Document:

Exhibit 10.2

 

 

PURCHASE AND SALE AGREEMENT

BETWEEN

TPRF/ENTERPRISE,
LLC

AS SELLER

AND

PLYMOUTH INDUSTRIAL REIT, INC.

AS PURCHASER

DATED AUGUST 6, 2014

 

    	 

    	 

    

TABLE OF CONTENTS

	 	 	Page No.
	 	 	 
	ARTICLE 1 BASIC INFORMATION	1
	Section 1.2	Closing Costs	2
	Section 1.3	Notice Addresses:	3
	ARTICLE 2 PROPERTY	3
	Section 2.1	Property	3
	ARTICLE 3 EARNEST MONEY	4
	Section 3.1	Deposit and Investment of Earnest Money	4
	Section 3.2	Form; Failure to Deposit	4
	Section 3.3	Disposition of Earnest Money	5
	Section 3.4	Reimbursement of Seller’s Costs	5
	ARTICLE 4 DUE DILIGENCE	5
	Section 4.1	Due Diligence Materials To Be Delivered	5
	Section 4.2	Due Diligence Materials To Be Made Available	7
	Section 4.3	Physical Due Diligence	7
	Section 4.4	Due Diligence/Termination Right	8
	Section 4.5	Return of Documents and Reports	8
	Section 4.6	Service Contracts	8
	Section 4.7	Proprietary Information; Confidentiality	9
	Section 4.8	No Representation or Warranty by Seller	9
	Section 4.9	Purchaser's Responsibilities	9
	Section 4.10	Purchaser's Agreement to Indemnify	10
	ARTICLE 5 TITLE AND SURVEY	10
	Section 5.1	Title Commitment	10
	Section 5.2	New or Updated Survey	10
	Section 5.3	Title Review	10
	Section 5.4	Delivery of Title Policy at Closing	11
	ARTICLE 6 OPERATIONS AND RISK OF LOSS	12
	Section 6.1	Ongoing Operations	12
	Section 6.2	Damage	13
	Section 6.3	Condemnation	14
	ARTICLE 7 CLOSING	14
	Section 7.1	Closing	14
	Section 7.2	Conditions to Parties' Obligation to Close	14
	Section 7.3	Seller's Deliveries in Escrow	15
	Section 7.4	Purchaser's Deliveries in Escrow	16
	Section 7.5	Closing Statements	16
	Section 7.6	Purchase Price	16
	Section 7.7	Possession	17
	Section 7.8	Delivery of Books and Records	17
	Section 7.9	Notice to Tenants	17

    	 

    	 

    

 

	ARTICLE 8 PRORATIONS, DEPOSITS, COMMISSIONS	17
	Section 8.1	Prorations	17
	Section 8.2	Leasing Costs	19
	Section 8.3	Closing Costs	19
	Section 8.4	Final Adjustment After Closing	19
	Section 8.5	Tenant Deposits	19
	Section 8.6	Commissions	20
	ARTICLE 9 REPRESENTATIONS AND WARRANTIES	20
	Section 9.1	Seller's Representations and Warranties	20
	Section 9.2	Purchaser's Representations and Warranties	21
	Section 9.3	Survival of Representations and Warranties	22
	ARTICLE 10 DEFAULT AND REMEDIES	22
	Section 10.1	Seller's Remedies	22
	Section 10.2	Purchaser's Remedies	23
	Section 10.3	Attorneys' Fees	23
	Section 10.4	Other Expenses	23
	ARTICLE 11 DISCLAIMERS, RELEASE AND INDEMNITY	24
	Section 11.1	Disclaimers By Seller	24
	Section 11.2	Sale "As Is, Where Is"	24
	Section 11.3	Seller Released from Liability	25
	Section 11.4	"Hazardous Materials" Defined	26
	Section 11.5	Indemnity	26
	Section 11.6	Survival	26
	ARTICLE 12 MISCELLANEOUS	26
	Section 12.1	Parties Bound; Assignment	26
	Section 12.2	Headings	27
	Section 12.3	Invalidity and Waiver	27
	Section 12.4	Governing Law	27
	Section 12.5	Survival	27
	Section 12.6	Entirety and Amendments	27
	Section 12.7	Time	27
	Section 12.8	Confidentiality	27
	Section 12.9	No Electronic Transactions	27
	Section 12.10	Notices	28
	Section 12.11	Construction	28
	Section 12.12	Calculation of Time Periods	28
	Section 12.13	Execution in Counterparts	28
	Section 12.14	No Recordation	28
	Section 12.15	Further Assurances	29
	Section 12.16	Discharge of Obligations	29
	Section 12.17	ERISA	29
	Section 12.18	No Third Party Beneficiary	29
	Section 12.19	Reporting Person	29

 

    	 

    	 

    

LIST OF DEFINED TERMS

	 	Page No.
	 	 
	Additional Property Information	7
	Agreement	1
	Assignment	15
	Broker	2
	Casualty Notice	12
	CERCLA	25
	Closing	14
	Closing Date	2
	Code	21
	Deed	15
	Due Diligence Termination Notice	8
	Earnest Money	1
	Effective Date	2
	ERISA	21
	Escrow Agent	1
	Hazardous Material	26
	Hazardous Materials	26
	Hazardous Substance	26
	Improvements	3
	Inspection Period	2
	Intangible Personal Property	4
	Land	3
	Lease Files	7
	Leases	4
	Leasing Costs	19
	Material Damage	13
	Materially Damaged	13
	Natural Gas Liquids	26
	OFAC	21
	Operating Statements	6
	Permits and Warranties Permitted Exceptions	11
	Permitted Outside Parties	9
	Petroleum	26
	Plan	21
	Pollutant or Contaminant	26
	Property	3
	Property Documents	8
	Property Information	6
	Purchase Price	1
	Purchaser	1
	Real Property	4

    	 

    	 

    

 

	Rent Roll	6
	Report	8
	Reports	8
	Seller	1
	Seller's Representative	22
	Service Contracts	4
	Survey	10
	Survival Period	22
	Tangible Personal Property	4
	Taxes	17
	Tenant Receivables	17
	Title and Survey Review Period	2
	Title Commitment	10
	Title Commitment Delivery Date	2
	Title Company	1
	Title Policy	11
	to Seller's knowledge	22
	to the best of Seller's knowledge	22
	Unbilled Tenant Receivables	18
	Uncollected Delinquent Tenant Receivables	18

    	 

    	 

    

PURCHASE AND SALE AGREEMENT

1755 Enterprise Parkway, Twinsburg, Ohio

This Purchase and
Sale Agreement (this "Agreement") is made
and entered into by and between Purchaser and Seller.

RECITALS

A.      Defined terms
are indicated by initial capital letters. Defined terms shall have the meaning set forth herein, whether or not such terms are
used before or after the definitions are set forth.

B.      Purchaser
desires to purchase the Property and Seller desires to sell the Property, all upon the terms and conditions set forth in this Agreement.

NOW, THEREFORE,
in consideration of the mutual terms, provisions, covenants and agreements set forth herein, as well as the sums to be paid by
Purchaser to Seller, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Purchaser
and Seller agree as follows:

ARTICLE
1

Basic Information

	1.1.1      Seller:	
        TPRF/ENTERPRISE, LLC, a Delaware limited liability company

         

	1.1.2      Purchaser:	
        PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation

         

	1.1.3      Purchase Price:  	$15,000,000.00
	1.1.4      Earnest Money:	$250,000.00, including interest thereon, to be deposited in accordance with 0 below.
	1.1.5      Title Company:	
        Commonwealth Land Title Insurance Company, a division of Fidelity
        National Title

        265 Franklin Street

        Boston, MA 02110

        Attention: Robert J. Capozzi, Esq.

        Telephone: (617) 619-4808

        E-mail: Robert.capozzi@fnf.com

         

	1.1.6      Escrow Agent:	
        Commonwealth Land Title Insurance Company, a division of Fidelity
        National Title

        265 Franklin Street

        Boston, MA 02110

        Attention: Robert J. Capozzi, Esq.

        Telephone: 617) 619-4808

        E-mail: Robert.capozzi@fnf.com

    	PURCHASE AND SALE AGREEMENT – PAGE 1

    	 

    

 

	1.1.7      Broker:	BGC Real Estate of Ohio, L.P., d/b/a Newmark Grubb Knight Frank 

Attention: Terry Coyne
	1.1.8      Effective Date:	The date on which this Agreement is executed by the latter to sign of Purchaser or Seller, as indicated on the signature page of this Agreement.  If the execution date is left blank by either Purchaser or Seller, the Effective Date shall be the execution date inserted by the other party.
	1.1.9      Title and Survey Review Period:	The period ending at 5:00 p.m. (Eastern) on the date that is six (6) business days prior to the date of expiration of the Inspection Period.
	1.1.10      Inspection Period:	The period beginning on the Effective Date and expiring at 5:00 p.m. (Eastern) on the date which is forty-five (45) days thereafter.
	1.1.11      Closing Date:	Ten (10) days after expiration of the Inspection Period, or such earlier date as Purchaser and Seller may agree in writing.

Section
1.2      Closing Costs. Closing costs shall
be allocated and paid as follows:

	COST	RESPONSIBLE

PARTY
	Title Commitment required to be delivered pursuant to 0.	Purchaser
	Basic premium for Title Policy required to be delivered pursuant to 0.	Seller
	Premium for any upgrade of Title Policy for any additional coverage and any endorsements desired by Purchaser, any inspection fee charged by the Title Company, tax certificates, municipal and utility lien certificates, and any other Title Company charges	Purchaser
	Costs of Survey and/or any revisions, modifications or recertifications thereto	Purchaser
	Costs for UCC searches	Purchaser
	Recording fees	Purchaser
	Any deed taxes, documentary stamps, transfer taxes, intangible taxes, mortgage taxes or other similar taxes, fees or assessments	Purchaser
	Any escrow fee charged by Escrow Agent for holding the Earnest Money or conducting the Closing	Purchaser: 1⁄2

Seller: 1⁄2
	Real Estate Sales Commission to Broker	Seller
	All other closing costs, expenses, charges and fees	Purchaser

 

    	PURCHASE AND SALE AGREEMENT – PAGE 2

    	 

    

Section
1.3      Notice Addresses:

	
        Purchaser:

        Plymouth Industrial REIT, Inc.

        260 Franklin Street, Suite 1900

        Boston, Massachusetts 02110

        Attention: Pendleton White, Jr.

        Telephone: 617-340-3861

        E-mail: pen.white@plymouthreit.com

         
	
        Copy to:

        Brown Rudnick LLP

        One Financial Center

        Boston, Massachusetts 02111

        Attention: Jeffrey L. Vigliotti

        Telephone: 617-856-8494

        E-mail: jvigliotti@brownrudnick.com

	
        Seller:

        TPRF/Enterprise, LLC

        c/o Thackeray Partners

        5207 McKinney Avenue, Suite 200

        Dallas, Texas 75205

        Attention: Chris McNeer

        Telephone: 214-360-7874

        E-mail: cm@thackeraypartners.com
	
        Copy to:

        Winstead PC

        500 Winstead Building

        2728 N. Harwood Street

        Dallas, Texas 75201

        Attention: Greg Zimmerman

        Telephone: 214-745-5658

        E-mail: gzimmerman@winstead.com

         

 

ARTICLE
2

Property

Section
2.1      Property. Subject to the terms and
conditions of this Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, the following property
(collectively, the "Property"):

2.1.1      Real
Property. The land described in 0 attached hereto (the "Land"),
together with (a) all improvements located thereon, but expressly excluding improvements and structures owned by any tenant
("Improvements"), (b) all right, title
and interest of Seller, if any, in and to the rights, benefits, privileges, easements, tenements, hereditaments, and appurtenances
thereon or in anywise appertaining thereto, and (c) all right, title, and interest of Seller, if any, in and to all strips
and gores and any land lying in the bed of any street, road or alley, open or proposed, adjoining the Land (collectively, the "Real
Property").

2.1.2      Leases.
All of Seller's right, title and interest in all unexpired leases, subleases, licenses, occupancy agreements, and any other agreements
for the use, possession, or occupancy of any portions of the Real Property (including, without limitation, signage rights), as
of the Closing Date, including any amendments, extensions or other modifications of any of the foregoing and including any tenant
guaranties delivered in connection with any of the foregoing (the "Leases").

2.1.3      Tangible
Personal Property. All of Seller's right, title and interest in the equipment, machinery, furniture, furnishings,
supplies and other tangible personal property, if any, owned by Seller and now or hereafter located in and used in connection with
the operation, ownership or management of the Real Property (collectively, the "Tangible
Personal Property").

    	PURCHASE AND SALE AGREEMENT – PAGE 3

    	 

    

2.1.4      Intangible
Personal Property. All of Seller's right, title and interest, if any, in all intangible personal property related
to the Real Property and the Improvements, including, without limitation: all trade names and trademarks associated with the Real
Property and the Improvements, including Seller's rights and interests, if any, in the name of the Real Property; any domain name
associated with the Real Property; the plans and specifications and other architectural and engineering drawings for the Improvements,
if any (to the extent assignable without cost to Seller unless Purchaser assumes the cost of such assignment); contract rights
related to the operation, ownership or management of the Real Property, including maintenance, service, construction, supply and
equipment rental contracts, if any, but not including Leases (collectively, the "Service
Contracts") (but only to the extent assignable without cost to Seller unless Purchaser assumes the cost of
such assignment and to the extent Seller's obligations thereunder are expressly assumed by Purchaser pursuant to this Agreement);
warranties (to the extent assignable without cost to Seller unless Purchaser assumes the cost of such assignment); governmental
permits, approvals and licenses, if any (to the extent assignable without cost to Seller unless Purchaser assumes the cost of such
assignment); and telephone exchange numbers (to the extent assignable without cost to Seller unless Purchaser assumes the cost
of such assignment) (all of the items described in this Section 0 collectively referred to as the "Intangible
Personal Property"). Tangible Personal Property and Intangible Personal Property shall not include (a) any
appraisals or other economic evaluations of, or projections with respect to, all or any portion of the Property, including, without
limitation, budgets prepared by or on behalf of Seller or any affiliate of Seller, (b) any documents, materials or information
which are subject to attorney/client, work product or similar privilege, which constitute attorney communications with respect
to the Property and/or Seller, or which are subject to a confidentiality agreement, and (c) any trade name, mark or other
identifying material that includes the name "Thackeray Partners" or any derivative thereof.

ARTICLE
3

Earnest Money

Section
3.1      Deposit and Investment of Earnest Money.
If upon the expiration of the Inspection Period, this Agreement is still in force and effect, Purchaser shall, no later than the
last day of the Inspection Period, deposit the Earnest Money with Escrow Agent. Escrow Agent shall invest the Earnest Money in
government insured interest-bearing accounts satisfactory to Seller and Purchaser, shall not commingle the Earnest Money with any
funds of Escrow Agent or others, and shall promptly provide Purchaser and Seller with confirmation of the investments made. Such
account shall have no penalty for early withdrawal, and Purchaser accepts all risks with regard to such account.

Section
3.2      Form; Failure to Deposit. The Earnest
Money shall be in the form of a certified or cashier's check or the wire transfer to Escrow Agent of immediately available U.S.
federal funds. If Purchaser fails to timely deposit any portion of the Earnest Money within the time periods required, Seller may
terminate this Agreement by written notice to Purchaser, in which event any Earnest Money that has previously been deposited by
Purchaser with Escrow Agent shall be immediately delivered to Seller and thereafter the parties hereto shall have no further rights
or obligations hereunder, except for rights and obligations which, by their terms, survive the termination hereof.

    	PURCHASE AND SALE AGREEMENT – PAGE 4

    	 

    

Section
3.3      Disposition of Earnest Money. The Earnest
Money shall be applied as a credit to the Purchase Price at Closing. In the event of a termination of this Agreement by either
Seller or Purchaser for any reason following the expiration of the Inspection Period, Escrow Agent is authorized to deliver the
Earnest Money to the party hereto entitled to same pursuant to the terms hereof on or before the tenth business day following receipt
by Escrow Agent and the non-terminating party of written notice of such termination from the terminating party, unless the other
party hereto notifies Escrow Agent that it disputes the right of the other party to receive the Earnest Money. In such event, Escrow
Agent may interplead the Earnest Money into a court of competent jurisdiction in the county in which the Earnest Money has been
deposited. All attorneys' fees and costs and Escrow Agent's costs and expenses incurred in connection with such interpleader shall
be assessed against the party that is not awarded the Earnest Money, or if the Earnest Money is distributed in part to both parties,
then in the inverse proportion of such distribution.

Section
3.4      Reimbursement of Seller’s Costs. Provided no default by Seller under this Agreement exists (which
shall be subject to the provisions of Section 10.2 hereof), in the event that either Purchaser or Seller terminates this
Agreement pursuant to any provision hereof other than Section 10.2, then Purchaser shall pay to Seller an amount equal to
the lesser of (1) Seller's actual out-of-pocket expenditures incurred directly in connection with negotiating this Agreement,
or (2) Fifteen Thousand and No/100 Dollars ($15,000.00), within twenty (20) business days following written demand thereof
from Seller, which shall be accompanied by reasonable supporting documentation of actual expenditures. The provisions of this Section
3.4 shall survive the termination of this Agreement.

ARTICLE
4

Due Diligence

Section
4.1      Due Diligence Materials To Be Delivered.
On or before five (5) business days after the Effective Date, Seller will deliver to Purchaser the following (the "Property
Information"):

4.1.1      Rent
Roll. A current rent roll ("Rent Roll")
for the Property;

4.1.2      Operating
Statements. Copy of operating statements of the Property for calendar years 2012, 2013 and the current year-to-date
(“Operating Statements”), and copy of Seller’s operating expenditures, aged receivable reports,
and rent payment histories pertaining to the Property for calendar year 2013 and the current year-to-date and Seller’s most
recent budget for the Property, including the forthcoming year, if applicable;

4.1.3      Environmental
Reports. Copy of any environmental, geotechnical, soil, engineering and drainage reports, assessments, audits and
surveys related to the Property prepared for the benefit of Seller;

4.1.4      Tax
Statements. Copy of ad valorem tax statements relating to the Property for the current tax period and for 2012 and
2013, including the Property’s tax identification number(s) and latest value renditions;

    	PURCHASE AND SALE AGREEMENT – PAGE 5

    	 

    

4.1.5      Title
and Survey. Copy of Seller's most current title insurance information and survey of the Property;

4.1.6      Service
Contracts. A list, together with copies, of Service Contracts;

4.1.7      Personal
Property. A list of Tangible Personal Property;

4.1.8      Leases.
A list, together with copies, of any Leases;

4.1.9      Management
and/or Leasing Agreements. Copies of any management and/or leasing agreements under
which the Property is managed and/or leased;

4.1.10      Insurance.
Copies of Seller’s certificate of insurance for the Property, a loss history relating to the Property for Seller’s
period of ownership, and a list of any current claims relating to the Property, if any;

4.1.11      Tangible
Personal Property.
A current inventory of all tangible personal property and fixtures owned by Seller (if any);

4.1.12      Maintenance
Records. All maintenance work orders for the 12 months preceding the Effective Date;

4.1.13      List
of Capital Improvements. A list of all capital improvements performed on the Property within the prior
12 months;

4.1.14      Permits
and Warranties. Copies of all warranties and guaranties (including without limitation any warranties on roofs, air conditioning
units, fixtures and equipment), permits, certificates of occupancy, licenses and other approvals related to the Property (the “Permits
and Warranties”);

4.1.15      Accounts
Payable and Accounts Receivable Schedules. Copies of the then current accounts payable and accounts receivable schedules
with respect to the Property; and

4.1.16      Commission
Schedule and Agreements. A schedule and copies of all commission agreements related to the Leases or the Property, if any.

Except for the Rent
Roll contemplated in Section 0, Seller's obligations to deliver the items listed in this 0 shall be limited
to the extent such items are in the possession of Seller or its property management company.

Section
4.2      Additional Property Information. To
the extent such items are in Seller's possession, Seller shall make available to Purchaser for Purchaser's review, at Seller's
option at either the offices of Seller's property manager or at the Property, the following items and information (the "Additional
Property Information") on or before the Property Information Delivery Date, and Purchaser at its expense shall
have the right to make copies of same:

    	PURCHASE AND SALE AGREEMENT – PAGE 6

    	 

    

4.2.1      Lease
Files. The lease files for all tenants, including the Leases, amendments, guaranties, any letter agreements and
assignments which are then in effect, whether on paper, in electronic format or other format ("Lease
Files"); and

4.2.2      Plans
and Specifications. Site plans, building plans and specifications relating to the Property.

Section
4.3      Physical Due Diligence. Commencing
on the Effective Date and continuing until the Closing, Purchaser shall have reasonable access to the Property at all reasonable
times during normal business hours, upon appropriate notice to tenants as permitted or required under the Leases, for the purpose
of conducting reasonably necessary tests, including surveys and architectural, engineering, geotechnical and environmental inspections
and tests, provided that (a) Purchaser must give Seller two full business days' prior telephone or written notice of any such
inspection or test, and with respect to any intrusive inspection or test (i.e., core sampling or any environmental testing beyond
a Phase I environmental site assessment) must obtain Seller's prior written consent (which consent may be given, withheld or conditioned
in Seller's sole discretion), (b) prior to performing any inspection or test, Purchaser must deliver a certificate of insurance
to Seller evidencing that Purchaser and its contractors, agents and representatives have in place reasonable amounts of commercial
general liability insurance and workers compensation insurance for its activities on the Property in terms and amounts reasonably
satisfactory to Seller covering any accident arising in connection with the presence of Purchaser, its contractors, agents and
representatives on the Property, which insurance shall name Seller as an additional insured thereunder, and (c) all such tests
shall be conducted by Purchaser in compliance with Purchaser's responsibilities set forth in 0 below. Purchaser shall bear
the cost of all such inspections or tests and shall be responsible for and act as the generator with respect to any wastes generated
by those tests. Subject to the provisions of 0 hereof, Purchaser or Purchaser's representatives may meet with any tenant;
provided, however, Purchaser must contact Seller at least two full business days in advance by telephone to inform Seller of Purchaser's
intended meeting and to allow Seller the opportunity to attend such meeting if Seller desires. Subject to the provisions of 0 hereof,
Purchaser or Purchaser's representatives may meet with any governmental authority for the sole purpose of gathering information
in connection with the transaction contemplated by this Agreement; provided, however, Purchaser must contact Seller at least two
full business days in advance by telephone to inform Seller of Purchaser's intended meeting and to allow Seller the opportunity
to attend such meeting if Seller desires.

Section
4.4      Due Diligence/Termination Right. Purchaser
shall have through the last day of the Inspection Period in which to (a) examine, inspect, and investigate the Property Information
and the Additional Property Information (collectively, the "Property
Documents") and the Property and, in Purchaser's sole and absolute judgment and discretion, determine whether
the Property is acceptable to Purchaser, (b) obtain all necessary internal approvals, and (c) satisfy all other contingencies
of Purchaser. Notwithstanding anything to the contrary in this Agreement, Purchaser may terminate this Agreement for any reason
or no reason by giving written notice of termination to Seller and Escrow Agent (the "Due
Diligence Termination Notice") on or before the last day of the Inspection Period. If Purchaser does not give
a Due Diligence Termination Notice, this Agreement shall continue in full force and effect, Purchaser shall be deemed to have waived
its right to terminate this Agreement pursuant to this 0, and Purchaser shall be deemed to have acknowledged that it has
received or had access to all Property Documents and conducted all inspections and tests of the Property that it considers important.

    	PURCHASE AND SALE AGREEMENT – PAGE 7

    	 

    

Section
4.5      Return of Documents and Reports. As
additional consideration for the transaction contemplated herein, Purchaser shall provide to Seller, promptly following written
request of same by Seller, copies of all third party reports, investigations and studies, other than economic analyses (collectively,
the "Reports" and, individually, a "Report")
prepared for Purchaser in connection with its due diligence review of the Property, including, without limitation, any and all
Reports involving structural or geological conditions, environmental, hazardous waste or hazardous substances contamination of
the Property, if any. If requested by Seller, the Reports shall be delivered to Seller without any representation or warranty as
to the completeness or accuracy of the Reports or any other matter relating thereto. Purchaser's obligation to deliver the Property
Documents and the Reports to Seller upon request of Seller shall survive the termination of this Agreement.

Section
4.6      Service Contracts. On or prior to the
last day of the Inspection Period, Purchaser will advise Seller in writing of which Service Contracts it will assume and for which
Service Contracts Purchaser requests that Seller deliver written termination at or prior to Closing, provided Seller shall have
no obligation to terminate, and Purchaser shall be obligated to assume, any Service Contracts which by their terms cannot be terminated
without penalty or payment of a fee. Seller shall deliver at Closing notices of termination of all Service Contracts that are not
so assumed. Purchaser must assume the obligations arising from and after the Closing Date under those Service Contracts (a) that
Purchaser has agreed to assume, or that Purchaser is obligated to assume pursuant to this 0, and (b) for which a termination
notice is delivered as of or prior to Closing but for which termination is not effective until after Closing. Notwithstanding the
foregoing, Seller shall terminate any management agreement with any property manager and any leasing or brokerage agreements with
respect to the Property effective as of the Closing Date and pay any and all costs and expenses of termination thereof and all
commissions due thereunder.

Section
4.7      Proprietary Information; Confidentiality.
Purchaser acknowledges that the Property Documents are proprietary and confidential and will be delivered to Purchaser solely to
assist Purchaser in determining the feasibility of purchasing the Property. Purchaser shall not use the Property Documents for
any purpose other than as set forth in the preceding sentence. Purchaser shall not disclose the contents of the Property Documents
to any person other than to those persons who are responsible for determining the feasibility of Purchaser's acquisition of the
Property and who have agreed to preserve the confidentiality of such information as required hereby (collectively, "Permitted
Outside Parties"). At any time and from time to time, within two business days after Seller's request, Purchaser
shall deliver to Seller a list of all parties to whom Purchaser has provided any Property Documents or any information taken from
the Property Documents. Purchaser shall not divulge the contents of the Property Documents except in strict accordance with the
confidentiality standards set forth in this 0. In permitting Purchaser to review the Property Documents or any other information,
Seller has not waived any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships
of any kind, either express or implied, have been offered, intended or created. As used hereunder, the term "Permitted Outside
Parties" shall not include Seller's existing mortgage lender and Purchaser shall not deliver to Seller's existing mortgage
lender any information relating to the Property unless approved by Seller in writing, in Seller's sole and absolute discretion.
Notwithstanding anything to the contrary in this Agreement, the Purchaser may release information to its underwriters, lenders
and other sources of financing and their agents and may include information regarding the Property in any filing made by Purchaser
with the United States Securities and Exchange Commission pursuant to federal or state securities law or regulations, including
but not limited to a Form S-11 registration or a Rule 3-14 audit or any similar or related filing made by Purchaser.

    	PURCHASE AND SALE AGREEMENT – PAGE 8

    	 

    

Section
4.8      No Representation or Warranty by Seller.
Purchaser acknowledges that, except as expressly set forth in this Agreement and/or any documents executed by Seller and delivered
to Purchaser at Closing, Seller has not made and does not make any warranty or representation regarding the truth, accuracy or
completeness of the Property Documents or the source(s) thereof. Purchaser further acknowledges that some if not all of the Property
Documents were prepared by third parties other than Seller. Except as expressly set forth in this Agreement, Seller expressly disclaims
any and all liability for representations or warranties, express or implied, statements of fact and other matters contained in
such information, or for omissions from the Property Documents, or in any other written or oral communications transmitted or made
available to Purchaser. Purchaser shall rely solely upon (a) its own investigation with respect to the Property, including, without
limitation, the Property's physical, environmental or economic condition, compliance or lack of compliance with any ordinance,
order, permit or regulation or any other attribute or matter relating thereto and (b) such representations, warranties and covenants
of Seller as are expressly set forth in this Agreement. Seller has not undertaken any independent investigation as to the truth,
accuracy or completeness of the Property Documents and are providing the Property Documents solely as an accommodation to Purchaser.

Section
4.9      Purchaser's Responsibilities. In conducting
any inspections, investigations or tests of the Property and/or Property Documents, Purchaser and its agents and representatives
shall: (a) not disturb the tenants or interfere with their use of the Property pursuant to their respective Leases; (b) not
interfere with the operation and maintenance of the Property; (c) not damage any part of the Property or any personal property
owned or held by any tenant or any third party; (d) not injure or otherwise cause bodily harm to Seller or its agents, guests,
invitees, contractors and employees or any tenants or their guests or invitees; (e) comply with all applicable laws; (f) promptly
pay when due the costs of all tests, investigations, and examinations done with regard to the Property; (g) not permit any
liens to attach to the Real Property by reason of the exercise of its rights hereunder; (h) repair any damage to the Real
Property resulting directly or indirectly from any such inspection or tests; and (i) not reveal or disclose prior to Closing
any information obtained during the Inspection Period concerning the Property and the Property Documents to anyone other than the
Permitted Outside Parties, in accordance with the confidentiality standards set forth in 0 above, or except as may
be otherwise required by law.

Section
4.10      Purchaser's Agreement to Indemnify.
Purchaser hereby agrees to indemnify, defend and hold Seller harmless from and against any and all liens, claims, causes of action,
damages, liabilities and expenses (including reasonable attorneys' fees) arising out of Purchaser's inspections or tests permitted
under this Agreement or any violation of the provisions of 0, 0 and 0; provided, however, the indemnity shall
not extend to protect Seller from any pre-existing liabilities for matters merely discovered by Purchaser (i.e., latent environmental
contamination) so long as Purchaser's actions do not aggravate any pre-existing liability of Seller. Purchaser also hereby agrees
to indemnify, defend and hold any tenant harmless from and against any and all claims, causes of action, damages, liabilities and
expenses which such tenant may suffer or incur due to Purchaser's breach of its obligation under 0 above to maintain the
confidential nature of any Property Documents or other information relative to such tenant. Purchaser's obligations under this
0 shall survive the termination of this Agreement and shall survive the Closing.

    	PURCHASE AND SALE AGREEMENT – PAGE 9

    	 

    

ARTICLE
5

Title and Survey

Section
5.1      Title Commitment. Prior to the Effective
Date, Purchaser has caused to be prepared and delivered to Seller: (a) a current commitment for title insurance or preliminary
title report (the "Title Commitment") issued
by the Title Company, in the amount of the Purchase Price and on a ALTA
1992 Standard Form commitment, with Purchaser as the proposed insured, and (b) copies of all documents of record referred
to in the Title Commitment as exceptions to title to the Property.

Section
5.2      New or Updated Survey. Purchaser may
elect to obtain a new survey or revise, modify, or re-certify an existing survey ("Survey")
as necessary in order for the Title Company to delete the survey exception from the Title Policy or to otherwise satisfy Purchaser's
objectives.

Section
5.3      Title Review. During the Title and
Survey Review Period, Purchaser shall review title to the Property as disclosed by the Title Commitment and the Survey. Purchaser
shall have the right, up until expiration of the Title and Survey Review Period, to object in writing (“Purchaser’s
Exception Notice”) to any title matters which are disclosed in the Title Commitment or Survey (herein collectively
called “Liens”). Unless Purchaser shall timely object to the Liens, such Liens shall be deemed to constitute
“Permitted Exceptions”. Any exceptions which are timely objected to by Purchaser shall be herein collectively called
the “Title Objections.” If, on or before two (2) business days before the end of the Inspection Period,
Seller fails to cause or covenant to Purchaser in writing to remove or endorse over any Title Objections prior to the Closing in
a manner satisfactory to Purchaser in its sole and absolute discretion (Seller having no obligation to agree to cure or correct
any such Title Objections), Purchaser may elect, prior to the expiration of the Inspection Period to either (a) terminate this
Agreement by giving written notice to Seller and Escrow Agent, in which event the Earnest Money (if previously deposited by Purchaser)
shall be returned to Purchaser and, thereafter, the parties shall have no further rights or obligations hereunder except for those
obligations which expressly survive the termination of this Agreement, or (b) waive such Title Objections, in which event such
Title Objections shall be deemed additional “Permitted Exceptions” and the Closing shall occur as herein provided without
any reduction of or credit against the Purchase Price. Purchaser shall have the right to amend Purchaser’s Exception Notice
(“Purchaser’s Amended Exception Notice”) to object to any title matters that are not Permitted
Exceptions which are first disclosed in any supplemental reports or updates to the Title Commitment or Survey delivered to Purchaser
after the end of the Inspection Period provided that Purchaser objects to the same within five (5) days after Purchaser’s
receipt of the applicable supplemental reports or

    	PURCHASE AND SALE AGREEMENT – PAGE 10

    	 

    

updates to the Title
Commitment or Survey but in no event after Closing. If Seller fails to take the action requested by Purchaser in Purchaser’s
Amended Exception Notice, Purchaser may elect prior to Closing to proceed under either clause (a) or (b) of the sentence which
precedes the immediately preceding sentence. Notwithstanding anything to the contrary contained in this Agreement, any Lien which
is a financial encumbrance created by or through Seller such as a mortgage, deed of trust, or other debt security, attachment,
judgment, lien for delinquent real estate taxes and delinquent assessments, mechanic’s or materialmen’s lien, which
is outstanding against the Property, or any part thereof, that is revealed or disclosed by the Title Commitment or by any updates
thereto or by any UCC, tax lien and judgment searches with respect to Seller (herein such financial encumbrances are referred to
as “Financial Encumbrances”) shall in no event be deemed a Permitted Exception, and Seller hereby covenants
to remove all Financial Encumbrances on or before the Closing Date. Seller further agrees to remove any exceptions or encumbrances
to title which are voluntarily created by, under or through Seller after the Effective Date without Purchaser's consent (if requested,
such consent shall not be unreasonably withheld or delayed). The term "Permitted
Exceptions" shall mean: the specific exceptions (excluding exceptions that are part of the promulgated title
insurance form) in the Title Commitment and/or Survey (or if Purchaser does not obtain a Survey, all matters that a current, accurate
survey of the Property would show) to which Purchaser has not timely objected as of the end of the Title and Survey Review Period
and which Seller is not required to remove as provided above; matters created by, through or under Purchaser; real estate taxes
not yet due and payable; rights of tenants under the Leases; and any licensees under any Service Contracts not terminated as of
Closing.

Section
5.4      Delivery of Title Policy at Closing.
In the event that the Title Company does not issue at Closing, or unconditionally commit at Closing to issue, to Purchaser, an
extended coverage ALTA owner's form title policy (2006) in accordance with the Title Commitment, insuring Purchaser's title to
the Property in the amount of the Purchase Price, subject only to the standard exceptions and exclusions from coverage contained
in such policy and the Permitted Exceptions (the "Title Policy"),
Purchaser shall have the right to terminate this Agreement, in which case the Earnest Money shall be immediately returned to Purchaser
and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination
of this Agreement.

ARTICLE
6

Operations and Risk of Loss

Section
6.1      Ongoing Operations. From the Effective
Date through Closing:

6.1.1      Leases
and Service Contracts. Seller will perform its material obligations under the Leases and Service Contracts.

6.1.2      New
Contracts. Except as provided in Section 0, Seller will not enter into any contract that will be an
obligation affecting the Property subsequent to the Closing.

6.1.3      Maintenance
of Improvements; Removal of Personal Property. Subject to 0 and 0, Seller shall maintain or cause
the tenants, licensees and other occupants under the Leases to maintain all Improvements substantially in their present condition
(ordinary wear and tear and casualty excepted) and in a manner consistent with Seller's maintenance of the Improvements during
Seller's period of ownership. Seller will not remove any Tangible Personal Property except as may be required for necessary repair
or replacement, and replacement shall be of approximately equal quality and quantity as the removed item of Tangible Personal Property.

    	PURCHASE AND SALE AGREEMENT – PAGE 11

    	 

    

6.1.4      Leasing;
Contracts. Seller will not amend or terminate any existing Lease or contract or enter into any new Lease or new
contract that will affect the Property subsequent to the Closing without providing Purchaser (a) all relevant supporting documentation,
as reasonably determined by Seller and Purchaser, including, without limitation, tenant, licensee or other third party financial
information to the extent in Seller's possession, and (b) as to any such amendment or termination of a Lease or contract or
new Lease or new contract that will affect the Property subsequent to the Closing and, in each case, which is to be executed after
the expiration of the Inspection Period, Seller's request for Purchaser's approval. If Purchaser's consent is requested by Seller
as to any amendment or termination of a Lease or contract that will be affect the Property subsequent to the Closing, or as to
a new Lease or new contract that will be affect the Property subsequent to the Closing, Purchaser agrees to give Seller written
notice of approval or disapproval of a proposed amendment or termination of a Lease or contract or new Lease or new contract that
will be an obligation affecting the Property subsequent to the Closing within four (4) business days after Purchaser's receipt
of the items in Section 00 and Section 00. If Purchaser does not respond to Seller's request within such
time period, then Purchaser will be deemed to have approved such amendment, termination or new Lease or new contract. Purchaser's
approval rights and obligations will vary depending on whether the request for approval from Seller is delivered to Purchaser before
or after the expiration of the Inspection Period, as follows:

(1)      With
respect to a request for approval delivered by Seller to Purchaser before the expiration of the Inspection Period, Purchaser's
consent shall not be required. Moreover, whether or not Purchaser consents to an amendment or termination of a Lease or contract
or the entering into of a new Lease or new contract, Seller may amend or terminate a Lease or contract or enter into a new Lease
or contract at any time prior to the expiration of the Inspection Period; however, if Purchaser does not consent to same or is
not deemed to have approved same, and if Seller elects to amend or terminate a Lease or contract or enter into a new Lease or contract
that will affect the Property subsequent to the Closing notwithstanding Purchaser's failure to approve same, then Purchaser may,
at the time Seller notifies Purchaser of the execution of said amendment, termination or new Lease or contract that will affect
the Property subsequent to the Closing, elect to terminate this Agreement and receive a return of the Earnest Money; provided that
if Purchaser does not elect to terminate within five days after said notification from Seller, then Purchaser shall have waived
its right to terminate pursuant to this Section 0.

(2)      With
respect to a request for approval delivered by Seller to Purchaser after the expiration of the Inspection Period, Purchaser may
withhold its consent at its reasonable discretion, and Seller may not amend or terminate a Lease or contract or enter into a new
Lease or new contract that will affect the Property subsequent to the Closing without Purchaser's written consent.

    	PURCHASE AND SALE AGREEMENT – PAGE 12

    	 

    

Section
6.2      Damage. If prior to Closing the Property
is damaged by fire or other casualty, Seller shall estimate the cost to repair and the time required to complete repairs and will
provide Purchaser written notice of Seller's estimation (the "Casualty
Notice") as soon as reasonably possible after the occurrence of the casualty.

6.2.1      Material.
In the event of any Material Damage to or destruction of the Property or any portion thereof prior to Closing, either Seller or
Purchaser may, at its option, terminate this Agreement by delivering written notice to the other on or before the expiration of
30 days after the date Seller delivers the Casualty Notice to Purchaser (and if necessary, the Closing Date shall be extended to
give the parties the full thirty-day period to make such election and to obtain insurance settlement agreements with Seller's insurers).
Upon any such termination, the Earnest Money shall be returned to Purchaser and the parties hereto shall have no further rights
or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If neither Seller nor
Purchaser so terminates this Agreement within said 30-day period, then the parties shall proceed under this Agreement and close
on schedule (subject to extension of Closing as provided above), and as of Closing Seller shall assign to Purchaser, without representation
or warranty by or recourse against Seller, all of Seller's rights in and to any resulting insurance proceeds (including any rent
loss insurance applicable to any period on and after the Closing Date) due Seller as a result of such damage or destruction and
Purchaser shall assume full responsibility for all needed repairs, and Purchaser shall receive a credit at Closing for any deductible
amount under such insurance policies (but the amount of the deductible plus insurance proceeds shall not exceed the lesser of (a) the
cost of repair or (b) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any). For the purposes
of this Agreement, "Material Damage" and
"Materially Damaged" means damage which,
(a) in Seller's reasonable estimation, exceeds $200,000.00 to repair or (b) in Seller’s reasonable estimation will take longer
than 120 days to repair.

6.2.2      Not
Material. If the Property is not Materially Damaged, then neither Purchaser nor Seller shall have the right to terminate
this Agreement, and Seller shall, at its option, either (a) repair the damage before the Closing in a manner reasonably satisfactory
to Purchaser (and if necessary, Seller may extend the Closing Date up to 30 days to complete such repairs), or (b) credit
Purchaser at Closing for the reasonable cost to complete the repair (in which case Seller shall retain all insurance proceeds and
Purchaser shall assume full responsibility for all needed repairs).

Section
6.3      Condemnation. If proceedings in eminent
domain are instituted with respect to the Property or any portion thereof, Purchaser may, at its option, by written notice to Seller
given within ten days after Seller notifies Purchaser of such proceedings (and if necessary the Closing Date shall be automatically
extended to give Purchaser the full ten-day period to make such election), either: (a) terminate this Agreement, in which
case the Earnest Money shall be immediately returned to Purchaser and the parties hereto shall have no further rights or obligations,
other than those that by their terms survive the termination of this Agreement, or (b) proceed under this Agreement, in which
event Seller shall, at the Closing, assign to Purchaser its entire right, title and interest in and to any condemnation award,
and Purchaser shall have the sole right after the Closing to negotiate and otherwise deal with the condemning authority in respect
of such matter. If Purchaser does not give Seller written notice of its election within the time required above, then Purchaser
shall be deemed to have elected option (b) above.

    	PURCHASE AND SALE AGREEMENT – PAGE 13

    	 

    

ARTICLE
7

Closing

Section
7.1      Closing. The consummation of the transaction
contemplated herein ("Closing") shall occur
on the Closing Date at the offices of Escrow Agent (or such other location as may be mutually agreed upon by Seller and Purchaser).
Funds shall be deposited into and held by Escrow Agent in a closing escrow account with a bank satisfactory to Purchaser and Seller.
Upon satisfaction or completion of all closing conditions and deliveries, the parties shall direct Escrow Agent to immediately
record and deliver the closing documents to the appropriate parties and make disbursements according to the closing statements
executed by Seller and Purchaser.

Section
7.2      Conditions to Parties' Obligation to Close.
In addition to all other conditions set forth herein, the obligation of Seller, on the one hand, and Purchaser, on the other hand,
to consummate the transactions contemplated hereunder are conditioned upon the following:

7.2.1      Representations
and Warranties. The other party's representations and warranties contained herein shall be true and correct in all
material respects as of the Effective Date and the Closing Date, except for representations and warranties made as of, or limited
by, a specific date, which will be true and correct in all material respects as of the specified date or as limited by the specified
date;

7.2.2      Deliveries.
As of the Closing Date, the other party shall have tendered all deliveries to be made at Closing; and

7.2.3      Actions,
Suits, etc. There shall exist no pending or threatened actions, suits, arbitrations, claims, attachments, proceedings,
assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, against the other party
that would materially and adversely affect the operation or value of the Property or the other party's ability to perform its obligations
under this Agreement.

7.2.4      Tenant
Estoppel Certificates. On or before five (5) calendar days prior to the Closing Date, Seller shall deliver executed tenant
estoppel certificates to Purchaser substantially in the form of Exhibit G (or, if a tenant's Lease specifies or contemplates
another form of tenant estoppel certificate, then such other specified or contemplated form) executed by tenants occupying not
less than 100% of the square feet in the Improvements leased to tenants, each such estoppel dated not more than thirty (30) days
prior to the Closing Date and disclosing no defaults, disputes or other matters contrary to (a) any of Seller’s representations
set forth in this Agreement or (b) any information set forth in the Lease Files . The failure of Seller to obtain any such tenant
estoppel certificates shall not be a breach or default hereunder. If Seller is unable to deliver the tenant estoppel certificates
referred to in this Section 7.2.4, or if the Seller delivers a Tenant Estoppel that discloses a default, dispute or
other matter materially contrary to the information set forth in the Lease Files, then Purchaser's sole remedies and recourses
shall be limited to either (a) waiving the requirement for the tenant estoppel certificate(s) in question and proceeding to Closing
without reduction of the Purchase Price or (b) terminating this Agreement by immediate notification to Seller, in which event this
Agreement shall be terminated as provided for in 0.

    	PURCHASE AND SALE AGREEMENT – PAGE 14

    	 

    

So long as a party is not
in default hereunder, if any condition to such party's obligation to proceed with the Closing hereunder has not been satisfied
as of the Closing Date (or such earlier date as is provided herein), subject to any applicable notice and cure periods provided
in 0 and 0, such party may, in its sole discretion, terminate this Agreement by delivering written notice to the
other party on or before the Closing Date (or such earlier date as is provided herein), or elect to close (or to permit any such
earlier termination deadline to pass) notwithstanding the non-satisfaction of such condition, in which event such party shall be
deemed to have waived any such condition. In the event such party elects to close (or to permit any such earlier termination deadline
to pass), notwithstanding the non-satisfaction of such condition, said party shall be deemed to have waived said condition, and
there shall be no liability on the part of any other party hereto for breaches of representations and warranties of which the party
electing to close had knowledge at the Closing.

 

Section
7.3      Seller's Deliveries in Escrow. As of
or prior to the Closing Date, Seller shall deliver in escrow to Escrow Agent the following:

7.3.1      Deed.
A limited warranty deed in the form of 0 hereto (or other limited warranty deed, as Seller's local counsel or Title Company
shall advise, warranting title only against any party claiming by, through or under Seller) in form acceptable for recordation
under the law of the state where the Property is located and including a list of Permitted Exceptions to which the conveyance shall
be subject, executed and acknowledged by Seller, conveying to Purchaser Seller's interest in the Real Property (the "Deed");

7.3.2      Bill
of Sale, Assignment and Assumption. A Bill of Sale, Assignment and Assumption of Leases and Contracts in the form
of 0 attached hereto (the "Assignment"),
executed and acknowledged by Seller, vesting in Purchaser, Seller's right, title and interest in and to the property described
therein free of any claims, except for the Permitted Exceptions to the extent applicable;

7.3.3      Conveyancing
or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are required to
be delivered or signed by Seller by applicable state and local law in connection with the conveyance of the Real Property;

7.3.4      FIRPTA.
A Foreign Investment in Real Property Tax Act affidavit in the form of 0 hereto executed by Seller;

7.3.5      Authority.
Evidence of the existence, organization and authority of Seller and of the authority of the persons executing documents on behalf
of Seller reasonably satisfactory to the underwriter for the Title Policy;

7.3.6      Additional
Documents. Any additional documents that Escrow Agent or the Title Company may reasonably require for the proper
consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand any
obligation, covenant, representation or warranty of Seller or result in any new or additional obligation, covenant, representation
or warranty of Seller under this Agreement beyond those expressly set forth in this Agreement); and

    	PURCHASE AND SALE AGREEMENT – PAGE 15

    	 

    

7.3.7      Intentionally
Omitted.

Section
7.4      Purchaser's Deliveries in Escrow. As
of or prior to the Closing Date, Purchaser shall deliver in escrow to Escrow Agent the following:

7.4.1      Bill
of Sale, Assignment and Assumption. The Assignment, executed and acknowledged by Purchaser;

7.4.2      Conveyancing
or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are required to
be delivered or signed by Purchaser by applicable state and local law in connection with the conveyance of Real Property;

7.4.3      Authority.
Evidence of the existence, organization and authority of Purchaser and of the authority of the persons executing documents on behalf
of Purchaser reasonably satisfactory to the underwriter for the Title Policy; and

7.4.4      Additional
Documents. Any additional documents that Seller, Escrow Agent or the Title Company may reasonably require for the
proper consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand
any obligation, covenant, representation or warranty of Purchaser or result in any new or additional obligation, covenant, representation
or warranty of Purchaser under this Agreement beyond those expressly set forth in this Agreement).

Section
7.5      Closing Statements. As of or prior
to the Closing Date, Seller and Purchaser shall deposit with Escrow Agent executed closing statements consistent with this Agreement
in the form required by Escrow Agent.

Section
7.6      Purchase Price. At or before 1:00 p.m.
(Eastern) on the Closing Date, Purchaser shall deliver to Escrow Agent the Purchase Price, less the Earnest Money (which shall
be applied to the Purchase Price), plus or minus applicable prorations, in immediate, same-day U.S. federal funds wired for credit
into Escrow Agent's escrow account, which funds must be delivered in a manner to permit Escrow Agent to deliver good funds to Seller
or its designee on the Closing Date (and, if requested by Seller, by wire transfer); in the event that Escrow Agent is unable to
deliver good funds to Seller or its designee on the Closing Date, then the closing statements and related prorations will be revised
as necessary.

Section
7.7      Possession. Seller shall deliver possession
of the Property to Purchaser at the Closing subject only to the Permitted Exceptions.

Section
7.8      Delivery of Books and Records. Promptly
following the Closing, Seller shall deliver to the offices of Purchaser's property manager or to the Real Property to the extent
in Seller's or its property manager's possession or control: Lease Files; maintenance records and warranties; plans and specifications;
licenses, permits and certificates of occupancy; copies or originals of all books and records of account, contracts, and copies
of correspondence with tenants and suppliers; all advertising materials; booklets; and keys. In each case, Seller shall deliver
such items, as applicable, in paper form, electronic and any other such form or format of such items as are in Seller’s possession
or control.

    	PURCHASE AND SALE AGREEMENT – PAGE 16

    	 

    

Section
7.9      Notice to Tenants. Seller and Purchaser
shall each execute, and Purchaser shall deliver to each tenant immediately after the Closing, a notice regarding the sale in substantially
the form of Exhibit E attached hereto, or such other form as may be required by applicable state law. This obligation on
the part of Purchaser and Seller shall survive the Closing.

ARTICLE
8

Prorations, Deposits, Commissions

Section
8.1      Prorations. At Closing, the following
items shall be prorated as of the date of Closing with all items of income and expense for the Property being borne by Purchaser
from and after (and including) the date of Closing: Tenant Receivables (defined below) and other income and rents that have been
collected by Seller as of Closing; fees and assessments; prepaid expenses and obligations under Service Contracts; accrued operating
expenses; real and personal ad valorem taxes and any other governmental assessments ("Taxes");
and any assessments by private covenant for the then-current calendar year of Closing. Specifically, the following shall apply
to such prorations and to post-Closing collections of Tenant Receivables:

8.1.1      Taxes.
All Taxes attributable to the calendar year 2013 and payable in 2014, previously paid in full by Seller, shall be prorated between
the parties on a cash basis, such that Seller shall receive a credit from Purchaser for the period commencing on the Closing Date
and ending on December 31, 2014. Such proration shall be based on the final tax bill for such taxes and there shall be no reproration
of such amounts. All Taxes attributable to calendar year 2014 and payable in 2015 shall be the sole responsibility of Purchaser
without contribution from Seller. Any additional Taxes relating to the year of Closing or prior years arising out of a change in
the use of the Real Property or a change in ownership shall be assumed by Purchaser effective as of Closing and paid by Purchaser
when due and payable, and Purchaser shall indemnify Seller from and against any and all such Taxes, which indemnification obligation
shall survive the Closing.

8.1.2      Utilities.
Purchaser shall take all steps necessary to effectuate the transfer of all utilities to its name as of the Closing Date, and where
necessary, post deposits with the utility companies. Seller shall cooperate as necessary to effectuate such transfers and ensure
that all utility meters are read as of the Closing Date. Seller shall be entitled to recover any and all deposits held by any utility
company as of the Closing Date.

8.1.3      Tenant
Receivables. Rents due from tenants, licensees or other occupants under Leases and operating expenses and/or taxes
payable by tenants under Leases (collectively, "Tenant Receivables")
and not collected by Seller as of Closing shall not be prorated between Seller and Purchaser at Closing but shall be apportioned
on the basis of the period for which the same is payable and if, as and when collected, as follows:

    	PURCHASE AND SALE AGREEMENT – PAGE 17

    	 

    

(a)      Tenant
Receivables and other income received from tenants, licensees or other occupants under Leases after Closing shall be applied in
the following order of priority: (A) first, to payment of the current Tenant Receivables then due for the month in which the
Closing Date occurs, which amount shall be apportioned between Purchaser and Seller as of the Closing Date as set forth in 0
hereof (with Seller's portion thereof to be delivered to Seller); (B) second, to Tenant Receivables first coming due after
Closing and applicable to the period of time after Closing, which amount shall be retained by Purchaser; (C) third, to payment
of Tenant Receivables first coming due after Closing but applicable to the period of time before Closing, including, without limitation,
the Tenant Receivables described in Section 00 below (collectively, "Unbilled
Tenant Receivables"), which amount shall be delivered to Seller; and (D) thereafter, to delinquent Tenant Receivables
which were due and payable as of Closing but not collected by Seller as of Closing (collectively, "Uncollected
Delinquent Tenant Receivables"), which amount shall be delivered to Seller. Notwithstanding the foregoing,
Seller shall have the right to pursue the collection of Uncollected Delinquent Tenant Receivables for a period of one year after
Closing without prejudice to Seller's rights or Purchaser's obligations hereunder, provided, however, Seller shall have no right
to cause any such tenant, licensee or other occupant to be evicted or to exercise any other "landlord" remedy (as set
forth in such tenant's, licensee’s or occupant’s Lease) against such tenant other than to sue for collection. Any sums
received by Purchaser to which Seller is entitled shall be held in trust for Seller on account of such past due rents payable to
Seller, and Purchaser shall remit to Seller any such sums received by Purchaser to which Seller is entitled within ten (10) business
days after receipt thereof less reasonable, actual costs and expenses of collection, including reasonable attorneys' fees, court
costs and disbursements, if any. Seller expressly agrees that if Seller receives any amounts after the Closing Date which are attributable,
in whole or in part, to any period after the Closing Date, Seller shall remit to Purchaser that portion of the monies so received
by Seller to which Purchaser is entitled within ten (10) business days after receipt thereof. With respect to Unbilled Tenant Receivables,
Purchaser covenants and agrees to (i) bill the same when billable and (ii) cooperate with Seller to determine the correct
amount of operating expenses and/or taxes due. The provisions of this Section 00 shall survive the Closing.

(b)      Without
limiting the generality of the requirements of Section 00(B) above, if the final reconciliation or determination of
operating expenses and/or taxes due under the Leases shows that a net amount is owed by Seller to Purchaser, said amount shall
be paid by Seller to Purchaser within ten (10) business days of such final determination under the Leases. If the final determination
of operating expenses and/or taxes due under the Leases shows that a net amount is owed by Purchaser to Seller, Purchaser shall,
within ten business days of such final determination, remit said amount to Seller. Purchaser agrees to receive and hold any monies
received on account of such past due expenses and/or taxes in trust for Seller and to pay same promptly to Seller as aforesaid.
Seller represents that it has completed final reconciliation of operating expenses and taxes due under the Leases for the 2013
calendar year. The provisions of this Section 00 shall survive the Closing.

    	PURCHASE AND SALE AGREEMENT – PAGE 18

    	 

    

Section
8.2      Leasing Costs. Seller agrees to pay
or discharge at or prior to Closing all leasing commissions, costs for tenant improvements, lease buyout costs, moving allowances,
design allowances, legal fees and other costs, expenses and allowances incurred in order to induce a tenant, license or other occupant
to enter into a Lease or Lease renewal (collectively, "Leasing
Costs") that are due and payable (whether before or after the Closing) with respect to Leases in force as of
or prior to the Effective Date; provided, however, that Seller shall have no obligation to pay, and as of Closing Purchaser shall
assume the obligation to pay, all Leasing Costs payable with respect to any option to renew or option to expand that has not been
exercised prior to the Effective Date, which obligation shall survive the Closing. Additionally, as of Closing, Purchaser shall
assume Seller's obligations for (a) Leasing Costs with respect to Leases in force as of or prior to the Effective Date for
which Purchaser receives a credit at Closing, and (b) Leasing Costs incurred with respect to Leases and Lease renewals and
extensions executed with Purchaser’s approval (as required by Section 6.1.4) subsequent to the Effective Date.

Section
8.3      Closing Costs. Closing costs shall
be allocated between Seller and Purchaser in accordance with 0.

Section
8.4      Final Adjustment After Closing. If
final bills are not available or cannot be issued prior to Closing for any item being prorated under 0 or if the parties
find that an error has been made with respect to the prorations performed at Closing, then, in either case, Purchaser and Seller
agree to allocate such items on a fair and equitable basis as soon as such bills are available, final adjustment to be made as
soon as reasonably possible after the Closing. Payments in connection with the final adjustment shall be due within 30 days of
written notice. All such rights and obligations shall survive the Closing.

Section
8.5      Tenant Deposits. All tenant, licensee
and occupant security deposits collected and not applied by Seller (and interest thereon if required by law or contract) shall
be transferred or credited to Purchaser at Closing. Notwithstanding the above, to the extent a tenant security deposit held by
Seller is in the form of a letter of credit ("LOC") and such LOC is transferable solely by the beneficiary,
Seller agrees to obtain and complete the required transfer form(s) from the financial institution that issued the LOC and deposit
same with the original LOC into escrow at Closing together with payment of any transfer fees, which shall be delivered to the Purchaser
after Closing. If the LOC cannot be unilaterally transferred by the beneficiary, then Seller shall have no obligation except to
deliver said original LOC into escrow at Closing and Purchaser shall then be responsible for working directly with the tenant and/or
financial institution after Closing to obtain a new LOC with Purchaser as the beneficiary at Purchaser’s cost. In such an
event, if a default by the tenant should occur after the Closing that would give rise to the Landlord having the right to cash
the existing LOC before a replacement LOC is obtained, and the proceeds of said LOC are assignable pursuant to its terms, then
Seller agrees to cooperate with Purchaser in drawing upon said existing LOC so long as Purchaser (a) delivers the existing LOC
back to Seller and (b) indemnifies Seller for any claims, liabilities, fees or expenses in connection with such action(s). As of
the Closing, Purchaser shall assume Seller's obligations related to tenant, licensee and occupant security deposits, but only to
the extent they are credited or transferred to Purchaser.

    	PURCHASE AND SALE AGREEMENT – PAGE 19

    	 

    

Section
8.6      Commissions. Seller shall be responsible
to Broker for a real estate sales commission at Closing (but only in the event of a Closing in strict accordance with this Agreement)
in accordance with a separate agreement between Seller and Broker, and, in any event, Purchaser shall not be responsible to Broker
for any commissions or other amounts. Broker may share its commission with any other licensed broker involved in this transaction,
but the payment of the commission by Seller to Broker shall fully satisfy any obligations of Seller to pay a commission hereunder.
Under no circumstances shall Seller owe a commission or other compensation directly to any other broker, agent or person. Any cooperating
broker shall not be an affiliate, subsidiary or related in any way to Purchaser. Other than as stated above in this 0, Seller
and Purchaser each represent and warrant to the other that no real estate brokerage commission is payable to any person or entity
in connection with the transaction contemplated hereby, and each agrees to and does hereby indemnify and hold the other harmless
against the payment of any commission to any other person or entity claiming by, through or under Seller or Purchaser, as applicable.
This indemnification shall extend to any and all claims, liabilities, costs and expenses (including reasonable attorneys' fees
and litigation costs) arising as a result of such claims and shall survive the Closing.

ARTICLE
9

Representations and Warranties

Section
9.1      Seller's Representations and Warranties.
Seller represents and warrants to Purchaser that:

9.1.1      Organization
and Authority. Seller has been duly organized, is validly existing, and is in good standing in the state in which
it was formed. Seller has the full right, power, and authority and has obtained any and all consents required to enter into this
Agreement and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of
the documents to be delivered by Seller at the Closing will be, authorized and executed and constitute, or will constitute, as
appropriate, the valid and binding obligation of Seller, enforceable in accordance with their terms.

9.1.2      Conflicts
and Pending Actions. There is no agreement to which Seller is a party or, an agreement by which the Property is
bound, that is binding on Seller or the Property which is in conflict with this Agreement. To Seller’s knowledge, there is
no pending or threatened litigation or governmental enforcement against Seller or in any way relating to the Property, which challenges
or impairs Seller's ability to execute or perform its obligations under this Agreement.

9.1.3      Tenant
Leases. As of the Effective Date, Exhibit F lists all tenants, licensees and subtenants of the Property under
written Leases or other written agreements to which Seller is a party or to which Seller has consented in writing. To Seller’s
knowledge, the Lease Files made available contain true and complete copies of the Leases in all material respects. The list of
Leasing Costs set forth in Exhibit F is true and complete as of the Effective Date. The Rent Roll attached to Exhibit
F is the Rent Roll used by Seller in the ordinary course of Seller’s business, which Rent Roll shows a true and correct
listing of any security deposits (indicating cash or letter of credit) or prepaid rentals made or paid by the tenants. To Seller’s
knowledge, no tenant, licensee or subtenants of the Property under written Leases or other written agreements to which Seller is
a party or to which Seller has consented in writing is in default beyond any applicable cure period under any of the Leases.

    	PURCHASE AND SALE AGREEMENT – PAGE 20

    	 

    

9.1.4      Service
Contracts. To Seller's knowledge, the list of Service Contracts attached as Exhibit H includes all Service
Contracts. Seller has not received any currently effective notice in writing of any uncured material default under any Service
Contracts.

9.1.5      Permits
and Warranties. To Seller’s knowledge, Seller has not received any currently effective notice in writing of
any uncured material breach or default under any of the Permits and Warranties.

9.1.6      Delivery
of Property Documents. To Seller’s knowledge, Seller has not omitted any information required to be included with
the Property Information which would make the Property Information furnished misleading.

9.1.7      Notices
from Governmental Authorities. Seller has received no written notice of any legal requirement affecting the Real
Property, or any part thereof, that has not been corrected, except as may be reflected by the Property Documents or otherwise disclosed
in writing to Purchaser.

9.1.8      Enforceability.
This Agreement has been, and each and all of the other agreements, instruments and documents herein required to be made or delivered
by Seller pursuant hereto have been, or on the Closing Date will have been, executed by Seller and when so executed, are and shall
be legal, valid, and binding obligations of Seller enforceable against Seller in accordance with their respective terms, subject
to all applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the rights of creditors
generally and, as to enforceability, the general principles of equity (regardless of whether enforcement is sought in a proceeding
in equity or at law).

9.1.9      Bankruptcy
Matters. Seller has not made a general assignment for the benefit of creditors, filed any voluntary petition in bankruptcy
or suffered the filing of an involuntary petition by its creditors, suffered the appointment of a receiver to take possession of
substantially all of its assets, suffered the attachment or other judicial seizure of substantially all of its assets, admitted
its inability to pay its debts as they come due, or made an offer of settlement, extension of composition to its creditors generally.

9.1.10      Prohibited
Persons and Transactions. Neither Seller nor any of its affiliates, nor any of their respective partners, members,
shareholders or other equity owners, and none of their respective employees, officers, directors, representatives or agents is,
nor will they become, a person or entity with whom U.S. persons or entities are restricted from doing business under regulations
of the Office of Foreign Assets Control ("OFAC")
of the Department of the Treasury (including those named on OFAC's Specially Designated Nationals 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.

Section
9.2      Purchaser's Representations and Warranties.
Purchaser represents and warrants to Seller that:

    	PURCHASE AND SALE AGREEMENT – PAGE 21

    	 

    

9.2.1      Organization
and Authority. Purchaser has been duly organized and is validly existing as a corporation in good standing in the
State of Maryland and is qualified to do business in the state in which the Real Property is located. Purchaser has the full right
and authority and has obtained or will obtain any and all consents required to enter into this Agreement and to consummate or cause
to be consummated the transactions contemplated hereby. This Agreement and all of the documents to be delivered by Purchaser at
the Closing will be authorized and properly executed and constitute, or will constitute, as appropriate, the valid and binding
obligation of Purchaser, enforceable in accordance with their terms.

9.2.2      Conflicts
and Pending Action. There is no agreement to which Purchaser is a party or to Purchaser's knowledge binding on Purchaser
which is in conflict with this Agreement. There is no action or proceeding pending or, to Purchaser's knowledge, threatened against
Purchaser which challenges or impairs Purchaser's ability to execute or perform its obligations under this Agreement.

9.2.3      ERISA.
Purchaser is not an employee benefit plan (a "Plan")
subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"),
Purchaser's assets do not constitute "plan assets" within the meaning of the "plan asset regulations" (29.C.F.R.
Section 2510.3-101), and Purchaser's acquisition of the Property will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code.

9.2.4      Prohibited
Persons and Transactions. Neither Purchaser nor any of its affiliates, nor any of their respective partners, members,
shareholders or other equity owners, and none of their respective employees, officers, directors, representatives or agents is,
nor will they become, a person or entity with whom U.S. persons or entities are restricted from doing business under regulations
of the 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.

9.2.5      Enforceability.
This Agreement has been, and each and all of the other agreements, instruments and documents herein required to be made or delivered
by Purchaser pursuant hereto have been, or on the Closing Date will have been, executed by Purchaser and when so executed, are
and shall be legal, valid, and binding obligations of Purchaser enforceable against Purchaser in accordance with their respective
terms, subject to all applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the rights
of creditors generally and, as to enforceability, the general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law).

    	PURCHASE AND SALE AGREEMENT – PAGE 22

    	 

    

Section
9.3      Survival of Representations and Warranties.
The representations and warranties set forth in this Article 9 are made as of the Effective Date and, except as provided
in Section 0, are remade as of the Closing Date and shall not be deemed to be merged into or waived by the instruments
of Closing, but shall survive the Closing for a period of six (6) months (the "Survival
Period"). Terms such as "to Seller's knowledge,"
"to the best of Seller's knowledge" or
like phrases mean the actual present and conscious awareness or knowledge of Chris McNeer ("Seller's
Representative"), without any duty of inquiry or investigation; provided that so qualifying Seller's knowledge
shall in no event give rise to any personal liability on the part of Seller's Representatives, or any of them, or any other officer
or employee of Seller, on account of any breach of any representation or warranty made by Seller herein. Said terms do not include
constructive knowledge, imputed knowledge, or knowledge Seller or such persons do not have but could have obtained through further
investigation or inquiry. No broker, agent, or party other than Seller is authorized to make any representation or warranty for
or on behalf of Seller. Each party shall have the right to bring an action against the other on the breach of a representation
or warranty hereunder, but only on the following conditions: (a) the party bringing the action for breach first learns of
the breach after Closing and files such action within the Survival Period, and (b) neither party shall have the right to bring
a cause of action for a breach of a representation or warranty unless the damage to such party on account of such breach (individually
or when combined with damages from other breaches) equals or exceeds $25,000. Neither party shall have any liability after Closing
for the breach of a representation or warranty hereunder of which the other party hereto had knowledge as of Closing. Notwithstanding
any other provision of this Agreement, any agreement contemplated by this Agreement, or any rights which Purchaser might otherwise
have at law, equity, or by statute, whether based on contract or some other claim, Purchaser agrees that any liability of Seller
to Purchaser will be limited to FOUR HUNDRED THOUSAND AND 00/100 DOLLARS ($400,000.00) (the “Seller Liability Cap”).
Notwithstanding anything to the contrary contained in this Agreement, the following shall not be counted toward or subject to the
Seller Liability Cap: (a) Seller's liabilities or obligations under Article 8 or Sections 1.2, 10.3, or 10.4 of this Agreement
or (b) Seller liability for claims brought under applicable law based on fraud.       The provisions of this 0 shall survive
the Closing. Any breach of a representation or warranty that occurs prior to Closing shall be governed by Article 10.

ARTICLE
10

Default and Remedies

Section
10.1      Seller's Remedies. If the parties
fail to consummate the purchase of the Property due to a Purchaser default, Seller shall be entitled, as its sole remedy, to terminate
this Agreement and retain the Earnest Money as liquidated damages and not as penalty, in full satisfaction of claims against Purchaser
hereunder. Seller and Purchaser agree that Seller's damages resulting from Purchaser's default are difficult, if not impossible,
to determine and the Earnest Money is a fair estimate of those damages which has been agreed to in an effort to cause the amount
of such damages to be certain. Notwithstanding anything in this 0, in the event of Purchaser's default or a termination
of this Agreement, Seller shall have all remedies available at law or in equity in the event Purchaser or any party related to
or affiliated with Purchaser is asserting any claims or right to the Property that would otherwise delay or prevent Seller from
having clear, indefeasible and marketable title to the Property. Nothing contained in this 0 shall serve to otherwise limit
Seller’s legal or equitable rights and remedies against Purchaser arising out of Purchaser’s obligations under Section
3.4, 0, 0, 0 and 0 hereof. If the Closing is consummated, Seller shall have all remedies available
at law or in equity in the event Purchaser fails to perform any obligation of Purchaser under this Agreement.

    	PURCHASE AND SALE AGREEMENT – PAGE 23

    	 

    

Section
10.2      Purchaser's Remedies. If Seller fails
to consummate the sale of the Property pursuant to this Agreement or otherwise defaults on its obligations hereunder at or prior
to Closing for any reason except failure by Purchaser to perform hereunder, or if prior to Closing any one or more of Seller's
representations or warranties are breached in any material respect, and such default or breach is not cured by the earlier of the
third (3rd) business day after written notice thereof from Purchaser or the Closing Date (Purchaser hereby agreeing to give such
written notice to Seller within one business day after Purchaser first learns of any such default or breach by Seller, except no
notice or cure period shall apply if Seller fails to consummate the sale of the Property hereunder), Purchaser shall elect, as
its sole remedy, either to (a) terminate this Agreement by giving Seller timely written notice of such election prior to or
at Closing and recover the Earnest Money, (b) enforce specific performance to consummate the sale of the Property hereunder,
or (c) waive said failure or breach and proceed to Closing without any reduction in the Purchase Price. Notwithstanding anything
herein to the contrary, in the event that the Closing fails to occur as a result of a Seller default, Purchaser shall be deemed
to have elected to terminate this Agreement and the Earnest Money shall be returned to Purchaser if Purchaser fails to deliver
to Seller written notice of its intent to file a claim or assert a cause of action for specific performance against Seller on or
before fifteen (15) business days following the scheduled Closing Date or, having given such notice, fails to file a lawsuit asserting
such claim or cause of action in the county in which the Property is located within three (3) months following the scheduled Closing
Date. Purchaser's remedies with respect to Seller defaults shall be limited to those described in this 0 and 0 and
0 hereof; provided, however, that nothing contained in this Section 10.2 shall serve to otherwise limit Purchaser’s
legal or equitable rights and remedies against Seller arising out of Seller’s obligations under 0, 0 or 0
hereof. IN NO EVENT SHALL SELLER'S DIRECT OR INDIRECT PARTNERS, SHAREHOLDERS, OWNERS OR AFFILIATES, ANY OFFICER, DIRECTOR,
EMPLOYEE OR AGENT OF THE FOREGOING, OR ANY AFFILIATE OR CONTROLLING PERSON THEREOF HAVE ANY 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.

Section
10.3      Attorneys' Fees. In the event either
party hereto employs an attorney in connection with claims by one party against the other arising from the operation of this Agreement,
the non-prevailing party shall pay the prevailing party all reasonable fees and expenses, including attorneys' fees, incurred in
connection with such claims.

Section
10.4      Other Expenses. If this Agreement
is terminated due to the default of a party, then the defaulting party shall pay any fees or charges due to Escrow Agent for holding
the Earnest Money as well as any escrow cancellation fees or charges and any fees or charges due to the Title Company for preparation
and/or cancellation of the Title Commitment.

Section
10.5      Net Worth Covenant. Until the expiration of the Survival Period (or such longer period as may be applicable
pursuant to the immediately following sentence), Seller covenants that it shall maintain a tangible net worth in an amount not
less than Seller’s Liability Cap. The covenant of Seller set forth in the immediately preceding sentence shall survive Closing
until the expiration of the Survival Period, except to the extent that a claim against Seller is filed by Purchaser prior to the
expiration of the Survival Period, in which case such covenant shall survive until such claim is resolved.

    	PURCHASE AND SALE AGREEMENT – PAGE 24

    	 

    

ARTICLE
11

Disclaimers, Release and Indemnity

Section
11.1      Disclaimers By Seller. Except as expressly
set forth in this Agreement and/or in any document executed by Seller and delivered to Purchaser at Closing, it is understood and
agreed that Seller and Seller's agents or employees have not at any time made and are not now making, and they specifically disclaim,
any warranties, representations or guaranties of any kind or character, express or implied, with respect to the Property, including,
but not limited to, warranties, representations or guaranties as to (a) matters of title (other than Seller's special warranty
of title to be contained in the Deed), (b) environmental matters relating to the Property or any portion thereof, including,
without limitation, the presence of Hazardous Materials in, on, under or in the vicinity of the Property, (c) geological conditions,
including, without limitation, subsidence, subsurface conditions, water table, underground water reservoirs, limitations regarding
the withdrawal of water, and geologic faults and the resulting damage of past and/or future faulting, (d) whether, and to
the extent to which the Property or any portion thereof is affected by any stream (surface or underground), body of water, wetlands,
flood prone area, flood plain, floodway or special flood hazard, (e) drainage, (f) 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, (g) the presence of endangered species or any environmentally sensitive or protected areas, (h) zoning
or building entitlements to which the Property or any portion thereof may be subject, (i) the availability of any utilities
to the Property or any portion thereof including, without limitation, water, sewage, gas and electric, (j) usages of adjoining
property, (k) access to the Property or any portion thereof, (l) the value, compliance with the plans and specifications,
size, location, age, use, design, quality, description, suitability, structural integrity, operation, title to, or physical or
financial condition of the Property or any portion thereof, or any income, expenses, charges, liens, encumbrances, rights or claims
on or affecting or pertaining to the Property or any part thereof, (m) 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, (n) the existence or non-existence of underground storage tanks, surface
impoundments, or landfills, (o) any other matter affecting the stability and integrity of the Property, (p) the potential
for further development of the Property, (q) the merchantability of the Property or fitness of the Property for any particular
purpose, (r) the truth, accuracy or completeness of the Property Documents, (s) tax consequences, or (t) any other
matter or thing with respect to the Property.

Section
11.2      Sale "As Is, Where Is".
Purchaser acknowledges and agrees that upon Closing, Seller shall sell and convey to Purchaser and Purchaser shall accept the Property
"AS IS, WHERE IS, WITH ALL FAULTS," except to the extent expressly provided otherwise in this Agreement and/or
in any document executed by Seller and delivered to Purchaser at Closing. Except as expressly set forth in this Agreement and/or
in any document executed by Seller and delivered to Purchaser at Closing, Purchaser has not relied and will not rely on, and Seller
has not made and is not liable for or bound by, any express or implied warranties, guarantees, statements, representations or information
pertaining to the Property or relating thereto

    	PURCHASE AND SALE AGREEMENT – PAGE 25

    	 

    

(including specifically,
without limitation, Property information packages distributed with respect to the Property) made or furnished by Seller, or any
property manager, real estate broker, agent or third party representing or purporting to represent Seller, to whomever made or
given, directly or indirectly, orally or in writing. Purchaser represents that it is a knowledgeable, experienced and sophisticated
purchaser of real estate and that, except as expressly set forth in this Agreement and/or in any document executed by Seller and
delivered to Purchaser at Closing, it is relying solely on its own expertise and that of Purchaser's consultants in purchasing
the Property and shall make an independent verification of the accuracy of any documents and information provided by Seller. Purchaser
will conduct such inspections and investigations of the Property as Purchaser deems necessary, including, but not limited to, the
physical and environmental conditions thereof, and shall rely upon same except to the extent expressly provided otherwise in this
Agreement and/or any document executed by Seller and delivered to Purchaser at Closing. By failing to terminate this Agreement
prior to the expiration of the Inspection Period, Purchaser acknowledges that Seller has afforded Purchaser a full opportunity
to conduct such investigations of the Property as Purchaser deemed necessary to satisfy itself as to the condition of the Property
and the existence or non-existence or curative action to be taken with respect to any Hazardous Materials on or discharged from
the Property, and will rely solely upon same and not upon any information provided by or on behalf of Seller or its agents or employees
with respect thereto, other than such representations, warranties and covenants of Seller as are expressly set forth in this Agreement
and/or in any document executed by Seller and delivered to Purchaser at Closing. Upon Closing, Purchaser shall assume the risk
that adverse matters, including, but not limited to, adverse physical or construction defects or adverse environmental, health
or safety conditions, may not have been revealed by Purchaser's inspections and investigations. Purchaser hereby represents and
warrants to Seller that: (a) Purchaser is represented by legal counsel in connection with the transaction contemplated by
this Agreement; and (b) Purchaser is purchasing the Property for business, commercial, investment or other similar purpose
and not for use as Purchaser's residence. Purchaser waives any and all rights or remedies it may have or be entitled to, deriving
from disparity in size or from any significant disparate bargaining position in relation to Seller.

Section
11.3      Seller Released from Liability. Except
as expressly set forth in this Agreement and/or in any document executed by Seller and delivered to Purchaser at Closing, Purchaser
acknowledges that it will have the opportunity to inspect the Property during the Inspection Period, and during such period, observe
its physical characteristics and existing conditions and the opportunity to conduct such investigation and study on and of the
Property and adjacent areas as Purchaser deems necessary, and Purchaser hereby FOREVER RELEASES AND DISCHARGES Seller from all
responsibility and liability, including without limitation, liabilities under the Comprehensive Environmental Response, Compensation
and Liability Act Of 1980 (42 U.S.C. Sections 9601 et seq.), as amended ("CERCLA"),
the Resource Conservation and Recovery Act (42 U.S.C. Section 9601 et seq.), as amended, and the Oil Pollution Act (33 U.S.C.
Section 2701 et seq.) regarding the condition, valuation, salability or utility of the Property, or its suitability for any purpose
whatsoever (including, but not limited to, with respect to the presence in the soil, air, structures and surface and subsurface
waters, of Hazardous Materials or other materials or substances that have been or may in the future be determined to be toxic,
hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property
under current or future federal, state and local laws, regulations or guidelines, and any structural and geologic conditions, subsurface

    	PURCHASE AND SALE AGREEMENT – PAGE 26

    	 

    

soil and water conditions
and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property). Purchaser further
hereby WAIVES (and by Closing this transaction will be deemed to have WAIVED) any and all objections and complaints (including,
but not limited to, federal, state and local statutory and common law based actions, and any private right of action under any
federal, state or local laws, regulations or guidelines to which the Property is or may be subject, including, but not limited
to, CERCLA) concerning the physical characteristics and any existing conditions of the Property. Purchaser further hereby assumes
the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions on the Property
and the risk that adverse physical characteristics and conditions, including, without limitation, the presence of Hazardous Materials
or other contaminants, may not have been revealed by its investigation.

Section
11.4      "Hazardous Materials" Defined.
For purposes hereof, "Hazardous Materials"
means "Hazardous Material," "Hazardous
Substance," "Pollutant or Contaminant,"
and "Petroleum" and "Natural
Gas Liquids," as those terms are defined or used in Section 101 of CERCLA, and any other substances regulated
because of their effect or potential effect on public health and the environment, including, without limitation, PCBs, lead paint,
asbestos, urea formaldehyde, radioactive materials, putrescible materials, and infectious materials.

Section
11.5      Indemnity. Purchaser agrees to indemnify,
defend and hold Seller harmless of and from any and all liabilities, claims, demands, and expenses of any kind or nature which
arise or accrue after Closing, which are the direct result of the acts and omissions of Purchaser, Purchaser’s contractors,
agents, employees, licensees, guests, invitees, tenants or any assignees or subtenants claiming by, through or under any tenants
and are related to the Property and which occur during Purchaser’s (which shall be deemed to include any assignee of Purchaser
under this Agreement) period of ownership of the Property.      

Section
11.6      Survival. The terms and conditions
of this Article 11 shall expressly survive the Closing, not merge with the provisions of any closing documents and shall
be incorporated into the Deed.

Purchaser acknowledges
and agrees that the disclaimers and other agreements set forth herein are an integral part of this Agreement and that Seller would
not have agreed to sell the Property to Purchaser for the Purchase Price without the disclaimers and other agreements set forth
above.

ARTICLE
12

Miscellaneous

Section
12.1      Parties Bound; Assignment. 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. Purchaser may assign its rights under this Agreement upon
the following conditions: (a) the assignee of Purchaser must be an entity controlling, controlled by, or under common control
with Purchaser, (b) all of the Earnest Money must have been delivered in accordance herewith, (c) the Inspection Period
shall be deemed to have ended, (d) the assignee of Purchaser shall assume all obligations of Purchaser hereunder, but Purchaser
shall remain primarily liable for the performance of Purchaser's obligations, (e) a copy of the fully executed written assignment
and assumption agreement shall be delivered to Seller at least five (5) days prior to Closing, and (f) the requirements in
0 are satisfied.

    	PURCHASE AND SALE AGREEMENT – PAGE 27

    	 

    

Section
12.2      Headings. The article, section, subsection,
paragraph and/or other headings of this Agreement are for convenience only and in no way limit or enlarge the scope or meaning
of the language hereof.

Section
12.3      Invalidity and Waiver. If any portion
of this Agreement is held invalid or inoperative, then so far as is reasonable and possible the remainder of this Agreement shall
be deemed valid and operative, and, to the greatest extent legally possible, effect shall be given to the intent manifested by
the portion held invalid or inoperative. The failure by either party to enforce against the other any term or provision of this
Agreement shall not be deemed to be a waiver of such party's right to enforce against the other party the same or any other such
term or provision in the future.

Section
12.4      Governing Law. This Agreement shall,
in all respects, be governed, construed, applied, and enforced in accordance with the law of the state in which the Real Property
is located.

Section
12.5      Survival. The provisions of this Agreement
that contemplate performance after the Closing and the obligations of the parties not fully performed at the Closing (other than
any unfulfilled closing conditions which have been waived or deemed waived by the other party) shall survive the Closing and shall
not be deemed to be merged into or waived by the instruments of Closing.

Section
12.6      Entirety and Amendments. This Agreement
embodies the entire agreement between the parties and supersedes all prior agreements and understandings relating to the Property.
This Agreement may be amended or supplemented only by an instrument in writing executed by the party against whom enforcement is
sought. All Exhibits attached hereto are incorporated herein by this reference for all purposes.

Section
12.7      Time. Time is of the essence in the
performance of this Agreement.

Section
12.8      Confidentiality. Purchaser shall make
no public announcement or disclosure of any information related to this Agreement to outside brokers or third parties, before or
after the Closing, without the prior written specific consent of Seller; provided, however, that Purchaser may do the following
without the prior written consent of Seller: (a) subject to the provisions of 0, make disclosure of this Agreement to its
Permitted Outside Parties as necessary to perform its obligations hereunder, (b) make disclosure of this Agreement to the United
States Securities and Exchange Commission in connection with any filing made by Purchaser pursuant to federal or state securities
law or regulations, including but not limited to a Form S-11 registration or a Rule 3-14 audit or any similar or related filing
made by Purchaser, or (c) make disclosure of this Agreement as otherwise required by law.

Section
12.9      Electronic Signatures. In order to
expedite the transaction contemplated herein, .pdf (exchanged via e-mail) signatures may be used in place of original signatures
on this Agreement. Seller and Purchaser intend to be bound by the signatures on the pdf document, are aware that the other party
will rely on the .pdf signatures, and hereby waive any defenses to the enforcement of the terms of this Agreement based on the
form of signature.

    	PURCHASE AND SALE AGREEMENT – PAGE 28

    	 

    

Section
12.10      Notices. All notices required or
permitted hereunder shall be in writing and shall be served on the parties at the addresses set forth in 0. Any such notices
shall, unless otherwise provided herein, be given or served (a) by depositing the same in the United States mail, postage
paid, certified and addressed to the party to be notified, with return receipt requested, (b) by overnight delivery using
a nationally recognized overnight courier, (c) by personal delivery, or (d) by electronic mail addressed to the electronic
mail address set forth in 0 for the party to be notified with a confirmation copy delivered by another method permitted
under this 0. Notice given in accordance herewith for all permitted forms of notice other than by electronic mail, shall
be effective upon the earlier to occur of actual delivery to the address of the addressee or refusal of receipt by the addressee.
Notice given by electronic mail in accordance herewith shall be effective upon the entrance of such electronic mail into the information
processing system designated by the recipient's electronic mail address. Except for electronic mail notices as described above,
no notice hereunder shall be effective if sent or delivered by electronic means. In no event shall this Agreement be altered, amended
or modified by electronic mail or electronic record. A party's address may be changed by written notice to the other party; provided,
however, that no notice of a change of address shall be effective until actual receipt of such notice. Notices given by counsel
to the Purchaser shall be deemed given by Purchaser and notices given by counsel to the Seller shall be deemed given by Seller.

Section
12.11      Construction. The parties acknowledge
that the parties and their counsel have reviewed and revised this Agreement and agree that the normal rule of construction - to
the effect that any ambiguities are to be resolved against the drafting party - shall not be employed in the interpretation of
this Agreement or any exhibits or amendments hereto.

Section
12.12      Calculation of Time Periods. Unless
otherwise specified, in computing any period of time described herein, the day of the act or event after 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 a Saturday, Sunday or legal holiday for national banks in the location where the Property is located, in which event the period
shall run until the end of the next day which is not a Saturday, Sunday, or legal holiday. Unless otherwise provided in this Agreement,
the last day of any period of time described herein shall be deemed to end at 5:00 p.m. (Eastern).

Section
12.13      Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall
constitute one Agreement.

Section
12.14      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, and any such recordation of this Agreement or memorandum or affidavit by Purchaser without the prior written consent of
Seller shall constitute a default hereunder by Purchaser, whereupon Seller shall have the remedies set forth in 0 hereof.
In addition to any such remedies, Purchaser shall be obligated to execute an instrument in recordable form releasing this Agreement
or memorandum or affidavit, and Purchaser's obligations pursuant to this 0 shall survive any termination of this Agreement
as a surviving obligation.

    	PURCHASE AND SALE AGREEMENT – PAGE 29

    	 

    

Section
12.15      Further Assurances. In addition to
the acts and deeds recited herein and contemplated to be performed, executed and/or delivered by either party at Closing, each
party agrees to perform, execute and deliver, but without any obligation to incur any additional liability or expense, on or after
the Closing any further deliveries and assurances as may be reasonably necessary to consummate the transactions contemplated hereby
or to further perfect the conveyance, transfer and assignment of the Property to Purchaser.

Section
12.16      Discharge of Obligations. The acceptance
of the Deed by Purchaser shall be deemed to be a full performance and discharge of every representation and warranty made by Seller
herein and every agreement and obligation on the part of Seller to be performed pursuant to the provisions of this Agreement, except
those which are herein specifically stated to survive Closing.

Section
12.17      ERISA. Under no circumstances shall
Purchaser have the right to assign this Agreement to any person or entity owned or controlled by an employee benefit plan if Seller's
sale of the Property to such person or entity would, in the reasonable opinion of Seller's ERISA advisors or consultants, create
or otherwise cause a "prohibited transaction" under ERISA. In the event Purchaser assigns this Agreement or transfers
any ownership interest in Purchaser, and such assignment or transfer would make the consummation of the transaction hereunder a
"prohibited transaction" under ERISA and necessitate the termination of this Agreement then, notwithstanding any contrary
provision which may be contained herein, Seller shall have the right to terminate this Agreement.

Section
12.18      No Third Party Beneficiary. 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 Purchaser
only and are not for the benefit of any third party, and accordingly, no third party shall have the right to enforce the provisions
of this Agreement or of the documents to be executed and delivered at Closing.

Section
12.19      Reporting Person. Purchaser and Seller
hereby designate the Title Company as the "reporting person" pursuant to the provisions of Section 6045(e) of the Internal
Revenue Code of 1986, as amended.

[SIGNATURE PAGES AND EXHIBITS TO FOLLOW]

    	PURCHASE AND SALE AGREEMENT – PAGE 30

    	 

    

SIGNATURE PAGE TO AGREEMENT OF

PURCHASE AND SALE

BY AND BETWEEN

TPRF/ENTERPRISE, LLC

AND

PLYMOUTH REIT INC.

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the day and year written below.

	
        SELLER:

         

         

        Date executed by Seller

        ______________, 2014
	
        TPRF/ENTERPRISE,
        LLC, 

a Delaware limited liability company

        By:  Thackeray Partners, LP, a Delaware

                limited partnership, its manager

        By:  Thackeray Partners GP, LLC, a Delaware

                limited liability company, its general

                partner

         

        By:     /s/ Mary M.
        Hagen

        Name: Mary M. Hagen

        Title:   President

	 	 
	
        PURCHASER:

         

         

        Date executed by Purchaser

        _____________, 2014
	
        PLYMOUTH INDUSTRIAL REIT INC., 

a Maryland corporation

         

        By:      /s/ Pendleton
        P. White, Jr.

        Name: Pendleton P. White, Jr.

        Title:   President

    	PURCHASE AND SALE AGREEMENT – PAGE 31

    	 

    

JOINDER BY ESCROW AGENT

Escrow Agent has executed this Agreement
in order to confirm that Escrow Agent shall hold the Earnest Money required to be deposited under this Agreement and the interest
earned thereto, in escrow, and shall disburse the Earnest Money, and the interest earned thereon, pursuant to the provisions of
this Agreement.

	
         

         

        Date executed by Escrow Agent

        ________________________
	
        Commonwealth
        Land Title Insurance Company

        By:_________________________________

        Name:_______________________________

        Title:________________________________

         

 

    	PURCHASE AND SALE AGREEMENT – PAGE 32

    	 

    

LIST OF EXHIBITS

	A	-	Legal Description of Real Property
	B	-	Limited Warranty Deed
	C	-	Bill of Sale, Assignment and Assumption of Leases and Contracts
	D	-	FIRPTA Certificate
	E	-	Notice to Tenants
	F	-	List of Tenants, Rent Roll and Leasing Costs
	G	-	Form of Tenant Estoppel Certificate
	H	-	List of Service Contracts

 

 

    	PURCHASE AND SALE AGREEMENT – PAGE 33

    	 

    

EXHIBIT
A

LEGAL DESCRIPTION

 

Situated in the Township of Twinsburg, County
of Summit and State of Ohio, and known as being part of Original Twinsburg Township, Lot 8, Tract 1-M and Part of Original Twinsburg
Township Lot I, Tract I, S.E., and more fully described as follows:

 

Commencing at the intersection of the centerline
of Enterprise Parkway, 60 feet wide as shown by the dedication plat recorded in Plat Book 94, Pages 28, 29 and 30 of Summit County
Records and the Easterly line of Twinsburg Township Lot I, Tract l, S.E.;

 

Thence South 89°57'40" West along the
centerline of Enterprise Parkway, as aforesaid, 434.64 feet to a point;

 

Thence North 0·02'20" West 30.00
feet to a point on the northerly line of Enterprise Parkway, as aforesaid, and the principal place of beginning;

 

Thence South,89°5T40" west along the
northerly line of Enterprise Parkway, as aforesaid, 195136 feet to an angle point;

 

Thence continuing along the Northerly line of
Enterprise Parkway, as aforesaid, North 89°13 '30" West 349,07 feet to a point at the Southeasterly comer of land conveyed
to DHD, Inc., by deed recorded in Volume 5658, Page 482 of Summit County Records;

 

Thence North 0°46'30" East along the
Easterly line of land so conveyed to DHD, Inc., 500.00 feel to the Northeast comer thereof;

 

Thence North 89°13'30" West along the
Northerly line of land so conveyed to DHD, Inc., 175.00 feet to the Northwest comer thereof;

 

Thence North 0°46'30" East, 521.71
feet to a point on the Southerly line of land, conveyed to Cotter Enterprise, Inc., by deed recorded on November I9, I974 in Summit
County Records;

 

Thence Easterly along the Southerly line of
land so conveyed to Cotter Enterprise, Inc., and along the Southerly line of land conveyed to the County of Summit by deed recorded
on September 14,1973, in Summit County Records, South 89°13'30" East 704.51 feet to a point;

 

Thence South 0°02'20" East 1,019.04
feet to a point and the principal place of beginning.

 

TOGETHER WITH the easement rights record in
Volume OR 496, Page 553, of Summit County Records.

 

    	Exhibit A, Legal Description     A-1

    	 

    

EXHIBIT
B

FORM OF LIMITED WARRANTY DEED

 

 

This instrument was prepared by:

__________________________

__________________________

__________________________

__________________________

 

LIMITED WARRANTY DEED

 

____________________,
a ______________ ("Grantor"), whose address
is ____________________________________, for and in consideration of the sum of $10.00 and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, does GRANT, BARGAIN, SELL, and CONVEY with limited warranty covenants
to ______________________, a _________________ ("Grantee"),
whose address is _______________________, the tract or parcel of land in Summit County, Ohio, described in Exhibit A, and
all the estate, right, title and interest of the said Grantor in and to said premises (such land and interests are hereinafter
collectively referred to as the "Property");
to have and to hold the same, with all the privileges and appurtenances thereunto belonging, to said Grantee, its successors and
assigns forever. And the said Grantor does hereby covenant and warrant that the title so conveyed is clear, free and unencumbered,
for the time Grantor held title to said premises, subject to all easements, restrictions, reservations and covenants now of record
and further subject to all matters that a current, accurate survey of the Property would show, together with the matters described
in Exhibit B attached hereto and incorporated herein by this reference, to the extent the same are validly existing and
applicable to the Property.

This is a Limited Warranty Deed pursuant
to Ohio Revised Code Sections 5302.07 and 5302.08.

Prior Instrument References:        Book
________, Page ___.

Auditor's Tax Parcel Numbers:      _____________________

    	Exhibit B, Limited Warranty Deed     B-1

    	 

    

 

 

EXECUTED as of _____________________,
20___.

	 	
        ____________________________________

         

        By:_________________________________

        Name:_______________________________

        Title:________________________________

 

	STATE OF TEXAS	§
	 	§
	COUNTY  OF  ____________	§

 

This instrument
was acknowledged before me on _____________, 20___, by ______________, _________________ of _____________, a __________________,
on behalf of said __________________.

 

____________________________________

Notary Public, State of Texas

 

    	Exhibit B, Limited Warranty Deed     B-2

    	 

    

EXHIBIT
A

[Description of the Property]

    	Exhibit B, Limited Warranty Deed     B-3

    	 

    

EXHIBIT
B

[Permitted Exceptions]

 

    	Exhibit B, Limited Warranty Deed     B-4

    	 

    

EXHIBIT C

BILL OF SALE,
ASSIGNMENT AND ASSUMPTION

(1755 Enterprise Parkway, Twinsburg,
Ohio)

THIS BILL OF SALE,
ASSIGNMENT AND ASSUMPTION is made as of the _____ day of __________________, ______, by and between ___________________________,
a _______________________ ("Assignor"),
and _________________________, a _________________________ ("Assignee").

W I T N E S S E T H:

For good and valuable
consideration, receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows:

1.      Assignor
hereby sells, transfers, assigns and conveys to Assignee the following:

(a)      All
right, title and interest of Assignor in and to all tangible personal property ("Personalty")
set forth in the inventory on Exhibit A attached hereto and made a part hereof, and located on, and used in connection with
the management, maintenance or operation of that certain land and improvements located in the County of Summit, State of Ohio,
as more particularly described in Exhibit B attached hereto and made a part hereof ("Real
Property").

(b)      All
right, title and interest of Assignor in and to those certain leases, licenses and other agreements described on Exhibit C
attached hereto and made a part hereof (the "Tenant Leases"),
relating to the leasing, licensing and/or use of space in the Real Property and all of the rights, interests, benefits and privileges
of the lessor and/or licensor thereunder, and to the extent Assignee has not received a credit therefor under the Purchase Agreement
(as defined below), all prepaid rents and security and other deposits held by Assignor under the Tenant Leases and not credited
or returned to tenants, but subject to all terms, conditions, reservations and limitations set forth in the Tenant Leases.

(c)      To
the extent assignable, all right, title and interest of Assignor in and to those certain contracts set forth on Exhibit D
attached hereto and made a part hereof, and all warranties, guaranties, indemnities and claims (including, without limitation,
for workmanship, materials and performance) and which exist or may hereafter exist against any contractor, subcontractor, manufacturer
or supplier or laborer or other services relating thereto (collectively, the "Contracts").

2.      This
Bill of Sale, Assignment and Assumption is given pursuant to that certain Purchase and Sale Agreement (as amended, the "Purchase
Agreement") dated as of _______ __, 2014, between Assignor and Assignee, providing for, among other things,
the conveyance of the Personalty, the Tenant Leases and the Contracts.

 

    	Exhibit C, Bill of Sale, Assignment and Assumption   C-1

    	 

    

3.      As
set forth in Article 11 of the Purchase Agreement, which is hereby incorporated by reference as if herein set out in full
and except as set forth herein, the property conveyed hereunder is conveyed by Assignor and accepted by Assignee AS IS, WHERE
IS, AND WITHOUT ANY WARRANTIES OF WHATSOEVER NATURE, EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY SET FORTH IN THE PURCHASE AGREEMENT,
IT BEING THE INTENTION OF ASSIGNOR AND ASSIGNEE EXPRESSLY TO NEGATE AND EXCLUDE ALL WARRANTIES, INCLUDING, WITHOUT LIMITATION,
THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, WARRANTIES CREATED BY ANY AFFIRMATION OF FACT
OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY CONVEYED HEREUNDER, OR BY ANY SAMPLE OR MODEL THEREOF, AND ALL OTHER WARRANTIES
WHATSOEVER CONTAINED IN OR CREATED BY THE OHIO UNIFORM COMMERCIAL CODE.

4.      Assignee
hereby accepts the assignment of the Personalty, the Tenant Leases and the Contracts and agrees to assume and discharge, in accordance
with the terms thereof, all of the obligations thereunder from and after the date hereof. Additionally, but without limiting the
generality of the foregoing, Assignee agrees to assume and discharge all leasing commissions, costs for tenant improvements, legal
fees and other costs and expenses incurred with respect to Leases and Lease renewals and extensions subsequent to the Effective
Date of the Agreement.

5.      Assignee
agrees to indemnify and hold harmless Assignor from any cost, liability, damage or expense (including attorneys' fees) arising
out of or relating to Assignee's failure to perform any of the foregoing obligations arising from and accruing on or after the
date hereof.

6.      Assignor
agrees to indemnify and hold harmless Assignee from any cost, liability, damage or expense (including attorneys' fees) arising
out of or relating to Assignor's failure to perform any of the obligations of Assignor under the Tenant Leases or Contracts, to
the extent accruing prior to the date hereof.

7.      This
Bill of Sale, Assignment and Assumption may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which shall constitute one and the same instrument.

 

    	Exhibit C, Bill of Sale, Assignment and Assumption   C-2

    	 

    

IN WITNESS WHEREOF,
the parties hereto have executed this Bill of Sale, Assignment and Assumption as of the date first above written.

	 	
        ASSIGNOR:

        ________________________________, a _______________

         

        By:_________________________________

        Name:_______________________________

        Title:________________________________

	 	 
	 	
        ASSIGNEE:

        ________________________________, a _______________

         

        By:_________________________________

        Name:_______________________________

        Title:________________________________

 

	Exhibit A	Personalty
	Exhibit B	Real Property
	Exhibit C	Tenant Leases
	Exhibit D	Contracts

 

 

    	Exhibit C, Bill of Sale, Assignment and Assumption   C-3

    	 

    

EXHIBIT D

FIRPTA CERTIFICATE

Section 1445 of
the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a
foreign person. To inform _____________ ("Transferee")
that withholding of tax is not required upon the disposition of a U.S. real property interest by _______________________ ("Transferor"),
the undersigned, in their capacity as _____________ of _____________, but not individually, hereby certifies to Transferee the
following on behalf of Transferor:

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

2.      Transferor
is not a disregarded entity as defined in Section 1.1445 2(b)(2)(iii);

3.      Transferor's
U.S. employer identification number is ___________; and

4.      Transferor's
office address is ___________________________.

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.

Under penalties
of perjury I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and
complete, and I further declare that I have authority to sign this document on behalf of Transferor.

Dated as of __________,
20___.

	 	
        ________________________________, a _______________

         

        By:_________________________________

        Name:_______________________________

        Title:________________________________

         

 

    	Exhibit D, FIRPTA Certificate                       D-1

    	 

    

 

	STATE OF _____________	§
	 	§
	COUNTY  OF  ____________	§

 

This instrument
was acknowledged before me on _____________, 201__, by ______________, _________________ of _____________, a __________________,
on behalf of said __________________.

 

____________________________________

Notary Public, State of _________

 

SWORN TO AND SUBSCRIBED
BEFORE ME by ______________________ on ___________________________, 201____.

 

____________________________________

Notary Public, State of _________

 

    	Exhibit D, FIRPTA Certificate                       D-2

    	 

    

EXHIBIT
E

NOTICE TO TENANTS

_____________________, ________

___________________________

___________________________

___________________________

___________________________

Dear Tenant:

You are hereby notified
that _________________________ ("Seller"),
the current owner of [Property] in [City,
State] (the "Property")
and the current owner of the landlord's interest in your lease in the Property, has sold the Property to [Purchaser] ("New
Owner"), as of the above date. In connection with such sale, Seller has assigned and transferred its interest
in your lease and your security deposit thereunder in the amount of $____________ (the "Security
Deposit") to New Owner, and New Owner has assumed and agreed to perform all of the landlord's obligations under
your lease (including any obligations set forth in your lease or under applicable law to repay or account for the Security Deposit)
from and after such date. New Owner acknowledges that New Owner has received and is responsible for the Security Deposit.

Accordingly, (a)
all your obligations under the lease from and after the date hereof, including your obligation to pay rent, shall be performable
to and for the benefit of New Owner, its successors and assigns, and (b) all the obligations of the landlord under the lease, including
any obligations thereunder or under applicable law to repay or account for the Security Deposit, shall be the binding obligation
of New Owner and its successors and assigns. Unless and until you are otherwise notified in writing by New Owner, the address of
New Owner for all purposes under your lease is:

___________________________

___________________________

___________________________

___________________________

___________________________

	 	
        Very truly yours,

        SELLER:

        ________________________________, a _______________

         

        By:_________________________________

        Name:_______________________________

        Title:________________________________

         

 

    	Exhibit
E, Notice to Tenants                E-1

    	 

    

 

	 	
        NEW OWNER:

        ____________________________________

         

        By:_________________________________

        Name:_______________________________

        Title:________________________________

         

         

 

 

    	Exhibit E, Notice to Tenants                E-2

    	 

    

EXHIBIT
F

List of Tenants

 

 

1. Curbell Plastics

2. ICM Distributing Company

3. Technoform Glass Insulation

4. Royal Chemical Company

5. PVS-Nolwood Chemicals, Inc.

6. Universal Screen Arts, Inc.

 

 

Leasing Costs

All Leasing Costs payable with respect to any
option to renew or option to expand that has not been exercised prior to the Effective Date, including any leasing commission in
connection with a renewal option or expansion under the Lease with Curbell Plastics to the extent any such leasing commission is
owed to a broker for such renewal or expansion under the Lease as a result of such broker being actively involved in the negotiations
therefor, as reasonably determined by Purchaser.

 

 

    	Exhibit F, List of Tenants              F-1

    	 

    

 

Rent Roll

 

 

1755 Enterprise Parkway

Tenant Security Deposit and Prepaid Rent Summary

July 25, 2014

 

	Tenant	Security
    

    Deposit	Prepaid
    Rent - 

    as of 7/25/14
	Curbell Plastics	10,193.67	-
	ICM Distributing Company	12,419.21	-
	Technoform Glass Insulation	15,651.00	-
	Royal Chemical Company	-	-
	Total	38,263.88	-

 

    	Exhibit F, List of Tenants              F-2

    	 

    

EXHIBIT
G

FORM OF TENANT ESTOPPEL CERTIFICATE

 

	TO:	___________________________
	 	___________________________
	 	___________________________

 

________________________________________
("Tenant") hereby warrants and represents to and agrees with _____________________________ ("Purchaser")
and to _______________________________ ("Lender") as follows, with the understanding that Purchaser is
relying on such warranties, representations and agreements as an inducement to purchase the property which is described in the
lease:

1.      Tenant
is the tenant under that certain lease (as amended to date, the "Lease") dated ____________________ between
______________________________ as landlord ("Landlord") and Tenant, covering _____ square feet of leasable
area (the "Leased Premises") in the building (the "Building") located on the property
(the "Property").

2.      Attached
hereto as Exhibit A is a true, correct and complete copy of the Lease, including all amendments or modifications thereto,
if any.

3.      The
Lease has not been amended or modified, except as reflected in Exhibit A, and is in full force and effect as originally
executed.

4.      To
the best of Tenant’s knowledge, there is no event of default nor any fact or circumstance that, with the giving of notice
or the passage of time or both, would constitute an event of default under the Lease by Landlord or Tenant.

5.      The
minimum rent currently payable under the Lease is in the amount of $___________ per month which has been paid through ___________,
2014; additional rent currently payable under the Lease is in the amount of $___________ per month which has been paid through
___________, 2014; and except for the current month, no rent has been paid in advance.

6.      The
amount of the security deposit, if any, is $____________________.

7.      Tenant
has no current known claims, counterclaims, defenses or setoffs against Landlord or to the payment of rent or other charges arising
from the Lease or otherwise, nor is Tenant entitled to any tenant improvement allowance or other concession payment from Landlord
or any free rent for any period after the date of this certification except as follows: (state none, if applicable) _______________.

8.      The
Tenant has accepted and is in possession of the Leased Premises. All improvements, alterations and space required to be furnished
by Landlord pursuant to the Lease have been completed, all sums required to be paid by Landlord to Tenant in connection with the
improvements (including, without limitation, any tenant allowance or rebate) have been paid in full, and all other conditions precedent
to the commencement of the term of the Lease have been satisfied.

 

    	Exhibit G, Form of Tenant Estoppel Certificate        G-1

    	 

    

9.      The
term of the Lease commenced on _____________, ____, and the current term is scheduled to expire on _____________, 20__. Except
as set forth in the Lease, the Tenant does not have (i) a right to renew the Lease, or (ii) any option to expand the Leased Premises.
Tenant has no right or option to purchase any part of the Leased Premises or the Property.

10.      No
actions, whether voluntary or otherwise, are pending against Tenant under the bankruptcy laws of the United States or any state
thereof.

11.      The
address of Tenant for receipt of notices is as set forth in the Lease.

12.      Neither
the Lease nor the Leased Premises have been sublet, assigned, mortgaged or encumbered (in whole or in part), except as follows:
(state none, if applicable) ____________.

13.      The
person signing this letter on behalf of Tenant is a duly authorized representative of Tenant.

14.      All
exhibits attached hereto are by this reference incorporated fully herein and are true, correct, and complete. The term "this
Certificate" shall be considered to include all such exhibits.

15.      This
Certificate shall inure to the benefit of Landlord, Purchaser and Lender and their respective successors and assigns, and shall
be binding upon Tenant and Tenant's heirs, legal representatives, successors and assigns. This Certificate shall not be deemed
to alter or modify any of the terms and conditions of the Lease except to the extent specifically set forth herein.

16.      All
guarantors of the Lease are identified below:

_________________________________________________________________________

 

EXECUTED this ________
day of __________________, ________.

	 	
        TENANT:

        ____________________________________

         

        By:_________________________________

        Name:_______________________________

        Title:________________________________

         

 

Exhibit A to Tenant Estoppel Certificate

[Lease Agreement and Amendments
Thereto, If Any]

 

    	Exhibit G, Form of Tenant Estoppel Certificate        G-2

    	 

    

EXHIBIT H

List
of Service Contracts

 

 

 

Exhibit H, List of Service Contracts            H-1Exhibit
10.3

 

REINSTATEMENT
AND AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT

This Reinstatement
and Amendment No. 1 to Purchase and Sale Agreement (this "Amendment") is executed effective as of
November 14, 2014 (the "Amendment Date"), between TPRF/ENTERPRISE, LLC, a Delaware limited liability
company ("Seller"), and PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation ("Purchaser"),
for the purpose of reinstating and amending the Purchase and Sale Agreement dated August 6, 2014 (with an Effective Date of August
6, 2014) between Purchaser and Seller (the "Agreement"). Capitalized terms used herein but not defined
shall be given the meanings assigned to them in the Agreement.

RECITALS:

A.     Pursuant
to the terms of the Agreement, Purchaser has agreed to purchase from Seller, and Seller has agreed to sell to Purchaser, that certain
real property located at 1755 Enterprise Parkway, Twinsburg, Ohio, and more particularly described in the Agreement.

B.     By
written notice dated September 22, 2014, Purchaser elected to terminate the Agreement pursuant to Section 4.4 of the Agreement.

C.     Purchaser
and Seller desire to reinstate and amend the Agreement on the terms and conditions contained in this Amendment.

AGREEMENTS:

For valuable consideration,
whose receipt and sufficiency are acknowledged, Purchaser and Seller agree as follows:

1.     Reinstatement;
Inspection Period. The Agreement is hereby reinstated effective as of the Amendment Date; accordingly, the Agreement shall
continue in full force and effect and Purchaser is deemed to have waived its right to terminate the Agreement pursuant to Section
4.4 of the Agreement.

2.     Earnest
Money. The first sentence of Section 3.1 of the Agreement is hereby deleted in its entirety and the following inserted
in its stead:

“Purchaser
shall deposit the Earnest Money with Escrow Agent no later than November 17, 2014.”

    	 

    	 

    

3.     Title.

(a)     The
legal description set forth in Exhibit A of the Agreement is hereby deleted in its entirety and the legal description set forth
in Schedule 1 attached hereto is inserted in its stead.

(b)     Seller
shall deliver to Escrow Agent, on or prior to the Closing Date, the affidavit attached to this Amendment as Schedule 2,
duly-executed by Seller.

4.     Service
Contracts. Pursuant to Section 4.6 of the Agreement, Purchaser elects to assume all unexpired Service Contracts listed
on Exhibit H of the Agreement.

5.     Closing
Date. The Closing Date shall be December 3, 2014, or such earlier date as Purchaser and Seller may agree in writing.

6.     Tenant
Estoppel Certificates. As of the Amendment Date, Seller has delivered to Purchaser executed tenant estoppel certificates
to Purchaser executed by tenants occupying not less than 100% of the square feet in the Improvements leased to tenants, however,
such executed estoppel certificates are dated more than thirty (30) days prior to the Closing Date, as extended hereby; accordingly,
the condition to Closing set forth in Section 7.2.4 of the Agreement has not been satisfied as of the Amendment Date and satisfaction
thereof shall be a condition precedent to Purchaser’s obligations under the Agreement pursuant to Section 7.2.4 of the Agreement.
Each tenant estoppel certificate delivered pursuant to Section 7.2.4 shall, among other things, expressly identify (a) the “Purchaser”
as “Plymouth Industrial REIT, Inc.” and (b) the “Lender” as "U.S. Bank, National Association, in its
capacity as Collateral Agent for the benefit of the Lenders pursuant to a Collateral Agency Agreement, together with its successors
and/or assigns in such capacity as their interests may appear".

7.     SNDAs.
Section 7.2 of the Agreement is amended by adding the following new Section 7.2.5:

“7.2.5     SNDAs.
Seller shall deliver to each tenant a Subordination, Non-Disturbance and Attornment Agreement ("SNDA")
in the form requested by, and as completed by, Purchaser. Seller shall use commercially reasonable efforts to cause each tenant
to execute such SNDA and deliver an originally-executed SNDA for each tenant in recordable form to Purchaser, and Seller shall
promptly deliver any executed SNDA to Purchaser and any comments to any SNDA to Purchaser; however, Seller shall not be responsible
for negotiating or revising any SNDA or otherwise incurring any costs in connection with such SNDAs. The failure of Seller to obtain
any such SNDA shall not be a breach or default hereunder. If Seller is unable to deliver SNDAs from tenants occupying not less
than 100% of the square feet in the Improvements leased to tenants, then Purchaser's sole remedies and recourses shall be limited
to either (a) waiving the requirement for the SNDA(s) in question and proceeding to Closing without reduction of the Purchase Price
or (b) terminating this Agreement by notification to Seller prior to the Closing Date, in which event the Earnest Money shall be
returned to Purchaser. In the event that Purchaser elects to terminate the Agreement and receives a return of the Earnest Money
pursuant to the immediately preceding sentence, then neither party shall have any further rights or obligations under the Agreement
except for the provisions of the Agreement that expressly survive termination.”

    	2

    	 

    

8.     Information
Cooperation. Seller shall, at Purchaser’s expense, provide Purchaser, Purchaser’s designated representative
and/or Purchaser’s independent auditor, with access to the books and records of the Property and all related information
regarding the Property to the extent in Seller’s possession or control and which are necessary for Purchaser to comply with
the requirements of the Securities and Exchange Commission Rule 3.14 of Regulation S-X. Any such access or information provided
or delivered to Purchaser shall be without any liability to Seller and without representation or warranty from Seller as to the
completeness or accuracy of such information or any other matter relating thereto. The provisions of this Section 8 of this
Amendment shall survive the Closing.

9.     Roof
Repair Credit. At Closing, Purchaser shall receive a credit to the Purchase Price in the amount of $63,000.00 as an inducement
to Purchaser to accept the condition of the roof of the Improvements.

10.     Ratification.
Purchaser and Seller hereby ratify and confirm their obligations under the Agreement.

11.     Binding
Effect; Governing Law. Except as modified hereby, the Agreement shall remain in full effect and this Amendment shall be
binding upon Purchaser and Seller and their respective successors and assigns. If any inconsistency exists or arises between the
terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall prevail. This Amendment shall be governed
by the laws of the State in which the Property is located.

12.     Counterparts;
Facsimile. This Amendment may be executed in multiple counterparts, each of which shall constitute an original, but all
of which shall constitute one document. In order to facilitate execution of this Amendment, facsimile or PDF copies shall be effective
as original counterparts.

[THE REMAINDER OF THIS
PAGE LEFT INTENTIONALLY BLANK]

    	3

    	 

    

 

 

Executed as of the
Amendment Date.

	SELLER:	 	TPRF/ENTERPRISE, LLC, a Delaware limited 

liability company
	  	 	By:	Thackeray Partners, LP, a Delaware 

limited partnership, its manager
	 	 	By:  	Thackeray Partners GP, LLC, a Delaware 

limited liability company, its general 

partner
	        	 	 	 
	 	 	By:	/s/ Mary M. Hagen 
	 	 	Name:	Mary M. Hagen 
	 	 	Title:	President
	 	 	 	 
	PURCHASER:	 	PLYMOUTH INDUSTRIAL REIT INC., a

Maryland corporation
	 	 	 
	 	 	 	 
	 	 	By:	/s/ Pendleton P. White, Jr.
	 	 	Name:	Pendleton P. White. Jr. 
	 	 	Title:	President

 

 

 

 

 

 

 

 

 

 

 

    	4

    	 

    

Schedule 1

 

Legal Description

 

 

SITUATED IN THE TOWNSHIP OF TWINSBURG, COUNTY OF SUMMIT AND
STATE OF OHIO, AND KNOWN AS BEING PART OF ORIGINAL TWINSBURG TOWNSHIP LOT NO. 1, TRACT 1, S.E. AND PART OF ORIGINAL TWINSBURG LOT
NO. 8, TRACT 1-M, AND BOUNDED AND DESCRIBED AS FOLLOWS:

BEGINNING AT A 3⁄4” IRON PIN MONUMENT FOUND AT THE INTERSECTION
OF THE CENTERLINE OF ENTERPRISE PARKWAY, (60 FEET WIDE) AS DEDICATION IN PLAT VOLUME 94, PAGE 28-30 OF SUMMIT COUNTY MAP RECORDS
AND THE EASTERLY LINE OF ORIGINAL TWINSBURG TOWNSHIP LOT NO. 1, TRACT 1, S.E.;

 

THENCE SOUTH 89° 57' 40" WEST ALONG THE CENTERLINE OF
ENTERPRISE PARKWAY, 434.64 FEET TO A POINT;

 

THENCE NORTH 00° 02’ 20” WEST, 30.00 FEET TO A
5/8” IRON PIN FOUND (0.01 FEET SOUTH AND 0.34 FEET WEST) ON THE NORTHERLY RIGHT OF WAY OF ENTERPRISE PARKWAY AT THE SOUTHWESTERLY
CORNER OF LAND CONVEYED TO KP TWINSBURG, LTD. & ARM HOLDING, LTD., BY DEED DATED SEPTEMBER 15, 2005 AND RECORDED IN RECEPTION
NO. 55234378 OF SUMMIT COUNTY DEED RECORDS AND BEING THE PRINCIPAL PLACE OF BEGINNING OF THE PREMISES HEREIN DESCRIBED;

 

THENCE SOUTH 89° 57’ 40” WEST ALONG THE NORTHERLY
RIGHT OF WAY OF ENTERPRISE PARKWAY, 195.36 FEET TO AN 5/8” IRON PIN FOUND AT AN ANGLE POINT OF THE NORTHERLY RIGHT OF WAY
OF ENTERPRISE PARKWAY;

 

THENCE NORTH 89° 13’ 30” WEST CONTINUING ALONG
THE NORTHERLY RIGHT OF WAY OF ENTERPRISE PARKWAY, 349.07 FEET TO A 5/8” IRON PIN FOUND AT THE SOUTHEASTERLY CORNER OF LAND
CONVEYED TO RANDOM SHORES, LLC BY DEED DATED MAY 24, 2013 AND RECORDED IN RECEPTION NO. 55958281 OF SUMMIT COUNTY DEED RECORDS;

 

THENCE NORTH 00° 46’ 30” EAST ALONG THE EASTERLY
LINE OF LAND SO CONVEYED TO RANDOM SHORES, LLC, 500.00 FEET TO A 1⁄2” IRON PIN FOUND (0.26 FEET SOUTH AND 0.41 FEET
EAST) AT THE NORTHEASTERLY CORNER THEREIN;

 

THENCE NORTH 89° 13’ 30” WEST ALONG THE NORTHERLY
LINE OF LAND SO CONVEYED TO RANDOM SHORES, LLC, 175.00 FEET TO A 5/8” IRON PIN FOUND (0.01 FEET SOUTH AND 0.13 FEET WEST)
AT THE SOUTHEASTERLY CORNER OF LAND CONVEYED TO OC TWINSBURG PROPERTIES, LLC BY DEED DATED OCTOBER 13, 2011 AND RECORDED IN RECEPTION
NO. 55810146 OF SUMMIT COUNTY DEED RECORDS;

 

THENCE NORTH 00° 46’ 30” EAST ALONG THE EASTERLY
LINE OF LAND SO CONVEYED TO OC TWINSBURG PROPERTIES, LLC, 521.71 FEET TO A 5/8” IRON PIN FOUND ON THE SOUTHERLY LINE OF LAND
CONVEYED TO COCA COLA BOTTLING COMPANY OF NORTHERN OHIO BY DEEDS DATED NOVEMBER 8, 1991 AND RECORDED IN OR 807, PAGE 374, JULY
10, 1991 AND RECORDED IN OR 720, PAGE 807 AND NOVEMBER 9, 1995 AND RECORDED IN OR 2047, PAGE 360 OF SUMMIT COUNTY DEED RECORDS;

    	 

    	 

    

THENCE SOUTH 89° 13’ 30” EAST ALONG THE SOUTHERLY
LINE OF LAND CONVEYED TO COCA COLA BOTTLING COMPANY OF NORTHERN OHIO, 704.94 FEET TO A 5/8” IRON PIN FOUND (0.03 FEET SOUTH
AND 0.06 FEET WEST) AT THE NORTHWESTERLY CORNER OF LAND SO CONVEYED TO KP TWINSBURG, LTD. & ARM HOLDING, LTD.;

 

THENCE SOUTH 00° 02’ 20” EAST ALONG THE WESTERLY
LINE OF LAND SO CONVEYED TO KP TWINSBURG, LTD. & ARM HOLDING, LTD., 1019.04 FEET TO THE NORTHERLY RIGHT OF WAY OF SAID ENTERPRISE
PARKWAY AND THE PRINCIPAL PLACE OF BEGINNING, CONTAINING 14.6897 ACRES OF LAND AS SURVEYED AND DESCRIBED BY EDWARD B. DUDLEY,
PS NO. 6747, OF THE RIVERSTONE COMPANY IN NOVEMBER OF 2014, AND SUBJECT TO ALL LEGAL HIGHWAYS, RESTRICTIONS, RESERVATIONS AND EASEMENTS.

 

THE INTENT OF THIS LEGAL DESCRIPTION IS TO CORRECT A CLOSURE ERROR
IN THE DEED OF RECORD.

 

NOTE: ALL 5/8"X30" IRON PINS SET AND CAPPED "RIVERSTONE
COMPANY-DUDLEY PS6747"

 

BASIS OF BEARINGS:THE CENTERLINE OF ENTERPRISE PARKWAY
AS SOUTH 89°57'40" WEST AS RECORDED IN DEDICATION PLAT VOLUME 94, PAGE 28-30 OF SUMMIT COUNTY MAP RECORDS.

 

DEED OF REFERENCE:LAND CONVEYED TO TPRF/ENTERPRISE,
LLC, A DELAWARE LIMITED LIABILITY COMPANY, BY VIRTUE OF DEED FILED NOVEMBER 17, 2006, AND RECORDED IN RECEPTION NO. 55389502, OF
THE SUMMIT COUNTY RECORDS.

 

TOGETHER WITH THAT CERTAIN ACCESS EASEMENT BENEFITTING THE TRACT
RECORDED IN OFFICIAL RECORD VOLUME 496, PAGE 552 OF THE RECORDS OF SUMMIT COUNTY, OHIO.

    	 

    	 

    

Schedule 2

 

AFFIDAVIT AND GAP INDEMNITY

The undersigned,
in his or her capacity of the entity stated below ("Seller"), and not in his or her individual capacity,
being duly sworn, hereby says as follows:

13.     The
sale of the real property located at 1755 Enterprise Parkway, Twinsburg, Ohio (the "Property"), as more
particularly described in Exhibit A hereto and in the Title Commitment No. 14-003556 (the “Title Commitment”)
issued by Commonwealth Land Title Insurance Company (the "Title Company"), has been duly authorized by
all requisite corporate action.

14.     No
person known to Seller is entitled to occupy the Property except pursuant to leases or rental agreements except as set forth in
the rent roll attached hereto as Exhibit B.

15.     No
tenants have any options or other rights to purchase all or part of any of the Property.

16.     No
work has been done or materials supplied for construction or renovation in connection with the Premises for at least the past 120
days, except for work done or materials, fixtures, or apparatus furnished in connection therewith arising out of ordinary maintenance
and repair.

17.     All
real property taxes and assessments lawfully due and payable which could become a lien against the Property have been paid in full,
nor has any notice been received as to pending assessments.

18.     Seller
is not a "foreign person" as that term is defined in Section 1445 of the Internal Revenue Code, as amended.

19.     Seller
is not insolvent or bankrupt.

Seller indemnifies
and agrees to save harmless the Title Company against any loss or expense, including but not limited to attorney fees, sustained
as a result of any defects, liens, encumbrances, adverse claims or other matters, if any, created by Seller and first appearing
in the public records or attaching subsequent to _______________, 2014 and prior to recordation of the instrument creating
the estate or interest to be insured. In the event that any lien, claim or action indemnified against in this paragraph is filed,
recorded, made or commenced against the Property, Seller shall, after receiving written demand from Title Company to do so, cause
such lien, claim or action to be removed, terminated, satisfied, released or otherwise disposed of in form and manner reasonably
satisfactory to Title Company. If within sixty (60) days after receiving written demand, Seller has unreasonably failed to cause
any lien, claim or action indemnified against hereunder to be removed, terminated, satisfied, released or otherwise disposed of
as aforesaid, Seller agrees to, and agrees to ratify, any reasonable action, cost or expense which Title Company may undertake
or incur in connection with its obligations under the Owner's Policy of Title Insurance with respect to any and all liens, claims
or actions indemnified against hereunder and Seller agrees to reimburse and repay Title Company promptly

    	 

    	 

    

the full and total amounts of any reasonable
costs and expenses incurred by Title Company in connection therewith upon written receipt of demand therefor. Any notice required
to be given to Seller shall be deemed given if sent by certified or registered mail to Seller at the following address:

TPRF/Enterprise, LLC

c/o Thackeray Partners

5207 McKinney Avenue, Suite 200

Dallas, Texas 75205

Attention: Chris
McNeer

This Affidavit and
Gap Indemnity is given on behalf of Seller in order to induce Title Company to issue an Owner's Policy of Title Insurance and required
endorsements.

[The remainder of this page is intentionally
left blank]

    	 

    	 

    

Executed as of _________
____, 2014.

TPRF/ENTERPRISE,
LLC, a Delaware limited liability company

	By:	Thackeray Partners, LP, a Delaware 

limited partnership, its manager
	By:	Thackeray Partners GP, LLC, a Delaware 

limited liability company, its general 

partner

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

SWORN TO AND SUBSCRIBED
BEFORE ME by ______________________, the _____________ of Thackeray Partners GP, LLC, a Delaware limited liability company, the
general partner of Thackeray Partners, LP, a Delaware limited partnership, the manager of TPRF/Enterprise, LLC, a Delaware limited
liability company, on behalf of said limited liability companies and limited partnerships, as of __________ ______, 2014.

_______________________

Notary Public, State of Texas

 

 

    	 

    	 

    

 

Description of the Property

 

SITUATED IN THE TOWNSHIP OF TWINSBURG, COUNTY OF SUMMIT AND
STATE OF OHIO, AND KNOWN AS BEING PART OF ORIGINAL TWINSBURG TOWNSHIP LOT NO. 1, TRACT 1, S.E. AND PART OF ORIGINAL TWINSBURG LOT
NO. 8, TRACT 1-M, AND BOUNDED AND DESCRIBED AS FOLLOWS:

BEGINNING AT A 3⁄4” IRON PIN MONUMENT FOUND AT THE INTERSECTION
OF THE CENTERLINE OF ENTERPRISE PARKWAY, (60 FEET WIDE) AS DEDICATION IN PLAT VOLUME 94, PAGE 28-30 OF SUMMIT COUNTY MAP RECORDS
AND THE EASTERLY LINE OF ORIGINAL TWINSBURG TOWNSHIP LOT NO. 1, TRACT 1, S.E.;

 

THENCE SOUTH 89° 57' 40" WEST ALONG THE CENTERLINE OF
ENTERPRISE PARKWAY, 434.64 FEET TO A POINT;

 

THENCE NORTH 00° 02’ 20” WEST, 30.00 FEET TO A
5/8” IRON PIN FOUND (0.01 FEET SOUTH AND 0.34 FEET WEST) ON THE NORTHERLY RIGHT OF WAY OF ENTERPRISE PARKWAY AT THE SOUTHWESTERLY
CORNER OF LAND CONVEYED TO KP TWINSBURG, LTD. & ARM HOLDING, LTD., BY DEED DATED SEPTEMBER 15, 2005 AND RECORDED IN RECEPTION
NO. 55234378 OF SUMMIT COUNTY DEED RECORDS AND BEING THE PRINCIPAL PLACE OF BEGINNING OF THE PREMISES HEREIN DESCRIBED;

 

THENCE SOUTH 89° 57’ 40” WEST ALONG THE NORTHERLY
RIGHT OF WAY OF ENTERPRISE PARKWAY, 195.36 FEET TO AN 5/8” IRON PIN FOUND AT AN ANGLE POINT OF THE NORTHERLY RIGHT OF WAY
OF ENTERPRISE PARKWAY;

 

THENCE NORTH 89° 13’ 30” WEST CONTINUING ALONG
THE NORTHERLY RIGHT OF WAY OF ENTERPRISE PARKWAY, 349.07 FEET TO A 5/8” IRON PIN FOUND AT THE SOUTHEASTERLY CORNER OF LAND
CONVEYED TO RANDOM SHORES, LLC BY DEED DATED MAY 24, 2013 AND RECORDED IN RECEPTION NO. 55958281 OF SUMMIT COUNTY DEED RECORDS;

 

THENCE NORTH 00° 46’ 30” EAST ALONG THE EASTERLY
LINE OF LAND SO CONVEYED TO RANDOM SHORES, LLC, 500.00 FEET TO A 1⁄2” IRON PIN FOUND (0.26 FEET SOUTH AND 0.41 FEET
EAST) AT THE NORTHEASTERLY CORNER THEREIN;

 

THENCE NORTH 89° 13’ 30” WEST ALONG THE NORTHERLY
LINE OF LAND SO CONVEYED TO RANDOM SHORES, LLC, 175.00 FEET TO A 5/8” IRON PIN FOUND (0.01 FEET SOUTH AND 0.13 FEET WEST)
AT THE SOUTHEASTERLY CORNER OF LAND CONVEYED TO OC TWINSBURG PROPERTIES, LLC BY DEED DATED OCTOBER 13, 2011 AND RECORDED IN RECEPTION
NO. 55810146 OF SUMMIT COUNTY DEED RECORDS;

 

THENCE NORTH 00° 46’ 30” EAST ALONG THE EASTERLY
LINE OF LAND SO CONVEYED TO OC TWINSBURG PROPERTIES, LLC, 521.71 FEET TO A 5/8” IRON PIN FOUND ON THE SOUTHERLY LINE OF LAND
CONVEYED TO COCA COLA BOTTLING COMPANY OF NORTHERN OHIO BY DEEDS DATED NOVEMBER 8, 1991 AND RECORDED IN OR 807, PAGE 374, JULY
10, 1991 AND RECORDED IN OR 720, PAGE 807 AND NOVEMBER 9, 1995 AND RECORDED IN OR 2047, PAGE 360 OF SUMMIT COUNTY DEED RECORDS;

    	 

    	 

    

THENCE SOUTH 89° 13’ 30” EAST ALONG THE SOUTHERLY
LINE OF LAND CONVEYED TO COCA COLA BOTTLING COMPANY OF NORTHERN OHIO, 704.94 FEET TO A 5/8” IRON PIN FOUND (0.03 FEET SOUTH
AND 0.06 FEET WEST) AT THE NORTHWESTERLY CORNER OF LAND SO CONVEYED TO KP TWINSBURG, LTD. & ARM HOLDING, LTD.;

 

THENCE SOUTH 00° 02’ 20” EAST ALONG THE WESTERLY
LINE OF LAND SO CONVEYED TO KP TWINSBURG, LTD. & ARM HOLDING, LTD., 1019.04 FEET TO THE NORTHERLY RIGHT OF WAY OF SAID ENTERPRISE
PARKWAY AND THE PRINCIPAL PLACE OF BEGINNING, CONTAINING 14.6897 ACRES OF LAND AS SURVEYED AND DESCRIBED BY EDWARD B. DUDLEY,
PS NO. 6747, OF THE RIVERSTONE COMPANY IN NOVEMBER OF 2014, AND SUBJECT TO ALL LEGAL HIGHWAYS, RESTRICTIONS, RESERVATIONS AND EASEMENTS.

 

THE INTENT OF THIS LEGAL DESCRIPTION IS TO CORRECT A CLOSURE ERROR
IN THE DEED OF RECORD.

 

NOTE: ALL 5/8"X30" IRON PINS SET AND CAPPED "RIVERSTONE
COMPANY-DUDLEY PS6747"

 

BASIS OF BEARINGS:THE CENTERLINE OF ENTERPRISE PARKWAY
AS SOUTH 89°57'40" WEST AS RECORDED IN DEDICATION PLAT VOLUME 94, PAGE 28-30 OF SUMMIT COUNTY MAP RECORDS.

 

DEED OF REFERENCE:LAND CONVEYED TO TPRF/ENTERPRISE,
LLC, A DELAWARE LIMITED LIABILITY COMPANY, BY VIRTUE OF DEED FILED NOVEMBER 17, 2006, AND RECORDED IN RECEPTION NO. 55389502, OF
THE SUMMIT COUNTY RECORDS.

 

TOGETHER WITH THAT CERTAIN ACCESS EASEMENT BENEFITTING THE TRACT
RECORDED IN OFFICIAL RECORD VOLUME 496, PAGE 552 OF THE RECORDS OF SUMMIT COUNTY, OHIO.

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