purchaser shall each cooperate with the other and with Tenant and shall, as promptly as possible after the execution of this Agreement, submit all necessary applications and other materials to the appropriate
Governmental Authority and take such other commercially reasonable actions to effect the transfer of Licenses and Permits (to the extent transferable) or issuance of new licenses and permits as of the Closing (or as soon as reasonably possible
thereafter). Notwithstanding the foregoing, unless prohibited by Applicable Law and to the extent transferable, Purchaser shall cause each Seller to transfer or assign to the Tenant under each Operating Lease, all such Licenses and Permits required
to be held or utilized by Tenant in connection with its leasing of the Assets pursuant to such Operating Lease, in which event the respective Seller shall be responsible for any necessary transfers of such Licenses and Permits. 
 6.5 Tax Contests. 
 6.5.1
Taxable Period Terminating Prior to Closing Date. Each Seller shall have the right (in common with Purchaser) to commence, continue and settle any proceeding to contest any Taxes relating to the Assets, and shall be entitled to any refunds or
abatements of Taxes awarded in such proceedings; provided, however, each Seller shall indemnify, pay, save and hold the Purchaser harmless from and against any Indemnification Loss incurred by the Purchaser as a result of the Seller exercising its
rights under this Section 6.5.1. This Section 6.5.1 shall survive the Closing for such period of time as the Operating Leases are in effect. 
 6.5.2 Cooperation. Each Seller and the Purchaser shall use commercially reasonable efforts to cooperate with the Party contesting the Taxes (at no cost or expense to the Party not contesting the Taxes other
than any deminimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) and to execute and deliver any documents and instruments reasonably requested by the Party contesting the Taxes in furtherance of
the contest of such Taxes. This Section 6.5.2 shall survive the Closing. 
 6.6 Notices and Filings. Each Seller
and the Purchaser shall use commercially reasonable efforts to cooperate with the other (at no cost or expense to the Party whose cooperation is requested, other than any deminimis cost or expense or any cost or expense which the requesting Party
agrees in writing to reimburse) to provide written notice to any Person under any Contracts or Licenses and Permits and to effect any required registrations or filings with any Governmental Authority or other Person, regarding the change in
ownership of the Real Property, the Business or the other Assets. 
 6.7 Further Assurances. From the date of this Agreement
until the Closing or termination of this Agreement, each Seller and the Purchaser shall use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to
consummate the transactions described in this Agreement, including, without 
  

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limitation, (i) obtaining all necessary consents, approvals and authorizations required to be obtained from any Governmental Authority or other Person
under this Agreement or Applicable Law, and (ii) effecting all registrations and filings required under this Agreement or Applicable Law. After the Closing, each Seller and the Purchaser shall use commercially reasonable efforts (at no cost or
expense to such Party, other than any deminimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) to further effect the transactions contemplated in this Agreement as may be reasonably necessary.

 6.8 Compliance; Property Maintenance. Each Seller shall perform under and comply with the Contracts, Licenses and Permits
and shall continue to make all payments due thereunder prior to delinquency; provided, however, that on and after the Closing Date, Purchaser shall be obligated for the performance under and compliance with all post-Closing obligations under
Contracts assumed by Purchaser in accordance with Section 4.4 and under all Licenses and Permits transferred to Purchaser in accordance with the terms of this Agreement. Each Seller shall maintain its Assets in good condition and repair
in accordance with industry standards and current operating standards, and maintain adequate supplies and inventory, all pursuant to a commercially reasonable and prudent course of business (such obligation to include the maintenance of
Seller’s casualty and liability insurance policies in such course of business), subject to reasonable wear and tear and further subject to destruction by casualty or eminent domain. No Seller shall sell, remove or otherwise dispose of any
significant items of Personal Property (other than supplies or materials used in connection with the operation or maintenance of the Business, which supplies or materials shall be replaced as used) unless replaced with an item of like value, quality
and utility if such item is of the type normally kept and maintained at the applicable Site, with Seller being allowed to sell or otherwise dispose of specialty or specially-order items without requirement to replace the same. 
 6.9 Estoppel Certificate. Subject to the provisions of Section 3.5 hereof, each Seller shall attempt to obtain estoppel
certificates upon commercially reasonable terms from the landlords under the Ground Leases, the Submerged Land Leases and the Docks Lease, and any third parties under any leases, subleases or concession agreements affecting any of the Sites
(specifically excluding tenants under any Slip Leases and excluding the Grand River Dam Authority for the Harbors View Permit, which Purchaser acknowledges may not be obtained as of the Closing and with respect to which the closing of such Site may
be extended pursuant to Section 3.5.3) as required by Purchaser as a result of its due diligence regarding the Assets and deliver the same to Purchaser at least five (5) business days prior to the Closing Date, in form and substance
satisfactory to Purchaser, in Purchaser’s reasonable discretion, including, without limitation, estoppel certificates from any third parties under any lease, sublease or concession agreements (specifically excluding tenants under any Slip
Leases and Grand River Dam Authority for the Harbors View Permit) regarding the Real Property or the Business or regarding any of the Personal Property used in the operation of the Business, any material service or maintenance contracts or regarding
any material easement or access agreements or any restrictive covenants which may affect the Real Property (each a “Third-Party Estoppel” and collectively, the “Third-Party Estoppels”). In accordance
with Section 4.8.2 hereof, not later than thirty (30) days following the Effective Date, Purchaser shall identify any Remaining Consents/ Estoppels that have not been delivered by Sellers to Purchaser. The failure of Sellers to
cause delivery of the Remaining Consents/Estoppels at Closing shall be a Purchaser’s Closing Condition hereunder, the failure of which shall constitute a Seller’s 
  

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Default hereunder, in which event Purchaser shall have the right to proceed under Section 10.1 hereof, except as otherwise provided in
Sections 4.8.2 and 4.8.3 hereof. 
 6.10 Exclusivity. Each Seller covenants and agrees to refrain during the term of
this Agreement from making, accepting, encouraging or soliciting or otherwise pursuing any other offer or proposal or agreement regarding the sale or refinancing of the Assets or any portion thereof or an interest therein, and will deal exclusively
with Purchaser in good faith towards the completion of the transactions contemplated herein unless this Agreement shall be terminated as provided herein. 
 6.11 Employees. 
 6.11.1 Notice. Each Seller will take all actions necessary to ensure
compliance with the WARN Act pursuant to Section 5.1.16 above and shall indemnify, save, pay, defend and hold harmless Purchaser from and against any and all liability relating to a failure to take any action or to provide any notice
required under the WARN Act or any applicable state law. 
 6.11.2 Liability of Seller and Purchaser. Each Seller shall and hereby
agrees to indemnify and save Purchaser harmless from and against any liability for wages, salaries, bonuses, accrued vacation days, sick days and personal days to be paid to employees on account of services rendered prior to or after Closing.
Notwithstanding anything to the contrary herein contained, there shall be no apportionment or proration of medical, pension, welfare benefits, other employee benefits or other fringe benefits (hereinafter collectively referred to as
“Benefits”) and Seller shall remain liable for and hereby indemnifies, pays, saves and holds Purchaser harmless from and against all Benefits due to employees under plans in which Business employees participate prior to or
after Closing, and all payments due on the plans providing such Benefits. Each Seller shall also remain responsible for and hereby indemnifies, pays, saves and holds Purchaser harmless from any severance pay which may become due to any of the
employees whose employment ends at or prior to Closing as a result of the transactions contemplated hereunder, whether due to such Seller’s employment policies or as a matter of law. Each Seller agrees to give all affected employees notice of
termination of participation of employees working at the Business in any applicable 401(K) or other pension or retirement plan affecting the employees. 
 6.11.3 Indemnities. Each Seller shall indemnify, save, pay and hold Purchaser harmless from and against any claim by any Business employee, for Seller’s failure to pay (a) such employees’ wages,
salary, bonuses, employment taxes, accrued vacation pay, sick days and personal days, and withholding taxes prior to the Closing Date as to which they may be entitled, (b) benefits, whenever due, provided under plans in which Business employees
participated prior to Closing, and (c) liability under Section 4980B, Part 6 of Title I of ERISA or Title IV of ERISA related to employees arising prior to Closing. Purchaser acknowledges that with respect to the matters set forth in
Sections 6.11.1, 6.11.2 and 6.11.3, Sellers have no employees and that all employees at any of the Sites are and shall be employees of the Manager of such Site. 
  

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 6.12 Liquor Licenses. Notwithstanding the foregoing or any other provision in this
Agreement to the contrary, Purchaser acknowledges that Applicable Law may prohibit the transfer or assignment of any liquor licenses currently utilized for the operation for the Business in accordance with current operating standards (collectively,
the “Liquor Licenses”). To the extent permitted by Applicable Law, Liquor Licenses will be transferred to Tenant at Closing. In the event that Applicable Law prohibits such transfer, Tenant shall apply for (with the
cooperation of the applicable Seller) and obtain a new Liquor License for the applicable Site. In the event such new Liquor License is not available as of the Closing Date hereunder, to the extent permitted by Applicable Law, Seller and Tenant shall
enter into an interim beverage services agreement upon such terms and conditions as may be acceptable to Seller and Tenant in order to ensure continuous service of alcoholic beverages at the applicable Site. 
 6.13 Audit. Based on disclosure requirements under applicable federal securities laws, Purchaser has requested that Sellers allow their
respective books relating to the Sites to be audited. Prior to execution of this Agreement by all parties, an audit of such books was commenced. The parties recognize that such audit will likely not be completed by Closing. To the extent that such
audit is not completed by Closing, the parties agree to use commercially reasonable efforts to cause such audit to be on or before January 31, 2007. In this regard, each party agrees to cooperate with the accounting firm performing such audit
and Sellers agree to provide such accounting firm with reasonable access to the Sites and the relevant books and records, before and, as applicable, following the Closing. Purchaser agrees that the fees and expenses of the accounting firm performing
the foregoing audit shall be the sole expense and responsibility of the Purchaser and shall be paid by the Purchaser without regard to whether any or all of the transactions described herein shall close (provided that Purchaser may be entitled to
recover the costs of the audit as part of its actual costs to the extent permitted by Section 10.1 hereof). Purchaser’s obligation to pay the fees and expenses of the audit as set forth herein shall survive the termination or
Closing of this Agreement. 
 ARTICLE VII 
 CLOSING CONDITIONS 
 7.1 Purchaser’s Closing Conditions. The Purchaser’s obligations to close the
transactions described in this Agreement are subject to the satisfaction at or prior to Closing of the following conditions precedent (the “Purchaser’s Closing Conditions”): 
 7.1.1 Sellers’ Deliveries. All of the Sellers’ Closing Deliveries for each Seller hereunder shall have been delivered to the Purchaser,
or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Purchaser at Closing. In connection with the foregoing condition, (i) prior to the Consent/Estoppel Date, Purchaser shall provide a reasonably detailed written listing
to Sellers of all Remaining Consents/Estoppels that are otherwise required to be delivered by any Seller in accordance with the other terms of this Agreement as part of the Sellers’ Closing Deliveries, but which have not yet been delivered to
Purchaser in the form required by the terms of this Agreement and (ii) upon or prior to the expiration date of the Due Diligence Period, Purchaser shall provide a reasonably detailed listing to Sellers of all Lease Amendments that are otherwise
required to be delivered by any Seller in accordance with the other terms of this Agreement as part of Sellers’ Closing Deliveries, but which have not yet been delivered to Purchaser in the form required by this Agreement. Any Lease Amendments,
Third Party Estoppels and Other Consents not described in such listings shall be deemed to have been delivered in satisfactory form. 
  

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 7.1.2 Representations and Warranties. The representations or warranties of each Seller in this
Agreement shall be true and correct in all material respects as of the Closing (or as such other date to which such representation and warranties expressly were made). 
 7.1.3 Covenants and Obligations. All covenants and obligations of the each Seller under this Agreement shall have been performed in all material respects. 
 7.1.4 Title Policies. The Title Company shall have irrevocably committed to issue an owner’s or leasehold title insurance policy, as the case
may be, for each of the Sites, with all standard exceptions deleted (to the extent such deletions are available under Applicable Law), all requirements for issuance of the policy satisfied and deleted, and no exceptions to coverage other than the
Permitted Exceptions. 
 7.1.5 Change in Environmental Condition of Property. No event shall have occurred following the date of this
Agreement and prior to the Closing Date which would result in a violation of any Environmental Law in any material respect with respect to any of the Sites. 
 7.1.6 Adverse Proceedings. No litigation or other court action shall have been commenced seeking to obtain an injunction or other relief from such court to enjoin the consummation of the transactions described
in this Agreement, and no preliminary or permanent injunction or other order, decree or ruling shall have been issued by a court of competent jurisdiction or by any Governmental Authority, would make illegal or invalid or otherwise prevent the
consummation of the transactions described in this Agreement. 
 7.1.7 Adverse Law. No Applicable Law shall have been enacted that
would make illegal or invalid or otherwise prevent the consummation of the transactions described in this Agreement. 
 7.1.8 Operating
Leases. The Operating Leases shall be executed by Tenant, each in the form agreed to during the Negotiation Period in accordance with the terms of Section 4.7 and attached hereto as Exhibit B-1, Exhibit B-2 and
Exhibit B-3, and shall have been delivered to the Purchaser, or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Purchaser at Closing. 
 7.1.9 Management Agreements. The Management Agreements, the form of which shall be approved by Purchaser in accordance with the terms of Section 5.1.21 hereof, shall be executed by Tenant and
Manager and a copy thereof delivered to Purchaser, or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Purchaser at Closing. 
 7.1.10 Required Consents; Other Consents. Seller shall have obtained and delivered to Purchaser all Required Consents and Other Consents to the extent required under Section 4.8.3 hereof, and shall
have obtained and delivered any and other required material consents or approvals from any other Governmental Authorities, or as may otherwise be required under Applicable Law, in connection with any of the transactions contemplated under hereunder.

  

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 7.1.11 Third-Party Estoppels. Seller shall have obtained and delivered to Purchaser all
Third-Party Estoppels to the extent required under Section 4.8.3 hereof. 
 7.1.12 CNL Mortgage Loans. Emeryville Marina,
LLC, Scott’s Expansion #1, Ltd., Scott’s Marinas at Lake Grapevine, Ltd. and Pier 121 Service Company, Inc. shall have executed and delivered all CNL Mortgage Loan Documents in the form agreed to during the Negotiation Period in accordance
with the terms of Section 4.9 to Purchaser, or Purchaser’s designated Affiliate, or deposited the same with Escrow Agent in the Closing Escrow, to be delivered to Purchaser, or Purchaser’s designated Affiliate, at Closing.

 7.2 Failure of Any Purchaser’s Closing Condition. If any of the Purchaser’s Closing Conditions is not satisfied at
the Closing (a “Purchaser’s Closing Condition Failure”), then the Purchaser shall have the right to elect, in the Purchaser’s sole and absolute discretion, to exercise its rights and remedies under
Section 10.1 hereunder. 
 7.3 Sellers’ Closing Conditions. The Seller’s obligations to close the
transactions contemplated in this Agreement are subject to the satisfaction at or prior to Closing of the following conditions precedent (the “Sellers’ Closing Conditions”): 
 7.3.1 Receipt of the Purchase Price. The Purchaser shall have paid to the Sellers, or deposited with Escrow Agent with irrevocable written
direction to disburse the same to the Sellers upon satisfaction of the Purchaser’s Closing Conditions hereunder, the Purchase Price in readily available funds, as adjusted for Prorations pursuant to ARTICLE IX hereof. 
 7.3.2 Purchaser’s Deliveries. All of the Purchaser’s Closing Deliveries shall have been delivered to the Sellers or deposited with
Escrow Agent in the Closing Escrow, to be delivered to the Sellers at Closing. 
 7.3.3 Representations and Warranties. The
representations and warranties of the Purchaser in this Agreement shall be true and correct in all material respects as of the Closing (or as of such other date to which such representation or warranty expressly is made). 
 7.3.4 Covenants and Obligations. The covenants and obligations of the Purchaser in this Agreement shall have been performed in all material
respects. 
 7.3.5 Operating Leases. The Operating Leases shall be executed by Purchaser, each in the form agreed to during the
Negotiation Period in accordance with the terms of Section 4.7 and attached hereto as Exhibit B-1, Exhibit B-2 and Exhibit B-3, and shall have been delivered to the Tenant or deposited with Escrow Agent in the
Closing Escrow, to be delivered to the Tenant, as the case may be, at Closing. 
 7.3.6 CNL Mortgage Loans. The CNL Mortgage Loans
shall close and fully fund simultaneous with the transactions contemplated hereunder, and Purchaser shall have executed and delivered all CNL Mortgage Loan Documents in the form agreed to during the Negotiation Period in accordance with the terms of
Section 4.9 to Emeryville Marina, LLC, Scott’s Expansion #1, Ltd., Scott’s Marinas at Lake Grapevine, Ltd. and Pier 121 Service Company, Inc., as applicable, or deposited the same with Escrow Agent in the Closing Escrow, to be
delivered to Emeryville Marina, LLC, Scott’s Expansion #1, Ltd., Scott’s Marinas at Lake Grapevine, Ltd. and Pier 121 Service Company, Inc., as applicable, at Closing. 
  

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 7.4 Failure of the Sellers’ Closing Conditions. If any of the Sellers’ Closing
Conditions (including without limitation, the full funding of the CNL Mortgage Loans), is not satisfied at the Closing (a “Sellers’ Closing Condition Failure”), then the Sellers shall have the right to elect, in the
Sellers’ sole and absolute discretion, to exercise their rights and remedies under Section 10.2 hereunder. 
 ARTICLE VIII

 CLOSING 
 8.1 Closing
Date. The closing of the transactions described in this Agreement (the “Closing”) shall occur on that date which is mutually agreed to in writing by the Sellers and the Purchaser, but in any event on or before the
date which is ten (10) days after the expiration of the Due Diligence Period (the “Outside Closing Date”). The date on which the Closing occurs or is scheduled to occur is referred to herein as the “Closing
Date”. If the Parties cannot agree on a Closing Date, the Closing Date shall be the Outside Closing Date. 
 8.2 Closing
Escrow. The Closing shall take place by means of a Title Company escrow (the “Closing Escrow”), in which case at or prior to the Closing (i) the Purchase Price to be paid by the Purchaser pursuant to
Section 3.3 shall be deposited with Escrow Agent, (ii) all of the documents required to be delivered by the Sellers and the Purchaser at Closing pursuant to this Agreement shall be deposited with Escrow Agent, and (iii) at
Closing, the Purchase Price (as adjusted for Prorations pursuant to ARTICLE IX) and the Deposit shall be disbursed to the Sellers and the documents deposited into the Closing Escrow shall be delivered to the Sellers and the Purchaser (as the
case may be) pursuant to the Closing Escrow Agreement. 
 8.3 Sellers’ Closing Deliveries. Subject to the provisions of
Section 3.5 hereof, at the Closing, each of the Sellers shall deliver or cause to be delivered to Escrow Agent all of the following documents, as appropriate and applicable, each of which shall have been duly executed by such Seller (or
such other party as specifically set forth therein) and acknowledged (if required), and other items, set forth in this Section 8.3 (collectively, the “Sellers’ Closing Deliveries”), as follows: 
 8.3.1 Closing Certificate. A closing certificate, the form of which shall be agreed upon between the Parties prior to the expiration of the Due
Diligence Period and attached hereto as Exhibit C , together with a copy of all appropriate resolutions, consents and approvals. 
 8.3.2 Deeds. Special Warranty Deeds, the form of which shall be agreed upon between the Parties prior to the expiration of the Due Diligence Period and attached hereto as Exhibit D, conveying the applicable Real
Property to the Purchaser, subject only to the Permitted Encumbrances. 
 8.3.3 Bills of Sale. Special Warranty Bills of Sale, the
form of which shall be agreed upon between the Parties prior to the expiration of the Due Diligence Period and attached hereto as Exhibit E, transferring the applicable Personal Property to the Purchaser on the terms set forth therein;
provided, however, each Seller shall convey or transfer to Tenant title to or possession of the 

  

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Consumables and the Other Inventory (each of which is an Excluded Asset) owned by such Seller in connection with the operation of the respective Sites by the
Tenant under the Operating Leases. 
 8.3.4 Assignment and Assumption of Intangible Assets. An Assignment and Assumption of Intangible
Assets, the form of which shall be agreed upon between the Parties prior to the expiration of the Due Diligence Period and attached hereto as Exhibit F, assigning without representation or warranty the Intangible Assets to Purchaser,
or such other party as Purchaser may direct, but specifically excluding any Seller Liabilities related thereto and any Licensed Intellectual Property, on the terms set forth therein; provided, however, that though legal title to the
Intangible Assets will be transferred to Purchaser, the Tenant shall have the right to all requisite use, possession and/or transfer, as applicable, of the Intangible Assets in connection with the operation of the Sites by the Tenant pursuant to the
terms of the Operating Leases. 
 8.3.5 Assignment and Assumption of Contracts. An Assignment and Assumption of Contracts, the form of
which shall be agreed upon between the Parties prior to the expiration of the Due Diligence Period and attached hereto as Exhibit G, assigning the Contracts to Purchaser, but specifically excluding any Seller Liabilities related
thereto, on the terms set forth therein; provided, however, Sellers shall, if Purchaser so directs, in Purchaser’s sole discretion, transfer all of the Contracts and Licenses and Permits (to the extent transferable under
Applicable Law) to the Tenant in connection with the operation of the Sites by the Tenant under the Operating Leases; provided further, however, that (a) though legal title to the applicable Contracts will be transferred to
Purchaser, (a) the Tenant shall have the right to all requisite use, possession and/or transfer, as applicable, of such transferred Contracts in connection with the operation of the Sites by the Tenant pursuant to the terms of the Operating
Leases, and (b) Purchaser agrees that pursuant to the terms of the Operating Leases, Purchaser shall make all such prepayments and deposits actually transferred to Purchaser by any Seller in accordance with the terms of
Section 2.2.10 or any other provision of this Agreement available to Tenant for purposes of operating the Business. 
 8.3.6
Assignment and Assumption. As required under Section 4.8 hereof, with respect to each of the Beaver Creek Ground Lease, the Burnside Ground Lease, the Easthill Park Ground Sublease, the Pier 121 Ground Lease, the Lake Front
Submerged Land Lease, the Sandusky Submerged Land Lease and the Harborage Docks Lease, a Consent, Assignment and Assumption and Estoppel, the form or forms of which shall be agreed upon between the Parties prior to the expiration of the Due
Diligence Period and attached hereto as Exhibit H, assigning the same to Purchaser, and with respect to the Harbors View Permit, an Assignment and Assumption, the form of which shall be agreed upon between the Parties prior to the
expiration of the Due Diligence Period and attached hereto as Exhibit I, assigning to Purchaser the Harbors View Permit. 
 8.3.7 Intentionally Deleted. 
 8.3.8 Purchase Option Agreements/Memoranda of Purchase Option Agreements. With respect
to the Purchase Options, (i) the Manasquan Purchase Option Agreement the form of which shall be agreed upon between the Parties prior to the expiration of 

  

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the Due Diligence Period and attached hereto as Exhibit L, (ii) a Memorandum of Manasquan Purchase Option Agreement the form of which shall be
agreed upon between the Parties prior to the expiration of the Due Diligence Period and attached hereto as Exhibit M, (iii) the Harborage Purchase Option Agreement the form of which shall be agreed upon between the Parties prior to the
expiration of the Due Diligence Period and attached hereto as Exhibit N and (iv) a Memorandum of Harborage Purchase Option Agreement the form of which shall be agreed upon between the Parties prior to the expiration of the Due Diligence
Period and attached hereto as Exhibit O 
 8.3.9 Title Requirements. Such agreements, affidavits or other documents as may be
reasonably required by the Title Company from any Seller to issue the Title Policies. 
 8.3.10 Other Declarations. Any real estate
transfer tax declarations or other documents required under Applicable Law in connection with the conveyance of the Real Property. 
 8.3.11
FIRPTA Certificates and Title Affidavits. An affidavit from each Seller with respect to compliance with the Foreign Investment in Real Property Tax Act (Internal Revenue Code Sec. 1445, as amended, and the regulations issued thereunder) and
any similar state tax requirements and an affidavit from each Seller in favor of the Title Company which shall be sufficient to delete the standard exceptions from the title policy that such Seller has not done or caused to be done any work on the
Real Property that has not been paid for and as to which mechanics’ liens or builders’ liens may be filed against the Real Property following the Closing. 
 8.3.12 Original Documents. To the extent not previously delivered to the Purchaser, all originals (or copies if originals are not available) of the Contracts, Licenses and Permits, Books and Records, keys and
lock combinations, which shall be located at the Real Property on the Closing Date and deemed to be delivered to the Purchaser upon delivery of possession of the Real Property. 
 8.3.13 Closing Statement. The Closing Statement prepared pursuant to Section 9.1. 
 8.3.14 Authority Documents. A corporate resolution, and an incumbency certificate to evidence the capacity and authority of any corporate officer
signing on behalf of each Seller. 
 8.3.15 Estoppel Certificates. All Third Party Estoppels to the extent required pursuant to
Sections 4.8 and 6.9. 
 8.3.16 Property Related Deliveries. On the Closing Date, to the extent the foregoing have not
heretofore been delivered to Purchaser and to the extent in Sellers’ or its Affiliates’ possession, Sellers shall cause to be delivered to Purchaser: (i) any Plans and Specifications for the Improvements; (ii) all unexpired
Warranties which any Seller has received in connection with any work or services performed with respect to, or equipment installed in, the Improvements, to the extent available and in Seller’s possession or control; (iii) all keys and
duplicate keys for the Improvements; (iv) originals, or copies if originals are not available, of all 

  

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Contracts that will remain in effect after the Closing; (v) all certificates of occupancy, Licenses and Permits for the Real Property; (vi) all
Books and Records relating to the operation of the Business, whether kept in paper or electronic form; (vii) certificates of title to any and all vehicles the ownership of which is transferred to Purchaser hereunder, which title shall show the
transfer from the respective Seller to Purchaser; and (viii) all other materials owned by any Seller and necessary for the continuity of Business, together with all files, advertising and promotional information and materials (to the extent
advertising and promotional information and materials are not included in Licensed Intellectual Property); provided, however, that though legal title to the foregoing items will be transferred to Purchaser, Sellers shall deliver actual
possession of such items to the Tenant and the Tenant shall have the right to all requisite use, possession and/or transfer, as applicable, of such items in connection with the operation of the Sites by the Tenant pursuant to the terms of the
Operating Leases. 
 8.3.17 Termination of Management Agreements and Operating Leases. Evidence reasonably satisfactory to Purchaser
evidencing the termination of any existing management agreements with respect to the Real Property or the Business, except to the extent assumed by the Tenant or replaced with the Management Agreements. 
 8.3.18 Operating Leases. Fully-executed counterparts of the Operating Leases. 
 8.3.19 CNL Mortgage Loan Documents. Fully-executed counterparts of the CNL Mortgage Loan Documents required to be executed by Tenant. 

8.3.20 Other Documents. Such other documents and instruments as may be reasonably requested by the Purchaser on the Title Company in order to
consummate the transactions described in this Agreement. 
 8.4 Purchaser’s Deliveries. At the Closing, the Purchaser
shall deliver or cause to be delivered to the Seller or deposited with Escrow Agent in the Closing Escrow to be delivered to the Seller all of the documents, each of which shall have been duly executed by the Purchaser and acknowledged (if
required), and other items, set forth in this Section 8.4 (the “Purchaser’s Closing Deliveries”), as follows: 
 8.4.1 Purchase Price. The Purchase Price (as adjusted for Prorations pursuant to ARTICLE IX) to be paid by the Purchaser. 
 8.4.2 Disbursement Letter. A letter of direction to Escrow Agent directing Escrow Agent to disburse the Purchase Price to the Sellers. 
 8.4.3 Closing Certificate. A closing certificate, the form of which shall be agreed upon between the Parties prior to the expiration of the Due
Diligence Period and attached hereto as Exhibit K, together with a copy of all appropriate resolutions, consents and approvals. 
 8.4.4 Counterpart Execution Documents. A counterpart of each of the documents and instruments to be delivered by the Sellers under Section 8.3 which require execution by the Purchaser; 
  

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 8.4.5 Authority Documents. A corporate resolution and an incumbency certificate to evidence the
capacity and authority of any corporate officer signing on behalf of the Purchaser. 
 8.4.6 Operating Leases. Fully-executed
counterparts of the Operating Leases. 
 8.4.7 CNL Mortgage Loan Documents. Fully-executed counterparts of the CNL Mortgage Loan
Documents required to be executed by Purchaser. 
 8.4.8 Intellectual Property License/Sub-License Agreements. An Intellectual
Property License Agreement, the form of which shall be agreed upon between the Parties prior to the expiration of the Due Diligence Period and attached hereto as Exhibit J, pursuant to which Purchaser will license the Owned
Intellectual Property to the Tenant for requisite use in connection with the operation of the Sites by the Tenant pursuant to the terms of the Operating Leases. Purchaser acknowledges that under the terms of the Management Agreements, Manager will
license or sublicense, as applicable, the Licensed Intellectual Property to the Tenant for requisite use in connection with the operation of the Sites by the Tenant pursuant to the terms of the Operating Leases (and, to the extent that
Manager is retained by Purchaser or any successor tenant of the Sites to provide management services, then Purchaser or such successor tenant may be provided with the right to use such Licensed Intellectual Property pursuant to the terms of the
applicable management agreement between the Manager and the Purchaser or such successor tenant). 
 8.4.9 Other Documents. Such other
documents and instruments as may be reasonably requested by the Sellers or the Title Company in order to consummate the transactions described in this Agreement. 
 8.5 Possession. Each Seller shall deliver possession of the Assets to the Purchaser, subject only to the Permitted Encumbrances and the rights of the Tenant under the Operating Leases, upon completion of
the Closing. 
 ARTICLE IX 
 PRORATIONS AND EXPENSES 
 9.1 Closing Statement. No later than the day prior to Closing, the Parties, through their
respective employees, agents or representatives, jointly shall make such examinations, audits and inventories of the Real Property as may be necessary to make the adjustments and Prorations to the Purchase Price as set forth in Sections 9.2 and
9.3 or any other provisions of this Agreement. Based upon such examinations, audits and inventories, the Parties jointly shall prepare prior to Closing a closing statement (the “Closing Statement”), which shall set forth
their best estimate of the amounts of the items to be adjusted and prorated under this Agreement. The Closing Statement shall be approved and executed by the Parties at Closing, and such adjustments and Prorations shall be final with respect to the
items set forth in the Closing Statement, except to the extent any such items shall be reported after the Closing as expressly set forth in Section 9.2. 
  

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 9.2 Prorations. 
 9.2.1 Taxes and Assessments. Each Seller shall be responsible for payment of all Taxes prior to Closing in its capacity as a Seller under this
Agreement. All non-delinquent real estate taxes and assessments on the Sites will be prorated as of the Closing Date based on the actual current tax bill. If the Closing takes place before the real estate taxes are fixed for the tax year in which
the Closing Date occurs, the apportionment of real estate taxes as of the Closing Date will be made on the basis of the real estate taxes for the immediately preceding tax year based upon the maximum discount allowed, with such proration of taxes to
be promptly adjusted after Closing when the actual amount of such taxes for the year of Closing is known and certain. All delinquent taxes and all delinquent assessments, if any, on the Sites will be paid at Closing from funds accruing to Seller.

 9.2.2 General Operating Income and Expenses. Except as set forth herein, the parties acknowledge and agree that any other income
and expense items that are customarily prorated in transactions of this nature, including, without limitation but without duplication of any other provision herein, pre-paid expenses (but expressly excluding outstanding free passes and gift
certificates) shall be prorated at Closing. 
 9.2.3 Event Deposits: Purchaser shall receive no credit for any and all prepaid
deposits for any outings or other social or recreational functions reserved at the Sites (collectively, the “Event Deposits”), but such unearned Event Deposits shall be transferred by the applicable Seller to Tenant at
Closing. 
 9.2.4 Income and Expense. The parties hereby agree all income received from the operation of the Business at the Sites
through the day before Closing shall be the property of Seller; accordingly, all expenses derived that from the operation of the Business at the Sites through the day before Closing shall be the obligation of Seller. All income received with the
operation of the Business at the Sites as of and after the Closing Date shall be the property of Purchaser (subject to the terms and provisions of the Operating Leases); accordingly, all expenses derived from the operation of the Business at the
Sites as of and after the Closing Date shall be the obligation of Purchaser (subject to the terms and provisions of the Operating Leases). 
 9.2.5 Method of Proration: All prorations will be made as of midnight of the day before Closing, based on a 365 or 366-day year, as applicable, with Seller retaining all earned income and earned revenue and paying all expenses
accrued as of said date. 
 9.2.6 Proration Credit Under Operating Lease. To the extent that Purchaser receives any credit against the
Purchase Price resulting from any prorations attributable to post-Closing periods in accordance with the terms of this ARTICLE IX, Purchaser acknowledges and agrees that Tenant shall receive a corresponding benefit and credit with respect to
the obligations of Tenant to pay base rent under the terms of the Operating Leases; provided, however, that if the amount of such credit exceeds more than one full month of base rent payable under all of the Operating Leases, Tenant shall be
entitled under the terms of the Operating Leases to require that such excess amount be distributed to Tenant as of the Closing Date for usage in the conduct of the Business in accordance with the terms of the Operating Leases. 
  

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 9.3 Taxes. All sales, privilege, use and occupancy taxes, if any, due or to become due in
connection with the operation of the Real Property or revenues received from the Real Property prior to the Closing Date will be paid by the Sellers. Each Seller shall also be responsible for any “rollback” taxes or retroactively assessed
taxes which arise out of or relate to any use of the Real Property for periods of time prior to the Closing Date, or any improper or inadequate assessment of the Real Property for the period prior to the Closing. Each Seller shall be entitled to any
refunds of any taxes arising out of or relating to any use of the Real Property for periods of time prior to and including the Closing Date. 
 9.4 Cash and Utility Deposits. All cash on hand, escrow and reserve accounts of each Seller, utility or other deposits made by such Seller (other than tenant security deposits and other deposits), accounts receivable and
accounts payable, indebtedness or liabilities for the period prior to the Closing Date shall remain the property or responsibility, as applicable, of the respective Seller. Each Seller shall be responsible for the payment of all expenses on account
of services and supplies furnished to and for the benefit of the Real Property through and including the day preceding the Closing Date in its capacity as a Seller hereunder, and, subject to any credits in favor of Tenant pursuant to the terms of
Section 9.2.6, Tenant under the Operating Lease shall be responsible for the payment of all expenses on account of services and supplies furnished to and for the benefit of the Real Property from and including the Closing Date.

 9.5 Employees. If applicable, each Seller will comply with the notice requirements under the WARN Act, COBRA, or any similar
federal, state or local legislation with respect to any employees terminated by such Seller in connection with this transaction. It is expressly understood and agreed that the Purchaser is not and shall not be responsible or liable, directly or
indirectly, for payment of any benefits, severance liability, compensation, pay or other obligations, of whatever nature, due or alleged to be due to any Employee of such Seller attributable to any time period up to, upon and after the Closing.

 9.6 Reconciliation and Final Payment. The terms and provisions of this ARTICLE IX shall survive Closing. The amount
of the prorations will be subject to adjustment in cash after the Closing outside of escrow as and when complete and accurate information becomes available, if such information is not readily available at the Closing. Each Seller and Purchaser agree
to cooperate and use their best efforts to make such adjustments no later than sixty (60) days after the Closing (or with respect to taxes on the Real Property and Personal Property, promptly after the date that the actual amount of such taxes
for the year of Closing is available). 
 9.7 Acquisition Costs. In addition to the Purchase Price, Purchaser or Seller, as
applicable and as noted herein, shall pay for the following items in connection with this transaction (collectively, the “Acquisition Costs”), and with respect to such Acquisition Costs actually incurred and paid by any
Seller, provided the Closing shall occur and Sellers provide reasonable documentation supporting their expenditures, the Sellers shall be reimbursed on the Closing Date, on a collective basis, for such actual Acquisition Costs up to the amount of
Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00) (“Reimbursed Seller Acquisition Costs”): (i) the fees and expenses incurred by the Purchaser for the Purchaser’s Inspectors or otherwise in connection
with the Inspections shall be paid by Purchaser; (ii) the fees and expenses of the Purchaser’s attorneys, accountants and consultants shall be paid by Purchaser; (iii) the fees and expenses incurred by Purchaser in connection with the
preparation and issuance of the Title Policies shall be paid by Purchaser; (iv) the fees and expenses for any updates to the Environmental Reports and 

  

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Surveys shall be paid by Purchaser; (v) any mortgage tax, title insurance fees and expenses for any loan title insurance policies, recording charges or
other amounts payable in connection with any financing obtained by the Purchaser shall be paid by Purchaser; (vi) all of the fees and expenses for the Escrow Agent shall be paid by Purchaser; (vii) all transfer, sales or similar tax and
recording charges payable in connection with the conveyance of the Assets shall be paid by Purchaser; (viii) the fees and expenses of the Sellers’ attorneys, accountants and consultants (other than for the auditing agency or accountants
engaged by Sellers to perform the audit required by Purchaser due to SEC requirements) shall be paid by Sellers; (ix) the fees and expenses of the auditing agency or accountants engaged by Sellers to perform the audit required by Purchaser due
to SEC requirements shall be paid directly by Purchaser and shall not be included within Acquisition Costs to the extent the inclusion of such fees would cause the aggregate amount of all Acquisition Costs, including the Reimbursed Seller
Acquisition Costs, to exceed three percent (3%) of the total Purchase Price hereunder; and (x) all other expenses specified as an Acquisition Cost herein shall be paid by the applicable party specified in the applicable provision. The
Acquisition Costs shall be used to calculate minimum base rent under the Operating Leases, as provided for therein, and will be subject to adjustment after the Closing outside of Escrow as and when complete and accurate information becomes
available, if such information is not readily available at the Closing. Each Seller and Purchaser agree to cooperate and use their best efforts to make such adjustments no later than sixty (60) days after the Closing, and notwithstanding any
provisions to the contrary set forth herein, (1) the aggregate amount of all other Acquisition Costs, including the Reimbursed Seller Acquisition Costs, shall not exceed three percent (3%) of the total Purchase Price hereunder, and
(2) the Reimbursed Seller Acquisition Costs shall be paid to Sellers in full without regard to the effect or impact the same have on the foregoing three percent (3%) limitation. 
 ARTICLE X 
 DEFAULT AND REMEDIES 
 10.1 A Seller’s Default. If, at or any time prior to Closing, any Seller fails to perform in any material respect its covenants or
obligations under this Agreement (other than any Purchaser’s Closing Condition Failure, it being agreed that no curative period is hereby afforded for any failure by any Seller to cause all of the Purchaser’s Closing Conditions to be
timely performed and that any Purchaser’s Closing Condition Failure shall automatically constitute a Seller’s Default), and such failure and such failure remains uncured more than fifteen (15) days after such Seller receives written
notice of such failure from Purchaser (each a “Seller’s Default”), then the Purchaser may elect as its sole and exclusive remedy, one of the following remedies: (a) terminate this Agreement, in which case the
Deposit shall be refunded to the Purchaser in accordance with Section 3.2.4, and the Parties shall have no further rights or obligations under this Agreement (except those which expressly survive such termination), (b) waive such
Seller’s Default and proceed to Closing without any reduction in or setoff against the Purchase Price (except with respect to monetary liens), or (c) the right to pursue an action for reimbursement of any and all actual out of pocket costs
and expenses incurred by Purchaser in connection with the transactions contemplated hereunder (including, to the extent that the Purchaser is the prevailing party, any costs or expenses incurred by the Purchaser in the collection or enforcement of
its rights hereunder). 
  

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 10.2 Purchaser’s Default. If at any time prior to Closing, the Purchaser fails to
perform in any material respect any of its covenants or obligations under this Agreement (other than any Sellers’ Closing Condition Failure, it being agreed that no curative period is hereby afforded for any failure by Purchaser to cause all of
the Sellers’ Closing Conditions to be timely performed and that any Sellers’ Closing Condition Failure shall automatically constitute a Purchaser’s Default), and such failure remains uncured more than fifteen (15) days after the
Purchaser receives written notice of such failure from any Seller (a “Purchaser’s Default”), to (a) terminate this Agreement by providing written notice to the Purchaser, in which case the Deposit shall be disbursed
to the Sellers in accordance with Section 3.2.3, and the Parties shall have no further rights or obligations under this Agreement (except those which expressly survive such termination), or (b) proceed to Closing pursuant to this
Agreement. 
 10.3 Liquidated Damages. The Parties acknowledge and agree that if this Agreement is terminated pursuant to
Section 10.2, the damages that the Sellers would sustain as a result of such termination would be difficult if not impossible to ascertain. Accordingly, the parties agree that the Sellers shall retain the Deposit as full and complete
liquidated damages (and not as a penalty) as the Sellers’ sole and exclusive remedy for such termination; provided, however, that in addition to the Deposit, the Sellers shall retain all rights and remedies under this Agreement
with respect to those obligations of Purchaser which expressly survive such termination. 
 10.4 No Punitive or Consequential
Damages. Notwithstanding anything herein to the contrary, no Party shall be liable to any other Party under this ARTICLE X or ARTICLE XII for punitive or lost profits or other consequential or special damages. 
 ARTICLE XI 
 RISK OF LOSS 
 11.1 Casualty. If, at any time after the date of this Agreement and prior to Closing or earlier termination of this Agreement, the Real
Property or any material portion thereof is damaged or destroyed by fire or any other casualty causing a Material (as defined below) loss or damage (a “Casualty”), the Sellers shall give written notice of each Casualty to the
Purchaser promptly after the occurrence of such Casualty, and then the Purchaser shall have the right to elect, by providing written notice to the Sellers within thirty (30) days after the Purchaser’s receipt of the Sellers’ written
notice of such Casualty, to (i) terminate this Agreement in its entirety, or (ii) proceed to Closing, without terminating this Agreement in any respect, in which case the Sellers shall (A) provide the Purchaser with a credit against
the Purchase Price in an amount equal to the applicable insurance deductible plus any uninsured amount of the reasonably estimated repair or restoration cost, and (B) transfer and assign to the Purchaser all of the Sellers’ right, title
and interest in and to all proceeds from all casualty, business interruption, and lost profits insurance policies maintained by any Seller with respect to the Real Property, except those proceeds specifically payable in connection with and allocable
to business interruption and lost profits and costs incurred by any Seller for the period prior to the Closing. If the Purchaser fails to provide written notice of its election to the Sellers within such time period, then the Purchaser shall be
deemed to have elected to proceed to Closing pursuant to clause (ii) of this preceding sentence. If the Closing is scheduled to occur within the Purchaser’s thirty (30) day election period, the Closing Date shall be postponed until
the date which is five (5) Business Days after the expiration of such thirty (30) day election 
  

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period. If at any time after the date of this Agreement and prior to Closing or earlier termination of this Agreement, the Real Property or any material
portion thereof is damaged by fire or any other casualty but not to the extent of a Material loss or damage, then Purchaser shall not have the right to terminate this Agreement, but Sellers shall (A) provide the Purchaser with a credit against
the Purchase Price in an amount equal to the applicable insurance deductible plus any uninsured amount of the reasonably estimated repair or restoration cost, and (B) transfer and assign to the Purchaser all of the Sellers’ right, title
and interest in and to all proceeds from all casualty, business interruption, and lost profits insurance policies maintained by any Seller with respect to the Real Property, except those proceeds specifically payable in connection with and allocable
to business interruption and lost profits and costs incurred by any Seller for the period prior to the Closing. 
 11.2
Condemnation. If, at any time after the date of this Agreement and prior to Closing or the earlier termination of this Agreement, any Governmental Authority commences any condemnation proceeding or other proceeding in eminent domain
with respect to all or any portion of the Real Property (a “Condemnation”), the Sellers shall give written notice of such Condemnation to the Purchaser promptly after any Seller receives notice of such Condemnation, then the
Purchaser shall have the right to elect, by providing written notice to the Sellers within thirty (30) days after the Purchaser’s receipt of the Sellers’ written notice of such Condemnation, to (A) if such Condemnation is a
Material Condemnation, terminate this Agreement in its entirety, or (B) proceed to Closing, without terminating this Agreement, in which case the Sellers shall assign to the Purchaser all of any Seller’s right, title and interest in all
proceeds and awards from such Condemnation (whether a Material Condemnation or otherwise). If the Purchaser fails to provide written notice of its election to the Sellers within such time period, then the Purchaser shall be deemed to have elected to
proceed to Closing pursuant to clause (B) of the preceding sentence. If the Closing is scheduled to occur within the Purchaser’s thirty (30) day election period, the Closing shall be postponed until the date which is five
(5) Business Days after the expiration of such thirty (30) day election period. 
 11.3 Definition of
“Material”. For the purposes of Section 11.1 and 11.2, “Material” refers to the following: (a) loss or damage to any Real Property associated with any Site hereunder such that the cost of repairing or
restoring such Real Property to substantially the same condition existing prior to the date of the casualty thereto would be, in the opinion of an architect or a qualified licensed contractor mutually agreed to by Sellers and Purchaser, equal to or
greater those amounts set forth on Schedule 11.3 attached hereto; and (b) any loss due to a Condemnation which permanently and materially impairs the current use of the Real Property. 
 ARTICLE XII 
 SURVIVAL, INDEMNIFICATION AND
RELEASE 
 12.1 Survival. Sellers’ obligations in respect of the representations and warranties set forth in ARTICLE
V hereof are updated as of the Closing in accordance with the terms of this Agreement, and shall survive Closing for a period of one (1) year (the “Survival Period”). Sellers shall have no liability to Purchaser for
a breach of any representation or warranty unless written notice containing a description of the specific nature of such breach shall have been given by Purchaser to Sellers prior to the expiration of the Survival Period and an action shall have
been commenced by Purchaser against the respective Seller within six (6) months of the expiration of such Survival Period (the “Action Period”). Furthermore, Sellers 
  

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shall have no liability to Purchaser for a breach of any representation or warranty to the extent such breach was actually known to Purchaser as of the
Closing and Purchaser nonetheless elected to proceed with Closing. 
 12.2 Indemnification by the Sellers. Subject to the
limitations set forth in this ARTICLE XII and any other express provision of this Agreement, each Seller shall indemnify, save, insure, pay, defend and hold harmless the Purchaser’s Indemnitees from and against any Indemnification Loss
incurred by any Purchaser Indemnitee to the extent, and only to the extent, resulting from (a) any breach of any representation or warranty of such Seller in this Agreement to the extent such breach was not actually known to Purchaser as of the
Closing Date, (b) any breach by such Seller of any of its covenants or obligations under this Agreement to the extent such breach was not actually known to Purchaser as of the Closing Date, and (c) any and all third party claims arising
out of the development and construction of the Real Property, the ownership, use and operation of the Assets, and the operation of the Business prior to the Closing (collectively, the “Seller Liabilities”). For purposes of
the foregoing, Purchaser shall be deemed to have actual knowledge of (i) any matter disclosed in any Exhibits or Schedules to this Agreement, (ii) any matter disclosed in any of the documents or materials provided by any Seller to the
Purchaser prior to Closing and listed in Schedule 12.2 hereto, and (iii) any matter disclosed in any report, study, review or survey of any of the Sites performed by or on behalf of Purchaser and actually delivered to Purchaser or any of
its agents or consultants prior to the Closing Date. The terms of this Section 12.2 shall survive Closing for the Survival Period. No Seller shall have any liability to Purchaser for any indemnification claim unless written notice
containing a description of the specific nature of such indemnification claim shall have been given by Purchaser to such Seller prior to the expiration of the Survival Period and an action shall have been commenced by Purchaser against such Seller
within the Action Period, in which event the full amount of such valid claims shall be actionable. Purchaser agrees to first seek recovery under any insurance policies and service contracts prior to seeking recovery from any Seller, and no Seller
shall be liable to Purchaser if Purchaser’s claim is satisfied from such insurance policies or service contracts. 
 12.3
Indemnification by Purchaser. Subject to the limitations set forth in this ARTICLE XII, the Purchaser shall indemnify and hold harmless the Sellers’ Indemnitees from and against any Indemnification Loss incurred by any
Seller’s Indemnitee to the extent resulting from (i) any breach of any representation or warranty of the Purchaser in this Agreement, and/or (ii) any breach by the Purchaser of any of its covenants or obligations under this Agreement.
The terms of this Section 12.3 shall survive Closing for the Survival Period. No claim for any of the foregoing shall be actionable or payable if the item in question results from or is based on a condition, state of facts or other
matter which was actually known to Seller prior to Closing. Purchaser shall have no liability to any Seller for a breach of any covenant, representation or warranty or for any indemnification claim unless written notice containing a description of
the specific nature of such breach or indemnification claim shall have been given by such Seller to Purchaser prior to the expiration of the Survival Period and an action shall have been commenced by such Seller against Purchaser within the Action
Period, in which event the full amount of such valid claims shall be actionable. Each Seller agrees to first seek recovery under any insurance policies and service contracts prior to seeking recovery from Purchaser, and Purchaser shall not be liable
to such Seller if such Seller’s claim is satisfied from such insurance policies or service contracts. 
  

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 12.4 Indemnification Procedure; Notice of Indemnification Claim. 
 12.4.1 If any of the Sellers’ Indemnitees or the Purchaser’s Indemnitees (as the case may be) (each, an “Indemnitee”) is
entitled to defense or indemnification under any other provision in this Agreement (each, an “Indemnification Claim”), the Party required to provide indemnification to such Indemnitee (the
“Indemnitor”) shall not be obligated to defend, indemnify and hold harmless such Indemnitee until such Indemnitee provides written Notice to such Indemnitor after such Indemnitee has actual knowledge of any facts or
circumstances on which such Indemnification Claim is based or a Third-Party Claim is made on which such Indemnification Claim is based, describing in reasonable detail such facts and circumstances or Third-Party Claim with respect to such
Indemnification Claim; provided, however, that no delay on the part of the Indemnitee in notifying any Indemnitor shall relieve the Indemnitor from any obligation hereunder unless (and then solely to the extent) the Indemnitor thereby is prejudiced.

 12.4.2 Any Indemnitor will have the right to defend the Indemnitee against the Third-Party Claim with counsel of its choice satisfactory
to the Indemnitee so long as (a) the Indemnitor notifies the Indemnitee in writing within fifteen (15) days after the Indemnitee has given Notice of the Third-Party Claim that the Indemnitor will indemnify the Indemnitee from and against
the entirety of any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third-Party Claim, (b) the Indemnitor provides the Indemnitee with evidence acceptable to the
Indemnitee that the Indemnitor will have the financial resources to defend against the Third-Party Claim and fulfill its indemnification obligations hereunder, (c) the Third-Party Claim involves only money damages and does not seek an
injunction or other equitable relief, (d) settlement of, or an adverse judgment with respect to, the Third-Party Claim is not, in the good faith judgment of the Indemnitee, likely to establish a precedential custom or practice adverse to the
continuing business interests of the Indemnitee, and (e) the Indemnitor conducts the defense of the Third-Party Claim actively and diligently. 
 12.4.3 So long as the Indemnitor is conducting the defense of the Third-Party Claim in accordance with Section 12.4.2 above, (a) the Indemnitee may retain separate co-counsel at its sole cost and expense and participate in
the defense of the Third-Party Claim, (b) the Indemnitee will not consent to the entry of any judgment or enter into any settlement with respect to the Third-Party Claim without the prior written consent of the Indemnitor, and (c) the
Indemnitor will not consent to the entry of any judgment or enter into any settlement with respect to the Third-Party Claim without the prior written consent of the Indemnitee. 
 12.4.4 In the event any of the conditions in Section 12.4.2 is or becomes unsatisfied, however, (a) the Indemnitee may defend against,
and consent to the entry of any judgment or enter into any settlement with respect to, the Third-Party Claim in any manner it may deem appropriate (and the Indemnitee need not consult with, or obtain any consent from, the Indemnitor in connection
therewith), (b) the Indemnitor will reimburse the Indemnitee promptly and periodically for the costs of defending against the Third-Party Claim (including reasonable attorneys’ fees and expenses), and (c) the Indemnitor will remain
responsible for any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third-Party Claim to the fullest extent provided in this ARTICLE XII. 
  

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 12.5 Exclusive Remedy for Indemnification Loss; Interpretation. Except for claims based on
fraud, the indemnification provisions in this ARTICLE XII shall be the sole and exclusive remedy of any Indemnitee with respect to any claim for Indemnification Loss arising from or in connection with this Agreement. The Parties shall take
into account the time cost of money (using the prime rate as reported from time to time in The Wall Street Journal as the discount rate) in determining Indemnification Loss for purposes of this ARTICLE XII. All indemnification payments under
this ARTICLE XII shall be deemed adjustments to the Purchase Price. 
 ARTICLE XIII 
 MISCELLANEOUS PROVISIONS 
 13.1
Notices. 
 13.1.1 Method of Delivery. All notices, requests, demands and other communications required to be provided by
any Party under this Agreement (each, a “Notice”) shall be in writing and delivered, at the sending Party’s cost and expense, by (i) personal delivery, (ii) certified U.S. mail, with postage prepaid and return receipt
requested, (iii) overnight courier service, or (iv) facsimile transmission, with a verification copy sent on the same day by any of the methods set forth in clauses (i), (ii) or (iii), to the recipient Party at the following address
or facsimile number: 
 If to any Seller: 
 [Add Name of Applicable Seller] 
 c/o Marinas International 
 11226 Indian Trail 
 Suite 200 
 Dallas, TX 75229 
 Attention: Mr. Stan
Johnson 
    Mr. Marshall Funk 
 Fax: (972) 406-5221 
 Phone: (972) 406-5213 
 With a copy to: 
 Locke
Liddell & Sapp, LLP 
 2200 Ross Avenue 
 Suite 2200 
 Dallas, TX 75201 
 Attention: Donald A. Hammett, Jr., Esq. 
 Fax: (214) 740-8800 
 Phone: (214) 740-8582 
  

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 If to the Purchaser: 
 CNL Income Partners, LP 
 450 S. Orange Avenue, 5th Floor 
 Orlando, Florida 32801 
 Attention: Tammie
Quinlan, Chief Financial Officer 
    Amy Sinelli, Vice President and Corporate Counsel 
 Fax: (407) 540-2544 
 Phone: (407) 650-1000

 With a copy to: 
 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 N. Eola Drive 
 Orlando, Florida 32801 
 Attn: William T.
Dymond, Jr., Esq. 
 Fax: (407) 843-4444 
 Phone: (407) 843-4600 
 13.1.2 Receipt of Notices. All Notices sent by a Party (or its counsel pursuant to
Section 13.1.1 under this Agreement shall be deemed to have been received by the Party to whom such Notice is sent upon (i) delivery to the address or facsimile number of the recipient Party, provided that such delivery is made
prior to 5:00 p.m. (local time for the recipient Party) on a Business Day, otherwise the following Business Day, or (ii) the attempted delivery of such Notice if (A) such recipient Party refuses delivery of such Notice, or (B) such
recipient Party is no longer at such address or facsimile number, and such recipient Party failed to provide the sending Party with its current address or facsimile number pursuant to Section 13.1.3. 
 13.1.3 Change of Address. The Parties and their respective counsel shall have the right to change their respective address and/or facsimile number
for the purposes of this Section 13.1 by providing a Notice of such change in address and/or facsimile number as required under this Section 13.1. 
 13.1.4 Delivery by Party’s Counsel. The Parties agree that the attorney for such Party shall have the authority to deliver Notices on such Party’s behalf to the other Party hereto. 
 13.2 Time is of the Essence. Time is of the essence of this Agreement; provided, however, that notwithstanding anything to the contrary in
this Agreement, if the time period for the performance of any covenant or obligation, satisfaction of any condition or delivery of any Notice or item required under this Agreement shall expire on a day other than a Business Day, such time period
shall be extended automatically to the next Business Day. 
 13.3 Assignment. Neither the Sellers nor the Purchaser shall
assign this Agreement or any interest therein to any Person, without the prior written consent of the other Party which consent may be withheld in the other Party’s sole discretion; provided, however, that Purchaser shall have the
right to designate one or more wholly-owned Affiliates entities to receive title or may assign this Contract, wholly or partially, to any Affiliate or Affiliates of Purchaser. For the purposes of this Section 13.3, the sale of a
Controlling interest in any Party (or any Person with Control of any Party) shall constitute an assignment of this Agreement. 
  

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 13.4 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the Parties, and their respective successors and permitted assigns. 
 13.5 Third Party Beneficiaries. This Agreement shall
not confer any rights or remedies on any Person other than (i) the Parties and their respective successors and permitted assigns, and (ii) any Indemnitee to the extent such Indemnitee is expressly provided any right of defense or
indemnification in this Agreement. The Parties acknowledge and agree that the provisions of this Agreement relating to the Operating Leases and the rights of the Tenant with respect to same are for the benefit of, and may be enforced by, the
Sellers, and that the provisions of this Agreement relating to the Operating Leases and the rights of the Landlord with respect to the same are for the benefit of, and may be enforced by, the Purchaser. 
 13.6 Rules of Construction. The following rules shall apply to the construction and interpretation of this Agreement: 
 13.6.1 Singular words shall connote the plural as well as the singular, and plural words shall connote the singular as well as the plural, and the
masculine shall include the feminine and the neuter, as the context may require. 
 13.6.2 All references in this Agreement to particular
articles, sections, subsections or clauses (whether in upper or lower case) are references to articles, sections, subsections or clauses of this Agreement. All references in this Agreement to particular exhibits or schedules (whether in upper or
lower case) are references to the exhibits and schedules attached to this Agreement, unless otherwise expressly stated or clearly apparent from the context of such reference. 
 13.6.3 The headings in this Agreement are solely for convenience of reference and shall not constitute a part of this Agreement nor shall they affect its
meaning, construction or effect. 
 13.6.4 Each Party and its counsel have reviewed and revised (or requested revisions of) this Agreement
and have participated in the preparation of this Agreement, and therefore any rules of construction requiring that ambiguities are to be resolved against the Party which drafted the Agreement or any exhibits hereto shall not be applicable in the
construction and interpretation of this Agreement or any exhibits hereto. 
 13.6.5 The terms “sole discretion” and “absolute
discretion” with respect to any determination to be made a Party under this Agreement shall mean the sole and absolute discretion of such Party, without regard to any standard of reasonableness or other standard by which the determination of
such Party might be challenged. 
 13.7 Severability. If any term or provision of this Agreement is held to be or rendered
invalid or unenforceable at any time in any jurisdiction, such term or provision shall not affect the validity or enforceability of any other terms or provisions of this Agreement, or the validity or enforceability of such affected term or provision
at any other time or in any other jurisdiction. 
  

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 13.8 Governing Law. This Agreement shall be governed by the laws of the state of Texas.

 13.9 Waiver of Trial by Jury. Each Party hereby waives its right to a trial by jury in any litigation or other court
proceeding with respect to any matter arising from or in connection with this Agreement. 
 13.10 Prevailing Party. If any
litigation or other court action, arbitration or similar adjudicatory proceeding is commenced by any Party to enforce its rights under this Agreement against any other Party, all fees, costs and expenses, including, without limitation, reasonable
attorneys fees and court costs, incurred by the prevailing Party in such litigation, action, arbitration or proceeding shall be reimbursed by the losing Party; provided, that if a Party to such litigation, action, arbitration or proceeding prevails
in part, and loses in part, the court, arbitrator or other adjudicator presiding over such litigation, action, arbitration or proceeding shall award a reimbursement of the fees, costs and expenses incurred by such Party on an equitable basis.

 13.11 Incorporation of Recitals, Exhibits and Schedules. The recitals to this Agreement, and all exhibits and schedules
referred to in this Agreement are incorporated herein by such reference and made a part of this Agreement. Any matter disclosed in any schedule to this Agreement shall be deemed to be incorporated in all other schedules to this Agreement.
Notwithstanding the foregoing to the contrary, in the event that any exhibit or schedule referred to herein is not attached to the Agreement as of the Effective Date, such exhibit and/or schedule, as applicable, shall be agreed upon and attached
hereto on or before December 8, 2006, failing which either Party may elect to terminate this Agreement by providing written notice of such termination to the other Parties hereunder not later than five (5) days thereafter, whereupon the
Deposit shall be returned to Purchaser, this Agreement shall be null and void and of no further force or effect, and the Parties shall have no further obligations to the other, except for those obligations or liabilities that expressly survive
termination of this Agreement. 
 13.12 Liability of Interest-Holders in Purchaser, Sellers and Their Respective Affiliates.
Each of the Sellers agrees and acknowledges that none of the members, partners, officers, directors, shareholders or other holders of beneficial interests of or in the Purchaser or any of the Purchaser’s Affiliates shall be personally liable
for any obligation or responsibility of the Purchaser or any of its Affiliates hereunder by virtue of being a member, partner, officer, director, shareholder or holder of any beneficial interest of or in the Purchaser or any of its Affiliates. The
Purchaser agrees and acknowledges that none of the members, partners, officers, directors, shareholders or other holders of beneficial interests of or in any Seller or any Affiliate of any Seller shall be personally liable for any obligation or
responsibility of any Seller or any its Affiliate of any Seller hereunder by virtue of being a member, partner, shareholder or holder of any beneficial interest of or in any Seller or any Affiliate of Seller. 
 13.13 Entire Agreement. This Agreement and the agreements to be executed and delivered in connection herewith set forth the entire
understanding and agreement of the Parties hereto and shall supersede any other agreements and understandings (written or oral) between the Parties on or prior to the date of this Agreement with respect to the transactions described in this
Agreement. 
  

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 13.14 Amendments, Waivers and Termination of Agreement. No amendment or modification to any
terms or provisions of this Agreement, waiver of any covenant, obligation, breach or default under this Agreement or termination of this Agreement (other than as expressly provided in this Agreement), shall be valid unless in writing and executed
and delivered by each of the Parties, provided, however, either Sellers or Purchaser may, in writing, (i) extend the time for performance of any of the obligations of the other, but only to the extent of any extended performance period
expressly provided for herein, (ii) waive any inaccuracies and representations by the other contained in this Agreement, (iii) waive compliance by the other with any of the covenants contained in this Agreement and (iv) waive the
satisfaction of any condition that is precedent or subsequent to the performance by the party so waiving of any of its obligations under this Agreement. 
 13.15 Execution of Agreement. A Party may deliver executed signature pages to this Agreement by facsimile transmission to any other Party, which facsimile copy shall be deemed to be an original executed
signature page. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which counterparts together shall constitute one agreement with the same effect as if the Parties had signed the same
signature page. 
 13.16 Purchase Option for Option Tracts. In consideration of the agreements of the Sellers under this
Agreement, the receipt and sufficiency of which are hereby acknowledged and confessed, Purchaser hereby (i) grants to the Crystal Point Seller, upon and subject to the terms and conditions set forth in this Section 13.16 below, an
irrevocable purchase option (the “Manasquan Purchase Option”) covering that certain approximately 8.53-acre portion of the Manasquan Land more particularly described or depicted in Schedule 13.16(a) attached hereto
(the “Manasquan Purchase Option Tract”) and (ii) grants to the Harborage Seller, upon and subject to the terms and conditions set forth in this Section 13.16 below, an irrevocable purchase option (the
“Harborage Purchase Option” and together with the Manasquan Purchase Option, collectively, the “Purchase Options”) covering that certain portion of the Harborage Land more particularly described or
depicted in Schedule 13.16(b) attached hereto (the “Harborage Purchase Option Tract” and together with the Manasquan Purchase Option Tract, collectively, the “Option Tracts”): 
 (a) The cash purchase price (the “Manasquan Purchase Option Price”) to be paid by the Crystal Point Seller to Purchaser at the
closing of the acquisition by the Crystal Point Seller of the Manasquan Purchase Option Tract shall be determined in accordance with Schedule 13.16(a); the cash purchase price (the “Harborage Purchase Option Price”) to
be paid by the Harborage Seller to Purchaser at the closing of the acquisition by the Harborage Seller of the Harborage Purchase Option Tract shall be determined in accordance with Schedule 13.16(a); 
 (b) Each Purchase Option shall be exercisable by the pertinent Seller by providing Purchaser with thirty (30) days prior written notice of such
Seller’s election to purchase and acquire the particular Purchase Option Tract; 
 (c) A Purchase Option may only be exercised after the
pertinent Seller shall have provided Purchaser with a reasonably satisfactory legal description to permit the valid conveyance of the particular Purchase Option Tract independent of the remainder of the Manasquan Land or Harborage Land, as
applicable, in accordance with all Applicable Laws; 
  

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 (d) Each Purchase Option shall be exercised, if at all, (1) no earlier than the date which is four
years from the Closing Date hereunder and (2) no later than the date which is ten (10) years from the Closing Date hereunder (the “Purchase Option Expiration Date”). In the event that the pertinent Seller shall not
exercise a particular Purchase Option in accordance with the provisions hereof on or before the Purchase Option Expiration Date, the provisions of this Section 13.16 shall terminate and no Party shall have any further obligation to the
other Parties in connection therewith; 
 (e) If a Seller that exercises a Purchase Option hereunder intends to (i) develop the
applicable Purchase Option Tract in a venture (i.e. a partnership, limited liability company or other entity in which the Seller or its Affiliate will own a direct or indirect interest) (a “Venture”) with any other Person
that is not an Affiliate of the Seller (a “Venture Participant”), or (ii) with respect to the Harborage Purchase Option Tract, sell and convey the Harborage Purchase Option Tract to any other Person that is not an
Affiliate of the Seller who will use the Harborage Purchase Option Tract for dry stacks, then the Seller will provide Purchaser with written notice (an “Offer Notice”) setting forth the terms upon which the Seller intends to
give such Venture Participant the right to participate in such Venture or sell the Harborage Purchase Option Tract, as applicable, and Purchaser shall have thirty (30) days from the receipt of the foregoing Offer Notice to agree, at the
Purchaser’s sole discretion and election (by delivery of written notice to such Seller), to participate in such Venture on the terms set forth in the Offer Notice or purchase the Harborage Purchase Option Tract on the terms set forth therein
(which may be effected through a net payment from Purchaser to the applicable Seller (an “Option Purchase”), as applicable, or to decline to so participate or complete the Option Purchase (provided that if Purchaser fails to
deliver written notice that it has agreed to so participate in the Venture or complete the Option Purchase prior to the end of the forgoing thirty (30) day period, then Purchaser shall be deemed to have elected not to so participate or complete
the Option Purchase). If Purchaser agrees to participate in the Venture or complete the Option Purchase upon the terms set forth in the Offer Notice, then the Seller, or its Affiliate, and Purchaser, or its Affiliate, shall undertake the proposed
Venture or Option Purchase upon the terms outlined in the Offer Notice (provided that if they have not agreed upon all material agreements relating to such Venture or Option Purchase within forty-five (45) days of such election, then the
foregoing election shall be deemed to be revoked and shall be treated for all purposes as if Purchaser elected not to participate in such Venture or complete the Option Purchase). If Purchaser elects, or is deemed to have elected, not to participate
in any such Venture or complete the Option Purchase, then the Seller or its Affiliate shall be entitled to undertake such Venture with any other Person or sell the Harborage Purchase Option Tract to any other Person; provided that, to the extent
that the Seller or its Affiliate proposes to undertake such Venture or complete an Option Purchase on terms that are materially more favorable to the Venture Participant or the third-party purchaser than set forth in the applicable Offer Notice to
Purchaser, then the Seller shall again comply with the provisions of this Section 13.16. The Parties agree and acknowledge that the foregoing right of first offer shall not be applicable to the acquisition of a Purchase Option Tract by a Seller
for the purpose of selling the same to any other Person (other than a sale described in clause (ii) of the first sentence of this Section 13.16(e)) or for the development by such Seller or any Affiliate thereof (without
participation by any Venture Participant). 
  

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 (f) At Closing, (i) the Crystal Point Seller and Purchaser shall execute and deliver (A) an
option agreement (the “Manasquan Purchase Option Agreement”), the form of which shall be agreed upon between the Parties and shall set forth the terms and conditions of this Section 13.16 and be attached hereto as
Exhibit L, and (B) a memorandum of such Manasquan Purchase Option Agreement (the “Memorandum of Manasquan Purchase Option Agreement”, the form of which shall be agreed to between the Parties and be attached
hereto as Exhibit M, which shall be delivered to Escrow Agent to be recorded in the land records of Ocean County, New Jersey; and (ii) the Harborage Seller and Purchaser shall execute and deliver (A) an option agreement (the
“Harborage Purchase Option Agreement”), the form of which shall be agreed upon between the Parties and shall set forth the terms and conditions of this Section 13.16 and be attached hereto as Exhibit
N, and (B) a memorandum of such Harborage Purchase Option Agreement (the “Memorandum of Harborage Purchase Option Agreement”, the form of which shall be agreed to between the Parties and be attached hereto as
Exhibit O, which shall be delivered to Escrow Agent to be recorded in the land records of Delaware County, Oklahoma. 
 (g) The
Operating Lease for the Manasquan Site shall contain an acknowledgement by the Tenant of the rights and obligations of the Crystal Point Seller and Purchaser pursuant to the Manasquan Purchase Option Agreement and an agreement by the Tenant that
upon exercise of the Manasquan Purchase Option by the Crystal Point Seller and closing on the sale of the Manasquan Purchase Option Tract, the Operating Lease shall be amended to reflect (i) the applicable reduction in the Land subject to the
Operating Lease and (ii) the applicable reduction in the “adjusted lease basis” thereunder (with corresponding reductions in the minimum rent payable thereunder at all times thereafter) by an amount equal to the Manasquan Purchase
Option Price; and likewise the Operating Lease for the Harborage Site shall contain an acknowledgement by the Tenant of the rights and obligations of the Harborage Seller and Purchaser pursuant to the Harborage Purchase Option Agreement and an
agreement by the Tenant that upon exercise of the Harborage Purchase Option by the Harborage Seller and closing on the sale of the Harborage Purchase Option Tract, the Operating Lease shall be amended to reflect (i) the applicable reduction in
the Land subject to the Operating Lease and (ii) the applicable reduction in the “adjusted lease basis” thereunder (with corresponding reductions in the minimum rent payable thereunder at all times thereafter) by an amount equal to
the Harborage Purchase Option Price; 
 (h) Once a Purchase Option has been exercised by the pertinent Seller hereunder, the closing of the
sale of the applicable Purchase Option Tract to such Seller shall occur on or before thirty (30) days after the date that Purchaser receives written notice from such Seller of its election to exercise its option to purchase and acquire the
particular Purchase Option Tract (or, if applicable, (i) on or before thirty (30) days after Purchaser elects not to, or is deemed to have elected not to, participate in a Venture with the Seller with respect to such Purchase Option Tract
as described in Section 13.16(e) above or (ii) on or before ten (10) days after the date upon which such Seller or its Affiliate and the Purchaser or its Affiliate enter into and execute the partnership agreement, operating
agreement or other organizational documents of the applicable Venture pursuant to Section 13.16(e) above); and 
  

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 (i) At the closing of such sale of a Purchase Option Tract hereunder, (i) fee simple title to such
Purchase Option Tract shall be conveyed by Purchaser to the pertinent Seller by special warranty deed identical in all material respects to the special warranty deeds conveying the Real Property by the Sellers to Purchaser at Closing hereunder,
subject to the Permitted Encumbrances affecting the Manasquan Land or the Harborage Land, as applicable, as of the Closing Date hereunder (and the covenants described in Section 13.16(k) below) and all other reasonable and customary title
exceptions imposed upon such Purchase Option Tract in connection with the legal subdivision of the same as one or more legal lots (to the extent such legal subdivision is required by Applicable Laws), and (ii) an owner’s title insurance
policy, at the expense of Seller, shall be obtained by such Seller insuring fee simple title to the Purchase Option Tract in the face amount of the applicable Purchase Option Price, subject only to the applicable Permitted Encumbrances affecting the
Manasquan Land or the Harborage Land, as applicable, as of the Closing Date hereunder (and the covenants described in Section 13.16(k) below) and all other reasonable and customary title exceptions, if any, imposed upon the applicable
Purchase Option Tract under Applicable Laws as a result of the conveyance and separation of the same from the remainder of the Manasquan Land or Harborage Land, as applicable, including, without limitation, any necessary easements or other rights of
access on or over the applicable Purchase Option Tract for the benefit of the Purchaser and the remaining Manasquan Land or Harborage Land, as applicable, to the extent reasonably necessary for the operation of the Business then being conducted at
such Site; 
 (j) The provisions of this Section 13.16 shall survive Closing and the Sellers are hereby authorized, at their
option, to file of record a Notice of Purchase Option against each Purchase Option Tract without further joinder or consent of Purchaser; and 
 (k) The Purchaser and the Sellers shall agree upon reasonable covenants applicable to each Purchase Option Tract that will be recorded in the land records of the pertinent Counties upon exercise of the Purchase Options (Purchaser shall not
record any such covenants with respect to a Purchase Option Tract prior to the exercise of the pertinent Purchase Option). The form of such covenants shall be agreed upon between the Parties and attached hereto as Schedule 13.16(k), but, in
any event, shall be limited to those covenants reasonably required to ensure that the development or use of the Purchase Option Tracts will not have a material adverse effect on the Manasquan Site or the Harborage Site, as applicable, or the
operation of the Business being conducted at each such Site; provided, however, that the use and operation of any boat slips located at the Harborage Purchase Option Tract shall not be restricted, nor shall the use of the Harborage Purchase Option
Tract for dry stacks be restricted (subject to Purchaser’s right of first offer described in Section 13.16(e) above). Notwithstanding the foregoing to the contrary, the use of the Harborage Purchase Option Tract for dry stacks
following the sale of such property to a Person that is not an Affiliate of the Seller in a sale that was not subject to the right of first offer described above, shall be restricted by the foregoing covenants. Each Purchase Option shall be
assignable to any Person at the option of the pertinent Seller hereunder. 
 13.17 Tax Disclosures. Notwithstanding anything in
this Agreement to the contrary, in accordance with Section 1.6011-4(b)(3)(iii) of the Treasury Regulations, Purchaser and any Seller (and each employee, representative, or other agent of Purchaser and any Seller) may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided 
  

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to Purchaser or any Seller relating to such tax treatment and tax structure. However, any information relating to tax treatment or tax structure shall remain
subject to the confidentiality provisions hereof (and the foregoing sentence shall not apply) to the extent, but only to the extent, reasonably necessary to enable Purchaser and Sellers to comply with applicable securities laws. For purposes hereof,
“tax structure” means any fact that may be relevant to understanding the federal income tax treatment of the transaction. 
 13.18
Green Turtle Bay (Waiver of Conflict). Purchaser acknowledges that the Marinas Seller also operates Green Turtle Bay Houseboat Rentals, located in Livingston County, Kentucky (the “Green Turtle Bay Site”) and Purchaser
further acknowledges that the Green Turtle Bay Site may compete with the Burnside Site and the Beaver Creek Site and that the current manager of the Burnside Site, the Beaver Creek Site and the Green Turtle Bay Site uses the same facilities and
personnel to obtain customer bookings with regard to such Sites (“Shared Facilities/Personnel”). To the extent that Purchaser does not acquire the Green Turtle Bay Site hereunder, Purchaser understands that the Manager or its
Affiliate will continue to manage the Green Turtle Bay Site and continue to use the Shared Facilities/Personnel. Purchaser hereby waives and will cause each landlord under the applicable Operating Leases to likewise waive any conflict of interest
relating to the forgoing arrangement (including, without limitation, any cause of action based upon or arising from any allegation that potential customers of the Burnside Site or the Beaver Creek Site were directed to the Green Turtle Bay Site).
Purchaser hereby acknowledges for itself and on behalf of its Affiliates that the Manager may continue to use the Shared Facilities/Personnel as described above and that the Manger will be authorized to reasonably allocate the costs and expenses of
same among the affected Sites. 
 13.19 Consolidation of Seller Entities. Upon or prior to the Closing, one or more of the
Sellers may merge or otherwise consolidate their assets and operations with and into the Tenant. The Purchaser agrees that, in such event, the Tenant shall be a permitted assignee of such Seller(s) hereunder, the Tenant shall assume the obligations
of such Seller(s) hereunder and the Tenant shall succeed to and have the right to exercise any of the rights of such Seller(s) hereunder. In addition, the Parties agree and acknowledge that with respect to any property that, pursuant to the terms of
this Agreement, is to be acquired by Purchaser and conveyed or transferred to Tenant (e.g. Consumables and Other Inventory), the Parties may simply elect to have the Tenant acquire such property pursuant to the above described merger or
consolidation and exclude such property from the Assets acquired by Purchaser hereunder. 
 [Remainder of page intentionally left blank;
Signatures on following pages] 
  

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 IN WITNESS WHEREOF, each Party has caused this Agreement to be executed and delivered in its name by a
duly authorized officer as of the date first set forth above. 
  

							
	SELLERS:
	
	 MARINAS-KENTUCKY, LLC,
 a Kentucky
limited liability company

		
	By:	 	 Marstan Investment Company, LLC,
 its
manager

			
		 	By:	 	 /s/ J. Stan Johnson

		 		 	J. Stan Johnson, Manager
	
	 CRYSTAL-MANASQUAN, LLC,
 a New Jersey
limited liability company

		
	By:	 	 Marstan Investment Company, LLC,
 Member

			
		 	By:	 	 /s/ J. Stan Johnson

		 		 	J. Stan Johnson, Manager
		
	By:	 	B S Ford, L.P., Member
			
		 	By:	 	 B S Investments, L.L.C.,
 its general
partner

				
		 		 	By:	 	 /s/ J. Stan Johnson

		 		 		 	J. Stan Johnson, Member
	
	 HARBORAGE MARINA, LLC,
 a Delaware
limited liability company

		
	By:	 	 JMS Marina, LLC,
 Manager

			
		 	By:	 	 /s/ J. Stan Johnson

		 		 	J. Stan Johnson, Manager

  

 -75- 

							
	 GRAND LAKE MARINA, LTD.,
 a Texas
limited partnership

		
	By:	 	 Marstan Investment Company, LLC,
 its
general partner

			
		 	By:	 	 /s/ J. Stan Johnson

		 		 	J. Stan Johnson, Manager
	
	 S.M.B.R. OPERATIONS, LLC,
 a Delaware
limited liability company

		
	By:	 	S.M.B.R. Holdings, LLC Member
			
		 	By:	 	/s/ Robert J. Faflik
		 		 	Robert J. Faflik, Managing Member
	
	 S.M.B.R. REALTY, LLC,
 a Delaware
limited liability company

		
	By:	 	 S.M.B.R. Holdings, LLC
 Member

			
		 	By:	 	 /s/ Robert J. Faflik

		 		 	Robert J. Faflik, Managing Member
	
	 PIER 121 SERVICE COMPANY, INC.,
 a
Texas corporation

		
	By:	 	 /s/ Marshall Funk

		 	Marshall Funk, President
	
	 121 MARINAS, LTD.,
 a Texas limited
partnership

		
	By:	 	 T-Pier 121 Company,
 its general
partner

			
		 	By:	 	 /s/ Marshall Funk

		 		 	Marshall Funk, President

  

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	 F&F HOLDINGS I, LTD.,
 a Texas
limited partnership

		
	By:	 	 F&F Holdings, Inc.,
 its general
partner

			
		 	By:	 	 /s/ Marshall Funk

		 	Name:	 	Marshall Funk
		 	Title:	 	President
	
	 F&F HOLDINGS II, LTD.,
 a Texas
limited partnership

		
	By:	 	 F&F Holdings, Inc.,
 its general
partner

			
		 	By:	 	 /s/ Marshall Funk

		 	Name:	 	Marshall Funk
		 	Title:	 	President
	
	PURCHASER:
	
	 CNL INCOME PARTNERS, LP,
 a Delaware
limited partnership

		
	By:	 	 CNL INCOME GP CORP., a Delaware corporation,
 its sole general partner

			
		 	By:	 	 /s/ Tammie A. Quinlan

		 	Name:	 	Tammie A. Quinlan
		 	Title:	 	Executive Vice President
	
	ESCROW AGENT:
	
	THE TALON GROUP, a division of First American Title Insurance Company
		
	By:	 	 /s/ Keren Baki

	Name:	 	Keren Baki
	Title:	 	Commercial Operations Manager

  

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 SCHEDULE 4.7 
 MATERIAL LEASE TERMS 
  

	 	•	 	Triple Net. The Leases shall be “triple-net”. As such, the Tenant shall be responsible for all taxes, assessments, costs of improvements, supplies, maintenance,
repairs, replacements, utility charges, insurance , employee costs, cost of funding working capital accounts, management fees, condominium or home owners association fees, and all other charges of every kind relating to the use and occupancy of the
Leased Property or Leased Properties. If due to circumstances beyond the control of the Tenant (a) the price of agreed upon flood or storm insurance coverage becomes commercially unreasonable with respect to a particular Site, or (b) such
insurance is unavailable, the Tenant will not be in default under the applicable Lease to the extent that it does not carry such insurance and continues to operate a marina at such Site. 

  

	 	•	 	Primary Term of Lease: The initial term shall be 20-years, provided however that the term of a Lease between Landlord and Tenant cannot exceed the remaining term of an
underlying lease or permit pertaining to any of the Leased Properties. 

  

	 	•	 	Renewal Options: Tenant shall maintain options to extend the Leases for four (4) additional five (5) year periods (the “Renewal Options”), provided
however that the term of a Lease between Landlord and Tenant cannot exceed the remaining term of an underlying lease or permit pertaining to any of the Leased Properties. The Renewal Options will be at the Tenant’s sole discretion provided that
the Tenant is in good standing under the existing Lease. If a Renewal Option is exercised on any Leased Property, it must be exercised on all Leased Properties, and the extended term shall be subject to all the terms and conditions of the Leases. To
the extent that a permit pertaining to any of the Leased Properties has condition(s) that make exercising all Renewal Options simultaneously impossible, Landlord will work with Tenant and the relevant permit authority to solve such issue(s) with the
permit authority and in any event Tenant may still exercise the Renewal Options on the remaining Leases. 

  

	 	•	 	Cross Default of Leases: Each of the Leases will be cross defaulted with all of the other Leases, such that a Tenant default under any Lease can result in a Tenant default on
all of the Leases. 

  

	 	•	 	Capital Basis: The initial Purchase Price plus Buyer’s costs and Seller’s costs as described in Article 9.7 (collectively “Transaction Costs”), not to
exceed 3% of the Purchase Price, shall be aggregated when funded and used as the basis for calculating the Base Rent obligation of Tenant under each Lease. 

  

	 	•	 	Base Rent: Base Rent shall be equal to the Capital Basis multiplied by the current Lease Rate. Base Rent shall be due on an annual basis and paid on a monthly basis in
advance. The Lease Rate shall initially be set at 8.0% annually of the Capital Basis through December 31, 2007, and shall be increased annually by 25 basis points, until reaching a maximum Lease Rate of 10.0%. 

  

	 	•	 	 Percentage Rent: Percentage Rent will be determined on an aggregate or pooled basis for all of the Leased Properties and will be a percentage of Total
Facility Revenues. For the purpose of calculating Percentage Rent, the Management 

  

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Fee will be considered to be six percent (6%) of gross revenues per annum. The Management Fee will be used only for the purpose of calculating
Percentage Rent and will be subordinate to Percentage Rent. Percentage Rent will be calculated at the end of the fourth quarter for a given year and paid in arrears. Percentage Rent will be calculated and paid for the first time on the
1st anniversary of the execution of the Leases and will continue thereafter for the remaining term of the Leases and
any and all extensions of the Leases. 

  

	 	•	 	Capital Replacement Reserve: Buyer shall establish a Capital Replacement Reserve for each Property which shall be funded monthly by Tenant in an amount equal to 4.0% of total
revenues of each Leased Property and capped at 5% of all Leased Properties’ trailing 12 month total revenues. These funds will be maintained in a reserve account owned by Buyer and controlled by Tenant. The account shall be maintained in a bank
approved by Buyer. Any funds in the reserve account upon Tenant default under the terms of a Lease or termination of the Leases will remain with the Landlord. The funds in this account will be used by Tenant in order to fund repairs, maintenance and
non-income producing capital expenditures on the Properties. Use of the funds in this account will be subject to an annual budget prepared by Tenant and approved by Landlord. The Parties shall execute a separate Pooling Agreement at Closing to
address all issues related to the pooling of the Capital Replacement Reserves. A separate reserve will be established in an amount not to exceed 2% of total revenues for the Burnside and Beaver Creek Marinas to fund replacements of the Water Fleet
and M & E for such sites. 

  

	 	•	 	Expansion Capital: From time to time, Tenant or Landlord may recommend additional expenditures above and beyond the annual Capital Replacement Reserve. Any such Expansion
Capital will increase Base Rent by an amount to be negotiated by Landlord and Tenant on a project-by-project basis. Landlord agrees to review Tenant’s 2006 and 2007 capital placement schedule prior to signing of the Leases and will consider pre
funding certain capital projects on such schedule. Any such “Pre Fundings” will be included in the Capital Basis. 

  

	 	•	 	Security Deposit: A Security Deposit in the form of a Letter of Credit or dollars escrowed in an account acceptable to Landlord (the beneficial interest of which would belong
to the Tenant) in an amount equal to the aggregate Base Rent under each of the Leases for the first six months of the Leases (the “Deposit”) will be kept by the Tenant upon commencement of the Leases. At the earlier of the 4th anniversary of the signing of the Lease or such time as the Tenant’s NOI (defined as cash flow after all expenses,
Ordinary Capital Replacement Reserve) exceeds 1.3X “Coverage” (defined below) on a trailing 12 month basis, the Security Deposit will be reduced to a Letter of Credit in an amount equal to 3 months of the then current Base Rent for
each of the leases. Tenant will maintain the Security Deposit until such time as the Leased Properties’ performance exceeds 1.4X Coverage for two consecutive years on a trailing 12 month basis. A certain year’s Coverage is defined as NOI
divided by Base Rent for the given year. 

  

 -79- 

	 	•	 	Assignment: Buyer shall not assign any of the Leased Properties or any obligations of the Leases without the prior written notice to the Tenant; provided, however, that the
Buyer may, without consent of Tenant: 

  

	 	(i)	assign the Leases to any entity that acquires all or substantially all of Buyer’s assets or its business that is the subject hereof, or to any entity that is owned by such
Party, 

  

	 	(ii)	assign the Leases to a third party provided that the Leased Properties remain encumbered by the terms of the Leases. 

 Tenant shall not assign any obligations of the Leases without the prior written consent of the Buyer; such consent is not to be unreasonably withheld.

  

	 	•	 	Financial Reporting Requirements: 

  

	 	•	 	Tenant shall provide to Landlord a monthly balance sheet and income statement within 20 days of month end. 

  

	 	•	 	Tenant shall provide to Landlord with aggregate Leased Property revenues within 10 days of month end 

  

	 	•	 	Tenant shall provide to Landlord a final balance sheet and annual income statement within 75 days of year end. 

  

	 	•	 	Landlord shall have the right to audit the Tenant’s financial statements. 

  

	 	•	 	The Tenant must provide to Landlord reasonable access and assistance to perform any and all procedures necessary to conduct and complete Sarbanes-Oxley Section 404
certification. 

  

	 	•	 	Tenant will prepare an annual budget for each fiscal year and submit such budget to Landlord at least 30 days prior to the end of the prior fiscal year. Tenant will consider in good
faith, any comments or suggestions on such annual budget provided to Tenant by Landlord after its review. 

  

	 	•	 	Quiet Enjoyment: Tenant will be solely responsibly for day to day operations at the Leased Properties and have the benefit of “quiet enjoyment” of the Leased
Properties. 

  

 -80- 

 SCHEDULE 4.9 
 MATERIAL LOAN TERMS 
 Schedule 4.9 to Asset Purchase Agreement 
 CNL Mortgage Loan Document Material Terms 
 The
following terms will apply the CNL Mortgage Loans and the corresponding CNL Mortgage Loan Documents as defined in the Asset Purchase Agreement (the “Asset Purchase Agreement”) to which this Schedule is attached. 
 1. Amount of Loans. CNL Income Properties, Inc., its subsidiaries or assigns (collectively, “CNL” or “Lender”) will provide separate
mortgage loans in an aggregate principal amount not to exceed 85% of the CNL approved appraised value of the properties, to Emeryville Marina, LLC, Pier 121 Service Company, Inc., Scott’s Marinas at Lake Grapevine, Ltd., and Scotts Expansion
No. 1 Ltd. (collectively the “Borrower”) with respect to the following properties: the “Emeryville Marina”; the “Scott’s Landing Marina”; “Paradise Cove”; the “Silver Lake Marina”; the
“Silver Lake Park”; the “Twin Coves Marina”; and the “Twin Coves Park,” it being agreed that the amount of the Loan allocated to Paradise Cove will not be advanced, and the corresponding lien and security interest
against the Paradise Cove collateral will not be granted to Lender, unless and until the Borrower obtains an extension of the ACOE lease for at least 25 years, and if the extension is not obtained by December 31, 2007, any obligation of CNL to
lend the allocated amount will expire. 
 2. Term. Each mortgage loan will have a term to maturity of 15 years (collectively the
“Loan”). 
 3. Interest; Exit Fee. During the first three years of the term of each Loan interest only shall be payable monthly
in arrears on the first day of each calendar month, in an amount equal to a rate of nine (9.0%) per annum of all outstanding principal (the “Pay Rate Interest”). The effective rate of interest on the Loan shall not exceed the highest
rate allowable under the laws of the State of Florida. Interest shall be calculated on the basis of a 360 day method. The Borrower agrees to pay the holder of each Loan, in addition to the entire unpaid principal balance, accrued and unpaid
interest, and any other sums due such holder thereunder, an exit fee (the “Exit Fee”). If the principal balance of a Loan is paid in full on its scheduled Maturity Date, the Exit Fee shall be an amount which is equal to (a) the
aggregate of monthly interest payments that would have been payable by Borrower to the holder under such Loan if the Interest Rate had been 10.25% rather than 9.0%, less (b) the aggregate of all interest payments actually paid by Borrower to
the holder. If a Loan is prepaid, whether voluntary or involuntary, the Exit Fee for such Loan shall be an amount which is equal to (a) the aggregate of monthly interest payments that would have been payable by Borrower to the holder under such
Loan if the Interest Rate had been 11.0% rather than 9.0%, less (b) the aggregate of all interest payments actually paid by Borrower to such holder under such Loan. The holder’s calculation of the amount of the Exit Fee for a Loan shall be
final and conclusive in the absence of manifest error. The Exit Fee shall be due and payable in full upon the earliest to occur of (a) prepayment in full of a Loan, or (b) the Maturity Date, 

  

 -81- 

 
or (c) the delivery by the holder to Borrower of a notice of acceleration of all indebtedness under a Loan. The Borrower agrees to pay the Exit Fee due
under a Loan whether the payment or prepayment is voluntary or involuntary (in connection with the holder’s acceleration of the unpaid principal balance of such Loan) or the mortgage securing such loan is satisfied or released owing to
foreclosure (whether by power of sale or judicial proceeding), deed in lieu of foreclosure and written acceptance of merger of title by holder, or by any other means or applicable law. The Exit Fee shall be paid irrespective of all other amounts and
fees paid by Borrower pursuant to the terms of the applicable Loan and the other related loan documents. 
 4. Collateral. The Loan shall be
secured by all interests in the marina properties (other than as excluded in paragraph 9 below), including all real and personal property, leasehold or permit hold interests and related assets (all the marina properties shall be referred to
collectively as the “Property”), including a first priority mortgage lien upon and security interest in all of the Property and related tangible and intangible personal property interests relating thereto; provided, however, the Property
collateralizing the Loan shall not include any property (i) that was not considered in the applicable income analysis utilized in determining the appraised value of the Property under the appraisals required for the Loan, and (ii) not
owned by the pertinent Borrower. 
 5. Loan Documents. The Loan shall be evidenced and secured by the following (the “Loan
Documents”), all in form and substance mutually satisfactory to Lender and Borrower: 
 a. A promissory note from the applicable Borrower
to Lender in the amount of the total outstanding principal balance of the Loan. 
 b. A mortgage and security agreement granting a valid
perfected mortgage on the real property that is owned by the borrower and comprises the Property, together with a valid and perfected security interest in all of such borrower’s right, title and interest in and to all fixtures, furnishings,
equipment, accounts receivable, security or rent deposits, permits, trade names and all other tangible and intangible personal property located on or associated with the Property, which shall be a first priority lien. 
 c. A perfected first priority security interest in the Property. 
 d. Loan Agreement setting forth applicable terms and conditions consistent with this letter and as otherwise mutually satisfactory to Lender and Borrower. 
 e. Uniform Commercial Code Financing Statements to be filed with the Office of the Secretary of the applicable state as necessary to perfect the security
interests provided above. 
 f. An environmental compliance and indemnification agreement from Borrower. 
 g. An owner’s affidavit. 
 h. A closing
statement. 
  

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 i. A waiver of jury trial. 
 j. Any other documents deemed necessary by the Lender in its reasonable discretion to secure or service the Loan. Unless Lender agrees otherwise in writing, completion of all documents is a condition of closing of the
Loan. 
 The Loan Documents shall include provisions for default interest at the highest rate allowed by Florida law per annum and for late charges of five
percent (5%) of the amount of any payment which is more than five (5) days past due or for any other default not cured within any applicable grace and cure period. 
 6. Amortization. During the first three years of the term of each Loan, the Borrower will be required to pay interest only at 9.0% . Beginning in the fourth year, equal monthly payments of principal
and interest under each such Loan will be payable in accordance with a twenty year amortization schedule (as calculated commencing as of the beginning of the fourth year of the term of the Loan). The Exit Fee is payable as and when described in
paragraph 3 above 
 7. Loan Conditions. Any intent and undertaking of Lender to make a Loan will be subject to and conditioned upon the
Lender’s receipt prior to closing, at the Borrower’s expense, of such items as the Lender may in its reasonable discretion deem necessary or appropriate in order to evidence the Borrower’s ability to provide the contemplated security
for the Loan described herein, including without limitation, the following items all satisfactory in form and content to the Lender and its counsel: insurance, title insurance, zoning, permitting, utilities, leases, service contracts, entity
documents, surveys, evidence of satisfaction of all debt, inspections, financial statements and tax returns. 
 8. Non-Recourse. Each loan
will be non-recourse, with no guarantees or other credit enhancement of any kind (other than a carve out guaranty for specified “bad boy” acts, e.g. fraud, agreed upon by the parties). 
 9. Release of Specified Non-Income Producing Land. An approximate 32.35 acre parcel of land at the Silverlake Marina that is currently sub-leased
to an operator that uses same for a paintball business will be excluded/released from the lien granted to CNL. At the Emeryville Marina, CNL will agree to release from its lien that certain required space and related parking necessary to
accommodate a 4,000 square foot office space. The applicable site will not be excluded/released unless and until the Borrower obtains the agreement of the landlord/fee owner (i.e. ACOE or the City of Emeryville) to release the applicable site
from the lease that is mortgaged to CNL to secure the loan; provided, however, that at any time after the date of closing of the Loans, but prior to Borrower obtaining any such release of the applicable site from such landlord/fee owner and
notwithstanding the “lock out” period set forth in Section 10 below, Borrower shall be entitled to obtain releases of the entire Emeryville Marina and/or Silverlake Marina from the liens and security interests securing the Loan upon
payment of the unpaid amount of the Loan allocated to such applicable marina site, including the Exit Fee attributable thereto.
 10.
Prepayment. Except as permitted in Section 9 above, the Loans will be “locked out” to prepayment for the first four years of the Loans and during years 5-15 of the term of the Loans, prepayment will be allowed on
all of the Loans, but not in part, provided Borrower pays the Exit Fee owed on the Loans. 
  

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 11. Costs and Expenses. Borrower shall pay all third-party costs and expenses related to this letter or the
Loan and incurred in good faith incident to or as contemplated by this letter, the Loan or the closing of the Loan transaction including, but not limited to, the Lender’s reasonable attorneys’ fees, documentary stamps, intangible taxes,
recording fees, mortgagee title insurance premiums, title and UCC search charges, a tax service fee, appraisal fees, environmental audit fees, survey expenses and costs of satisfying all of the conditions for the Loan. Additionally, to the extent
the Loan is not closed due to an uncured default by the Sellers under the Asset Purchase Agreement that results in a termination of the Asset Purchase Agreement, the Borrower shall pay directly or reimburse the Lender for all customary out-of-pocket
costs and expenses actually incurred in good faith by Lender in connection with the preparation for and the closing of the Loan, including, without limitation, appraisal review fees, surveys and reasonable legal fees. 
 12. Environmental Certifications. Borrower certifies and shall certify at Closing, or shall furnish evidence satisfactory to Lender, that the Property and
operations at the Property are in compliance with all applicable Federal, State, and local statutes, laws, and regulations. Borrower further certifies that no notices claiming a violation of regulations or statutes, nor notices requiring compliance
with regulations or statutes, nor notices demanding payment or contribution for injury to the environment or human health have been served on Borrower, or, to the best or Borrower’s knowledge, on any former owner/operator of the Property, by
any government agency, individual, or other entity, except as disclosed in writing to Lender during the Due Diligence Period under the Asset Purchase Agreement. Borrower agrees to forward a copy of any such notices received after settlement to
Lender within three (3) days of their receipt. 
  

	13.	Financial Reporting Requirements: 

  

	 	•	 	Borrower shall provide to Lender a monthly balance sheet and income statement within 20 days of month end. 

  

	 	•	 	Borrower shall provide to Lender aggregate Property revenues within 10 days of month end. 

  

	 	•	 	Borrower shall provide to Lender a final balance sheet and annual income statement within 75 days of year end. 

  

	 	•	 	Lender shall have the right to audit the Borrower’s financial statements. 

  

	 	•	 	Borrower must provide to Lender reasonable access and assistance to perform any and all procedures necessary to conduct and complete Sarbanes-Oxley Section 404 certification.

  

	 	•	 	Borrower will prepare an annual budget for each fiscal year and submit such budget to Lender at least 30 days prior to the end of the prior fiscal year. 

 14. Assignment, Participation and Servicing. The Lender shall have the right in its sole discretion to assign the Loan or participate the Loan with one or
more participants of Lender’s choice. Lender shall also have the right in its sole discretion to delegate servicing of the Loan to a servicing company of Lender’s choice. 
  

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 15. Prohibition on Transfer and Additional Debt. The mortgage will provide for the right of the Lender to
declare the Loan to be immediately due and payable in the event after closing, without Lender’s prior written consent of (a) change in control of Borrower and/or any manager of the applicable Marina sites retained by Borrower consistent
with the change in control provisions of the Asset Purchase Agreement, or (b) the Property shall be encumbered by any secondary or subordinate financing, except as expressly provided in the CNL Mortgage Loan Documents. Borrower shall not incur
any additional debt secured by the Property, except in the ordinary course of business and other negotiated carve-outs, without the express written consent of the Lender. 
 16. Cross-Default. The Loan Documents shall provide that a default under any of the CNL Mortgage Loans made by Lender to any Borrower shall, at the option of Lender, be and constitute a default under all
CNL Mortgage Loans. 
 17. Governing Law. Except to the extent that the law of any particular state in which the applicable Marina site is
located governs the enforcement of the mortgage in accordance with the express terms thereof, all CNL Mortgage Loan Documents will be governed by, and construed and interpreted in accordance with, the laws of the State of Florida, including all
applicable federal law, from time to time in force in Florida. 
  

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