Document:

Exhibit 10.1

 

Philip L. Logas, P.A.

1525 International Parkway, Suite 4021

Lake Mary, Florida 32746

407-849-1555

 

1.          PARTIES
AND PROPERTY: Rich Uncles NNN Operating
Partnership, LP (“Buyer”) agrees to buy and BRWHP
Properties, L.L.P. (“Seller”) agrees to sell the property as:
Street Address: 2601 Westhall Lane, Maitland, Florida 32751. Legal
Description: See Exhibit “A” attached hereto and by this express reference
incorporated herein and the following Personal Property: See Exhibit
“B” attached hereto and by this express reference incorporated herein (all collectively referred to
as the “Property”) on the terms and conditions set forth below.

 

	2.          PURCHASE PRICE:	$6,750,000.00

 

	
        (a)          Deposit
        held in escrow by First American Title Insurance Company

                                                                        (“Escrow
        Agent”) (checks are subject to actual and final collection)

 Escrow Agent’s
        address:                     See
        Addendum                         ,
        Phone: 866.830.9622.
	$   500,000.00

 

	(b)          Additional deposit to be made to Escrow Agent within _____ days after Effective Date.	$                       
	 	 
	(c)          Additional deposit to be made to Escrow Agent within _____ days after Effective Date.	$                       
	 	 
	(d)          Total financing (see Paragraph 5).	$                       
	 	 
	(e)          Other:  See Paragraph 9 of Addendum re: TI allowance (or lesser amount).	$       82,795.00
	 	 
	(f)          All deposits will be credited to the purchase price at closing.  Balance to close, subject to adjustments and prorations, to be paid with locally drawn cashier’s or official bank check(s) or wire transfer.	$6,167,205.00

 

3.          TIME
FOR ACCEPTANCE; EFFECTIVE DATE; COMPUTATION OF TIME: Unless this offer is signed by Seller
and Buyer and an executed copy delivered to all parties on or before February
22, 2017, this offer will be withdrawn and the Buyer’s deposit, if
any, will be returned. The time for acceptance of any counter offer will be 3 days from the date the counter offer is delivered.
The “Effective Date” of this Contract is the date on which the last one of the Seller and Buyer has signed or
initialed and delivered this offer or the final counter offer. Calendar days will be used when
computing time periods, except time periods of 5 days or less. Time periods of 5 days or less will be computed without including
Saturday, Sunday, or national legal holidays. Any time period ending on a Saturday, Sunday, or national legal holiday will extend
until 5:00 p.m. of the next business day. Time is of the essence in this Contract.

 

4.          CLOSING
DATE AND LOCATION:

 

(a)          Closing
Date: This transaction will be closed on See Addendum, Para. 6.a
(Closing Date), unless specifically extended by other provisions of this Contract. The Closing Date will prevail over all other
time periods including, but not limited to, Financing and Due Diligence periods. In the event insurance underwriting is suspended
on Closing Date and Buyer is unable to obtain property insurance, Buyer may postpone closing up to 5 days after the
insurance underwriting suspension is lifted.

 

    Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is Page 1 of 7 Pages.

     

    

(b)          Location:
Closing will take place in Electronically (see Addendum), Para. 6b
County, Florida. (If left blank, closing will take place in the county where the property is located.) Closing may be conducted
by mail or electronic means.

 

5.          THIRD
PARTY FINANCING: [INTENTIONALLY OMITTED]

 

6.          TITLE:
Seller has the legal capacity to and will convey marketable title to the Property by Special
Warranty Deed in form and substance as approved by Buyer
during the Due Diligence Period, free of liens, easements and encumbrances
of record or known to Seller, but subject to property taxes for the year of closing; [INTENTIONALLY OMITTED]
and (list any other matters to which title will be subject). See Exhibit “C”
for Permitted Encumbrances in form and substance as approved by Buyer
during the Due Diligence Period provided there exists at closing no violation
of the foregoing and none of them prevents Buyer’s intended use of the Property
as commercial office building.

 

(a)          Evidence
of Title:  See Addendum, Para. 1.c. [INTENTIONALLY
OMITTED] 

 

(b)          Title
Examination: Buyer will, within 15 days from receipt of the Title Commitment
and the Title Materials the evidence of title deliver written notice to Seller of title
defects as determined by Buyer in its sole discretion. Title
will be deemed acceptable to Buyer if (1) Buyer fails to deliver proper notice of defects or (2) Buyer delivers
proper written notice of any title defects and Seller cures
the defects to Buyer’s reasonable satisfaction within
30 days from receipt of the notice (“Curative Period”). If the defects are cured within the Curative Period,
closing will occur within 10 days from receipt by Buyer of notice of such curing. Seller may elect not to cure defects
if Seller reasonably believes any defect cannot be cured within the Curative Period. If the defects are not cured within
the Curative Period, Buyer will have 10 days from receipt of notice of Seller’s inability to cure the defects
to elect whether to terminate this Contract as provided herein
or accept title subject to existing defects and close the transaction without reduction in purchase price.

 

(c)          Survey:
(check applicable provisions below):

 

(i)          Seller
will, within 5 days from Effective Date, deliver to Buyer copies of prior surveys, plans, specifications, and engineering
documents, if any, and the following documents relevant to this transaction: See
Addendum Paragraph 1(a), prepared for Seller or in Seller’s possession, which show all
currently existing structures. In the event this transaction does not close, all documents provided by Seller will be returned
to Seller within 10 days from the date this Contract is terminated.

 

(ii)         Buyer
will may elect in its sole discretion, at Buyer’s
expense and within the time period allowed to deliver and examine title evidence, obtain a current certified survey of the Property
from a registered surveyor. If the survey reveals encroachments on the Property or that the improvements encroach on the lands
of another, such encroachments will constitute a title defect to be cured within the Curative Period.

 

(d)          Ingress
and Egress: Seller warrants that the Property presently has ingress and egress.

 

7.          PROPERTY
CONDITION: Seller will deliver the Property to Buyer
at the time agreed in its present “as is” condition, ordinary wear and tear excepted, and will maintain the landscaping
and grounds in a comparable condition. Seller makes no warranties other than marketability
of title as set forth herein. In the event that the condition of
the Property has materially changed since the expiration of the Due Diligence Period, Buyer
may elect to terminate the Contract and receive a refund of any and all deposits paid, plus interest, if applicable. By accepting
the Property “as is”, Buyer waives all claims against Seller
for any defects in the Property. (Check (a) or (b)).

 

    Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages.

     

    

(a)          [INTENTIONALLY
OMITTED] 

 

(b)          Due
Diligence Period: Buyer will, at Buyers expense and within See Addendum,
Para. 5a days from Effective Date (“Due Diligence Period”), determine whether the Property
is suitable, in Buyer’s sole and absolute discretion, for Buyer’s intended use and development of the
Property as specified in Paragraph 6. During the Due Diligence Period, Buyer may conduct any tests, analyses, surveys and
investigations (“Inspections”) which Buyer deems necessary to determine to Buyer’s satisfaction
the Property’s engineering, architectural, environmental properties; zoning and zoning restrictions; flood zone designation
and restrictions; subdivision regulations; soil and grade; availability of access to public roads, water, and other utilities;
consistency with local, state and regional growth management and comprehensive land use plans; availability of permits, government
approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground water contamination;
and other inspections that Buyer deems appropriate to determine the suitability of the Property for Buyer’s
intended use and development. Buyer will deliver written notice to Seller prior to the expiration of the Due Diligence
Period of Buyer’s determination of whether or not the Property is acceptable. See
Addendum, Para. 5.b. See Addendum, Para. 3, Para. 4.
[INTENTIONALLY OMITTED]

 

(c)          Walk-through
Inspection: Buyer may, on the day prior to closing or any other time mutually agreeable to the parties, conduct a final
“walk-through” inspection of the Property to determine compliance with this paragraph and to ensure that all Property
is on the premises.

 

8.          OPERATION
OF PROPERTY DURING CONTRACT PERIOD: Seller will continue
to operate the Property and any business conducted on the Property in the manner operated prior to Contract and will take no action
that would adversely impact the Property, tenants, lenders or business, if any. Any changes, such as renting vacant space, that
materially affect the Property or Buyer’s intended use of the Property will be permitted
only with Buyer’s consent.

 

9.          CLOSING
PROCEDURE: Unless otherwise agreed or stated herein, closing procedure shall be in accordance
with the norms where the Property is located.

 

(a)          Possession
and Occupancy: Seller will deliver possession and occupancy of the Property to Buyer at closing. Seller
will provide keys, remote controls, and any security/access codes necessary to operate all locks, mailboxes, and security systems.

 

(b)          Costs:
Buyer will pay Buyer’s attorneys’ fees, taxes and recording fees on notes, mortgages and financing statements
and recording fees for the deed. Seller will pay Seller’s attorneys’ fees, taxes on the deed and recording
fees for documents needed to cure title defects. If Seller is obligated to discharge any encumbrance at or prior to closing
and fails to do so, Buyer may use purchase proceeds to satisfy the encumbrances. See
Addendum, Para. 7

 

(c)          Documents:
Seller will provide the deed (in the form of which has been approved by
Buyer); bill of sale (in the form of which has been approved
by Buyer); mechanic’s lien affidavit; originals of those assignable service and maintenance contracts
that will be assumed by Buyer after the Closing Date (if approved by Buyer
during the Due Diligence Period) and letters to each service contractor from Seller advising each of them
of the sale of the Property and, if applicable, the transfer of its contract, and any assignable warranties or guarantees received
or held by Seller from any manufacturer, contractor, subcontractor, or material supplier in connection with the Property;
[INTENTIONALLY OMITTED]; assignments of leases, updated rent roll; tenant and lender estoppels letters; (in
the form provided by Buyer) tenant subordination, non-disturbance and attornment agreements (SNDAs) required
by the Buyer or Buyer’s lender; assignments of permits and licenses (in
the form of which has been approved by Buyer); corrective instruments; and letters notifying tenants of the
change in ownership/rental agent. [INTENTIONALLY OMITTED] If Seller is an entity, Seller will deliver
a resolution of its Board of Directors authorizing the sale and delivery of the deed and certification by the appropriate party
certifying the resolution and setting forth facts showing the conveyance conforms to the requirements of local law. Seller
will transfer security deposits to Buyer. Buyer will provide the closing statement, mortgages and notes, security
agreements, and financing statements.

 

    Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages.

     

    

(d)          Taxes
and Prorations: Real estate taxes, personal property taxes on any tangible personal property, bond payments assumed by Buyer,
interest, rents (based on actual collected rents), association dues, insurance premiums acceptable to Buyer, and operating
expenses will be prorated through the day before closing. If the amount of taxes for the current year cannot be ascertained, rates
for the previous year will be used with due allowance being made for improvements and exemptions. Any tax proration based on an
estimate will, at request of either party, be readjusted upon receipt of current year’s tax bill; this provision will survive
closing.

 

(e)          Special
Assessment Liens: Certified, confirmed, and ratified special assessment liens as of the Closing Date will be paid by Seller.
If a certified, confirmed, and ratified special assessment is payable in installments, Seller will pay all installments
due and payable on or before the Closing Date, with any installment for any period extending beyond the Closing Date prorated,
and Buyer will assume all installments that become due and payable after the Closing Date. Buyer will be responsible
for all assessments of any kind which become due and owing after Closing Date, unless an improvement is substantially completed
as of Closing Date. If an improvement is substantially completed as of the Closing Date but has not resulted in a lien before closing,
Seller will pay the amount of the last estimate of the assessment. This subsection applies to special assessment liens imposed
by a public body and does not apply to condominium association special assessments.

 

(f)          Foreign
Investment in Real Property Tax Act (FIRPTA): If Seller is a “foreign person” as defined by FIRPTA, Seller
and Buyer agree to comply with Section 1445 of the Internal Revenue Code. Seller and Buyer will complete,
execute, and deliver as directed any instrument, affidavit, or statement reasonably necessary to comply with the FIRPTA requirements,
including delivery of their respective federal taxpayer identification numbers or Social Security Numbers to the closing agent.
If Buyer does not pay sufficient cash at closing to meet the withholding requirement, Seller will deliver to Buyer
at closing the additional cash necessary to satisfy the requirement.

 

10.       ESCROW AGENT:
Seller and Buyer authorize Escrow Agent or Closing Agent (collectively “Agent”) to receive, deposit,
and hold funds and other property in escrow and, subject to collection, disburse them in accordance with the terms of this Contract.
The parties agree that Agent will not be liable to any person for misdelivery of escrowed items to Seller or Buyer,
unless the misdelivery is due to Agent s willful breach of this Contract or gross negligence. If Agent has doubt as to Agent’s
duties or obligations under this Contract, Agent may, at Agent’s option, (a) hold the escrowed items until the parties mutually
agree to its disbursement or until a court of competent jurisdiction or arbitrator determines the rights of the parties or (b)
deposit the escrowed items with the clerk of the court having jurisdiction over the matter and file an action in interpleader.
Upon notifying the parties of such action, Agent will be released from all liability except for the duty to account for items
previously delivered out of escrow. [INTENTIONALLY OMITTED] In any suit in which Agent interpleads the escrowed
items or is made a party because of acting as Agent hereunder, Agent will recover reasonable attorney’s fees and costs incurred,
with these amounts to be paid from and out of the escrowed items and charged and awarded as court costs in favor of the prevailing
party. 

 

11.       CURE
PERIOD: Prior to any claim for default being made, a party will have an opportunity to cure any
alleged default. If a party fails to comply with any provision of this Contract, the other party will deliver written notice to
the non- complying party specifying the non-compliance. The non-complying party will have _____ days (5 days if left blank) after
delivery of such notice to cure the non-compliance. Notice and cure shall not apply to failure to close.

 

12.       RETURN
OF DEPOSIT: Unless otherwise specified in the Contract, in the event any condition of this Contract
is not met and Buyer has timely given any required notice regarding the condition having
not been met, Buyer’s deposit will be returned [INTENTIONALLY OMITTED]

 

13.       DEFAULT:

 

(a)          In
the event the sale is not closed due to any default or failure on the part of Seller other than failure to make the title
marketable after diligent effort, Buyer may either (1) receive a refund of Buyer’s deposit(s) See
Addendum, Para. 13 or (2) seek specific performance. If Buyer elects a deposit refund, Seller
will be liable to Broker for the full amount of the brokerage fee.

 

    Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is Page 4 of 7 Pages.

     

    

(b)          In
the event the sale is not closed due to any default or failure on the part of Buyer, (as
its sole legal and equitable remedy) Seller shall
may either (1) retain all deposit(s) paid or agreed to be paid by Buyer as agreed upon liquidated damages,
consideration for the execution of this Contract, and in full settlement of any claims, upon which this Contract will terminate
and neither Buyer nor Seller shall have any further
liability or obligation hereunder or (2) seek specific performance [INTENTIONALLY
OMITTED]. If Buyer fails to timely place a deposit as required by this Contract, Seller may either (1) terminate
the Contract and seek the remedy outlined in this subparagraph or (2) proceed with the Contract without waiving any remedy
for Buyer’s default.

 

14.       ATTORNEY’S
FEES AND COSTS: In any claim or controversy arising out of or relating to this Contract, the
prevailing party, which for purposes of this provision will include Buyer, Seller
and Broker, will be awarded reasonable attorneys’ fees, costs, and expenses.

 

15.       NOTICES:
All notices will be in writing and may be delivered by mail, overnight courier, personal delivery, or electronic means. Parties
agree to send all notices to addresses specified on the signature page(s). Any notice, document, or item given by or delivered
to an attorney or real estate licensee (including a transaction broker) representing a party will be as effective as if given by
or delivered to that party.

 

16.       DISCLOSURES:

 

(a)          [INTENTIONALLY
OMITTED] 

 

(b)          Special
Assessment Liens Imposed by Public Body: The Property may be subject to unpaid special assessment lien(s) imposed by a public
body. (A public body includes a Community Development District.) Such liens, if any, shall be paid as set forth in Paragraph 9(e).

 

(c)          Radon
Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may
present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have
been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public
health unit.

 

(d)          Energy-Efficiency
Rating Information: Buyer acknowledges receipt of the information brochure required by Section 553.996, Florida
Statutes.

 

17.       RISK
OF LOSS:

 

(a)          If,
after the Effective Date and before closing, the Property is damaged by fire or other casualty, Seller will bear the risk
of loss and Buyer may cancel this Contract without liability and the deposit(s) will be returned to Buyer. Alternatively,
Buyer will have the option of purchasing the Property at the agreed upon purchase price and Seller will credit the
deductible, if any and transfer to Buyer at closing any insurance proceeds, or Seller’s claim to any insurance
proceeds payable for the damage. Seller will cooperate with and assist Buyer in collecting any such proceeds. Seller
shall not settle any insurance claim for damage caused by casualty without the consent of the Buyer.

 

(b)          If,
after the Effective Date and before closing, any part of the Property is taken in condemnation or under the right of eminent domain,
or proceedings for such taking will be pending or threatened, Buyer may cancel this Contract without liability and the deposit(s)
will be returned to Buyer. Alternatively, Buyer will have the option of purchasing what is left of the Property at
the agreed upon purchase price and Seller will transfer to the Buyer at closing the proceeds of any award, or Seller
claim to any award payable for the taking. Seller will cooperate with and assist Buyer in collecting any such award.

 

18.       ASSIGNABILITY;
PERSONS BOUND: This Contract may be assigned to a related entity, and otherwise is not assignable.
If this Contract may be assigned, Buyer shall deliver a copy of the assignment agreement
to the Seller at least 5 days prior to Closing. The terms “Buyer”,
“Seller” and “Broker”
may be singular or plural. This Contract is binding upon Buyer, Seller
and their heirs, personal representatives, successors and assigns (if assignment is permitted).

 

    Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is Page 5 of 7 Pages.

     

    

19.       MISCELLANEOUS:
The terms of this Contract constitute the entire agreement between Buyer and Seller.
Modifications of this Contract will not be binding unless in writing, signed and delivered by the party to be bound. Signatures,
initials, documents referenced in this Contract, counterparts and written modifications communicated electronically or on paper
will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or attached
to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid or unenforceable, all remaining
provisions will continue to be fully effective. This Contract will be construed under Florida law and will not be recorded in any
public records.

 

20.       BROKERS:
Neither Seller nor Buyer has used the services
of, or for any other reason owes compensation to, a licensed real estate Broker other than:

 

(a)          Seller’s
Broker: Collier’s International (Company Name) Joe
Rossi (Licensee) 255 South Orange Avenue, Suite 1300, Orlando,
FL 328901 407 843-1723 Joe.Rossi@colliers.com (Address, Telephone, Fax, E-mail) who is a single agent by
Seller a listing agreement

 

(b)          [INTENTIONALLY
OMITTED] (collectively referred to as “Broker”) in connection with any act relating to the Property,
including but not limited to inquiries, introductions, consultations, and negotiations resulting in this transaction. Seller
and Buyer agree to indemnify and hold Broker harmless from and against losses, damages, costs and expenses of
any kind, including reasonable attorneys’ fees at all levels, and from liability to any person, arising from (1) compensation
claimed which is inconsistent with the representation in this Paragraph, (2) enforcement action to collect a brokerage fee
pursuant to Paragraph 10, (3) any duty accepted by Broker at the request of Seller or Buyer which
is beyond the scope of services regulated by Chapter 475, Florida Statutes, as amended, or (4) recommendations of or services
provided and expenses incurred by any third party whom Broker refers, recommends, or retains for or on behalf of Seller
or Buyer.

 

21.       OPTIONAL
CLAUSES: (Check if any of the following clauses are applicable and are attached as an addendum
to this Contract):

 

	 ̈Arbitration	 ̈Seller Warranty	 ̈Existing Mortgage
	 ̈Section 1031 Exchange	 ̈Coastal Construction Control Line	 ̈Buyer s Attorney Approval
	 ̈Property Inspection and Repair	 ̈Flood Area Hazard Zone	 ̈Seller s Attorney Approval
	 ̈Seller Representations	 ̈Seller Financing	þOther _Addendum

 

22.       ADDITIONAL
TERMS:

 

*See
Addendum Attached hereto.

 

THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY
UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES BUYER AND SELLER TO VERIFY ALL FACTS AND REPRESENTATIONS
THAT ARE IMPORTANT TO THEM AND TO CONSULT AN APPROPRIATE PROFESSIONAL FOR LEGAL ADVICE (FOR EXAMPLE, INTERPRETING CONTRACTS, DETERMINING
THE EFFECT OF LAWS ON THE PROPERTY AND TRANSACTION, STATUS OF TITLE, FOREIGN INVESTOR REPORTING REQUIREMENTS, ETC.) AND FOR TAX,
PROPERTY CONDITION, ENVIRONMENTAL AND OTHER ADVICE. BUYER ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY THE PROPERTY AND THAT ALL REPRESENTATIONS
(ORAL, WRITTEN OR OTHERWISE) BY BROKER ARE BASED ON SELLER REPRESENTATIONS OR PUBLIC RECORDS UNLESS BROKER INDICATES PERSONAL VERIFICATION
OF THE REPRESENTATION. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND GOVERNMENTAL AGENCIES FOR VERIFICATION
OF THE PROPERTY CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE.

 

    Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is Page 6 of 7 Pages.

     

    

Each person signing this Contract on behalf of a party that is a
business entity represents and warrants to the other party that such signatory has full power and authority to enter into and perform
this Contract in accordance with its terms and each person executing this Contract and other documents on behalf of such party
has been duly authorized to do so.

 

	Rich Uncles NNN Operating Partnership, LP	 	Date:	 
	(Signature of Buyer)	 	 
	 	 	 
	Rich Uncles NNN REIT, Inc.	 	Tax ID No:	 
	(Typed or Printed Name of Buyer)	 	 
	 	 	 
	Title:  	Harold Hofer, CEO	 	Telephone:  	949-873-6535
	 	 	 
	 	 	Date:	 
	(Signature of Buyer)	 	 
	 	 	 
	 	 	Tax ID No:	 
	(Typed or Printed Name of Buyer)	 	 
	 	 	 
	Title:	 	 	Telephone:	 

 

Buyer’s Address for purpose of notice: 3080
Bristol Street, Suite 550, Costa Mesa, Ca 92626

 

	Facsimile:	 	 	Email:  	david@richuncles.com
	 	 	 
	BRWHP Properties, L.L.P.	 	Date:	 
	(Signature of Seller)	 	 
	 	 	 
	 	 	Tax ID No:  	56-2290423
	(Typed or Printed Name of Seller)	 	 
	 	 	 
	Title: 	 	 	Telephone: 	 
	 	 	 
	 	 	Date:	 
	(Signature of Seller)	 	 
	 	 	 
	 	 	Tax ID No:	 
	(Typed or Printed Name of Seller)	 	 
	 	 	 
	Title:	 	 	Telephone:	 

 

Seller’s Address for purpose of notice: 116
White Pine Canyon Road, Park City, UT 84060

 

	Facsimile: 	 	 	Email:  	mmanuel@brwhp.com

 

The Florida Association of REALTORS® makes no representation
as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not
be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate
industry and is not intended to identify the user as a REALTOR®. REALTOR® is a registered collective
membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS®
and who subscribe to its Code of Ethics.

The copyright laws of the United States (17 U.S. Code) forbid the
unauthorized reproduction of this form by any means including facsimile or computerized forms.

 

    Buyer (____) (____) and Seller (____) (____) acknowledge receipt of a copy of this page, which is Page 7 of 7 Pages.

     

    

ADDENDUM TO COMMERCIAL CONTRACT

 

		SELLER:	BRWHP PROPERTIES, L.L.P., a Florida limited liability partnership

 

		BUYER:	RICH UNCLES NNN OPERATING PARTNERSHIP, LP, a Delaware limited partnership, or permitted
assignee

 

	PROPERTY ADDRESS:	2601 Westhall Lane, Maitland, Florida 32751

 

 

 

This Addendum is attached
to and comprises a part of that certain Commercial Contract described above (hereinafter referred to as the "Contract").
In the event of an express and irreconcilable conflict between the terms set forth in this Addendum and the terms set forth in
the Contract, the terms set forth in this Addendum shall supersede and prevail over any conflicting terms set forth in the Contract.
All terms defined in the Contract shall have the same definitions in this Addendum unless otherwise stated.

 

BUYER AND SELLER AGREE
AS FOLLOWS:

 

1.   
       Deliveries.

 

a.           Within
three (3) business days following the Effective Date, Seller shall, at Seller’s expense, deliver to Buyer true, correct and
complete copies (which can be electronic copies) of the following documents (“Seller’s Property Information”):
(a) the lease with exp U.S. Services Inc. (“Tenant”) together with all amendments or modification of the lease
(the “Lease”); (b) all service agreements and any and all other contracts or agreements whether written or oral
affecting the Property (the “Service Contracts”); (c) any prior title insurance policy regarding the Property
and copies of documents referenced therein; (d) all architectural plans, as-built mechanical or construction drawings, plans and
specifications (including without limitation, as-built, structural and seismic), blue prints, reports, studies, tests, surveys,
environmental audits or reports (including without limitation, any Phase I or Phase II Reports), appraisals, and like items relating
to the Property in Seller’s possession or control; (e) all current applicable certificates (including without limitation,
certificates of occupancy), permits, licenses or approvals issued by any board, association, governmental body or agency having
jurisdiction over the Property related to the ownership and/or operation of the Property, which are in Seller’s possession
or control; (f) copies of all warranties and guaranties pertaining to the Property, including, without limitation, all roof, termite,
HVAC, equipment, and appliance warranties; (g) copies of the real property tax bills for the preceding two years; (h) copies any
prior surveys of the Property; (i) any inspection reports regarding the Property (including without limitation, roof, HVAC, plumbing,
sewer and electrical systems); (j) all governmental and insurance notices regarding the Property which are in Seller’s possession
or control.

 

b.           Buyer
agrees that if it terminates this Contract or fails to close the transaction contemplated hereby for any reason, then Buyer shall
either (i) promptly return to Seller all of the deliveries supplied by or at the direction of Seller, or (ii) promptly have all
deliveries destroyed (for hard copies) or purged (for electronic copies).

 

     

     

    

 

c.           Within
five (5) business days after the Effective Date, Seller shall cause First American Title Insurance Company (the “Title
Company”) to issue to Buyer a title insurance commitment (“Title Commitment”) together with copies
of all documents of record which are listed as exceptions in the Title Commitment along with a map plotting all listed exceptions
(the “Title Materials”)

 

2.       
   Property Sold In “AS-IS” Condition. Buyer acknowledges and agrees that to the
maximum extent permitted by law, THE SALE OF THE PROPERTY IS MADE ON AN “AS IS, WHERE IS” CONDITION AND BASIS
WITH ALL FAULTS, KNOWN OR UNKNOWN, PATENT, LATENT, OR OTHERWISE. Seller shall not be obligated to pay for any repairs or
remedial action that may be necessary or desirable to cure any defects or condition affecting the Property, specifically
including, but not limited to the roof. Buyer acknowledges that, except as otherwise set forth in this Contract, Seller has
made no representations or warranties regarding the Property and that Buyer is not relying upon any representations made by
Seller regarding the Property which are not expressly set forth in this Contract. Buyer acknowledges that Buyer has been
afforded the opportunity to conduct such investigations and due diligent inquiry as Buyer deemed necessary and appropriate to
enable the Buyer to determine the suitability of the property for Buyer’s intended use. Buyer further acknowledges and
agrees that, having been given the opportunity to inspect the Property, Buyer is relying solely on its own investigation of
the Property and not on any information provided or to be provided by Seller (except as otherwise provided herein), and at
Closing Buyer agrees to accept the Property and, except as otherwise provided herein, be deemed automatically to release and
waive all objections or claims against Seller (including, but not limited to, any right to, or claim or,
contribution) arising from or related to the Property, or to any hazardous materials in or on the Property. Buyer further
acknowledges and agrees that any information provided, or to be provided with respect to the Property, by Seller could have
been obtained from a variety of sources and that Seller has not made any independent investigation or verification of such
information and, except as otherwise provided herein, makes no representations as to the accuracy or completeness of such
information. Seller is not liable or bound in any manner by any verbal or written statements, representations, or information
pertaining to the Property or the operation thereof, furnished by Seller, any real estate broker, agent, employee, servant,
or other person. It is understood and agreed that the Purchase Price has been established by prior negotiation to reflect
that all of the Property is sold by Seller and purchased by Buyer subject to the foregoing. The provisions of this section
shall survive Closing or termination of this Contract.

 

    2 

     

    

 

3.      
    Scope of the Inspection Rights. Provided that Buyer has given Seller at least one (1)
business day advance notice in writing, Seller shall allow Buyer and Buyer’s engineers, architects or other employees
and agents reasonable access to the Property during normal business hours for the limited purposes provided herein. Buyer’s
inspection hereunder may include, but shall not be limited to, engineering and landscaping tests, soil tests, and surveys of
the Property and Buyer agrees to give Seller prior written notice at least one (1) business day in advance of its intent to
conduct any inspections or tests so that Seller will have the opportunity to have a representative present during any such
inspection or test, the right to do which Seller expressly reserves. Buyer agrees to cooperate with any reasonable request by
Seller in connection with the timing of any such inspection or test. Notwithstanding anything to the contrary set forth in
this Contract, Buyer will not make or cause to be made any borings in the Property or remove any soil or water samples from
the Property without Seller’s prior written consent, which consent may be granted, conditioned or withheld by Seller in
its reasonable discretion, and which may require submission to Seller of a proposed work plan in a form reasonably acceptable
to Seller and its engineering consultants prior to the initiation of any such testing. Prior to such time as any
Buyer’s representatives enter the Property, Buyer shall (A) obtain policies of general liability insurance which insure
Buyer and Seller with liability insurance limits of not less than $1,000,000 combined single limit for personal injury and
property damage, and name Seller as an additional insured, and provide such coverages and carry such other limits as Seller
shall reasonably require, and (B) provide Seller with certificates of insurance evidencing that Buyer has obtained the
aforementioned policies of insurance. In conducting any inspections, investigations, or tests of the Property, Buyer and its
agents and representatives shall: (i) not unreasonably interfere with the operation and maintenance of the Property or use of
the Property by parties having an existing right to occupy any portion of the Property, and shall not communicate or
correspond with any vendors providing service to the Property without the prior written consent of Seller; (ii) not damage
any part of the Property or any personal property located on the Property; (iii) not injure or otherwise cause bodily harm to
Seller or its agents, guests, invitees, contractors, and employees or any tenants or their agents, guests, invitees,
contractors, and employees; (iv) comply with all applicable laws; (v) promptly pay when due the costs of all tests,
investigations, and examinations done with regard to the Property; and (vi) not permit any liens to attach to the Property by
reason of the exercise of its rights hereunder. Buyer shall bear the cost of all such inspections or tests. The obligations
of this Section 3.2 shall survive the termination of this Contract.

 

4.   
       Restoration of the Property; Indemnity. If the Closing does not
occur, Buyer shall return the Property to substantially the condition existing prior to any tests and inspections performed
by Buyer or Buyer’s representatives, as determined by Seller in the exercise of reasonable discretion. Buyer shall
indemnify, hold harmless and, if requested by Seller (in Seller’s sole discretion), defend (with counsel approved by
Seller) Seller, together with Seller’s affiliates, parent and subsidiary entities, successors, assigns, partners,
managers, employees, officers, directors, shareholders, counsel, representatives, agents, from and against any and all
damages, mechanics’ liens, liabilities, losses, demands, actions, causes of action, claims, costs and expenses
(including reasonable attorneys’ fees, including the cost of appeals) (collectively “Claims”) arising from
or related to Buyer’s or its employees, agents, representatives, or contractors entry onto the Property, and any
inspections or other matters performed by Buyer with respect to the Property, whether prior to or after the end of the Due
Diligence Period except that the foregoing indemnity shall not include (i) any Claims arising from the negligence or wrongful
conduct of Seller or is agents or contractors, or (ii) any Claims arising the any pre-existing condition of the Property
provided that Buyer does not exacerbate such pre-existing condition. The provisions of this Section shall survive Closing or
any termination of this Contract.

 

5.    
      Due Diligence Period.

 

a.           The
Due Diligence Period under Paragraph 7(b) of the Contract shall expire on March 16, 2017 at 5:00 PM PST.

 

    3 

     

    

 

b.           Before
the expiration of the Due Diligence Period, Buyer shall have the right in its sole and absolute discretion to approve the purchase
of the Property under the terms of this Contract by delivering written of approval (the “Approval Notice”) to
Seller. If such Approval Notice is not timely given then Buyer shall be deemed to have terminated this Contract, in which event
(a) this Contract shall be deemed terminated under this paragraph 5.(b) Buyer shall receive a full return of the Deposit, and (c)
except for obligations that this Contract expressly states survive termination, neither party shall have any further rights against
the other hereunder. If the Approval Notice is timely given, then the parties shall proceed with this transaction and the Deposit
shall be deemed non-refundable except as otherwise provided herein.

 

6.     
     Closing.

 

a.           Closing
Date. The closing for Buyer’s purchase of the Property (the “Closing”) shall occur no later than
5:00 PM PST on the tenth (10th) day immediately following the expiration of the Due Diligence Period.

 

b.           Place
of Closing. Closing shall be conducted electronically and all original closing documents shall be delivered to the office
of Escrow Agent at 777 South Figueroa Street, Suite 400, Los Angeles, California 90017, Phone: 866.830.9622.

 

a.           Conditions
to Closing. The obligations of Buyer to consummate the transactions contemplated herein shall be subject to the fulfillment
of the following conditions (“Buyer’s Conditions”), any of which may be waived in writing by Buyer in
its sole and absolute discretion:

 

i.          Buyer’s
timely delivery of the Approval Notice;

 

ii.         The
Title Company is committed to issue to Buyer at the Closing its 2006 ALTA Owners Policy of Title Insurance to Buyer in the amount
of the Purchase Price, insuring that Buyer has good and marketable fee simple title to the Property, subject only to the Permitted
Encumbrances as described on attached Exhibit ”C” (the “Title Policy”). If Buyer elects to obtain
any additional endorsements or an extended coverage policy, the additional premium and costs of survey for the extended coverage
policy and the cost of any endorsements shall be at Buyer’s sole cost and expense;

 

iii.         Buyer’s
receipt of an estoppel certificate from the Tenant in form provided by Buyer (the “Tenant Estoppel Certificate”)
evidencing that there are no defaults by either landlord or tenant under the Lease, that there has been no amendment of the Lease
other than as reflected in the Lease delivered to Buyer as well as other items set forth in Tenant Estoppel Certificate reasonably
approved by Buyer. Seller shall request and use its good faith efforts to obtain from Tenant the Tenant Estoppel Certificate at
least five (5) days before the anticipated Closing Date;

 

iv.         The
representations and warranties of Seller made herein shall be true and correct in all material respects, Seller shall have performed
all covenants and agreements made herein and Seller shall have delivered to the Escrow Holder all the closing documents required
pursuant to paragraph 9(c) of the Contract; and,

 

    4 

     

    

 

7.     
     Closing Costs.

 

a.           Seller
shall pay any State, County or City transfer tax or documentary stamps on the Deed, and its own attorneys’ fees and the recordation
costs associated with the Deed.

 

b.           Buyer
shall pay all costs related to any loan obtained by Buyer for this transaction (including without limitation premiums for any loan
title policy and endorsements, loan fees, and any applicable intangibles tax and mortgage tax), all costs of the Survey, investigations,
appraisals, and inspections incurred or performed by or on behalf of Buyer, and its own attorneys’ fees.

 

c.           Seller
and Buyer shall equally split the costs for the title examination (not to exceed $250) and the preparation of the Title Commitment
(no cost) and the premium for the base Title Policy (the total of which shall not exceed $6,597.50). Buyer shall pay the premium
for any extended coverage and any endorsements for the Title Policy requested by Buyer.

 

8.     
     Title Policy: The Commitment and Title Policy shall be issued by First American
Title Insurance Company.

 

9.      
    Lease: Buyer and Seller acknowledge that the transfer of the Property is subject to the
Lease. Seller shall provide to Buyer the Tenant Estoppel Certificate (as described above). At the Closing, Seller will assign
the Lease to the Buyer using an Assignment of Lease in form approved by Buyer during the Due Diligence Period and all rents
will be prorated as of 11:59 of the day immediately before the Closing Date. At the Closing, Buyer will receive a credit of
$82,795.00 (or such lesser amount if indicated on the Estoppel Certificate) against the Purchase Price for the outstanding
tenant improvement allowance to be assumed by Buyer under the Lease.

 

10.    
     Representations and Warranties of Seller. To induce Buyer to enter into this
Contract and to purchase the Property, Seller covenants, represents and warrants to Buyer as follows, each of which is
material and is being relied upon by Buyer:

 

A.           Seller
has the full right, power and authority to own, operate and convey its interest in the Property, and does not need any further
consent or other authorization from any governmental or private entity, corporation, partnership, firm individual or other entity
to execute, deliver and perform its obligations under this Contract, and to consummate the transactions contemplated hereby.

 

B.           At
Closing, no work shall have been performed or be in progress and no materials or services shall be furnished with respect to the
Property or any portion thereof which could give rise to any mechanic’s, construction, supplier or other liens, save and
except for tenant improvement work and building maintenance in the ordinary course, which will be paid for in full on completion.
At Closing, Seller shall furnish to Buyer an affidavit attesting to the absence of any such liens or potential liens (if there
are no such liens) to permit the title company to delete the mechanic’s lien standard preprinted exception.

 

    5 

     

    

 

C.        
  Neither the entering into this Contract nor the Closing will constitute a violation or breach by Seller of
any contract, agreement, understanding or instrument to which it is a party or by which Seller of the Property is subject or
bound; of any judgment, order, writ, injunction or decree issued against or imposed upon them; or will result in the
violation of any applicable law, order, rule or regulation of any governmental or quasi-governmental authority.

 

D.           Seller has received no notice, nor has any knowledge of any pending or contemplated litigation, condemnation
proceeding, zoning proceeding or any other action or proceeding that could affect any portion of the Property or access
thereto.

 

E.         
 Seller is neither a “foreign person” nor a “foreign corporation” (as those terms are
defined in Section 7701 of the Internal Revenue Code of 1986, as amended).

 

F.         
 Seller is the fee simple title holder to the Property.

 

G.         
 Except for the Lease, there is no lease or other tenancies for any space in the Property. In addition:

 

(I)         Tenant
has not made any written claim or, to Seller’s knowledge, has any other claim, whether or not in writing: (i) that Seller
has defaulted in performing any of its obligations under the Lease which has not heretofore been cured, (ii) that any condition
exists which with the passage of time or giving of notice, or both, would constitute any such default, (iii) that Tenant is entitled
to any reduction in, refund of, or counterclaim, offset, allowance, credit, rebate, concession or deduction against, or is otherwise
disputing, any rents or other charges paid, payable or to become payable by Tenant, including but not limited to CAM and other
similar charges (other than the TI allowances referenced above), or (iv) that Tenant is entitled to cancel its Lease or to be relieved
of its operating covenants thereunder. Tenant has not given Seller any written notice of its intention to terminate its Lease or
requesting a reduction or abatement of rent or requesting consent to assign or terminate its Lease;

 

(II)        the
Lease is valid and is in full force and effect in accordance with its terms, and there is no default by the landlord or Tenant
thereunder including, without limitation, default by Tenant in the payment of rent, additional rent or other charges due and payable
under the Lease. Seller has not sent a notice of termination with respect to the Lease;

 

(III)       Tenant
has not paid any rent for any period of more than thirty (30) days in advance;

 

H.           All
amounts due and payable under the Service Contracts have been paid and Seller has not received written notice of default under
any of the Service Contracts nor, to Seller’s knowledge, are any parties in default under any of the Service Contracts.

 

I.       
    To the best of Seller’s knowledge, Seller is not a person or entity with whom Seller is
restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the
Department of the Treasury (including, but not limited to, those named on OFAC’s Specially Designated and Blocked
Persons list) or under any related statute, Executive Order (including, but not limited to, the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or
other similar governmental action.

 

    6 

     

    

 

J.           With
the exception of this Contract, Seller has not granted any option agreements or rights of first refusal with respect to the purchase
of the Property or any other unexpired rights in favor of third persons to purchase or otherwise acquire all or any part of the
Property.

 

K.          To
Seller’s knowledge the documents which are part of Seller’s Property Information which were delivered or made available
by Seller for Buyer’s review are true and correct in all material respects and are complete copies of such documents.

 

Each of the foregoing representations and warranties
shall be true and correct as of the Effective Date and as of the Closing Date, and shall survive the closing on the purchase and
sale of the Property for a period of twelve (12) months.

 

11.         1031
Exchange: Buyer and Seller acknowledge that Buyer or Seller may structure this transaction as a §1031 Exchange. Seller
and Buyer will cooperate with either party’s intermediary to effectuate the tax-free exchange at no cost to the other party,
provided that (i) the transaction contemplated by this Contract shall not be conditioned upon completion of such exchange; (ii)
the non-requesting party shall not be required to take title to any real property in connection with any such exchange; (iii) the
non-requesting party shall not incur any liability by reason of any such exchange; and (iv) the requesting party shall not be relieved
of any of its obligations under this Contract, including the extension of any dates, as a result of any such exchange. Each party
hereby indemnifies the other party for all obligation, liability, damages, costs, claims, and expenses of any nature, including
attorney’s fees, arising from any exchange transaction.

 

12.         Confidentiality.
Buyer and Seller agree that prior to the Closing Date, Buyer and Seller shall not disclose the terms of this Contract to any third
party. Notwithstanding the foregoing, Buyer may provide copies of this Contract or may disclose the terms and conditions of this
Contract to Buyer’s attorneys, accountants, and such other parties as may be reasonably deemed appropriate by Buyer in connection
with Buyer’s inspections and purchase of the Property. Buyer may also disclose that Buyer has contracted to purchase the
Property to Buyer’s investors and to potential tenants of the Property without disclosing the terms of the Purchase to such
potential tenants.

 

13.         Buyer’s
Pursuit Costs. If Seller is in default hereunder and Buyer elects to terminate this Contract, in addition to the Deposit
being delivered to Buyer, Seller shall reimburse Buyer for its documented, actual and reasonable out-of-pocket costs and expenses
in connection with its investigation of the Property and the transactions contemplated by this Contract and incurred following
the Effective Date, up to $25,000.00 (“Pursuit Costs”).

 

14.         Brokers.
Each party represents and warrants that, except as set forth in Article 20 of the Contract, it has not engaged the services of
or dealt with any broker, salesperson or other person or entity who may claim a commission or other payment in conjunction with
this Agreement. EACH PARTY HERETO AGREES TO INDEMNIFY, DEFEND AND HOLD THE OTHER PARTY HARMLESS FROM AND AGAINST ALL LOSS, CLAIMS,
COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) CAUSED BY A BREACH OF THE FOREGOING REPRESENTATION. The provisions
of this Section shall survive Closing or termination of this Agreement.

 

    7 

     

    

 

15.         Reporting
Requirements. Buyer and Seller shall each deposit such other instruments required to close the escrow and consummate the
purchase and sale of the Property in accordance with the terms hereof, including, without limitation, an agreement designating
the Title Company as the “Reporting Person” for the transaction pursuant to Section 6045(e) of the Internal Revenue
Code and the regulations promulgated thereunder, and executed by Seller, Buyer and the Title Company, but in no event shall such
instruments impose, create or potentially create any liability for Seller or Buyer not expressly provided for herein. Such agreement
shall comply with the requirements of Section 6045(e) of the Internal Revenue Code and the regulations promulgated thereunder.

 

16.         Construction.
This Contract is the result of negotiations between the parties, neither of whom has acted under any duress or compulsion, whether
legal, economic or otherwise. Accordingly, the terms and provisions hereof shall be construed in accordance with their usual and
customary meanings. Seller and Buyer hereby waive the application of any rule of law which otherwise would be applicable in connection
with the construction of this Contract that ambiguous or conflicting terms or provisions should be construed against the party
who (or whose attorney) prepared the executed Contract or any earlier draft of the same.

 

17.         Interpretation.
If there is any specific and direct conflict between, or any ambiguity resulting from, the terms and provisions of this Contract
and the terms and provisions of any document, instrument or other agreement executed in connection herewith or in furtherance hereof,
including any exhibits hereto, the same shall be consistently interpreted in such manner as to give effect to the general purposes
and intention as expressed in this Contract, which shall be deemed to prevail and control.

 

[Signatures follow on Next Page]

 

    8 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Addendum as of the _____ day of February, 2017.

 

BUYER:

 

RICH UNCLES NNN OPERATING

PARTNERSHIP, LP, a Delaware

limited partnership

 

	By:	Rich Uncles NNN REIT, Inc.
	 	a Maryland corporation, its
	 	General Partner
	 	 	 
	 	By:	 
	 	 	Harold Hofer
	 	 	Chief Executive Officer

 

SELLER:

 

BRWHP PROPERTIES, L.L.P., a Florida

limited liability partnership

 

	By:	 
	 	Name:
	 	Title:

 

    9 

     

    

 

EXHIBIT “A”

LEGAL DESCRIPTION

 

A
part of Tract 13, Maitland Center Section Five, Maitland, Orange County, Florida, as recorded in Plat Book 10,
Page 95, Public Records, Orange County; more particularly described as follows (the “Land”):

 

Beginning
at a point on the South boundary of Tract 13, at the Easterly end of Westhall Lane as platted by said plat of Maitland Center Section
Five; thence N.88°57'30"W, along said South boundary for 85.47 feet to the point of curvature of a curve concave Southeasterly
and lying along said Southerly boundary; thence Westerly along the arc of said curve, having a radius of 751.20 feet, through a
central angle of 23°28'56", for 307.87 feet to the point of tangency; thence S.67°33'34'W, along said South boundary
for 7.55 feet to the point of curvature of a curve concave Northerly; thence Westerly along the arc of said curve, having a radius
of 35.00 feet, through a central angle of 90°00'00", for 54.98 feet to the point of compound curvature of a circular curve
concave Easterly; thence Northerly along the arc of said curve, having a radius of 640.00 feet, through a central angle of 24°23'53",
for 272.53 feet; thence N89°50'48"E, for 569.36 feet to an intersection with a curve concave Westerly and lying along
the Easterly boundary of Tract 13, a radial line to said intersection bearing S85°33'13"E; thence Southerly along the
arc of said curve, having a radius of 639.07 feet, through a central angle of 11°28'09" for 127.93 feet to the point of
reverse curvature of a curve concave Easterly and lying along said Easterly boundary; thence Southerly along the arc of said curve,
having a radius of 709.07 feet through a central angle of 06°08'06", for 75.92 feet to the point of reverse curvature
of a curve concave Northwesterly; thence Southerly and Westerly along the arc of said curve, having a radius of 35.00 feet, through
a central angle of 81°15'41", for 49.64 feet to the point of tangency; thence N.88°57'30"W,
along the South boundary of Tract 13 for 8.15 feet to the Point of Beginning.

 

TOGETHER WITH (i) any appurtenances, easements,
rights of way and other privileges or rights relating to the Land, together with any present or future interest of Seller in the
Land or in any other land or property arising by virtue of any other lease, sublease, occupancy agreement or concession affecting
the Land, including but not limited to access rights and fixtures, and the land lying in the bed of any street or avenue in front
of or adjoining the Land to the center line of the street or avenue and all streets, avenues, alleys, easements, railroad lines
and tracks, rights-of-way, uses or other interests in, on, over, under, abutting or adjoining the Land; (ii) Seller’s estate,
right, title and interest, if any, to any minerals, oil, gas and other hydrocarbon substances on the Land, as well as to any development
rights, air rights, solar rights, water, water rights, and water stock relating to the Land; and (iii) Seller’s estate, right,
title and interest, if any, in and to any and all buildings, improvements, appurtenances and fixtures of any kind presently located
on the Land, it being intended and agreed that all such items will be conclusively considered to be a part of the real Contract
conveyed pursuant to this Contract, whether or not attached or affixed to the Land.

 

    10 

     

    

 

EXHIBIT "B"

DESCRIPTION OF PERSONAL PROPERTY

 

All of the following (if any):

 

All as-built and boundary and topography surveys
of the Property;

 

All zoning certificates, zoning resolutions,
variances and other zoning or land use approvals relating to the Property;

 

All licenses and permits relating to the Property;

 

All soils, geotechnical and environmental reports,
studies, inspections or analyses conducted on or prepared with respect to the Property;

 

All rights to the present or future use of
water, wastewater, wastewater capacity, drainage or other utility facilities that pertain to or benefit the Property, including,
without limitation, all reservations, credits, commitments or letters covering any such use in the future;

 

All other agreements, contracts, reports, studies,
investigations, inspections, analyses, drawings, plans, specifications, surveys and other materials relating to the development
or use of the Property; and

 

And all other tangible or intangible personal
property, development rights, entitlements, credits, agreements and contracts relating to the Property or any of the foregoing,
reversionary rights, and all other rights, benefits, privileges, tenements, hereditaments and appurtenances thereon or in anywise
appertaining to the Property or owned by Seller and used in connection with the Property or the ownership or development thereof.

 

All cubicles and workstations owned by Seller
shall be transferred to Buyer at closing, all “As-Is, Where-Is”.

 

    11 

     

    

 

EXHIBIT "C"

PERMITTED ENCUMBRANCES

 

		1.	Real Property Taxes for the year 2017 and subsequent years.

 

		2.	Easements, Covenants, Conditions and Restrictions as set forth
in that certain Special Warranty Deed recorded September 1, 1983 in Official Records Book 3414, Page 2101 of the Public Records
of Orange County, Florida.

 

		3.	Drainage Agreement recorded July 17, 1981 in Official Records Book 3209, Page 149 of the Public
Records of Orange County, Florida.

 

		4.	Distribution Easement recorded June 2, 1986 in Official Records Book 3792, Page 2584 of the Public
Records of Orange County, Florida.

 

		5.	Reservations unto the State of Florida in that certain Deed from the Internal Improvement Fund
dated January 6, 1947 and recorded January 28, 1947 in Deed Book 730, Page 113; Right of Entry and Exploration released in that
certain Quit Claim Deed recorded February 23, 1973 in Official Records Book 2366, Page 231; Official Records Book 2366, Page 232;
Official Records Book 2366, Page 233; Official Records Book 2366, Page 234; Official Records Book 2366, Page 235; Official Records
Book 2366, Page 236; Official Records Book 2366, Page 237; Official Records Book 2366, Page 238 and Official Records Book 2366,
Page 239, all of the Public Records of Orange County, Florida.

 

		6.	Development Agreement recorded July 16, 1980 in Official Records Book 3125, Page 1588 of the Public
Records of Orange County, Florida.

 

		7.	City of Maitland Easement recorded February 23, 1981 in Official Records Book 3174, Page 237 of
the Public Records of Orange County, Florida.

 

		8.	Subject to the Plat of MAITLAND CENTER SECTION FIVE, recorded in Plat Book 10, Page 95 of the Public
Records of Orange County, Florida.

 

    12Exhibit 10.2

 

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS

(39905. BABCOCK ST MELBOURNE, FL) 

 

THIS PURCHASE AND SALE
AGREEMENT AND JOINT ESCROW INSTRUCTIONS ("Agreement") is made and entered into as of November 16, 2016, by and between
B.H. MELBOURNE DELAWARE, LLC, a Delaware limited liability company ("Seller"), and RICH UNCLES NNN OPERATING PARTNERSHIP,
LP, a Delaware limited partnership ("Buyer"). In consideration of the mutual agreements contained in this Agreement and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller agrees to sell,
and Buyer desires to purchase, the Property described below, for the Purchase Price and upon the terms and conditions set forth
below:

 

ARTICLE 1

DEFINITIONS 

 

	1.1.Certain Basic Terms.	With copies to:
	 	 
	1.1.1. Buyer address for Notice:	Daniel K. Winton
	 	4685 MacArthur Court
	Rich Uncles NNN Operating 	Suite 450
	Partnership, LP	Newport Beach, CA 92660
	3080 Bristol Street, Suite 550	 
	Costa Mesa, CA 92626	Attn: Daniel K. Winton 
	 	Phone: (949) 252-0516
	Attn: David Perduk 	 
	Phone: (949) 873-6535	Email: dwinton@wintonlaw.com
	 	 
	Email: david@richuncles.com 	With copies to:
	 	 
	1.1.2. Seller address for Notice:	B.H. Melbourne Delaware, LLC
	 	do B.H. Management, Inc.
	B.H. Melbourne Delaware, LLC	11111 Santa Monica Blvd. Suite 600
	c/o B.H. Management, Inc.	Los Angeles, CA 90025
	11111 Santa Monica Blvd. Suite 600	Attn: Todd Allen
	Los Angeles, CA 90025	Phone: (310) 820-8888
	Attn: Brian Park	Email: todd.allen@bhproperties.com
	Phone: (310) 820-8888	 
	Email: brian.park@bhproperties.com 	 

 

1.1.3. "Real Property"
means the Land and the Improvements, and consists primarily of commercial property generally located at 3990 S. Babcock St.,
Melbourne, Brevard County, Florida 32901.

 

1.1.4. "Purchase
Price" means Fourteen Million Two Hundred Six Thousand One Hundred Sixty-Three Dollars ($14,206,163).

 

1.1.5. "Deposit"
means Five Hundred Thousand Dollars ($500,000.00) in Good Funds (defined in Section 2.1 below).

 

1.1.6. "Inspection
Period" means the period commencing upon the Effective Date and ending at 5:00 p.m., Pacific Time on the thirtieth (30th)
day thereafter.

 

1.1.7. "Closing
Date" means a mutually approved date between January 10, 2017 and January 12, 2017, subject to extension as provided in
Section 4.2.2 below.

 

    	3990 Babcock
	-1-	Purchase and Sale Agreement

     

    

 

1.1.8. "Broker" means CBRE (Ronald Rogg).

 

1.1.9. "PMK" means Brian Park, asset
manager for the Property.

 

1.2.       "Business
Day" means a day that is neither a Saturday, Sunday, Federal holiday, nor any other day on which a significant number
of banking institutions in the county in which the Real Property is situated are in fact closed.

 

1.3.       "Effective Date" means that
date upon which the later of Buyer and Seller execute this

Agreement.

 

1.4.       "Property" means, collectively,
the Real Property, and all of Seller's right, title and

interest, if any, in the Contracts, the Intangible
Property, the Lease, the Personal Property and the Security Deposit, as such terms are defined below:

 

1.4.1. "Land"
means that certain real property parcels legally described on Exhibit "A" attached hereto, together with all
right, title and interest of Seller, reversionary or otherwise, in and to all easements in or upon such land and all other rights
and appurtenances belonging or in anywise pertaining to such land.

 

1.4.2. "Improvements"
means all structures, improvements and fixtures located on the Land.

 

1.4.3. "Contracts"
means all service, supply, maintenance and construction contracts, if any, relating to the Real Property or Personal Property.

 

1.4.4. "Intangible
Property" means all assignable intangible personal property, if any, now or through the date of Closing owned by Seller
and arising out of or in connection with Seller's ownership of the Real Property and the Personal Property, including the right
to use the current names, logos, trademarks, URLs, web addresses, websites, and trade names of the Real Property, the goodwill
of Seller in connection with the Real Property, all development rights, entitlements, concurrency rights, zoning rights, all licenses,
permits and certificates of occupancy issued by governmental authorities relating to the use, maintenance, occupancy and/or operation
of the Real Property and Personal Property, all plans, specifications and drawings relating to the construction of the Improvements,
and all warranties and guaranties with respect to the Real Property.

 

1.4.5. "Lease" means that certain Lease
with Northrop Grumman Systems Corporation.

 

1.4.6. "Personal
Property" means all fixtures, furniture, carpeting, draperies, appliances, building supplies, equipment, machinery, inventory,
and other tangible items of personal property owned by Seller and presently affixed, attached to, placed or situated upon the Real
Property and used in connection with the ownership, operation and occupancy of the Real Property. Personal Property does not include
any items of personal property leased to Seller or otherwise owned by third parties.

 

1.4.7. "Security
Deposit" means that certain refundable security deposit of Tenant specified in the Lease, whether or not held by and in
the possession of Seller, which are listed on the rent roll to be provided pursuant to Exhibit "B" attached hereto.

 

1.4.8. "Tenant" means Northrop Grumman
Systems Corporation.

 

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1.5.       "Affiliate"
means any person or entity that directly, or indirectly through one or more intermediaries, controls, is controlled by or is
under common control with Buyer, as the case may be. For the purposes of this definition, "control" and "controlled"
mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person
or entity, whether through the ownership of voting securities, by contract or otherwise. It is acknowledged and agreed that any
limited liability company in which Buyer directly or indirectly serves as a Manager and directly or indirectly holds at least five
percent (5%) of the total membership interests shall constitute an Affiliate of Buyer.

 

1.6.        "Escrow Holder" means:

 

	First American Title Insurance Company 
	3281 East Guasti Road, Suite 440
	Ontario, CA 91761
	Attn:	Erin GraeberBougie
	Phone:	(909) 510-6200
	Email:	egraeberbougie@firstam.com 

 

1.7        "Title Company" means:

 

	First American Title Insurance Company 
	3281 East Guasti Road, Suite 440
	Ontario, CA 91761
	Attn:	Erin GraeberBougie
	Phone:	(909) 510-6200
	Email:	egraeberbougiea,firstam.com 

 

ARTICLE 2

PURCHASE PRICE: DEPOSIT 

 

2.1.        Purchase Price.
The Purchase Price shall be payable to Seller at the closing ofthe transaction contemplated hereby ("Closing") by
wire transfer of immediately available federal funds ("Good Funds"), which must be delivered in a manner to permit
Escrow Holder to deliver to the Seller or its designee on the Closing Date.

 

2.2.        Deposit.
Within two (2) Business Days after the date upon which Escrow Holder confirms receipt of a copy of this Agreement executed by Seller
and Buyer, Buyer shall deposit with Escrow Holder, by wire transfer the Deposit. If any portion of the Deposit is not delivered
by Buyer to Escrow Holder within the required 2-Business Day period, then Seller shall have the right to terminate this Agreement
by delivering notice to Buyer and Escrow Holder. Upon receipt, should Buyer so request, Escrow Holder shall deposit the Deposit
into an interest-bearing money market account maintained at a federally insured state or national bank located in the state in
which the Real Property is situated. All interest earned shall be reported to the Internal Revenue Service as income of Buyer.
Buyer shall promptly execute all forms reasonably requested by Escrow Holder in connection with depositing the Deposit in an interest-bearing
account.

 

2.3.        Disposition
of Deposit. If the transaction contemplated hereby is consummated in accordance with the terms and provisions hereof, the Deposit
shall be credited against the Purchase Price at Closing. If this Agreement is terminated by either Seller or Buyer in a manner
expressly set forth in this Agreement, Escrow Holder shall deliver the Deposit to the party hereto entitled to same pursuant to
the applicable terms of this Agreement pertaining to such termination within two (2) Business Days after receipt of written termination
notice by the terminating party to Escrow Holder and the non-terminating party.

 

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2.4.        Independent Consideration. Included in
the Deposit is the sum of One Hundred Dollars ($100.00) (the "Independent Consideration") which is a non-refundable
amount that has been bargained for and agreed to as consideration for Buyer's exclusive right to evaluate the Property during
the Inspection Period and to purchase the Property on the Closing Date. Notwithstanding anything to the contrary contained herein,
the Independent Consideration is in addition to and independent of all other consideration provided in this Agreement, and is
nonrefundable in all events and is only for the fee simple transfer of the Property. If this Agreement is terminated for any reason,
Buyer hereby authorizes Escrow Holder without the consent or joinder of any other party to deduct such amount from the Deposit
and disburse same to Seller.

 

ARTICLE 3

INSPECTIONS AND TITLE

 

3.1.        Buyer's Inspections.

 

3.1.1. Inspections,
Tests and Studies. After two (2) Business Days' notice to Seller, Seller shall permit Buyer and its authorized agents and representatives
to enter upon the Real Property at all reasonable times during normal business hours to inspect the Real Property and to conduct
non-invasive and non-destructive tests, examinations, inspections, investigations and studies and to interview Tenant (collectively,
"Due Diligence") of the Real Property that Buyer deems necessary or appropriate. Notwithstanding the foregoing,
Tenant operates the Property as a highly secure and top secret military operations facility and Buyer's Due Diligence of the Property
will be severely constrained by Seller's limited access rights set forth in the Lease. Such access shall solely be for the purpose
of evaluating the Property as part of its due diligence review. Buyer may conduct such Due Diligence of the Real Property to its
full satisfaction to ascertain all facts, circumstances, and matters relating to the Property (including without limitation the
physical condition and use, availability and adequacy of utilities, access, zoning, compliance with applicable laws, environmental
conditions, engineering and structural matters), survey matters, and any other matters it deems necessary or appropriate for purposes
of consummating this transaction. Such entry, inspection, studies and tests may be conducted only during the term of this Agreement.
At Seller's option, Seller may be present for any inspection, test or study. Buyer shall bear the cost of all inspections, tests
and studies. Buyer shall restore any damage to the Property caused by Buyer or its agents or consultants to substantially the same
condition existing immediately prior to any testing and inspections promptly after any and all testing and inspections conducted
by or on behalf of Buyer. Buyer and any of its agents or consultants who desire to enter on to the Property shall have in effect
and maintain commercial general liability insurance, with limits not less than $1,000,000.00 per occurrence, $2,000,000.00 in the
aggregate for personal injury, including bodily injury and death, and property damage. Prior to any entry on the Property, Buyer
shall, upon request from Seller, deliver to Seller a certificate of insurance evidencing such coverage and naming Seller and any
designated property manager as additional insureds. Buyer shall make all inspections in good faith. Notwithstanding anything to
the contrary, no boring, Phase II environmental testing or other invasive testing may be performed without Seller's prior written
approval, which may be withheld in Seller's absolute discretion.

 

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3.2.        Document Review.

 

3.2.1. Documents.
Within five (5) days after execution of this Agreement, Seller shall deliver to Buyer copies of those documents listed on Exhibit
"B" attached hereto to the extent same exist and are in Seller's possession or control. In addition, during the Inspection
Period and following at least two (2) Business Days' notice from Buyer, Seller agrees to allow Buyer, its authorized agents or
representatives, at Buyer's expense, to inspect at the Real Property and make copies of any other documents and property records
(other than the Excluded Documents, as defined below) relating to the ownership, operation and maintenance of the Real Property,
and in the event a document or property record relates to the ownership, operation and maintenance of another property, Seller
reserves the right to redact all references to properties other than the Real Property, but only if and to the extent such documents
and property records are in Seller's control or in Seller's possession. All of such documents and property records delivered to,
made available to, copied and/or reviewed by Buyer pursuant to this Section 3.2.1 (including the Lease and all Contracts) shall
sometimes be referred to collectively herein as the "Documents". Notwithstanding anything in this Section 3.2.1
to the contrary, Seller shall have no obligation to make available to Buyer, and Buyer shall have no right to inspect or make copies
of, any of the Excluded Documents. As used herein, "Excluded Documents" shall mean any documents directly involving
either Seller's financing or refinancing of the Property (except title policies, surveys and any other documents to the extent
that the same have been recorded or are otherwise available in the public record), any purchase and escrow agreements and correspondence
pertaining to Seller's acquisition of the Property (other than documents pertaining to the physical or environmental condition
of the Real Property), any documents pertaining to the potential acquisition of the Property by any past or prospective purchasers
(other than documents relating to the physical or environmental condition of Real Property), any third party purchase inquiries
and correspondence, internal budgets or financial projections, and any other internal documents (other than documents consisting
of correspondence or notices to and from the Tenant or documents relating to the physical or environmental condition of Real Property).
Buyer shall promptly notify Seller if Buyer discovers that an item has not been furnished by Seller which was required to be furnished
under this Section 3.2.1, and Seller shall promptly furnish such items to Buyer. Prior to Closing, Seller shall deliver to Buyer
any information or documentation reasonably requested by Buyer related to the Property.

 

3.2.2. Proprietary
Information. Buyer acknowledges and agrees that the Documents are proprietary and confidential in nature and have been or will
be made available to Buyer solely to assist Buyer in determining the feasibility of purchasing the Property. Buyer agrees not to
disclose the Documents or any of the provisions, terms or conditions thereof to any party outside of Buyer's organization except
(i) to Buyer's attorneys, consultants, accountants, lenders, prospective lenders, investors, joint venture partners and/or prospective
investors and/or joint venture partners (collectively, the "Permitted Outside Parties"), (ii) as may be required
by law; (iii) to the extent that any of the Documents become available to the public from sources other than Buyer; (iv) to the
extent that any of the information in the Documents can be shown by documentation to have been previously known to Buyer at the
time of its disclosure or delivery by Seller; (v) to the extent that any information in the Documents was rightfully received by
Buyer from a third party who did not acquire or disclose such information by a wrongful or tortious act; and (vi) to the extent
that any of the information in the Documents can be demonstrated by Buyer to have been independently developed by Buyer without
use of or reference to any information in the Documents. Buyer further agrees to notify all Permitted Outside Parties that the
Documents and Buyer's Information are to be kept confidential and not disclosed to third parties. In permitting Buyer and the Permitted
Outside Parties to review the Documents 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 expressed or implied, have been offered, intended or
created by Seller and any such claims are expressly rejected by Seller and waived by Buyer. Following Buyer's purchase of the Property
there shall be no further restriction on Buyer disclosing any Documents as provided under this Section 3.2.2.

 

3.2.3. Return of Documents.
Buyer shall promptly return to Seller or destroy all of the Documents and any and all copies Buyer has made of the Documents at
such time as this Agreement is terminated for any reason other than Seller's Default, which obligation shall survive such termination.

 

3.2.4. No Representation
or Warranty By Seller. Buyer acknowledges that many of the Documents were prepared by third parties other than Seller, and
in several instances, were prepared prior to Seller's ownership of the Property. Except to the extent expressly otherwise provided
in Article 5, Seller makes no representations or warranties as to the accuracy of any Documents prepared by a third party. Seller
assumes no risk and liability associated with the completeness or correctness of the Documents and Buyer shall rely upon its own
investigation and evaluation regarding the Documents.

 

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3.3.        Title.

 

3.3.1. Review of Title.
Within five (5) days after the Effective Date, Seller, at Seller's cost and expense, shall cause the Title Company to deliver to
Buyer: (i) a commitment for title insurance (the "Title Report") in the amount of the Purchase Price for the Real
Property issued by the Title Company dated not earlier than 30 days prior to the Effective Date; and (ii) legible copies of all
documents ("Title Documents") appearing as title exceptions shown on the Title Report. Within five (5) days after
the Effective Date, Seller shall deliver to Buyer one copy of the most recent Survey (if in Seller's possession) of the Real Property
in Seller's possession and control. If any new survey or modified survey is required in order for the Title Company to issue the
Title Policy, Buyer shall be solely responsible, at its sole cost and expense, for obtaining any such survey.

 

3.3.2. Title Objections.
Buyer shall have the right until ten (10) days prior to expiration of the Inspection Period ("Title Objection Date")
to object in its sole discretion to any title matters appearing in the Title Report or any survey matters (each, a "Title
Objection" and collectively, the "Title Objections") by giving notice of all such Title Objections to
Seller ("Title Objection Notice"). The failure of Buyer to provide a Title Objection Notice on or before the Title
Objection Date shall be deemed approval of all matters shown or disclosed in the Title Report and any survey prepared by or on
behalf of or provided to Buyer, except for Monetary Liens (as defined below) which shall be deemed Title Objections even if Buyer
does not provide a Title Objection Notice for such Monetary Liens.

 

3.3.3. Cure. Within
five (5) days after receipt of Buyer's Title Objection Notice, Seller shall notify Buyer in writing whether Seller elects to remove
the same and if Seller makes such election, Seller shall use commercially reasonable efforts to remove or otherwise remedy to Buyer's
reasonable satisfaction each of the Title Objections identified in Buyer's Title Objection Notice on or before the Closing Date.
If Seller shall fail to timely deliver a written response to Buyer's Title Objection Notice, Seller shall be deemed to have elected
not to remove the Title Objections on or before the date of Closing. Seller shall have the right, within such 5-day period to either:
(i) elect by notice to Buyer to cause one or more of the Title Objections to be removed of record or otherwise cured to the satisfaction
of Buyer in its discretion by the Closing Date ("Approved Title Objections"), or (ii) elect not to cure any of
the Title Objections; provided, however, that notwithstanding anything to the contrary stated herein, Seller must cure deeds of
trust, mortgages or liens (each, a "Monetary Lien"), but such obligation shall expressly exclude liens and encumbrances
caused directly or indirectly by any act or omission of Buyer. Notwithstanding anything to the contrary, Seller has no obligation
to expend any funds to undertake or agree to undertake any obligations or otherwise to cure or agree to cure any Title Objections
other than Monetary Liens. If, on or before the Closing Date, Seller is unable to cause such Approved Title Objections to be removed
at no cost or expense to Buyer, Buyer shall have the right on written notice to Seller to terminate this Agreement (and Seller
and Buyer shall have no further obligations in connection herewith, except for the immediate refund of the Deposit to Buyer). Otherwise,
Buyer shall be deemed to have waived the condition precedent set forth in this Section 3.3.3 by notice to Seller and such condition
shall be deemed satisfied.

 

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3.3.4. New Title Objections.
Approval by Buyer of any additional exceptions to title or survey matters disclosed after the Title Objection Date (each, a "New
Title Objection" and collectively, the "New Title Objections") shall be a condition precedent to Buyer's
obligation to purchase the Property (Buyer may grant or withhold such approval in its absolute discretion). Unless Buyer gives
notice that it disapproves any New Title Objections, identifying the exceptions so disapproved, on or before five (5) days after
receipt of notice thereof, Buyer shall be deemed to have approved such New Title Objections. Upon receipt of such notice from Buyer,
Seller shall notify Buyer in writing within five (5) days after receipt of Buyer's Title Objection Notice whether Seller elects
to remove the same and if Seller makes such election, Seller shall use commercially reasonable efforts to remove or otherwise remedy
to Buyer's reasonable satisfaction the New Title Objections on or before the Closing Date. If Seller shall fail to timely deliver
a written response to Buyer's notice regarding New Title Objections, Seller shall be deemed to have elected not to remove thc New
Title Objections on or before the date of Closing provided, however, that notwithstanding anything to the contrary stated herein,
Seller must cure any Monetary Lien, but such obligation shall expressly exclude liens and encumbrances caused directly or indirectly
by any act or omission of Buyer. To the extent necessary, the Closing Date shall be extended to accommodate the time periods established
in this Section 3.3.4. If, on or before the Closing Date, Seller is unable to cause such New Title Objections so identified by
Buyer in writing to be removed at no cost or expense to Buyer, Buyer shall have the right on written notice to Seller to terminate
this Agreement (and Seller and Buyer shall have no further obligations in connection herewith, except for the immediate refund
of the Deposit to Buyer). Otherwise, Buyer shall be deemed to have waived the condition precedent set forth in this Section 3.3.4
by notice to Seller and such condition shall be deemed satisfied.

 

3.3.5. Permitted Exceptions.
Non-delinquent real property taxes and assessments, and all matters set forth on the Title Report to which Buyer does not object
or is deemed to have approved in accordance with Section 3.3 (excluding Monetary Liens) are herein collectively called the "Permitted
Exceptions". The term "Permitted Exceptions" shall additionally include (i) any Title Objections and New Title
Objections that arc subsequently waived in writing by Buyer, (ii) any title matters objected to by Buyer, which objections are
cured to Buyer's satisfaction, (iii) exceptions caused by the acts or omissions of Buyer or Buyer's contractors and their respective
subcontractors, agents, employees, licensees, invitees or representatives, or any other parties, directly or indirectly, employed
by any one of the foregoing, or under the control of any of the foregoing, or for whose acts any of the foregoing may be liable,
including without limitation mechanics' or materialmen's liens or other liens or claims, or liens or claims resulting therefrom
or arising in connection therewith, and (iv) exceptions that could reasonably be discovered by a physical inspection or survey
of the Property. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, Seller shall be obligated
to cause the removal of any general exceptions relating to the power, authority or good standing of Seller, any general exceptions
that would be removed through Seller's execution and delivery of an owner's title affidavit and any deeds of trust or other financial
liens covering or encumbering all or any interest in the Property, including, without limitation, (i) any mechanic's or materialmen's
liens against the Real Property as a result of work done by or on behalf of Seller, (ii) any tax or judgment liens against Seller.
Buyer shall be obligated to accept title to the Real Property, and (iii) any other Monetary Liens not caused directly or indirectly
by any act or omission of Buyer, subject to the Permitted Exceptions.

 

3.3.6. Owner's Policy.
Conclusive evidence of the availability of such title shall be the irrevocable written commitment of Title Company to issue to
Buyer on the Closing Date a standard coverage owner's title insurance policy (ALTA Form 2006) and all endorsements thereto deemed
desirable or appropriate by Buyer ("Title Policy"), in the face amount of the Purchase Price, which Title Policy
shall (i) show fee simple title to the Real Property to be vested of record in Buyer or its assignee pursuant to Section 10.2,
and (ii) show the Permitted Exceptions as the only exceptions to title. Buyer shall have the right to request as a condition to
Buyer's obligation to Close that the Title Company issue the Title Policy at Closing. In the event of any failure of such condition
in this Section 3.3.6, it shall not be deemed a Seller Default, and Buyer shall have the right to terminate this Agreement by delivering
notice thereof to Seller and Escrow Holder on or prior to the Closing Date, and failure by Buyer to timely deliver such notice
of termination shall be deemed Buyer's waiver of such condition. In the event of any such termination, the entire portion of the
Deposit then held by Escrow Holder shall be promptly delivered to Buyer less the Independent Consideration which shall be promptly
delivered to Seller, and thereafter neither party shall have any further rights or obligations hereunder, except as expressly set
forth herein.

 

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3.4.        Inspection Obligations.

 

3.4.1. Buyer's Responsibilities.
In conducting any investigations, inspections, tests and studies of the Property and/or Documents, Buyer and its agents and representatives
shall: (i) not unreasonably disturb the Tenant or interfere with its use of the Property pursuant to its Lease; (ii) not unreasonably
interfere with the operation, use and maintenance of the Property; (iii) not damage any part of the Property or any personal property
owned or held by Tenant or any third party; (iv) not injure or otherwise cause bodily harm to Seller or any of its partners, agents,
contractors and employees, or Tenant or other third party; (v) pay when due the costs of all tests, investigations, studies and
examinations done with regard to the Property; (vi) not permit any liens to attach to the Property by reason of the exercise of
its rights hereunder; (vii) fully restore the Real Property and Personal Property to substantially the same condition in which
the same was found before any such inspections, tests or studies were undertaken; and (viii) not reveal or disclose any information
obtained prior to Closing concerning the Property to anyone outside Buyer's organization except in accordance with the confidentiality
standards set forth in Section 3.2.2 above.

 

3.4.2. Buyer's Indemnity.
Buyer shall indemnify, defend, protect and hold Seller and its agents, employees and contractors harmless from and against any
and all liens, claims, losses, liabilities, damages, costs, expenses, causes of action and expenses (including reasonable attorneys'
fees and court costs) caused by inspections, tests and/or studies of the Property and Documents by Buyer and/or Buyer's agents,
employees, contractors or consultants; provided, however, such indemnity obligations shall not be applicable to Buyer's mere discovery
of an adverse physical condition or matter at the Property. This obligation shall survive termination of this Agreement. Notwithstanding
any provision to the contrary contained in this Agreement, Buyer's obligations and indemnity set forth in Section 3.4.1 and this
Section 3.4.2 shall survive the Closing or earlier termination of this Agreement and shall not be merged with the Deed (as defined
below) or any other Closing Documents.

 

3.5.        Contracts. On or before the Closing
Date, Seller, at Seller's sole cost and expense, shall terminate all Contracts.

 

3.6.        Buyer's Contingency. If during the Inspection
Period Buyer determines, in Buyer's absolute discretion, that it desires to purchase, then Buyer shall deliver to Seller notice
of Buyer's unconditional approval of the Property prior to the expiration of the Inspection Period ("Approval Notice").
If Buyer fails to delivery such Approval Notice by the expiration of the Inspection Period, this Agreement shall terminate
as of the day following the date of expiration of the Inspection Period and Escrow Holder shall promptly return the remainder
of the Deposit (less the Independent Consideration which shall be promptly delivered to Seller and any escrow cancellation fees
which shall be paid to Escrow Holder) and neither Seller nor Buyer shall have any further obligation or liability to the other
hereunder, except as expressly provided for in this Agreement. If however during the Inspection Period Buyer (i) delivers to Seller
Buyer's Approval Notice, then the date of the Approval Notice ("Approval Date"), then Buyer shall be deemed to
have elected to proceed to the Closing. Under such circumstances, Buyer shall be deemed to have waived its termination rights
in this Section 3.6, the remainder of the Deposit shall become nonrefundable in all circumstances except as expressly set forth
in this Agreement, released by Escrow Holder to Seller without further consent or joinder by any other party, and applied to the
Purchase Price.

 

3.7.       Updated Rent Roll. No sooner than
ten (10) Business Days prior to the Closing and no later than two (2) Business Days prior to the Closing, Seller shall deliver
to Buyer updated rent roll(s) for the Property substantially in the same form as the rent roll(s) provided as part of the Documents.

 

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ARTICLE 4

ESCROW AND CLOSING

 

4.1.        Opening. Seller shall open an
escrow (the "Escrow") withEscrowHolderby delivering a fully executed copy of this Agreement to Escrow Holder at the Escrow
Holder's address specified in Section 1.6. Any additional, supplementary and/or pre-printed or standard instructions shall not
supersede or conflict with this Agreement, and any such conflict shall be governed by the terms of this Agreement.

 

4.2.        Closing Date.

 

4.2.1. Initial Closing
Date. The Closing shall occur through Escrow on the Closing Date, subject to extension solely as expressly set forth in this
Agreement.

 

4.2.2. Buyer's Extension
Option. Buyer shall have a one-time right to extend the Closing Date by thirty (30) days. To exercise such option, Buyer shall
give written notice to Seller at least ten (10) days prior to the initial Closing Date and concurrently deposit with Escrow Holder
by wire transfer the sum of Five Hundred Thousand Dollars ($500,000.00), which shall be non-refundable in all circumstances except
as expressly set forth in this Agreement, and applicable to the Purchase Price at Closing.

 

4.3.        Seller's
Deliveries. Prior to the Closing Date, Seller shall deliver to Escrow Holder the following documents ("Closing Documents"):

 

4.3.1. A special warranty
deed in the form attached hereto as Exhibit "C" attached hereto (the "Deed"), duly executed and
acknowledged by Seller, conveying fee simple title to the Real Property to Buyer, subject to the Permitted Exceptions.

 

4.3.2. Two (2) counterpart
originals of a bill of sale and general assignment in the form attached hereto as Exhibit "D" attached hereto
(the "Bill of Sale"), duly executed by Seller.

 

4.3.3. A certification
as required by the Foreign Investors Real Property Tax Act, as amended, in the form attached hereto as Exhibit "E"
attached hereto (the "Non-Foreign Certificate"), duly executed by Seller.

 

4.3.4. Two (2) counterpart
originals of an Assignment and Assumption of Lease in the form attached hereto as Exhibit "F" attached hereto
(the "Assignment of Lease"), executed by Seller.

 

4.3.5. A copy of the settlement
statement jointly approved by Buyer and Seller ("Joint Statement") reflecting all prorations, adjustments and
closing costs for the transfer of the Property from Seller to Buyer, duly executed by Seller.

 

4.3.6. Such other documents
as may be reasonably required by Escrow Holder or Title Company.

 

4.4.        Buyer's Deliveries Prior to the Closing
Date, Buyer shall deliver to Escrow Holder the following:

 

4.4.1. The Purchase Price,
plus all net prorations, closing costs and other funds required to be paid or provided by Buyer under this Agreement (all monies
Buyer is required to deliver shall be wired to the account designated by Escrow Holder but only after Buyer has been advised that
Seller has deposited with Escrow Holder all documents required under Section 4.3 above, and available for disbursement on the Closing
Date).

 

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4.4.2. Two (2) counterpart originals of the Bill of Sale,
duly executed by Buyer.

 

4.4.3. Two (2) counterpart originals of the Assignment
of Lease, duly executed by Buyer.

 

4.4.4. A copy of the Joint Statement, duly executed by
Buyer.

 

4.4.5. Such other documents
as may be reasonably required by Escrow Holder or Title Company.

 

4.5.       Prorations. The following items shall
be prorated between Seller and Buyer as of 11:59 pm Pacific Time on the day immediately preceding the Closing Date by increasing
or decreasing, as the case may be, the funds to be delivered by Buyer at the Closing, with all items pertaining to the month of
Closing to be prorated based on the actual number of days in the month in which the Closing occurs:

 

4.5.1. Taxes. Real
property taxes and assessments and personal property taxes with respect to the Property shall be prorated based upon the latest
available tax information and at the maximum discount rate available for prepayment of such taxes such that Seller shall be responsible
for all such taxes and assessments levied against the Property to and including the day prior to the Closing, and Buyer shall be
responsible for all such taxes and assessments levied against the Property for the date of Closing and all periods thereafter (and
the parties agree to use 2016 figures to prorate all such taxes). Any real property taxes and assessments arising out of the sale
of the Real Property to Buyer or its assignee or a subsequent sale or change in ownership thereafter, and/or arising out of any
construction pertaining to the Real Property following the Closing, shall be paid by Buyer when assessed.

 

4.5.2. Expenses.
Subject to Section 4.5.3 below, all costs and expenses with respect to the operation and maintenance of the Property and all assessments,
dues or other charges due under any covenants, conditions and restrictions against the Property, shall be prorated such that Seller
shall be responsible for all such costs and expenses to and including the day prior to the Closing and Buyer shall be responsible
for all such costs and expenses for the date of Closing and all periods thereafter. Buyer shall effectuate the transfer of all
utilities to its name as of the date of Closing, and where necessary, post deposits with the utility companies. Buyer and Seller
shall cooperate to have all utility meters read by the appropriate utility companies as of the date of Closing. Seller shall be
entitled to recover any and all deposits held by any utility companies as of the date of Closing; if any such deposits are not
returned to Seller as of the date of Closing, such amounts shall be credited to Seller's account and increase the amount of funds
payable by Buyer at Closing.

 

4.5.3. Revenues.
All rents, reimbursements, income, revenue and other charges pertaining to the Lease or otherwise with respect to the Property
(collectively, "Revenues") actually collected by Seller on or prior to the Closing (including prepaid Revenues but excluding
Security Deposit) shall be prorated such that Seller shall be entitled to all such Revenues accruing up to and including the day
prior to the Closing, and Buyer shall be entitled to all such Revenues for the date of Closing and all periods thereafter. However,
there shall be no adjustment of the amount of funds to be delivered by Buyer at the Closing for Revenues from the Property which
are attributable to the periods prior to and including the day prior to the Closing but which have not actually been collected
by Seller as of the date of Closing (hereinafter called the "Delinquent Revenues"), although Seller shall be entitled
to receive all such Delinquent Revenues as provided Buyer or Seller receives rents (or other tenant charges) on or after the Closing
Date, such payments shall be applied (i) first to any Revenues due Buyer; (ii) second to any Delinquent Revenues not theretofore
received by Seller for the Lease or other particular revenue source and (iii) then to the earliest months for which Revenue remains
unpaid for such Lease or revenue source, as the case may be. Buyer agrees to use commercially reasonable efforts to collect on
behalf of Seller all Delinquent Revenues without any additional cost or expense to Buyer. Any Delinquent Revenues (including any
Revenues allocated to Delinquent Revenues, as provided hereinabove) collected by Buyer after Closing shall be forthwith paid by
Buyer to Seller (or from Seller to Buyer, as appropriate) as set forth in this Section 4.5.3. Notwithstanding any provision of
this Agreement to the contrary, Seller shall be entitled to collect all Revenues which became due prior to the Closing from the
Tenant or any guarantors or other third parties responsible for the payment of such Revenues, provided, however, after the Closing,
Seller shall not be entitled to pursue eviction proceedings or other actions to dispossess Tenant or any other litigation in connection
with any such collection efforts. Notwithstanding the foregoing provisions to the contrary, to the extent taxes, utilities and
any other expenses accruing with respect to the Property are paid by Tenant to the landlord pursuant to the terms of the Lease
("Tenant Expenses"), any refund of any Tenant Expenses to which a Tenant may be entitled as a result of overpayment
shall be the responsibility of Seller or Buyer, whichever received such overpayment. Seller shall not be responsible for any underpayment
by a Tenant of the Tenant Expenses.

 

    	3990 Babcock
	-10-	Purchase and Sale Agreement

     

    

 

4.5.4. Security Deposit.
Seller shall retain the Security Deposit, if any, and the amount thereof shall be credited to the Purchase Price. If any Security
Deposit is in the form of a letter of credit that is transferable by its terms, Seller shall deliver to Buyer at the Closing the
original letter of credit together with any documents required to be executed by Seller in order to transfer the beneficial interest
under such letter of credit to Buyer. If a security deposit in the form of a letter of credit is not transferable by its terms,
Seller shall deliver to Buyer at Closing the original letter of credit and shall provide reasonable cooperation to Buyer and the
applicable tenant (Including after the Closing, but without the need for expenditure of funds) to facilitate the reissuance of
a new letter of credit to replace the letter of credit previously held by Seller.

 

4.5.5. Reproration.
Within sixty (60) days after the 2017 property tax bills are available (or such earlier date after the Closing when such figures
are available), Seller and Buyer shall reprorate real and personal property taxes (taking into account the maximum discount rate)
and other items of income and expenses based upon actual bills or invoices received after the Closing and any other items necessary
to effectuate the intent of the parties that all income and expense items be prorated as provided above in this Section 4.5 only
under the following conditions: (i) if original prorations were based upon estimates; and (ii) the amount owed by the reproration
is in excess of Ten Thousand Dollars ($10,000.00). Such amounts owed from reprorated items shall be promptly paid to the party
entitled thereto.

 

4.5.6. The provisions of this Section 4.5 shall survive
Closing.

 

4.6.        Annual Reconciliation Statement. If the
Closing Date occurs in the first or last calendar quarter of any year and if required by the Lease, it shall be Seller's obligation
to prepare and deliver to Tenant the annual reconciliation statements ("Reconciliation Statements") for the property
taxes, insurance premiums and other operating expenses that may be required under the Lease for the calendar year ("Reconciliation
Period"). If, however, the Closing Date occurs in any of the remaining calendar quarter years, it shall be Buyer's obligation
to prepare and deliver to Tenant the Reconciliation Statements for that year within the timeframe required by the Lease. If such
Reconciliation Statements discloses that the Tenant overpaid for such items during the Reconciliation Period and Buyer gives written
notice to Seller by the later of (i) March 31" of the calendar year after that in which the Closing occurs or (ii) ten (10)
Business Days after Buyer's receipt of the Reconciliation Statement prepared by Seller, then Seller shall promptly remit its prorata
portion of such overpayment to Buyer in order to pay the Tenant. If such Reconciliation Statements or a subsequent audit discloses
that the Tenant underpaid for such items in the year of the Closing, Buyer shall seek payment of such shortfall as if it were
Delinquent Revenues under Section 4.5.3 and Buyer shall promptly remit such underpayment to Seller upon receipt. To the extent
that the landlord under the Lease is responsible for the cost of an audit of Reconciliation Statements conducted by Tenant, that
audit cost shall be the responsibility of the party preparing the Reconciliation Statement. Any dispute regarding this Section
4.6 shall be handled in the manner set forth in such Lease between Seller, Buyer and such Tenant. The provisions of this Section
4.6 shall survive the Closing.

 

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	-11-	Purchase and Sale Agreement

     

    

 

4.7.        Actions of Escrow Holder. On the Closing,
Escrow Holder shall promptly undertake all of the following in the manner herein below indicated:

 

4.7.1. Disbursement
of Funds. Disburse all funds deposited with Escrow Holder by Buyer in strict accordance with the Joint Statement and this
Agreement.

 

4.7.2. Recordation.
Cause the Deed and any other documents which the parties hereto may mutually direct to be recorded in the Official Records of the
county wherein the Property is situated, and obtain conformed copies thereof for distribution to Buyer and Seller.

 

4.7.3. Delivery of Documents. Each of the following:

 

4.7.3.1. Within ten (10)
days after Closing, cause the Title Policy to be issued to Buyer.

 

4.7.3.2. Combine each
of the two (2) original counterparts of the Bill of Sale into two (2) separate fully executed originals and each of the two (2)
original counterparts of the Assignment of Lease into two (2) separate fully executed originals of each such document.

 

4.7.3.3. Deliver to Seller
one (1) fully executed original of the Bill of Sale and one (1) fully executed Assignment of Lease.

 

4.7.3.4. Deliver to Buyer
one (1) frilly executed original of the Bill of Sale and one (1) fully executed Assignment of Lease as well as the Non-Foreign
Certificate.

 

4.7.4. Seller's Deliveries
to Buyer. Upon confirmation of the Closing, Seller shall deliver to Buyer (i) possession of the Real Property and Personal
Property, subject to the rights of the Tenant pursuant to the Lease and all Permitted Exceptions, and (ii) the originals in Seller's
possession of the Lease.

 

4.7.5. Closing Costs.
Any escrow fee charged by Escrow Holder shall be paid one-half (1/2) by Seller and one-half (1/2) by Buyer. Upon the Closing, Buyer
shall pay (i) the increase in premium for the Title Policy for ALTA Extended coverage, if requested by Buyer, if any, and the cost
of any endorsements to the Title Policy requested by Buyer, and (iii) the costs of any inspections, studies or tests Buyer authorizes
or conducts. Upon the Closing, Seller shall pay the cost for (i) any so-called "Chapter 159 searches" and the premiums
for standard-coverage portion of the Title Policy, (ii) all costs for the recording of the Deed, (iii) the cost of recording any
endorsements required to cure any (1) Approved Title Objections which Seller elects to cure pursuant to the terms of Section 3.3.3
of this Agreement, and (2) New Title Objections which Seller elects to cure pursuant to the terms of Section 3.3.4 of this Agreement,
and (iv) all State, County and City transfer taxes and all documentary stamp taxes. Except as otherwise provided in Section 74,
each party shall be responsible for the payment of its own attorneys' fees incurred in connection with the transaction which is
the subject of this Agreement.

 

4.8.        Treatment of
Leasing Costs. Seller represents and warrants that there are no tenant improvement costs, leasing commissions or other tenant
leasing costs still outstanding under the Lease ("Existing Leasing Costs").

 

    	3990 Babcock
	-12-	Purchase and Sale Agreement

     

    

 

4.9.        Real Estate
Commissions. If the Closing occurs, Seller has agreed to pay a broker's commission to Broker in accordance with the terms of
a separate agreement. Except for the Broker, each party hereto hereby represents and warrants to the other party that no other
real estate brokerage commission is payable to any person or entity in connection with the transaction contemplated herein based
upon any dealings or actions by the party making such representation. Each party further agrees to and shall indemnify, protect,
defend and hold the other party harmless from and against the payment of any commission to any person or entity claiming by, through
or under the indemnifying party. This indemnification shall extend to any and all claims, liabilities, costs, losses, damages,
causes of action and expenses (including reasonable attorneys' fees and court costs) arising as a result of such claims and shall
survive the Closing.

 

ARTICLE 5

REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS

 

5.1.       Representations and Warranties of Seller.

 

5.1.1. General Disclaimer.
NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT AND IN THE DOCUMENTS
TO BE DELIVERED TO BUYER AT THE CLOSING (THE "CLOSING DOCUMENTS") , IT IS UNDERSTOOD AND AGREED THAT NEITHER SELLER NOR
ANY OF ITS PARTNERS, AGENTS, EMPLOYEES OR CONTRACTORS HAS MADE AND IS NOT NOW MAKING, AND BUYER HAS NOT RELIED UPON AND WILL NOT
RELY UPON (DIRECTLY OR INDIRECTLY), ANY WARRANTIES, REPRESENTATIONS OR GUARANTIES OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED,
ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, WARRANTIES, REPRESENTATIONS
OR GUARANTIES AS TO (I) MATTERS OF TITLE (OTHER THAN SELLER'S WARRANTY OF TITLE SET FORTH IN THE DEED TO BE DELIVERED AT CLOSING),
(II) ENVIRONMENTAL MATTERS RELATING TO THE PROPERTY OR ANY PORTION THEREOF, (III) GEOLOGICAL CONDITIONS, INCLUDING, WITHOUT LIMITATION,
SUBSIDENCE, SUBSURFACE CONDITIONS, WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING THE WITHDRAWAL OF WATER AND
EARTHQUAKE FAULTS AND THE RESULTING DAMAGE OF PAST AND/OR FUTURE EARTHQUAKES, (IV) WHETHER, AND TO THE EXTENT TO WHICH, THE PROPERTY
OR ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR UNDERGROUND), BODY OF WATER, FLOOD PRONE AREA, FLOOD PLAIN, FLOODWAY
OR SPECIAL FLOOD HAZARD, (V) DRAINAGE, (VI) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF INSTABILITY, PAST SOIL REPAIRS, SOIL ADDITIONS
OR CONDITIONS OF SOIL FILL, OR SUSCEPTIBILITY TO LANDSLIDES, OR THE SUFFICIENCY OF ANY UNDERSHORING, (VII) ZONING TO WHICH THE
PROPERTY OR ANY PORTION THEREOF MAY BE SUBJECT, (VIII) USAGES OF ADJOINING PROPERTY, (IX) THE VALUE, COMPLIANCE WITH THE PLANS
AND SPECIFICATIONS, SIZE, LOCATION, AGE, USE, DESIGN, QUALITY, DESCRIPTIONS, SUITABILITY, STRUCTURAL INTEGRITY, OPERATION, TITLE
TO, OR PHYSICAL OR FINANCIAL CONDITION OF THE PROPERTY OR ANY PORTION THEREOF, (X) ANY INCOME, EXPENSES, CHARGES, LIENS, ENCUMBRANCES,
RIGHTS OR CLAIMS ON OR AFFECTING OR PERTAINING TO THE PROPERTY OR ANY PART THEREOF, (XI) THE PRESENCE OF HAZARDOUS SUBSTANCES IN
OR ON, UNDER OR IN THE VICINITY OF THE PROPERTY, (XII) THE CONDITION OR USE OF THE PROPERTY OR COMPLIANCE OF THE PROPERTY WITH
ANY OR ALL PAST, PRESENT OR FUTURE FEDERAL, STATE OR LOCAL ORDINANCES, RULES, REGULATIONS OR LAWS, BUILDING, FIRE OR ZONING ORDINANCES,
CODES OR OTHER SIMILAR LAWS, (XIII) THE EXISTENCE OR NON-EXISTENCE OF UNDERGROUND STORAGE TANKS, (XIV) ANY OTHER MATTER AFFECTING
THE STABILITY OR INTEGRITY OF THE REAL PROPERTY, (XV) THE POTENTIAL FOR FURTHER DEVELOPMENT OF THE PROPERTY, (XVI) THE EXISTENCE
OF VESTED LAND USE, ZONING OR BUILDING ENTITLEMENTS AFFECTING THE PROPERTY, (XVII) THE MERCHANTABILITY OF THE PROPERTY OR FITNESS
OF THE PROPERTY FOR ANY PARTICULAR PURPOSE (BUYER AFFIRMING THAT BUYER HAS NOT RELIED ON THE SKILL OR JUDGMENT OF SELLER OR ASSET
MANAGER OR ANY OF THEIR RESPECTIVE AGENTS, EMPLOYEES OR CONTRACTORS TO SELECT OR FURNISH THE PROPERTY FOR ANY PARTICULAR PURPOSE,
AND THAT SELLER MAKES NO WARRANTY THAT THE PROPERTY IS FIT FOR ANY PARTICULAR PURPOSE) OR (XVIII) TAX CONSEQUENCES (INCLUDING,
BUT NOT LIMITED TO, THE AMOUNT, USE OR PROVISIONS RELATING TO ANY TAX CREDITS). BUYER FURTHER ACKNOWLEDGES THAT ANY INFORMATION
OF ANY TYPE WHICH BUYER HAS RECEIVED OR MAY RECEIVE FROM SELLER, ASSET MANAGER OR ANY OF THEIR RESPECTIVE AGENTS, EMPLOYEES OR
CONTRACTORS INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL REPORTS AND SURVEYS, IS FURNISHED ON THE EXPRESS CONDITION THAT, EXCEPT
AS EXPRESSLY SET FORTH HEREIN, BUYER SHALL NOT RELY THEREON, BUT SHALL MAKE AN INDEPENDENT VERIFICATION OF THE ACCURACY OF SUCH
INFORMATION. ALL SUCH INFORMATION BEING FURNISHED, EXCEPT AS SET FORTH HEREIN, IS DELIVERED WITHOUT ANY REPRESENTATION OR WARRANTY
WHATSOEVER.

 

    	3990 Babcock
	-13-	Purchase and Sale Agreement

     

    

 

5.1.2. Representations
and Warranties of Seller. Seller hereby represents and warrants to Buyer that, as of the Effective Date and the Closing Date
(each of which shall survive the Closing Date):

 

5.1.2.1. Organization.
Seller is a limited liability company, duly organized and is validly existing under the laws of the State of California and in
good standing with requisite power and authority to own its properties and to transact the businesses in which it is now engaged
in each jurisdiction where it is required to be so qualified. Seller possesses all rights, licenses, permits and authorizations,
governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged.

 

5.1.2.2. Due Authority.
This Agreement and all agreements, instruments and documents herein provided to be executed or to be caused to be executed by Seller
are and on the Closing Date will be duly authorized, executed and delivered by and are binding upon Seller. Seller has the legal
capacity and authority to execute this Agreement and consummate the transactions herein provided without the consent or joinder
of any other person or entity (except as othenvise set forth in this Agreement). The execution and delivery by Seller of, and the
performance and compliance by Seller with the terms and provisions of, this Agreement and all documents contemplated hereunder
to be delivered by Seller do not violate any of the terms, conditions or provisions of (i) its organizational documents, (ii) any
judgment, order, injunction, decree, regulation or ruling of any court or other governmental authority to which Seller or the Property
is subject, or (iii) any Contract or any other agreement or contract to which Seller is a party or to which it or the Property
is subject, and such execution, delivery, performance or compliance do not constitute a material default thereunder or give to
others any rights of termination or cancellation in or with respect to the Property. No consent, waiver or approval by any third
party is required in connection with the execution and delivery by Seller of this Agreement or the performance by Seller of obligations
to be performed by Seller under this Agreement.

 

5.1.2.3. Litigation.
Seller has received no notice of any pending or threatened litigation, arbitration, condemnation or other proceeding against the
Property or against Seller (or any of its partners or principals) with respect to the Property or that will adversely affect Seller's
ability to perform its obligations hereunder.

 

5.1.2.4. Compliance.
Seller has received no notice from any governmental authority having jurisdiction over the Property to the effect that the Property
is not in compliance with applicable laws and ordinances or that all or any portion of the Real Property is the subject of any
condemnation action or proceeding.

 

    	3990 Babcock
	-14-	Purchase and Sale Agreement

     

    

 

5.1.2.5. Contracts.
On the Effective Date, Seller is not in monetary default or material nonmonetary default of any Contract that remains uncured,
and on the Closing Date, Seller shall not be in monetary default or material nonmonetary default of any Contract that remains uncured.

 

5.1.2.6. Hazardous
Substances. Except as otherwise disclosed by Seller to Buyer in any environmental site assessments delivered to Buyer as part
of the Documents, Seller represents and warrants that, to Seller's knowledge: (i) there are no Hazardous Substances, as defined
herein, or underground storage tanks in, on, or under the Property, except those that are both (A) in compliance with applicable
laws, rules, and/or regulations and with permits issued pursuant thereto (if such permits are required), if any, and (B) either
( I) in the case of Hazardous Substances, in amounts not in excess of that necessary to operate the Property for the purposes set
forth herein in compliance with all applicable Environmental Laws, or (2) fully disclosed to Buyer in writing; (ii) there are no
past, present or threatened releases of Hazardous Substances in violation of any applicable law, rules, or regulation or which
would require remediation by a governmental authority in, on, under or from the Property ("Environmental Laws"), except
as described in the Documents; (iii) Seller does not have knowledge of, and has not received, any written or oral notice or other
communication from any person or agency relating to Hazardous Substances in, on, under or from the Property that remain uncured;
and (iv) Seller has truthfully and fully provided to Buyer, in writing, any and all information relating to Hazardous Substances
in, on, under or from the Property known to Seller or contained in the Documents, including but not limited to any reports relating
to Hazardous Substances in, on, under or migrating to or from the Property.

 

5.1.2.7. Bankruptcy.
Seller has not (a) commenced a voluntary case, or had entered against it a petition, for relief under any federal bankruptcy act
or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other
relief for debtors, (b) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator
or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold, administer and/or liquidate
all or substantially all of its property, or (c) made an assignment for the benefit of creditors

 

5.1.2.8. Prohibited
Persons and Transactions. Neither Seller nor any of its affiliates, nor any of its respective partners, members, shareholders
or other equity owners, and none of its respective employees, officers, directors, representatives or agents is, nor will they
become, a person or entity with whom United States persons or entities are restricted from doing business under regulations of
the Office of Foreign Asset Control ("OFAC") of the Department of the Treasury (including those named on OFAC' s Specially
Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action and is not and will not engage in any dealings or transactions or be otherwise associated with such persons or entities.

 

5.1.2.9. Seller Not
a Foreign Person. Seller is not a foreign person under Section 1445 of the Internal Revenue Code of 1986, as amended.

 

5.1.2.10. No Rights
of Parties in Possession. As of the Closing Date, there shall be no tenants with a right to possession of any portion of the
Property, except for the Tenant under the Lease.

 

    	3990 Babcock
	-15-	Purchase and Sale Agreement

     

    

 

5.1.2.11. Lease.
There are no leases of any portion of the Property, licenses, or other agreements to occupy or use all or any portion of the Property,
which will be in force after the Closing other than the Lease. The Lease is in full force and effect as of the Effective Date.
There are no uncured landlord defaults or breaches under the Lease, or, to Seller's knowledge, any uncured tenant defaults or breaches,
under the Lease, except as set forth in any Estoppel. There is no security deposit under the Lease except as set forth on the rent
roll delivered to Buyer under Exhibit "B". The rent rolls provided to Buyer pursuant to this Agreement are true,
correct and complete in all material respects as of the date thereof.

 

5.1.2.12. Lease Brokerage.
Seller is not a party to any Lease brokerage agreements, leasing commission agreements or other agreements providing for payments
of any amounts for leasing activities or procuring tenants with respect to the Property or any portion or portions thereof, and
all leasing commissions and brokerage fees accrued or due and payable under any commission agreement or other similar compensation
agreement with respect to the Property as of the date hereof have been or shall be paid in full.

 

5.1.2.13. Employee
Matters. Seller has no employees, and there are no employment agreements, union agreements, benefit agreements, pension plans,
or collective bargaining agreements, at or otherwise affecting the Property to which Seller is bound which will survive the Closing
or for which Buyer will be responsible for or have any obligation or other liability for after the Closing.

 

5.1.2.14. Knowledge
Persons. PMK is the person affiliated with Seller who is most likely to be aware of the facts asserted in Seller's representations
and warranties.

 

5.1.2.15. Documents.
Seller has no knowledge that the documents which are part of Seller's Documents which were delivered or made available by Seller
for Buyer's review are not true and correct in all material respects or are not complete copies of such documents.

 

For purposes of this Agreement, the word "knowledge,"
as used herein means the present actual knowledge (as opposed to constructive or imputed knowledge) of PMK (without any duty to
investigate and with any imputed or constructive notice being excluded).

 

5.2.        Buyer Acknowledgments.
BUYER REPRESENTS THAT, OTHER THAN SELLER'S REPRESENTATIONS, WARRANTIES, AND COVENANTS SPECIFICALLY SET FORTH IN THIS AGREEMENT
OR IN THE DOCUMENTS TO BE DELIVERED BY SELLER AT CLOSING, IT HAS RELIED AND SHALL RELY SOLELY ON (I) ITS OWN EXPERTISE AND THAT
OF BUYER'S CONSULTANTS IN PURCHASING THE PROPERTY, AND (II) BUYER'S OWN KNOWLEDGE OF THE PROPERTY BASED ON ITS INVESTIGATIONS AND
INSPECTIONS OF THE PROPERTY. BUYER HAS CONDUCTED, OR BY THE CLOSING WILL CONDUCT, SUCH INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY
AS BUYER DEEMED OR SHALL DEEM NECESSARY, INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AND
SHALL RELY UPON SAME. UPON CLOSING, BUYER SHALL, EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH HEREIN, 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 SHALL SELL AND CONVEY TO BUYER THE PROPERTY, AND SUBJECT
TO THE EXPRESSED REPRESENTATIONS, WARRANTIES, AND COVENANTS OF SELLER IN THIS AGREEMENT OR IN THE CLOSING DOCUMENTS, BUYER SHALL
ACCEPT THE PROPERTY "AS IS, WHERE IS," WITH ALL FAULTS AND DEFECTS (LATENT AND APPARENT). BUYER FURTHER ACKNOWLEDGES
AND AGREES THAT THERE ARE NO ORAL AGREEMENTS, WARRANTIES OR REPRESENTATIONS, COLLATERAL TO OR AFFECTING THE PROPERTY BY SELLER,
ANY AGENT, EMPLOYEE OR CONTRACTOR OF SELLER, OR ANY THIRD PARTY. THE TERMS AND CONDITIONS OF SECTION 5.1 AND THIS SECTION 5.2 SHALL
EXPRESSLY SURVIVE THE CLOSING, NOT MERGE WITH THE PROVISIONS OF ANY CLOSING DOCUMENTS AND SHALL NOT BE INCORPORATED INTO THE DEED.
SELLER IS NOT LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS, OR INFORMATION PERTAINING TO THE
PROPERTY FURNISHED BY SELLER, ANY REAL ESTATE BROKER, CONTRACTOR, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON, UNLESS THE SAME ARE
SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN THE CLOSING DOCUMENTS. BUYER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS THE "AS
IS" NATURE OF THIS SALE AND ANY FAULTS, LIABILITIES, DEFECTS OR OTHER ADVERSE MATTERS THAT MAY BE ASSOCIATED WITH THE PROPERTY.
BUYER HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT WITH ITS COUNSEL AND UNDERSTANDS THE SIGNIFICANCE
AND EFFECT THEREOF.

 

    	3990 Babcock
	-16-	Purchase and Sale Agreement

     

    

 

BUYER ACKNOWLEDGES AND
AGREES THAT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH IN SECTION 5.1 AND THIS SECTION 5.2 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 DISCLAIMERS AND OTHER AGREEMENTS
SET FORTH IN SECTION 5.1 AND THIS SECTION 5.2.

 

BUYER 'S IthITIALS

 

5.3.        Representations
and Warranties of Buyer. Buyer hereby represents and warrants to Seller that, as of the Effective Date and the Closing Date
(each of which shall survive the Closing Date, and if Buyer assigns this Agreement in compliance with Section 10.2, then this
Section 5.3 shall also apply to such assignee):

 

5.3.1. Organization.
Buyer is a limited partnership duly formed and is validly existing under the laws of the State of Delaware and in good standing
with requisite power and authority to own its properties and to transact the businesses in which it is now engaged in each jurisdiction
where it is required to be so qualified, including the state in which the Property is situated. Buyer possesses all rights, licenses,
permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses
in which it is now engaged.

 

5.3.2. Due Authority.
This Agreement and all agreements, instruments and documents herein provided to be executed or to be caused to be executed by Buyer
are and on the Closing Date will be duly authorized, executed and delivered by and are binding upon Buyer. Buyer has the legal
capacity and authority to execute this Agreement and consummate the transactions herein provided without the consent or joinder
of any other person or entity (except as expressly set forth in this Agreement). The execution and delivery by Buyer of, and the
performance and compliance by Buyer with the terms and provisions of, this Agreement and all documents contemplated hereunder to
be delivered by Buyer do not violate any of the terms, conditions or provisions of (i) its organizational documents, (ii) any judgment,
order, injunction, decree, regulation or ruling of any court or other governmental authority to which Buyer is subject, or (iii)
any Contract or any other agreement or contract to which Buyer is a party, and such execution, delivery, performance or compliance
do not constitute a material default thereunder. No consent, waiver or approval by any third party is required in connection with
the execution and delivery by Buyer of this Agreement or the performance by Buyer of obligations to be performed by Buyer under
this Agreement.

 

5.3.3. Litigation.
Buyer has received no notice of any pending or threatened litigation, arbitration, condemnation or other proceeding against Buyer
(or any of its partners or principals) with respect to the Property or that will adversely affect Buyer's ability to perform its
obligations hereunder.

 

    	3990 Babcock
	-17-	Purchase and Sale Agreement

     

    

 

5.3.4. Bankruptcy.
Buyer has not (a) commenced a voluntary case, or had entered against it a petition, for relief under any federal bankruptcy act
or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other
relief for debtors, (b) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator
or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold, administer and/or liquidate
all or substantially all of its property, or (c) made an assignment for the benefit of creditors.

 

5.3.5. Sophisticated
Party. Buyer is a sophisticated commercial party with experience in the ownership, management and operation of real estate.
Buyer is not in a materially disparate or inferior bargaining position in relation to Seller. Buyer is represented by competent
legal counsel in connection with the transaction contemplated by this Agreement. Buyer is purchasing the Property for business,
commercial, investment or other similar purpose and not for use as Buyer's residence.

 

5.4.        Buyer's Release of Seller.

 

5.4.1. Seller Released
From Liability. Except to the extent Seller has specifically breached or violated a representation, warranty, or covenant expressly
made by Seller herein or in the Closing Documents, Buyer and anyone claiming by, through or under Buyer, hereby waives its right
to recover from and fully and irrevocably releases Seller and its employees, officers, directors, representatives, agents, servants,
attorneys, affiliates, parent, subsidiaries, successors and assigns, and all persons, firms, corporations and organizations in
its behalf ("Released Parties") from any and all claims, responsibility and/or liability that it may now have or hereafter
acquire against any of the Released Parties for any costs, loss, liability, damage, expenses, demand, action or cause of action
arising from or related to (i) the condition (including any construction defects, errors, omissions or other conditions, latent
or otherwise, and the presence in the soil, air, structures and surface and subsurface waters of materials or substances that have
been or may in the future be determined to be Hazardous Substances or otherwise 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, or its suitability for any purpose whatsoever,
and (ii) any information furnished by the Released Parties under or in connection with this Agreement. This release includes claims
or which Buyer is presently unaware or which Buyer does not presently suspect to exist which, if known by Buyer, would materially
affect Buyer's release to Seller.

 

In this connection and to the extent permitted
by law, Buyer hereby agrees, represents and warrants that Buyer realizes and acknowledges that factual matters now unknown to it
may have given or may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and
expenses which are presently unknown, unanticipated and unsuspected, and Buyer further agrees, represents and warrants that the
waivers and releases herein have been negotiated and agreed upon in light of that realization and that Buyer nevertheless hereby
intends to release, discharge and acquit Seller from any such unknown causes of action, claims, demands, debts, controversies,
damages, costs, losses and expenses.

 

5.4.2. Buyer's Waiver
of Objections. Buyer acknowledges that, as of the date of Closing, Buyer will have inspected the Property and observed its
physical characteristics and existing conditions and will have had the opportunity to conduct such investigations and studies on
and of said Property and adjacent areas as it deems necessary, and except to the extent Seller has specifically breached or violated
a representation or warranty expressly set forth herein, Buyer hereby waives any and all objections to or complaints regarding
the Property and its condition, including, but not limited to, federal, state or common law based actions and any private right
of action under state and federal law to which the Property is or may be subject, including, but not limited to, CERCLA, RCRA,
physical characteristics and existing conditions, including, without limitation, structural and geologic conditions, subsurface
soil and water conditions and solid and hazardous waste and Hazardous Substances 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 Substances or other contaminants, may not have been revealed by its investigation.

 

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	-18-	Purchase and Sale Agreement

     

    

 

Seller has given Buyer
material concessions regarding this transaction in exchange for Buyer agreeing to the provisions of this Section 5.4. Buyer has
initialed below to further indicate its awareness and acceptance of each and every provision hereof.

 

 

5.4.3. Known Inaccuracies.
Prior to Closing, if Seller has committed a Seller Default, and Buyer acquires actual and not implied knowledge of such breach
or default, then Buyer may, at its election, deliver notice thereof to Seller. Seller shall have until the Closing Date to cure
any such breaches or defaults to Buyer's reasonable satisfaction and shall cure, prior to the Closing Date any Seller Default within
Seller's control. In the event that Seller does not cure a Seller Default to Buyer's reasonable satisfaction, Buyer shall have
all rights and remedies for a Seller Default and shall be entitled to delay Closing or extend the Closing Date until five (5) Business
Days following Buyer's receipt of reasonable supporting documentation of the correction of the Seller Default. Following the Closing,
neither party shall have any liability to the other party which arises out of a Seller Default, in the case of Seller, or a Buyer
Default, in the case of Buyer, which Seller or Buyer, as applicable, had actual and not implied knowledge prior to the Closing
Date. Following the Closing, neither party shall commence a legal action or proceeding against the other party relating to (a)
the Property, or (b) a breach of a representation, warranty, covenant or condition made in this Agreement or in connection with
the transaction contemplated herein; unless (i) the factual basis of the claim or cause of action asserted in the action or proceeding
was first identified to such party with reasonable clarity after the Closing Date notice for which was then delivered to the other
party not later than the expiration of the time period set forth in Section 10.12; and (ii) the action or proceeding is commenced
and duly served on the other party within ninety (90) days after the expiration of the time period set forth in Section 10.12.
BUYER IS FAMILIAR WITH, AND HEREBY WAIVES ITS RIGHTS, IF ANY, AT LAW OR IN EQUITY TO COMMENCE A LEGAL ACTION OR PROCEEDING AGAINST
SELLER RELATING TO THE PROPERTY OR A BREACH OF A REPRESENTATION, WARRANTY, COVENANT OR CONDITION MADE IN THIS AGREEMENT BY SELLER
OR IN CONNECTION WITH THE TRANSACTION CONTEMPLATED HEREIN, AT ANY TIME AFTER THE EXPIRATION OF THE TIME PERIOD SET FORTH IN SECTION
10.12. The covenants, conditions, representations and warranties in this Agreement or otherwise made in connection with this transaction
(if any) are personal to Buyer and Seller and shall not run with the land, and no person or entity other than Buyer and Seller,
respectively, shall be entitled to bring any action based thereon. The provisions of this Section 5.4.3 shall survive the Closing.

 

5.5.        Hazardous Substances Defined. For purposes
of this Agreement, "Hazardous Substances" means any hazardous, toxic or dangerous waste, substance or
material, pollutant or contaminant, as defined for purposes of the Comprehensive Environmental Response, Compensation and Liability
Act of 1980 (42 U.S.C. Section 6901 et seq.), as amended ("CERCLA"), or the Resource Conservation and Recovery
Act (42 U.S.C. Section 6901 et seq.), as amended ("RCRA"), or any other federal, state or local law, ordinance,
rule or regulation applicable to the Property, or any substance which is toxic, explosive, corrosive, flammable, infectious, radioactive,
carcinogenic, mutagenic or otherwise hazardous, or any substance which contains gasoline, diesel fuel or other petroleum hydrocarbons,
polychlorinated biphenyls (PCBs), radon gas, urea formaldehyde, asbestos, lead or electromagnetic waves.

 

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	-19-	Purchase and Sale Agreement

     

    

 

5.6.        Interim Covenants of Seller.

 

5.6.1. From Effective
Date until the Closing Date or the sooner termination of this Agreement, the following shall apply:

 

5.6.1.1. Maintenance.
Seller shall use commercial reasonable efforts to maintain the Property in substantially the same manner as prior hereto pursuant
to its normal course of business (such maintenance obligations not including extraordinary capital expenditures or expenditures
not incurred in such normal course of business), subject to reasonable wear and tear and further subject to destruction by casualty
or other events beyond the control of Seller. Seller shall maintain in full force and effect its existing insurance coverage with
premiums paid through the Closing Date.

 

5.6.1.2. Notifications.
Seller shall notify Buyer of any notice received by Seller or its property manager of any of the following matters promptly after
Seller or its property manager has knowledge of such matter: notices of default or disputes from the Tenant, notices of disputes
involving any condemnation, environmental, zoning or other land-use regulation proceedings specifically relating to the Property,
notice of any violations of any laws specifically relating to the Property, and any litigation or notice of any claim relating
to the Property.

 

5.6.1.3. Performance
under Lease and Contacts. Seller shall timely perform all its obligations and duties under the Lease and under each of the
Contracts in all material respects.

 

5.6.2. From Effective
Date until the Approval Date or the sooner termination of this Agreement, the following shall apply:

 

5.6.2.1. Leases.
Seller shall not modify the Lease without Buyer's prior written approval, which shall not be unreasonably withheld.

 

5.6.3. From the Effective
Date until 5:00 p.m. on the 2 Business Day before the expiration of the Inspection Period or the termination of this Agreement,
the following shall apply:

 

5.6.3.1. Contracts.
Seller shall have the right to execute any new Contracts, and amendments thereof, for the Property in substantially the same manner
as prior hereto pursuant to its normal course of business without Buyer's consent. Seller shall deliver copies of same to Buyer
promptly following execution of same in no event later than the 2"d Business Day before the expiration of the Inspection
Period.

 

5.6.4. From the Approval
Date until the Closing Date or the termination of this Agreement, the following shall apply:

 

5.6.4.1. New Contracts.
Seller shall not execute any new Contract without the prior written consent of Buyer, which shall not be unreasonably withheld
or delayed, except those deemed reasonably necessary by Seller in the ordinary course of operating the Property that are cancelable
on thirty (30) days' notice (and Seller shall promptly provide Buyer with copies of all such additional service contracts), which
shall not require Buyer's consent. Buyer's failure to respond to Seller's request for consent within three (3) Business Days of
receipt of such request shall be deemed to be consent thereof.

 

5.6.4.2. Leases.
Seller shall not modify the Lease without Buyer's prior written approval, which may be withheld in Buyer's sole discretion.

 

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	-20-	Purchase and Sale Agreement

     

    

 

5.6.5. Lender Cooperation.
At no cost or expense to Seller, Seller shall reasonably cooperate with Buyer's efforts to obtain financing for its acquisition
of the Property. Such cooperation shall include requesting financial information, estoppel certificates and/or SNDAs from the Tenant,
enforcing such requirements for estoppel certificates and SNDAs to the extent the same may be required under the Lease (but without
any need to file claims or incur substantial costs), and allowing the lender's consultants to inspect the Property subject to the
terms of Section 3.4 above. It is understood and agreed, however, that Buyer's ability to obtain financing for the acquisition
of the Property is not a condition to Buyer's obligation to close on the purchase of the Property hereunder.

 

ARTICLE 6

CONDITIONS TO CLOSING 

 

6.1.        Buyer's Conditions.
The Closing shall not occur, unless anduntil each and everyone of the following conditions precedent shall, in Buyer's absolute
discretion, have been satisfied prior to the Closing; provided, however, that Buyer shall be entitled to waive any of such conditions
in writing to the Title Company and Seller in writing the manner set forth herein:

 

6.1.1. Title. Title Company
has given written notice to Buyer of its unconditional commitment to issue the Title Policy effective as of the Closing Date.

 

6.1.2. Estoppels.
Seller shall have given estoppel certificates to Buyer in form and content reasonably acceptable to Buyer executed by and from
Tenant which confirms the material terms set forth in the Lease and evidences that to Tenant's knowledge there are no uncured landlord
defaults or breaches under the Lease, or any uncured Tenant defaults or breaches, under the Lease. Attached hereto as Exhibit
"G" is a form of estoppel certificate that is acceptable to Buyer. In the event the Lease specifies a form of estoppel,
the form thereof shall be deemed acceptable to Buyer.

 

6.1.3. Performance
by Seller. The performance and observance in all material respects by Seller of all covenants and agreements of this Agreement
to be performed or observed by Seller prior to or on the Closing Date and the truth and correctness of all representations and
warranties of Seller made herein all material respects shall each be a condition precedent to Buyer's obligation to purchase the
Property. Buyer shall have the option to waive the condition precedent set forth herein by notice to Seller. In the event of such
waiver, such condition shall be deemed satisfied.

 

6.2.         Seller's
Conditions. The Closing shall not occur, unless and until each and every onc of the following conditions precedent shall,
in Seller's absolute discretion, have been satisfied prior to the Closing; provided, however, that Seller shall be entitled to
waive any of such conditions in writing to the Title Company and Buyer in writing the manner set forth herein:

 

6.2.1. Performance
by Buyer. The performance and observance in all material respects by Buyer of all covenants and agreements of this Agreement
to be performed or observed by it prior to or on the Closing Date and the truth and correctness of all representations and warranties
of Buyer made herein all material respects shall each be a condition precedent to Seller's obligation to sell the Property. Seller
shall have the option to waive the condition precedent set forth herein by notice to Buyer. In the event of such waiver, such condition
shall be deemed satisfied.

 

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	-21-	Purchase and Sale Agreement

     

    

 

ARTICLE 7

DEFAULT AND REMEDIES

 

7.1         Buyer Default. IN THE EVENT THAT BUYER
FAILS TO PERFORM ANY MATERIAL OBLIGATION OF BUYER UNDER THIS AGREEMENT, AND SUCH BREACH, DEFAULT OR FAILURE IS NOT CURED BY BUYER
WITHIN FIVE (5) BUSINESS DAYS AFTER WRITTEN NOTICE FROM SELLER TO BUYER ("BUYER DEFAULT"), BUYER AND SELLER HEREBY
AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE THE DAMAGES WHICH SELLER MAY SUFFER AS A RESULT THEREOF.
THEREFORE, BUYER AND SELLER DO HEREBY AGREE THAT A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT THAT SELLER WOULD SUFFER IN
THE EVENT THAT BUYER BREACHES THIS AGREEMENT AND FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY IS AND SHALL BE, AS SELLER'S SOLE
AND EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY), INCLUDING WITHOUT LIMITATION, SELLER'S RIGHT TO SPECIFICALLY ENFORCE THIS
AGREEMENT, AS THE FULL, AGREED AND LIQUIDATED DAMAGES FOR SUCH BREACH, AN AMOUNT EQUAL TO THE DEPOSIT, REPRESENTING A REASONABLE
ESTIMATE OF THOSE DAMAGES. THE PARTIES AGREE THAT SELLER'S DAMAGES WOULD BE DIFFICULT TO ASCERTAIN AND THE DEPOSIT CONSTITUTES
A REASONABLE ESTIMATE OF SELLER'S DAMAGES AND IS INTENDED NOT AS A PENALTY BUT AS FULL LIQUIDATED DAMAGES.

 

	 	 	 	 	 
	 	SELLER'S INITIALS INITIALS	 	BUYER'S INITIALS	 

 

7.2        Seller
Default. In the event the Closing does not occur because Seller fails to perform any material obligations pursuant to this
Agreement for any reason, which is not cured by Seller within five (5) Business Days after notice from Buyer to Seller ("Seller
Default") (with the Closing Date extended as may be necessary to accommodate such cure period), then Buyer may (i) pursue
any right or remedy available to it under applicable law or in equity to specific enforce this Agreement and to recover from Seller
any reasonable out-of-pocket costs incurred by Buyer in connection with such enforcement action, plus to the extent the default
or breach by Seller was intentional or willful, recover any and all damages arising out of such intentional or willful default
or (ii) terminate this Agreement and receive back the Deposit and to recover from Seller an amount to compensate Buyer for its
out-of-pocket costs incurred in connection with this Agreement, including Due Diligence costs, costs, losses and damages incurred
to obtain financing, costs incurred pursuing joint ventures, costs of foregoing other business opportunities, and attorneys' fees
in an amount not to exceed Fifty Thousand Dollars ($50,000.00). Notwithstanding anything herein to the contrary, Buyer shall be
deemed to have elected to terminate this Agreement if Buyer fails to deliver to Seller notice of its intent to assert a cause
of action for specific performance against Seller on or before sixty (60) days following the scheduled Closing Date, as same may
have been extended pursuant to any term of this Agreement or written agreement of the parties or, having given such notice, fails
to file a lawsuit asserting such claim or cause of action in the County within ninety (90) days following the scheduled Closing
Date, as same may have been extended pursuant to any term of this Agreement or written agreement of the parties. Buyer's remedies
shall be limited to those described in this Section 7.2.

 

7.3        Limitation on Actions • Further Assurances.
If the parties proceed to Closing after a dispute arises under this Agreement, then effective from and after the Closing,
all conditions of Closing shall be deemed satisfied or waived, and neither party shall have any liability to the other if it is
subsequently discovered that a condition was not satisfied at Closing; provided, however, that nothing in this Section 7.3 shall
relieve Escrow Holder or Title Company of any liability for failure to comply with this Agreement or with instructions from either
Buyer or Seller. Notwithstanding the forgoing, each party will, whenever and as often as it shall be requested to do so by the
other party, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all such further conveyances,
assignments, approvals, confirmations, consents and any and all other documents and do any and all other acts as may be reasonably
necessary to carry out the intent and purpose of this Agreement so long as no additional obligations or liabilities are created
or imposed by same. The form of any such conveyances, assignments, approvals, confirmations, consents and/or other documents shall
be in a form reasonably acceptable to the party to which the request is made. The provisions of this Section 7.3 shall survive
the Closing.

 

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	-22-	Purchase and Sale Agreement

     

    

 

7.4        Attorneys'
Fees. If either party hereto fails to perform any of its obligations under this Agreement or if a dispute arises between the
parties hereto concerning the meaning or interpretation of any provision of this Agreement, then the defaulting party or the party
not prevailing in such dispute shall pay any and all costs and expenses incurred by the other party on account of such default
and/or in enforcing or establishing its rights hereunder, including, without limitation, court costs and attorneys' fees and disbursements.
Any such attorneys' fees and other expenses incurred by either party in enforcing a judgment in its favor under this Agreement
shall be recoverable separately from and in addition to any other amount included in such judgment, and such attorneys' fees obligation
is intended to be severable from the other provision of this Agreement and to survive and not be merged into any such judgment.

 

7.5        Liability
Cap. Notwithstanding anything to the contrary herein, Buyer on its own behalf and on behalf of its agents, members, partners,
employees, representatives, officers, directors, agents, related and affiliated entities, successors and assigns hereby agrees
that in no event or circumstance shall any officers, directors, shareholders, members, managers, employees, partners, agents, representatives,
related and affiliated entities, successors and assigns of Seller ("Seller Parties") have any personal liability
for any claim, cause of action or other liability arising out of or relating to this Agreement or the Property, whether based on
contract, common law, statute, equity or otherwise. Buyer agrees to look solely to Seller and Seller's interest in the Property
for the satisfaction of any liability or obligation arising under this Agreement and the transactions contemplated hereby, or for
the performance of any of the covenants, warranties or other agreements contained herein, and further agrees not to sue or otherwise
seek to enforce any personal obligation against any of Seller Parties with respect to any matters arising out of or in connection
with this Agreement or the transactions contemplated hereby. Notwithstanding anything to the contrary contained herein: (a) the
maximum aggregate liability of Seller, and the maximum aggregate amount which may be awarded to and collected by Buyer (including
without limitation for any breach of any representation, warranty and/or covenant of Seller) under this Agreement shall, under
no circumstances whatsoever, exceed One Million Dollars ($1,000,000.00) (the "Cap Amount"); and (b) no claim by
Buyer alleging a breach by Seller of any representation, warranty and/or covenant of Seller contained herein may be made, and Seller
shall not be liable for any judgment in any action based upon any such claim, unless the conditions in Section 5.4.3 for pursuit
of such claim is satisfied and Buyer commences and files such an action for such claim in the appropriate court no later than twelve
(12) months following the Closing Date and unless and until such claim, either alone or together with any other claims by Buyer
alleging a breach by Seller of any such representation, warranty and/or covenant, is for an aggregate amount in excess of Twenty-Five
Thousand Dollars ($25,000.00) (the "Floor Amount"), in which event Seller's liability respecting any final judgment
concerning such claim or claims shall be for the entire amount thereof, subject to the Cap Amount set forth in clause (a) above;
provided, however, that if any such final judgment is for an amount that is less than or equal to the Floor Amount, then Seller
shall have no liability with respect thereto.

 

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	-23-	Purchase and Sale Agreement

     

    

 

ARTICLE 8

CONDEMNATION

 

If, prior to Closing, any
governmental authority or other entity having condemnation authority shall institute an eminent domain proceeding or take any steps
preliminary thereto (including the giving of any direct or indirect notice of intent to institute such proceedings) with regard
to a condemnation of the Real Property (as defined below), and the same is not dismissed prior to the Closing Date, Buyer shall
be entitled, as its sole remedy, to terminate this Agreement upon notice to Seller (i) within five (5) Business Days following
notice by Seller to Buyer of such condemnation or the threatened condemnation or (ii) on the Closing Date, whichever occurs first.
If Buyer does not terminate this Agreement pursuant to the preceding sentence, Buyer shall be conclusively deemed to have elected
to accept such condemnation and waives any right to terminate this Agreement as a result thereof If Buyer elects to terminate this
Agreement under this Article 8, the entire Deposit shall be promptly returned to Buyer, and neither party to this Agreement shall
thereafter have any further rights or obligations hereunder except as expressly set forth in this Agreement. If Buyer waives (or
is deemed to have waived) the right to terminate this Agreement as a result of such a condemnation, despite such condemnation,
Seller and Buyer shall proceed to Closing in accordance with the terms of this Agreement with no reduction in the Purchase Price,
and Seller shall assign to Buyer at Closing all of Seller's right, title and interest in and to all proceeds resulting or to result
from said condemnation.

 

ARTICLE 9

CASUALTY DAMAGE

 

If, prior to the Closing,
any of the Real Property shall be damaged by fire or other casualty (collectively, "Casualty"), Seller shall deliver
to Buyer notice ("Casualty Loss Notice") of such Casualty together with Seller's determination as to whether the
damage constitutes a Material Damage (as defined below) within ten (10) Business Days after obtaining knowledge such Casualty.
For the purposes of this Article 9, "Material Damage" shall mean damage to the Real Property which is of such
nature that the cost of restoring the same to their condition prior to the Casualty will, in Seller's reasonable determination
as provided in the Casualty Loss Notice, exceed five percent (5%) of the Purchase Price, whether or not such damage is covered
by insurance. If, prior to the Closing, the Real Property sustains Material Damage by a Casualty, either Buyer or Seller may, at
such party's option, terminate this Agreement by delivering notice thereof to the other party and Escrow Holder within the earlier
of (i) ten (10) Business Days after Buyer's receipt of the Casualty Loss Notice or (ii) the Closing Date. If the Real Property
shall be damaged by a Casualty which is not a Material Damage, or if either Buyer or Seller fails to deliver notice of termination
within the time period set forth hereinabove for a Material Damage, then: (A) the parties shall proceed to close this transaction
in accordance with the terms of this Agreement; (B) at the Closing, Buyer shall receive a credit against the Purchase Price in
an amount equal to the deductible under Seller's casualty insurance policy; and (C) Seller shall, as part of the Intangible Property,
assign to Buyer all of Seller's rights in the resulting casualty insurance proceeds; provided, however, that in no event shall
the sum of such credit for the deductible and the amount of the insurance proceeds assigned to Buyer pursuant to clauses (B) and
(C) hereinabove exceed the lesser of (1) the Purchase Price or (2) the cost to complete the repair of the Casualty following the
Closing. If Seller or Buyer elects to terminate this Agreement under this Article 9, the entire Deposit shall be returned to Buyer,
and thereafter neither party shall thereafter have any further rights or obligations hereunder, except as expressly set forth in
this Agreement.

 

ARTICLE 10

MISCELLANEOUS

 

10.1        Entire Agreement. This Agreement contains
the entire agreement of the patties hereto, and supersedes all

prior and contemporaneous written and oral
agreements between the parties, with respect to the subject matter hereof This Agreement can be amended only by written agreement
signed by the parties hereto, and by reference, made a part hereof

 

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	-24-	Purchase and Sale Agreement

     

    

 

10.2        Assignment.
Buyer may not assign this Agreement or its rights hereunder, or delegate any portion of its duties or obligations except with the
express written consent of Seller, which may be withheld in Seller's good faith reasonable discretion. Notwithstanding the foregoing,
Buyer shall have the one-time right to assign this Agreement without consent from Seller only upon the following conditions: (i)
the assignee of Buyer must be an Affiliate of Buyer or an entity which is directly owned or controlled by Buyer or any of Buyer's
principals; 00 all of the Deposit must have been delivered in accordance with Section 2.2; (iii) Buyer shall remain primarily liable
for the performance of Buyer's obligations under this Agreement that survive the Closing; (iv) the assignee must expressly assume
in writing all of Buyer's obligations under this Agreement, and Buyer shall deliver to Seller a copy of the fully executed written
assignment and assumption agreement between Buyer and such assignee at least five (5) Business Days prior to Closing; and (v) there
shall be no modification of this Agreement other than a change in the named Buyer. This Agreement, and the terms, covenants, and
conditions herein contained, shall inure to the benefit of and be binding upon the heirs, personal representatives, successors,
and assigns of each of the parties hereto.

 

10.3       Notice.
Any notice, communication, request, reply or advice (collectively, "Notice") provided for or permitted by this Agreement
to be made or accepted by either party must be in writing. Notice may, unless otherwise provided herein, be given or served (i)
by depositing the same in the United States mail, postage paid, certified, and addressed to the party to be notified, with return
receipt requested, 00 by depositing the same into custody of a nationally recognized overnight delivery service, (iii) by delivering
the same to such party, or an agent of such party, in person or by commercial courier, or (iv) by email or facsimile Of set forth
in Section 1.1) transmission. Notice deposited in the mail in the manner hereinabove described shall be effective on the third
(3rd) Business Day after such deposit. Notice given in any other manner shall be effective only if and when received by the party
to be notified by 6:00 P.M. Pacific Time of any Business Day with delivery made after such hour to be deemed received the following
Business Day. Any party giving notice given under clause (iv) shall also concurrently give a copy of such notice under either clauses
(ii) or (iii). For the purposes of notice, the addresses of Seller, Buyer, Escrow Holder and Title Company shall, until changed
as hereinafter provided, be as set forth in Article 1. The parties hereto shall have the right from time to time to change their
respective addresses, and each shall have the right to specify as its address any other address within the United States of America
by at least five (5) days' notice to the other party. Notices may be given by a party's legal counsel.

 

10.4       Time of the Essence. Time
is of the essence in all things pertaining to the performance of this Agreement.

 

10.5        Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the state of Florida, without regard to any otherwise
applicable principles of conflicts of laws.

 

10.6       Currency. All
dollar amounts are expressed in United States currency.

 

10.7       Section
Headings. The Article and section headings contained in this Agreement are for convenience only and shall in no way enlarge
or limit the scope or meaning of the various and several sections hereof.

 

10.8       Day and Calculation
of Time Periods. The reference to "day" shall mean a calendar day, unless modified to be a Business Day. Unless otherwise
specified, in computing any period of time described herein, the day of the act or event on which the designated period of time
begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is one other
than a Business Day, in which event the period shall run until the end of the next Business Day. The last day of any period of
time described herein shall be deemed to end at 6:00 p.m. Pacific Time.

 

10.9       No Recordation.
Without the prior written consent of Seller, there shall be no recordation of either this Agreement or any memorandum hereof, or
any affidavit pertaining hereto.

 

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	-25-	Purchase and Sale Agreement

     

    

 

10.10      Severability.
If any provision of this Agreement or application to any party or circumstance shall be determined by any court of competent jurisdiction
to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person
or circumstances, other than those as to which it is so determined invalid or unenforceable, shall not be affected thereby, and
each provision hereof shall be valid and shall be enforced to the fullest extent permitted by law.

 

10.11      Construction.
The parties acknowledge that with respect to the transactions contemplated herein (a) each party and its counsel have reviewed
and revised this Agreement and that the normal rule of construction to be effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of this Agreement or any amendments or exhibits thereto; (b) neither
party has received from the other any accounting, tax, legal or other advice, and (c) each party has relied solely upon the advice
of its own accounting, tax, legal and other advisor.

 

10.12     Survival.
Unless otherwise expressly provided for in this Agreement, the representations, warranties, indemnification obligations and covenants
of the parties set forth in this Agreement shall survive consummation of the transaction contemplated by this Agreement and the
delivery and recordation of the Deed for a period of nine (9) months after the Closing Date.

 

10.13     1031 Exchanges.
Seller and Buyer acknowledge and agree that the purchase and sale of the Property may be part of a tax-free exchange under Section
1031 of the Code ("Exchange"), for either Buyer or Seller. Each party hereby agrees to take all reasonable steps
on or before the Closing Date to facilitate such Exchange if requested by the other party, provided that (a) no party making such
accommodation shall be required to acquire any substitute property, (b) such Exchange shall not affect the representations, warranties,
liabilities and obligations of the parties to each other under this Agreement, (c) no party making such accommodation shall incur
any additional cost, expense or liability in connection with such Exchange (other than expenses of reviewing and executing documents
required in connection with such Exchange ), and (d) no dates in this Agreement will be extended as a result thereof. Notwithstanding
anything to the contrary contained in the foregoing, if Seller so elects to close the transfer of the Property as an Exchange,
then (i) Seller, at its sole option, may delegate its obligations to transfer the Property under this Agreement, and may assign
its rights to receive the Purchase Price from Buyer, to a deferred exchange intermediary (an "Intermediary") or
to an exchange accommodation titleholder, as the case may be; (ii) such delegation and assignment shall in no way reduce, modify
or otherwise affect the obligations of Seller pursuant to this Agreement; (iii) Seller shall remain fully liable for its obligations
under this Agreement as if such delegation and assignment shall not have taken place; (iv) Intermediary or exchange accommodation
titleholder, as the case may be, shall have no liability to Buyer; (v) the closing of the transfer of the Property to Buyer shall
be undertaken by direct deed from Seller (or, if applicable, from other affiliates of Seller whom Seller will cause to execute
such deeds) to Buyer or to exchange accommodation titleholder, as the case may be; and (vi) Seller shall indemnify, protect, defend
and hold harmless Buyer from and against any and all liability, costs and expenses arising from and out of such Exchange by Seller.
Notwithstanding anything to the contrary contained in the foregoing, if Buyer so elects to close the acquisition of the Property
as an Exchange ,then (A) Buyer, at its sole option, may delegate its obligations to acquire the Property under this Agreement,
and may assign its rights to receive the Property from Seller, to an Intermediary or to an exchange accommodation titleholder,
as the case may be; (B) such delegation and assignment shall in no way reduce, modify or otherwise affect the obligations of Buyer
pursuant to this Agreement; (C) Buyer shall remain fully liable for its obligations under this Agreement as if such delegation
and assignment shall not have taken place; (D) Intermediary or exchange accommodation titleholder, as the case may be, shall have
no liability to Seller; (E) the closing of the acquisition of the Property by Buyer or the exchange accommodation titleholder,
as the case may be, shall be undertaken by direct deed from Seller (or, if applicable, from other affiliates of Seller whom Seller
will cause to execute such deeds) to Buyer or to exchange accommodation titleholder, as the case may be; and (F) Buyer shall indemnify,
protect, defend and hold harmless Seller from and against any and all liability, costs and expenses arising from and out of such
Exchange by Buyer. No party participating in an Exchange transaction pursuant to this Section 10.13 shall make any representation
or warranty to the other party concerning the tax treatment of such transaction

 

    	3990 Babcock
	-26-	Purchase and Sale Agreement

     

    

 

10.14     Waiver of Trial
by Jury. EACH PARTY TO THIS AGREEMENT EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH,
OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS
RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR
OTHERWISE. EACH PARTY AGREES THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY.
THE PARTIES AGREE THAT THE PROVISIONS CONTAINED HEREIN HAVE BEEN NEGOTIATED ON AN ARMS-LENGTH BASIS, WITH BOTH PARTIES AGREEING
TO THE SAME KNOWINGLY AND BEING AFFORDED THE OPPORTUNITY TO HAVE THEIR RESPECTIVE LEGAL COUNSEL ADVISE THEM AS TO THE MATTERS CONTAINED
HEREIN.

 

10.15     No Joint Venture.
Nothing in this Agreement shall be construed to create a joint venture between Buyer and Seller.

 

10.16     No Third Party
Beneficiaries. The provisions of this Agreement and of the documents to be executed and delivered at Closing are and will be
for the benefit of Seller and Buyer only and are not for the benefit of any third party. Nothing in this Agreement is intended
to benefit any third party or create any third party beneficiary.

 

10.17     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.

 

10.18     Further Acts.
Each party, at the request of the other, shall execute, acknowledge or have notarized Of appropriate) and deliver in a timely manner
such additional documents, and do such other additional acts, also in a timely manner, as may be reasonably required in order to
accomplish the intent and purposes of this Agreement.

 

10.19     Not an Offer.
Presentation of any draft of this Agreement by one party to the other shall not be deemed an offer, and this Agreement shall only
become a binding and enforceable contract upon execution hereof by both parties.

 

10.20     Counterparts.
This Agreement may be executed in two or more counterparts, each of which is deemed an original, but all of which when taken together
shall constitute one agreement.

 

10.21     Signatures and
Delivery. Signatures to this Agreement transmitted by telecopy or scan/email, as well as signatures effectuated electronically
by means of DocuSign eSignature or other similar computer software or application, shall be valid and effective to bind the party
so signing. Each party agrees, upon written request, to promptly deliver an execution original of this Agreement with its actual
signature to the other party, but a failure to do so shall not affect the enforceability of this Agreement.

 

    	3990 Babcock
	-27-	Purchase and Sale Agreement

     

    

 

10.22     Insurance.              If
a hurricane, hazardous weather condition, or other condition outside the control of Buyer causes insurers generally to suspend
issuance of insurance binders and coverage for properties in the vicinity of the Property, such that Buyer would be unable to obtain
full replacement value insurance coverage on the Property at commercially reasonable rates as a result of such condition effective
on the Closing Date, then Buyer shall be entitled to extend the Closing Date until such time that the condition passes and insurers
generally are no longer suspending the issuance of insurance binders and coverage for properties in the vicinity of the Property
but in no event later than February 28, 2017.

 

10.23     RADON GAS DISCLOSURE.
RADON IS A NATURALLY OCCURRING RADIOACTIVE GAS THAT, WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT
HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED FEDERAL AND STATE GUIDELINES HAVE BEEN FOUND
IN BUILDINGS IN FLORIDA. ADDITIONAL INFORMATION REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM YOUR COUNTY PUBLIC HEALTH
UNIT.

 

10.24     ENERGY DISCLOSURES.

 

10.24.1 Rating System
Brochure. In accordance with the requirement of Section 553.996 of the Florida Statutes, Purchaser hereby acknowledges that
Purchaser has received a copy of the Energy Efficiency Rating System Brochure prepared by the Department of Community Affairs and
the following notice is given to Purchaser:

 

ENERGY: Purchaser may have the energy efficiency of the
building being purchased determined.

 

10.24.2 Coastal Construction
Control Line. If applicable, pursuant to Section 161.57(3) of the Florida Statues, Purchaser waives the right to obtain from
Seller an affidavit with respect to, or a survey meeting the requirements of Chapter 472 of the Florida Statues delineating, the
location of the coastal construction control line on the Property

 

[SIGNATURE PAGE TO FOLLOW]

 

    	3990 Babcock
	-28-	Purchase and Sale Agreement

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date indicated below.

 

	 	 	 	SELLER:
	 	 	 	 
	DATE:	11/16/16	 	BE. MELBOURNE DELAWARE, LLC, 
	 	 	 	a Delaware limited liability company
	 	 	 	 
	 	 	 	In By:	
	 	 	 	                  Arsalan Gozini, Manager
	 	 	 	 
	 	 	 	BUYER:
	 	 	 	 
	DATE:	 	 	RICH UNCLES NNN OPERATING
	 	 	PARTNERSHIP, LP, a Delaware limited 
	 	 	partnership
	 	 	 
		 	By:	Rich Uncles NNNRET, Inc.,
	 	 	 	a Maryland corporation, its 
	 	 	 	General Partner
	 	 	 
	 	 	By: 	/s/ HAROLD HOFER
	 	 	Name:	HAROLD HOFER
	 	 	Title:	CEO

 

    	3990 Babcock
	-29-	Purchase and Sale Agreement

     

    

 

JOINDER BY ESCROW HOLDER

 

1(kSt lAeiZt(AbstlidsughhtUL a.142t,Wi

 

Chieago-fitte-Gomparty,
referred to in this Agreement as the "Escrow Holder," hereby acknowledges that it received this Agreement executed by
Seller and Buyer on i ii o Ii
2016, and accepts and agrees to perform each and all of the obligations of and instructions for
the Escrow Holder as set forth herein.

 

	DATE: liOvEDAbER ,2016	By:	.Pi4CA1P‘r
	 	Name:	im-1 •SE:RIKAKu
	 	Title:	Escrow Officer

 

	Address:	5. iithUlf:RoPi SI, 51417E 4ob 
	 	LeS h06‘Eutc) CA OW

 

    	3990 Babcock
	-30-	Purchase and Sale Agreement

     

    

 

LIST OF EXHIBITS

 

	Exhibit "A"	Legal Description of Property
	Exhibit "B"	List of Documents Provided by Seller
	Exhibit "C"	Deed
	Exhibit "D"	Bill of Sale
	Exhibit "E"	Non-Foreign Affidavit
	Exhibit "F"	Assignment of Lease
	Exhibit "G"	Tenant Estoppel Certificate

 

    	3990 Babcock
	List of Exhibits
	Purchase and Sale Agreement

     

    

 

EXHIBIT "A"

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS

(3990 S. BABCOCK ST, MELBOURNE, FL)

 

LEGAL DESCRIPTION OF LAND

 

[to be provided by Title Company]

 

    	3990 Babcock
	Exhibit "A" - Page 1
	Purchase and Sale Agreement

     

    

 

EXHIBIT "B"

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS

(3990 S. BABCOCK ST MELBOURNE FL)

 

CERTAIN DOCUMENTS TO BE MADE AVAILABLE FOR REVIEW
BY BUYER

 

(1)          originals or copies of the Lease, including all
amendments thereto, and all related correspondence;

 

(2)          originals or copies of all Contracts;

 

(3)          any and all plans and specifications and interior space plans
relating to the Property;

 

(4)          any and all soils reports relating to the Property;

 

(5)          any and all environmental site assessments related to the
Property;

 

(6)          any ALTA or other survey of the Land and Improvements in
Seller's possession;

 

(7)          copies of the most recent real and personal property tax
bills for the Property;

 

(8)          all licenses and permits relating to the Property, including,
but not limited to, certificates of occupancy

 

(9)          an inventory of the Personal Property;

 

(10)        a rent roll dated no earlier than November
I, 2016, certified as true and correct by Seller setting forth the list of current tenants and for each tenant the unit number,
lease commencement date, lease expiration date, size of premises, monthly rent, security deposit, monthly common area maintenance
charges, and any delinquency;

 

(11)        copies of the last twelve (12) months'
utility bills for the Property;

 

(12)        monthly operating reports for the Property
for the two most recent years and the current year to date through the most recent full month; and

 

(13)        any notices of non-compliance affecting
the Property issued by any governmental authority.

 

    	3990 Babcock
	Exhibit "B" - Page 1
	Purchase and Sale Agreement

     

    

 

EXHIBIT "C"

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS

(39905. BABCOCK ST MELBOURNE, FL)

 

DEED

 

This instrument prepared by

(and after recording return to):

 

	 	 
	 	 
	 	 

Property Appraiser's Parcel

Identification Number: _______________

 

SPECIAL WARRANTY DEED

 

________________________
a ______________________ ("Grantor"), whose mailing address is _____________________________, in consideration of
ten dollars ($10.00) and other valuable considerations received from _________________________, a ("Grantee"),
whose mailing address is ______________ _______________________________, hereby grants and conveys to Grantee the real
property in _________________ County, _____________, described on the attached Exhibit A, (the
"Property") along with any rights, privileges, hereditaments, appurtenances thereto or in any way appertaining to
such real property.

 

This conveyance is subject
to real estate taxes and assessments for 20 and subsequent years, and the matters described on Exhibit B
(without the intent of re-imposing same) (the "Permitted Exceptions").

 

AS A MATERIAL PART
OF THE CONSIDERATION FOR THIS SPECIAL WARRANTY DEED AND THE CONVEYANCE OF THE PROPERTY, GRANTEE HEREBY AGREES THAT OTHER THAN
AS EXPRESSLY PROVIDED OR REPRESENTED HEREIN OR IN THAT CERTAIN PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
EFFECTIVE AS OF __________________, BY AND BETWEEN GRANTOR AS SELLER AND GRANTEE AS BUYER (THE "PURCHASE AND SALE AGREEMENT"), THE
CONVEYANCE OF THE SUBJECT PROPERTY IS MADE ON AN "AS IS, WHERE IS AND WITH ALL FAULTS" BASIS, AND GRANTEE EXPRESSLY
ACKNOWLEDGES AND AGREES THAT GRANTOR AND GRANTOR'S AGENTS, EMPLOYEES, PROPERTY MANAGER, ATTORNEYS, AND CONTRACTORS
(COLLECTIVELY, "GRANTOR'S REPRESENTATIVES") HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY DISCLAIM ANY AND ALL
REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS, STATEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER
(EXCEPT ONLY THE WARRANTY OF TITLE EXPRESSLY SET FORTH HEREIN AND ANY REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN
THE PURCHASE AND SALE AGREEMENT), WHETHER STATUTORY, EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO,
CONCERNING OR WITH RESPECT TO: (A) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING,
WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY; INCLUDING THE EXISTENCE OF ANY ENVIRONMENTAL HAZARDS OR TOXIC SUBSTANCES OR
CONDITIONS; (B) TI1E USE, INCOME POTENTIAL, EXPENSES, MAINTENANCE, OPERATION, CHARACTERISTICS OR CONDITION OF THE PROPERTY OR
ANY PORTION THEREOF, INCLUDING WITHOUT LIMITATION, WARRANTIES OF SUITABILITY, TENANTABILITY, HABITABILITY, MERCHANTABILITY,
DESIGN OR FITNESS FOR ANY SPECIFIC PURPOSE OR A PARTICULAR PURPOSE, OR GOOD AND WORKMANLIKE CONSTRUCTION; (C) THE COMPLIANCE
OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE
GOVERNMENTAL AUTHORITY OR BODY; (D) THE PRESENCE OF ANY ENDANGERED OR THREATENED SPECIES ON THE PROPERTY, AS WELL AS THE
SUITABILITY OF THE PROPERTY AS A HABITAT FOR ANY OF THOSE SPECIES; (E) OTHERWISE WITH RESPECT TO THE PROPERTY; (F) THE
ENVIRONMENTAL CONDITION OF THE PROPERTY AND THE PRESENCE OR ABSENCE OF OR CONTAMINATION BY HAZARDOUS MATERIALS, MOLD OR OTHER
HAZARDOUS SUBSTANCES, OR THE COMPLIANCE OF THE SUBJECT PROPERTY WITH ALL REGULATIONS OR LAWS PERTAINING TO HEALTH, SAFETY OR
THE ENVIRONMENT; OR (G) THE SOIL CONDITIONS, DRAINAGE, GROUNDWATER CONDITION, FLOODING CHARACTERISTICS, UTILITIES OR OTHER
CONDITIONS EXISTING IN, ON OR UNDER THE PROPERTY.

 

    	3990 Babcock
	Exhibit "C" - Page 1
	Purchase and Sale Agreement

     

    

 

TO HAVE AND TO HOLD the Property,
as aforesaid, unto Grantee, its successors and assigns, forever; and Grantor does hereby bind itself and its successors and assigns,
to SPECIALLY WARRANT AND FOREVER DEFEND all and singular the Property, subject to the Permitted Exceptions, unto Grantee, its successors
and assigns, against every person whomsoever lawfully claiming or to claim the same, or any part thereof, by, through or under
Grantor but not otherwise.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	3990 Babcock
	Exhibit "C" - Page 2
	Purchase and Sale Agreement

     

    

 

IN WITNESS WHEREOF, Grantor has executed this
Special Warranty Deed on the date below.

 

	 	GRANTOR
	 	 
	 	 
	Signed and sealed in the presence of:	a 	 

 

	 	 	By:	 
	(Print Name):	 	Its:	 
	 	 	 
	 	 	 
	(Print Name):	 	 

 

	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.	 

 

	STATE OF CALIFORNIA COUNTY OF LOS ANGELES	SS:

 

On _______________, 2016 before me, __________________________ (here
insert name of the officer), Notary Public, personally __________________, who proved appeared ___________________________ name(s)
is/are subscribed to the within to me on the basis of satisfactory evidence to be the person(s) whose the same in his/her/their
authorized the instrument and acknowledged to me that he/she/they executed person(s), or the entity upon behalf capacity(ies),
and that by his/her/their signature(s) on the instrument of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing paragraph is true and correct.

 

	WITNESS my hand and official seal.	 
	 	Signature of Notary Public
	 	 
	[Seal]	 

 

    	3990 Babcock
	Exhibit "C" - Page 3
	Purchase and Sale Agreement

     

    

 

EXHIBIT "D"

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS

(3990 S. BABCOCK ST, MELBOURNE, FL)

 

BILL OF SALE AND GENERAL ASSIGNMENT

 

This BILL OF SALE AND GENERAL ASSIGNMENT ("Assignment")
is made and entered into as of the day of _________________, 2016, by and between _______________., a __________________ limited
liability company ("Assignor") and _______________, a __________________ ("Assignee").

 

RECITALS:

 

A.        Assignor and Assignee
entered into that certain Purchase and Sale Agreement and Joint Escrow Instructions dated November , 2016 ("Agreement")
with respect to the sale of the "Property" described therein.

 

B.        Assignor desires to
assign and transfer to Assignee all of Assignor's right, title and interest in and to the Intangible Property and Personal Property,
as such terms are defined in the Agreement, and in and to those Contracts (as such term is defined in the Agreement) identified
on attached "Schedule 1" (the "Identified Contacts"), and Assignee desires to accept such assignment and to
assume and perform all of Assignor's covenants and obligations regarding such Intangible Property, Personal Property and Identified
Contracts.

 

NOW, THEREFORE, in consideration
of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor and Assignee hereby agree as follows:

 

1.        Assignor hereby assigns
and transfers to Assignee all of Assignor's right, title and interest in and to the Intangible Property, Personal Property and
Identified Contracts.

 

2.        Assignee hereby accepts
the above assignment and expressly assumes and covenants to keep, perform, fulfill and discharge all of the terms, covenants, conditions
and obligations required to be kept, performed, fulfilled and discharged by Assignor regarding the Intangible Property, Personal
Property and Identified Contracts.

 

3.        Assignee agrees to
indemnify Assignor and hold Assignor harmless from and against any and all claims, liens, damages, demands, causes of action, liabilities,
lawsuits, judgments, losses, costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) (collectively,
the "Losses") brought by a third party and asserted against Assignor by reason of or arising out of any failure by Assignee
to perform or observe the obligations, covenants, terms and conditions assumed by Assignee hereunder arising in connection with
the Intangible Property, Personal Property and Identified Contracts and related to the period on or after the date hereof. Assignor
agrees to indemnify Assignee and hold Assignee harmless from and against any and all Losses brought by a third party and asserted
against Assignee by reason of or arising out of any failure by Assignor to perform or observe the obligations, covenants, terms
and conditions under the Intangible Property, Personal Property and Identified Contracts and related to the period prior to the
date hereof.

 

4.        As a material part
of the consideration for this sale, Assignor and Assignee agree that Assignee is taking the Intangible Property and Personal Property
"AS IS" and that there are no representations, disclosures, or express or implied warranties except those contained in
the Agreement and this Assignment. Assignee has not relied on any information other than Assignee's inspection and the representations
and warranties expressly contained in the Agreement and this Assignment.

 

    	3990 Babcock
	Exhibit "D" - Page 1
	Purchase and Sale Agreement

     

    

 

5.        This Assignment may
be executed in any number of counterparts, each of which may be executed by any one or more of the parties hereto, but all of which
shall constitute one and the same instrument, and shall be binding and effective when all parties hereto have executed and delivered
at least one counterpart.

 

6.        The terms and provisions
of this Assignment shall be binding upon and inure to the benefit of the respective parties hereto, and their respective successors
and assigns.

 

IN WITNESS WHEREOF, Assignor
and Assignee have duly executed this Assignment as of the day and year first above written.

 

	"Assignor"	 
	 	a	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	"Assignee"	 
	 	a	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	3990 Babcock
	Exhibit "D" - Page 2
	Purchase and Sale Agreement

     

    

 

SCHEDULE 1 TO BILL OF SALE AND GENERAL ASSIGNMENT

 

IDENTIFIED CONTRACTS

 

[Schedule of Identified Contracts to be approved
by Assignee during Inspection Period]

 

    	3990 Babcock
	Exhibit "D" - Page 1
	Purchase and Sale Agreement

     

    

 

EXHIBIT "E"

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS

(3990 S. BABCOCK ST, MELBOURNE, FL)

 

NON-FOREIGN PERSON CERTIFICATE

 

To inform ________________________, a ____________________
("Transferee"), that withholding of tax under Section 1445 of the Internal Revenue Code of 1986, as amended (the "Code"),
will not be required upon the transfer of certain real property, located in the City of _________________,County of ____________________,
State of ___________ to Transferee, by ______________________, a __________________ ("Transferor"), Transferor hereby
certifies to Transferee:

 

1.          Transferor is not a
foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Code and the Income
Tax Regulations promulgated thereunder);

 

2.          Transferor's U.S. tax
identification number is; and

 

3.          Transferor's office address is do B.H. Management,
PO Box 49993, Los Angeles, CA 90049.

 

Transferor understands that this Certification
may be disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein could be punished
by fine, imprisonment, or both.

 

Transferor understands that Transferee is relying
on this Certification in determining whether withholding is required upon said transfer.

 

Under penalty of perjury the undersigned declare
that they have examined this Certification and to the best of their knowledge and belief it is true, correct and complete, and
they further declare that they have authority to sign this Certification on behalf of Transferor.

 

	 	 
	 	a	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	3990 Babcock
	Exhibit "E" - Page 1
	Purchase and Sale Agreement

     

    

 

EXHIBIT "F"

PURCHASE AND SALE AGREEMENT AND
JOINT ESCROW INSTRUCTIONS

(3990 S. BABCOCK ST, MELBOURNE,
FL)

 

ASSIGNMENT AND ASSUMPTION OF
LEASE

 

This ASSIGNMENT AND ASSUMPTION
LEASE ("Assignment") is made and entered into as of the day of _______________, 2016, by and between _________________
("Assignor") and _____________, a ____________________ ("Assignee").

 

RECITALS:

 

A.         Assignor, as seller, entered into that
certain Purchase and Sale Agreement and Joint Escrow Instructions, dated November       , 2016
("Agreement"), with respect to the sale and purchase of the "Property" described therein. All capitalized terms
used herein and not defined herein shall have the meaning ascribed thereto in the Agreement.

 

B.         Assignor desires to assign and transfer
to Assignee all of Assignor's right, title and interest in and to that certain [Lease dated     ,between
Assignor, as landlord, and Northrop Grumman Systems Corporation, as tenant] ( the "Lease"), and Assignee desires to accept
such assignment and assume the Lease on the terms hereinafter set forth.

 

NOW, THEREFORE, in consideration of the foregoing
recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor
and Assignee hereby agree as follows:

 

I.          The "Effective Date" of this
Assignment shall be the Closing Date of the sale and purchase of the Property.

 

2.          As of the Effective Date, Assignor hereby
assigns and transfers to Assignee all of Assignor's right, title and interest in and to the Lease and the security deposit (except
to the extent such security deposit have been applied by Assignor pursuant to the terms of the Lease).

 

3.          Assignee hereby accepts the above assignment
and expressly assumes and covenants to keep, perform, fulfill and discharge all of the terms, covenants, conditions and obligations
required to be kept, performed, fulfilled and discharged by Assignor, as lessor, under and with respect to the Lease from and after
the Effective Date of this Assignment.

 

4.          Assignor agrees to protect, defend and
indemnify Assignee from and against brokerage commissions for which Seller is responsible under Section 1 above, any and all claims,
damages, liabilities, judgments, demands, costs and expenses (Including without limitation, reasonable attorneys' fees and costs,
and court costs) (collectively, the "Costs"), under the Lease or with respect to the Security Deposit arising and accruing
prior to the Assignment Date.

 

5.          Assignee agrees to protect, defend and
indemnify Assignor from and against any and all claims, damages, liabilities, judgments, demands, costs and expenses, including,
without limitation, reasonable attorneys' fees and costs, under the Lease which arise or accrue on or after the Assignment Date
in connection with the obligations assumed by Assignee hereunder.

 

6.          This Assignment may be executed in any
number of counterparts, each of which may be executed by any one or more of the parties hereto, but all of which shall constitute
one and the same instrument, and shall be binding and effective when all parties hereto have executed and delivered at least one
counterpart.

 

    	3990 Babcock
	Exhibit "F" - Page 1
	Purchase and Sale Agreement

     

    

 

7.          The terms and provisions of this Assignment
shall be binding upon and inure to the benefit of the respective parties hereto, and their respective successors and assigns.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	3990 Babcock
	Exhibit "F" - Page 2
	Purchase and Sale Agreement

     

    

 

IN WITNESS WHEREOF, Assignor and Assignee have
duly executed this Assignment as of the day and year first above written.

 

	Assignor:	 	 
	 	 	 
	 	 	 
	 	 	By.	 
		 	Name:	 
	 	 	Title:	 
	 	 	 
	Assignee: ______________________________, a	 	 
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 

 

    	3990 Babcock
	Exhibit "F" - Page 3
	Purchase and Sale Agreement

     

    

 

EXHIBIT "G"

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS

(3990 S. BABCOCK ST, MELBOURNE, FL)

 

FORM OF TENANT ESTOPPEL CERTIFICATE

 

TO:         [Purchaser name and address]

 

Re:         Lease between Northrop Grumman Systems Corporation, a _____________,
as tenant ("Tenant") and _________________, a _________________ ("Landlord")

 

Ladies and Gentlemen:

 

This estoppel certificate is delivered by Tenant to ___________________
("Purchaser") in connection with its contemplated purchase of certain real property commonly known as the ________________
located in __________________ ("Property") from Landlord. Tenant hereby certifies the following information to Landlord,
Purchaser and any assignee of Purchaser who purchases the Property from Landlord, any lender that finances the acquisition of the
Property on behalf of Purchaser or its assignee, and each of their respective successors and assigns ("Reliance Parties").
Each of the Reliance Parties may rely on the information set forth below in connection with its purchase of the Property or any
loan secured by the Property, as applicable.

 

1.           Attached as Exhibit 1 is a complete
and accurate copy of the Lease and all amendments or modifications thereto: [insert list of all lease documents] .

 

2.           The Lease contains the entire agreement
between Landlord and Tenant regarding the Property, is in good standing and in full force and effect and has not been modified
or amended, except as described in item #1 above, and has not been cancelled or terminated in whole or in part.

 

3.           The Property being leased by Tenant consists
of ___________ square feet Property.

 

4.           The
initial term of the Lease commenced on and will terminate on ___________________. Tenant has no options to extend the term of
the Lease, except as set forth in the Lease.

 

5.           Tenant has paid Landlord a security deposit
under the Lease in the amount of $______ [or] has delivered to Landlord a letter of credit in the amount of $ _________

 

6.           Current base monthly rental under the
Lease is $  which has been paid through and including _________________, 20. The Lease requires Tenant to pay its pro
rata share of real estate taxes and operating expenses for the Property. Tenant is obligated to pay all other sums and additional
rent as stated in the Lease and Tenant's payments of such amounts are current.

 

7.           Tenant is not and, to the best knowledge
of Tenant, Landlord is not in default under the Lease nor are there any existing conditions which, upon the giving of notice or
lapse of time or both, would constitute a default under the Lease and Tenant has no existing claims or defenses to enforcement
of this Lease or any related guaranty except as follows: ____________________________________________ [([space is left blank,
the word "none" is deemed to have been inserted] .

 

    	3990 Babcock
	Exhibit "G" - Page 1
	Purchase and Sale Agreement

     

    

 

8.           Tenant is not entitled to and does not
claim any deductions, offsets or credits against the payment of rent due under the Lease now or in the future, except as follows:

 

9.           Tenant has no options or rights of first
refusal with respect to purchasing any interest in all or any portion of, or any interest in the Property.

 

10.         Tenant has no options or rights of first
refusal with respect to renting additional space in the Property, except as follows:_________________________________________________
fif space is left blank, the word "none" is deemed to have been inserted].

 

11.         Tenant's leasehold interest under the
Lease has not been assigned, hypothecated, or pledged as security, except as follows: ___________________________________________________________
[([space is left blank, the word "none" is deemed to have been inserted]

 

12.         The Lease and each and every term, condition, covenant and agreement, including,
without limitation, the agreement to pay rent, are binding on the Tenant.

 

13.         There is no sublease of any portion
of the Property or assignment of Tenant's interest under the Lease currently in effect, except as follows: ___________________________________________________________
[([space is left blank, the word "none" is deemed to have been inserted]

 

14.          The Property and all improvements located thereon have been delivered to Tenant
in the condition required under the Lease, Tenant has Accepted and occupies the Property and all improvements located thereon,
and Landlord has fully completed all construction and improvements to the Property required to be completed by Landlord under the
Lease. Landlord has fulfilled all obligations to finance or provide an allowance for improvements to the Property and no additional
allowances will be due from Landlord unless Tenant exercises a right to renew or to expand the premises and in that case only as
set forth in the Lease, except as follows [([space is left blank, the word "none" is deemed to have been inserted]
..

 

15.          To Tenant's current, actual knowledge,
there has not been filed by or against Tenant a petition in bankruptcy, voluntary or otherwise, any assignment for the benefit
of creditors, any petition seeking reorganization of arrangement under the bankruptcy laws of the United States, or any state thereof,
or any other action brought under said bankruptcy laws with respect to Tenant.

 

EXECUTED and effective as of __________, 20

 

[insert signature block]

 

    	3990 Babcock
	Exhibit "G" - Page 2
	Purchase and Sale Agreement

     

    

 

EXHIBIT 1 TO TENANT ESTOPPEL CERTIFICATE

 

COMPLETE COPY OF LEASE

 

[See Attached]

 

    	3990 Babcock
	Exhibit "G" - Page 3
	Purchase and Sale Agreement

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