Document:

Exhibit 10.6

 

26 March 2019

 

To:

 

The Directors

G Medical Innovations Holdings Limited

ARBN 617 204 743

PO Box 10008, Willow House, Cricket Square

Grand Cayman, KY1-1001, Cayman Islands

(Company)

 

From:

 

MEF I, L.P.

c/- Magna 40 Wall Street

New York NY 10005

United States of America

(Investor)

 

Dear Sirs

 

Convertible Securities Agreement between the Company and
the Investor executed on or around 29 October 2018 (“Convertible Securities Agreement”)

 

We refer to the Convertible Securities Agreement.
Terms defined in the Convertible Securities Agreement have the same meaning when used in this letter.

 

		1	Variation of Convertible Securities Agreement

 

The Company and the Investor agree
that:

 

		(a)	The Face Value of all outstanding Convertible Securities will be increased by 3% to US$1.133.

 

    1

     

    

 

		(b)	The Company’s obligation to redeem Convertible Securities with an aggregate Face Value of the Amortisation Face Value
Amount on 25 February 2019 and 25 March 2019 (Delayed Amortisation) is varied so that:

 

		(i)	the Company must carry out the Delayed Amortisation on or before [25 April 2019];

 

		(ii)	prior to [25 April 2019], the Investor may, at the Investor’s option:

 

		(A)	by notice to the Company require the Company to carry out some or all of the Delayed Amortisation on no less than 2 days written
notice to the Company. If the Investor does so, then the Company must carry out the redemption in accordance with the Investor’s
notice and clause 3.7 of the Convertible Note Agreement, and upon the Company doing so, its obligation under paragraph 1(b)(i)
of this letter will be decreased to the extent of the Delayed Amortisation carried out;

 

		(B)	give a Conversion Notice to the Company in respect of some or all of the Convertible Securities the subject of the Delayed
Amortisation. If the Investor does so, then the Company must carry out the Conversion in accordance with the Conversion Notice
and clause 3.1 of the Convertible Securities Agreement, and upon the Company doing so, its obligation under paragraph 1(b)(i) of
this letter will be decreased to the extent of the Conversion.

 

		(c)	Paragraph 1(b) of this letter applies solely in respect of the Delayed Amortisation, and does not apply in respect of any other
redemption that may be required under clause 3.7 of the Convertible Securities Agreement.

 

		(d)	Other than as specifically set out in this letter, nothing in this letter acts as a waiver of any right the Investor may have
under the Convertible Securities Agreement.

 

		2	Acknowledgements

 

The
Company and the Investor agree that on the date of this Amendment, the Company shall issue the investor a total of 73,470 shares.

 

		3	Acknowledgements

 

The Company and the Investor agree
and acknowledge that:

 

		(a)	this letter is a Transaction Document for the purposes of the Convertible Securities Agreement;

 

		(b)	except as provided in this letter, in all other respects the provisions of the Convertible Securities Agreement are ratified
and confirmed and continue in full force and effect.

 

		3	General

 

		(a)	This letter is governed by the law of Western Australia and the parties submit to the non-exclusive jurisdiction of its courts
and the courts competent to determine appeals from those courts with respect to any proceedings that may at any time be brought
in relation to this document.

 

		(b)	If this document is executed in counterparts then each is deemed an original and together they constitute one document. A party
who has executed a counterpart of this document may deliver that counterpart to the other parties by posting it, by hand delivery
or by forwarding a copy of the executed counterpart to them in portable document format (PDF) attached to an email, by fax or in
any other format that the parties agree in writing.

 

    2

     

    

 

Yours faithfully

 

Investor

 

	Signed, sealed and delivered as a deed by MEF I, L.P. by its authorised representative in the presence of:	 	 
	 	 	 
	/s/ Ari Morris	 	 
	Ari Morris	 	Signature of witness
	Portfolio Manager	 	Name of Witness (print)
	 	 	Occupation
	 	 	Address

 

Acknowledged and agreed by the Company

 

	Executed in accordance with section 127 of the Corporations Act 2001 by G Medical Innovations Holdings Limited ARBN 617 204 743	 	 
	 	 	 
	 	 	/s/ Yacov Geva
	 	 	Signature of director
	 	 	Print name: Yacov Geva

 

 

3cto_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			EXECUTION VERSION
		

		
			 
		

		
			SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			 
		

		
			This Second Amendment to Second Amended and Restated Credit Agreement (herein, this “Second Amendment”) is entered into as of May 24, 2019, among Consolidated-Tomoka Land Co., a Florida corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and Bank of Montreal, as Administrative Agent (the “Administrative Agent”).
		

		
			 
		

		
			PRELIMINARY STATEMENTS
		

		
			 
		

		
			A.The Borrower, the Guarantors party thereto (the “Guarantors”), the financial institutions party thereto (the “Lenders”), and the Administrative Agent entered into that certain Second Amended and Restated Credit Agreement, dated as of September 7, 2017, as amended by the First Amendment to Second Amended and Restated Credit Agreement dated as of May 14, 2018 (such Second Amended and Restated Credit Agreement, as heretofore amended, being referred to herein as the “Credit Agreement”). All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
		

		
			 
		

		
			B.The Borrower has requested that the Administrative Agent and Lenders agree to, among other things, (i) increase the Revolving Credit Commitments from $150,000,000 to
		

		
			$200,000,000 (the “Commitment Amount Increase”), (ii) increase the permitted maximum amount of Revolving Credit Commitments under the accordion option from $250,000,000 to
		

		
			$300,000,000, (iii) reduce the Applicable Margin, and (v) extend the Revolving Credit Termination Date from September 7, 2021 to May 24, 2023, and the Administrative Agent and the Lenders are willing to do so on the terms and conditions set forth herein.
		

		
			 
		

		
			NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
		

		
			 
		

		
			SECTION 1.AMENDMENTS.
		

		
			 
		

		
			Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Credit Agreement shall be and hereby is amended as follows:
		

		
			 
		

		
			1.1.Section 1.15 of the Credit Agreement is hereby amended to replace the reference therein to “$250,000,000” with a reference to “$300,000,000”.
		

		
			 
		

		
			1.2.The definition of “Applicable Margin” in Section 5.1 of the Credit Agreement is hereby amended to amend and restate in its entirety the table set forth therein to read as follows:
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			May 2019 - Second Amendment to Second A&R Credit Agreement 4846-0945-1668 v11.doc 1975507
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						TOTAL INDEBTEDNESS 

					
					
						 

					
					
						APPLICABLE MARGIN

					
					
						 

					
					
						APPLICABLE MARGIN FOR

				
	
					
						 

					
					
						 

					
					
						TO TOTAL ASSET VALUE

					
					
						 

					
					
						FOR BASE RATE LOANS

					
					
						 

					
					
						EURODOLLAR LOANS AND

				
	
					
						 

					
					
						 

					
					
						RATIO FOR SUCH

					
					
						 

					
					
						AND REIMBURSEMENT

					
					
						 

					
					
						LETTER OF CREDIT FEE

				
	
					
						LEVEL

					
					
						 

					
					
						PRICING DATE

					
					
						 

					
					
						OBLIGATIONS SHALL BE:

					
					
						 

					
					
						SHALL BE:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						I

					
					
						 

					
					
						Less than or equal to

					
						0.45 to 1.00

					
					
						 

					
					
						0.35%

					
					
						 

					
					
						1.35%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						II

					
					
						 

					
					
						Less than or equal to

					
						0.50 to 1.00, but greater

					
						than 0.45 to 1.00

					
					
						 

					
					
						0.50%

					
					
						 

					
					
						1.50%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						III

					
					
						 

					
					
						Less than or equal to

					
						0.55 to 1.00, but greater

					
						than 0.50 to 1.00

					
					
						 

					
					
						0.65%

					
					
						 

					
					
						1.65%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						IV

					
					
						 

					
					
						Greater than0.55 to

					
						1.00

					
					
						 

					
					
						0.95%

					
					
						 

					
					
						1.95 %

				

		
			 
		

		
			1.3.The definitions of “Capitalization Rate”,  “L/C Sublimit”,  “Land Assets”,  MSA”,  “Permitted Ground Lease Investments”,  “Revolving Credit Commitment” and “Revolving Credit Termination Date” in Section 5.1 of the Credit Agreement are each hereby amended and restated in their entirety to read as follows:
		

		
			 
		

		
			“Capitalization Rate” means (i) 6.25% for single-tenant Properties occupied by tenants maintaining a BBB- or Baa3 Rating or better from S&P’s or Moody’s, respectively, (ii) 7.00% for all retail Properties, including mixed-use retail/office Properties not covered under the foregoing clause (i), (iii) 8.00% for all office Properties not covered under the foregoing clause (i), (iv) 9.25% for hotel, motel or resort Properties and (v) 10% for all other Properties not covered under the foregoing clauses (i), (ii), (iii) or (iv); provided, for all Properties that are subject to Permitted Ground Lease Investments, the applicable Capitalization Rate shall be determined as if Borrower was the owner of the fully-completed building located on such Property.
		

		
			 
		

		
			“Land Assets” means any real property which is not an Asset Under Development and on which no significant improvements have been constructed; provided, that real property that is adjacent to an Eligible Property but is undeveloped shall not constitute “Land Assets”.
		

		
			 
		

		
			“L/C Sublimit” means $5,000,000, as such amount may be reduced pursuant to the terms hereof.
		

		
			
		

		
			

		 

		

			-2-

		

		

		
			“MSA” means any major metropolitan area of the United States of America that has a population size that is in the fifty (50) largest metropolitan areas of the United States of America.
		

		
			 
		

		
			“Permitted Ground Lease Investments” means a Ground Lease where the Borrower or a Wholly-owned Subsidiary is the lessor under such Ground Lease and which is a Ground Lease (a) of unencumbered land located in a MSA that is owned in fee simple by the Borrower or a Wholly-owned Subsidiary and on which a fully completed building is located (all such improvements to be unencumbered), (b) which may not be transferred, mortgaged or assigned to an alternate lessee without the prior written consent of the lessor and (c) which may be transferred and assigned to an alternate lessor without the consent of the lessee; provided, however, that any Ground Lease may be designated as a Permitted Ground Lease Investment upon written request by the Borrower to the Administrative Agent and written approval of such request by the Required Lenders. Ground Leases of Land Assets or on which an Asset under  Development is located shall not be a Permitted Ground Lease Investment.
		

		
			 
		

		
			“Revolving Credit Commitment” means, as to any Lender, the obligation of such Lender to make Revolving Loans and to participate in Swing Loans and Letters of Credit issued for the account of the Borrower hereunder in an aggregate principal or face amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same may be reduced or modified at any time or from time to time pursuant to the terms hereof. The Borrower and the Lenders acknowledge and agree that the Revolving Credit Commitments of the Lenders, in the aggregate, is equal to $200,000,000 on the Second Amendment Effective Date.
		

		
			 
		

		
			“Revolving Credit Termination Date” means the earliest of (i) May 24, 2023, as such date may be extended pursuant to Section 1.16, (ii) the date on which the Revolving Credit Commitments are terminated in whole pursuant to Section 1.12, 9.2 or 9.3 hereof and (iii) the date on which a mandatory prepayment under Section 1.8(b)(iii) is required to be made.
		

		
			 
		

		
			1.4.The following definition of “Second Amendment Effective Date” is hereby added to Section 5.1 of the Credit Agreement in proper alphabetical order:
		

		
			 
		

		
			“Second Amendment Effective Date” means May 24, 2019.
		

		
			 
		

		
			1.5.Clause (o) of Section 8.8 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
		

		
			 
		

		
			(o)investments in Land Assets and Land Assets contributed to joint ventures not to exceed in the aggregate at any one time outstanding 10% of Total Asset Value of the Borrower and its Subsidiaries.
		

		
			 
		

		
			
		

		
			

		 

		

			-3-

		

		

		
			1.6Section 8.8 of the Credit Agreement is hereby amended to delete the following sentence from the last paragraph thereof:
		

		
			 
		

		
			In addition, new investments of the type described in clauses (f), (j), (k), (l), (m), (o) and proviso (ii) of clause (n) shall only be permitted if after giving effect to such investment and any Capital Expenditures with respect to Golf Courses the Revolving Credit Availability would permit the Borrower to borrow at least $5,000,000 of Revolving Loans.
		

		
			 
		

		
			1.7.Clause (e) of Section 8.20 is hereby amended and restated in its entirety to read as follows:
		

		
			 
		

		
			(e)Maintenance of Net Worth. The Borrower shall as of the last day  of each Fiscal Quarter maintain a Tangible Net Worth of not less than the sum of (a) $ 168,580,529, plus (b) 75% of the aggregate net proceeds received by the Borrower or any of its Subsidiaries after the Second Amendment Effective Date in connection with any offering of Stock or Stock Equivalents of the Borrower or the Subsidiaries
		

		
			 
		

		
			1.8.Section 8.22 of the Credit Agreement is hereby deleted.
		

		
			 
		

		
			1.9.Section 12.25 of the Credit Agreement is hereby amended to add the following sentence to the end thereof:
		

		
			 
		

		
			Each of the Administrative Agent, the Lenders, and the L/C Issuer specifically acknowledges that the common stock of the Borrower is traded on the NYSE American exchange under the trading symbol “CTO.” Each of the Administrative Agent, the Lenders, and the L/C Issuer further expressly acknowledges that it is aware that the securities laws of the United States prohibit any person who has received from an issuer material, non-public information, including information concerning the matters that are the subject of this Agreement, from purchasing or selling securities of such issuer on the basis of material, non-public information concerning the issuer of such securities or, subject to certain limited exceptions, from communicating such information to any other Person.
		

		
			 
		

		
			
		

		
			

		 

		

			-4-

		

		

		
			1.10.Exhibit E (Compliance Certificate) to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Exhibit E attached hereto.
		

		
			 
		

		
			1.11.Schedules 1, 6.2, 6.11, 6.17, 6.23 and 6.25 to the Credit Agreement are hereby amended and restated in its entirety to read as set forth on, respectively, Schedules 1, 6.2, 6.11, 6.17, 6.23 and 6.25 attached hereto and any reference contained in the Agreement to “the date hereof” with respect to the information set forth on such Schedules is hereby amended to read “the Second Amendment Effective Date”.
		

		
			 
		

		
			SECTION 2.CONSENT TO COMMITMENT ACCOUNT INCREASE.
		

		
			 
		

		
			2.1Subject to the satisfaction of the conditions set forth in Section 3 below, the Administrative Agent hereby consents to the Commitment Amount Increase. The Administrative Agent acknowledges and agrees that this Second Amendment satisfies the requirement of the delivery of a commitment amount increase request from the Borrower under Section 1.15 of the Credit Agreement. Notwithstanding anything to the contrary in Section 1.15, no repayment of any outstanding Eurodollar Loans shall be deemed to have occurred in connection with the Commitment Amount Increase; provided, however, that the Borrower shall pay any amounts owing to any Lender pursuant to Section 1.11 of the Credit Agreement in connection with the repayment of Loans due to the rebalancing of the outstanding principal balance of the Loans after giving effect to the Commitment Amount Increase.
		

		
			 
		

		
			2.2.Subject to the satisfaction of the conditions set forth in Section 4 below, each Increasing Lender hereby consents to the increase in its Commitment to the amount set forth on Schedule 1 attached hereto. As of the date of this Consent, the Commitment Amount Increase shall be effective.
		

		
			 
		

		
			SECTION 3.CONDITIONS PRECEDENT.
		

		
			 
		

		
			The effectiveness of this Second Amendment is subject to the satisfaction of all of the following conditions precedent:
		

		
			 
		

		
			3.1.The Borrower, the Guarantors, the Lenders and the Administrative Agent shall have executed and delivered to the Administrative Agent this Second Amendment.
		

		
			 
		

		
			3.2.The Borrower shall have paid to the Administrative Agent all fees and expenses (including pursuant to Section 4.2 hereof) due in connection with this Second Amendment.
		

		
			 
		

		
			3.3.The Administrative Agent shall have received each of the deliveries listed on the List of Closing Documents attached hereto as Annex I.
		

		
			 
		

		
			3.4.Legal matters incident to the execution and delivery of this Second Amendment shall be reasonably satisfactory to the Administrative Agent and its counsel.
		

		
			 
		

		
			
		

		
			

		 

		

			-5-

		

		

		
			SECTION 4.REPRESENTATIONS.
		

		
			 
		

		
			In order to induce the Administrative Agent and the Lenders to execute and deliver this Second Amendment, the Borrower hereby represents to the Administrative Agent and the Lenders that (a) after giving effect to this Second Amendment, the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects as of the date hereof (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (b) no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Second Amendment.
		

		
			 
		

		
			SECTION 5.MISCELLANEOUS.
		

		
			 
		

		
			5.1.Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific Second Amendment need not be made in the Credit Agreement, the Notes, the other Loan Documents, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.
		

		
			 
		

		
			5.2.The Borrower agrees to pay on demand all reasonable costs and out-of-pocket expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Second Amendment, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent.
		

		
			 
		

		
			5.3.Each Guarantor consents to the amendments and modifications to the Credit Agreement as set forth herein and confirms all of its obligations under its Guaranty remain in full force and effect. Furthermore, each Guarantor acknowledges and agrees that the consent of the Guarantors, or any of them, to any further amendments to the Credit Agreement shall not be required as a result of this consent having been obtained.
		

		
			 
		

		
			5.4.This Second Amendment is a Loan Document. This Second Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Second Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of  executed counterparts of this Second Amendment by Adobe portable document format (a “PDF”) via e-mail or by facsimile shall be effective as an original. This Second Amendment,  and the rights and the duties of the parties hereto, shall be construed and determined in accordance with the internal laws of the State of New York.
		

		
			 
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			-6-

		

		

			 

		

		

		
			 
		

		
			This Second Amendment to Second Amended and Restated Credit Agreement is entered into as of the date and year first above written
		

		
			 
		

			
					
						 

					
					
						“Borrower”

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSOLIDATED-TOMOKA L AND Co., a Florida

					
						corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						//Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name: Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title: Senior vice President and Chief

				
	
					
						 

					
					
						 

					
					
						Financial Officer

				

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						“Guarantors”

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						INDIGO DEVELOPMENT LLC, a Florida limited liability

					
						company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Consolidated-Tomoka Land Co., a Florida corporation, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						//Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name: Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title: Senior vice President and Chief

				
	
					
						 

					
					
						 

					
					
						Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						INDIGO HENRY LLC, a Florida limited liability

					
						company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Consolidated-Tomoka Land Co., a Florida corporation, its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						//Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name: Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title: Senior vice President and Chief

				
	
					
						 

					
					
						 

					
					
						Financial Officer

				

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			LHC15 GLENDALE AZ LLC, a Delaware limited liability company
		

		
			 
		

		
			By:  Consolidated-Tomoka Land Co.,  a Florida
		

		
			         Corporation, its sole member
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			LHC15 RIVERSIDE FL LLC, a Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida
		

		
			       Corporation, its sole manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO16 MONTEREY LLC,  a Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co.,  a Florida corporation, its sole member
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			CTO16 AUSTIN LLC,  a  Delaware limited liability company
		

		
			 
		

		
			By:  Consolidated-Tomoka Land Co., a Florida corporation, its sole manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO16 CHARLOTTESVILLELLC, a Delaware
		

		
			limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co.,  a Florida corporation,  its sole manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO16 HUNTERSVILLE LLC,  a Delaware
		

		
			limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., corporation, its sole manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			CTO16 OSI LLC,  a  Delaware limited liability  company
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation,  its sole manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO16 OLIVE TX LLC, a  Delaware  limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida
		

		
			      corporation,  its sole manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTOI 6  RALEIGH LLC, a  Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a  Florida corporation, its sole  member
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			CTO16 PETERSON LLC, a Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation, its sole member
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			IG116 PETERSON LLC, a Delaware limited liability company
		

		
			 
		

		
			By: Indigo Group, Inc., a  Florida corporation, its sole  manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO l  7  SARASOTA LLC,  a  Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co.,  a Florida
		

		
			corporation, its sole member
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			CTO17 SAUGUS LLC, a Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a  Florida Corporation, its sole member
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			I
		

		
			 
		

		
			CTO17 WESTCLIFF TX LLC, a Delaware limited liability  company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation, its sole member
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO16  RENO LLC, a Delaware  limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation,  its manager
		

		
			 
		

		
			By://Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President   and Chief Financial officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			CTO17 BRANDON  FL LLC, a  Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a  Florida corporation, its manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and ChiefFinancial Officer
		

		
			 
		

		
			BLUEBIRD METROWEST ORLANDO LLC ,  a
		

		
			Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation, its manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO17 HILLSBORO OR LLC, a
		

		
			Delaware limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation, its manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			INDIGO GROUP INC.,
		

		
			a Florida corporation
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			CTO18 ASPEN LLC, a Delaware limited liability  company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation, its  manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			CTO18 JACKSONVILLE FL LLC, a  Delaware
		

		
			limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land C9.,  a Florida corporation, its manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			CTO18 ARLINGTON TX LLC,  a Delaware
		

		
			limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation, its manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief Financial Officer
		

		
			 
		

		
			CTO18 ALBUQUERQUE NM LLC, a Delaware
		

		
			limited liability company
		

		
			 
		

		
			By: Consolidated-Tomoka Land Co., a Florida corporation, its manager
		

		
			 
		

		
			By: //Mark E. Patten
		

		
			Name: Mark E. Patten
		

		
			Title: Senior Vice President and Chief
		

		
			Financial Officer
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			Accepted and Agreed to.
		

		
			 
		

		
			"  Administrative Agent and L/C Issuer"
		

		
			 
		

		
			BANK OF MONTREAL, as L/C Issuer and as Administrative Agent
		

		
			 
		

		
			By: //Gwendolyn Gatz
		

		
			Name: Gwendolyn Gatz
		

		
			Title: Director
		

		
			 
		

		
			"LENDERS"
		

		
			 
		

		
			BANK OF MONTREAL, as a Lender and Swing Line Lender
		

		
			 
		

		
			By:// Gwendolyn Gatz
		

		
			Title: Director
		

		
			I
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			BRANCH BANKING AND TRUST COMPANY
		

		
			 
		

		
			By: //LeAnne Feagan
		

		
			Name: LeAnne Feagan
		

		
			Title: Vice President
		

		
			 
		

		
			
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			 
		

		
			WELLS FARGO BANK, NATIONAL ASSOCIATION
		

		
			 
		

		
			By: //Valerie A. Girrens
		

		
			Name: Valerie A. Girrens
		

		
			Title: Vice President
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			(SIGNATURE PAGE TO SECOND AMENDMENT TO CONSOL!DAT ED-TOMOKA LAND CO.

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

			 

		

		

		
			EXHIBIT E 
		

		
			 
		

		
			COMPLIANCE CERTIFICATE
		

		
			 
		

		
			 
		

		
			To:Bank of Montreal, as  Administrative
		

		
			Agent under, and the Lenders party to,
		

		
			the Credit Agreement described below
		

		
			 
		

		
			This Compliance Certificate is furnished to the Administrative Agent and the Lenders pursuant to that certain Second Amended and Restated Credit Agreement dated as of September 7, 2017, among Consolidated-Tomoka Land Co., as Borrower, the Guarantors signatory thereto, the Administrative Agent and the Lenders party thereto (the “Credit Agreement”). Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement.
		

		
			 
		

		
			THE UNDERSIGNED HEREBY CERTIFIES THAT:
		

		
			 
		

		
			1.I am the duly elected _______________ of Consolidated-Tomoka Land Co.;
		

		
			 
		

		
			2.I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements;
		

		
			 
		

		
			3.The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below;
		

		
			 
		

		
			4.The financial statements required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate are true, correct and complete as of the date and for the periods covered thereby; and
		

		
			 
		

		
			5.The Schedule I hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance with the relevant Sections of the Credit Agreement.
		

		
			 
		

		
			Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event:
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			The foregoing certifications, together with the computations set forth in Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this ______ day of ______________ 20___.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE I
		

		
			TO COMPLIANCE CERTIFICATE
		

		
			 
		

		

		
			 
		

		
			COMPLIANCE CALCULATIONS
		

		
			FOR SECOND AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			DATED AS OF SEPTEMBER 7, 2017, AS AMENDED
		

		
			 
		

		
			CALCULATIONS AS OF, ______________, ___.
		

		
			 
		

		

		
			 
		

			
					
						A

					
					
						Maximum Total Indebtedness to Total Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Ratio (Section 8.20(a))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Total Indebtedness

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value as calculated on Exhibit

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						A hereto

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Ratio of Line A1 to A2

					
					
						 

					
					
						 

					
					
						 

					
					
						:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line A3 must not exceed

					
					
						 

					
					
						 

					
					
						0.60:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						B

					
					
						Maximum Secured Indebtedness to Total Asset

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Value Ratio (Section 8.20(b))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Secured Indebtedness

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value as calculated on Exhibit

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						A hereto

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Ratio of Line B1 to B2

					
					
						 

					
					
						 

					
					
						 

					
					
						:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line B3 must not exceed

					
					
						 

					
					
						 

					
					
						0.40:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						C

					
					
						Minimum Adjusted EBITDA to Fixed Charges

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Ratio (Section 8.20(c))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Net Income

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Depreciation and amortization expense

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Interest Expense

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						4.

					
					
						Income tax expense

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						Extraordinary, unrealized or non-recurring losses

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						6.

					
					
						Non-Cash Compensation Paid in Equity Securities

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						7.

					
					
						Extraordinary, unrealized or non-recurring gains

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						8.

					
					
						Income tax benefits

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						9.

					
					
						Sum of Lines C2, C3, C4, C5 and C6

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						10.

					
					
						Sum of Lines C7 and C8

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						11.

					
					
						Line C1 plus Line C9 minus Line C10

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						EBITDA”)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						12.

					
					
						Annual Capital Expenditure Reserve

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						EBITDA”)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						13.

					
					
						Line C11 minus Line C12 (“Adjusted

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						EBITDA”)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						14.

					
					
						Interest Expense

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						15.

					
					
						Principal Amortization Payments

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						16.

					
					
						Dividends

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						17.

					
					
						Income Taxes Paid

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						18.

					
					
						Sum of Lines C14, C15, C16 and C17

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						(“Fixed Charges”)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						19.

					
					
						Ratio of Line C13 to Line C18

					
					
						 

					
					
						 

					
					
						 

					
					
						:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						20.

					
					
						Line C19 shall not be less than

					
					
						 

					
					
						 

					
					
						1.50:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						21.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						D.

					
					
						Maximum Secured Recourse Indebtedness to Total

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Asset Value Ratio(Section 8.20(d))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Secured Recourse Indebtedness

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value as calculated on Exhibit

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						A hereto

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Ratio of Line D1 to Line D2

					
					
						 

					
					
						 

					
					
						 

					
					
						:1.0

				

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line D3 shall not exceed

					
					
						 

					
					
						 

					
					
						0.05:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						E.

					
					
						Tangible Net Worth (Section 8.20(e))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Tangible Net Worth

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Aggregate net proceeds of Stock and Stock

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Equivalent offerings

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						75% of Line E2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						$168,580,529 plus Line E3

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						Line E1 shall not be less than Line E4

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						6.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						F.

					
					
						Investments (Corporate Debt in REC/REITS)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						(Section 8.8(f))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Investments in debt of listed real estate

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						companies and real estate investment trusts

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Line F1 shall not exceed $15,000,000

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						G.

					
					
						Investments (Joint Ventures) (Section 8.8(j))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Cash Investments in Joint Ventures

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Line G1 divided by Line G2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line G3 shall not exceed 10% of Total

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						H.

					
					
						Investments (Assets Under Development)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						(Section 8.8(k))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Assets Under Development

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						3.

					
					
						Line H1 divided by Line H2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line H3 shall not exceed 7.5% of Total

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						I.

					
					
						Investments (Mortgage Loans, Mezzanine Loans

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						and Notes Receivable) (Section 8.8(l))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Mortgage Loans, Mezzanine Loans and

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Notes Receivable

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Line I1 divided by Line I2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line I3 shall not exceed 25% of Total

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						J.

					
					
						Investments (Ground Leases) (Section 8.8(m))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Investments in Ground Leases other than

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Permitted Ground Lease Investments

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Line J1 divided by Line J2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line J3 shall not exceed 20% of Total

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						K.

					
					
						Investments (Stock Repurchases) (Section 8.8(n))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Stock Repurchases

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Investment Net Sales Proceeds

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Line K1 minus Line K2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Adjusted EBITDA (from Line C13)1

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						Fixed Charges (from Line C18)

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		

		
			1 Remainder to be completed if Line K5 is greater than $0.
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						6.

					
					
						Sum of lines K3 and K5

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						7.

					
					
						Ratio of Line K4 to Line K6

					
					
						 

					
					
						 

					
					
						 

					
					
						:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						8.

					
					
						Line K7 shall not be less than

					
					
						 

					
					
						 

					
					
						1.50:1.0

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						9.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						L.

					
					
						Investments (Land Assets) (Section 8.8(o))

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Land Assets

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Line L1 divided by Line L2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line L3 shall not exceed 10% of Total

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

			
					
						M.

					
					
						Aggregate Investment Limitation to Total Asset

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Value (Section 8.8)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						1.

					
					
						Sum of Lines F1, G1, H1, I1, J1 and K3

					
					
						 

					
					
						$

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2.

					
					
						Total Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3.

					
					
						Line M1 divided by Line M2

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4.

					
					
						Line M3 shall not exceed 30% of Total

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Asset Value

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5.

					
					
						The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						 

					
					
						yes/no

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			EXHIBIT A TO SCHEDULE I
		

		
			TO COMPLIANCE CERTIFICATE
		

		
			OF CONSOLIDATED-TOMOKA LAND CO.
		

		
			 
		

		
			This Exhibit A, with a calculation  date of ______________, ___, is attached to Schedule I to the Compliance Certificate of Consolidated-Tomoka Land Co. dated September 7, 2017, as amended, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement, as amended, referred to therein. The undersigned hereby certifies that the following is a true, correct and complete calculation of Total Asset Value for Rolling Period most recently ended:
		

		
			 
		

		
			[Insert Calculation]
		

		
			 
		

		
			 
		

			
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			EXHIBIT B TO SCHEDULE I
		

		
			TO COMPLIANCE CERTIFICATE
		

		
			OF CONSOLIDATED-TOMOKA LAND CO.
		

		
			 
		

		
			This Exhibit B, with a calculation date of ______________, ___, is attached to Schedule I to the Compliance Certificate of Consolidated-Tomoka Land Co. dated September 7, 2017, as amended, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement, as amended, referred to therein. The undersigned hereby certifies that the following is a true, correct and complete calculation of Property NOI for all Properties for Rolling Period most recently ended:
		

		
			 
		

			
					
						PROPERTY

					
					
						PROPERTY INCOME

					
					
						MINUS

					
					
						PROPERTY EXPENSES (WITHOUT CAP. EX. RESERVE

					
						OR

					
						MANAGEMENT FEES)

					
					
						MINUS

					
					
						ANNUAL CAPITAL EXPENDITURE RESERVE

					
					
						MINUS

					
					
						GREATER OF 3% OF RENTS OR ACTUAL

					
						MANAGEMENT FEES

					
					
						EQUALS

					
					
						PROPERTY NOI

				
	
					
						 

					
					
						$                   

					
					
						-

					
					
						$                       

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$                  

				
	
					
						 

					
					
						$                   

					
					
						-

					
					
						$                       

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$                   

				
	
					
						 

					
					
						$                   

					
					
						-

					
					
						$                       

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$                   

				
	
					
						 

					
					
						$                   

					
					
						-

					
					
						$                       

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$                   

				

		
			 
		

			
					
						TOTAL PROPERTY NOI FOR ALL PROPERTIES:

					
					
						$                        

				

		
			 
		

			
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE 1
		

		
			 
		

			
					
						 

					
					
						REVOLVING CREDIT

				
	
					
						NAME OF LENDER

					
					
						COMMITMENT

				
	
					
						 

					
					
						 

				
	
					
						Bank of Montreal

					
					
						$73,000,000

				
	
					
						 

					
					
						 

				
	
					
						Wells Fargo Bank, National

					
					
						$63,500,000

				
	
					
						Association

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Branch Banking and Trust

					
					
						$63,500,000

				
	
					
						Company

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						$200,000,000

				
	
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE 6.2
		

		
			 
		

		
			SUBSIDIARIES
		

		
			 
		

		
			BLUEBIRD ARROWHEAD PHOENIX LLC (a limited liability company)
		

		
			Date of Formation:January 14, 2013
		

		
			State of Formation:Delaware
		

		
			Member:Golden Arrow 6 LLC, 100% Managing Member
		

		
			 
		

		
			BLUEBIRD GERMANTOWN MD LLC (a limited liability company)
		

		
			Date of Formation:August 15, 2013
		

		
			State of Formation:Delaware
		

		
			Member:Golden Arrow 6 LLC, 100% Managing Member
		

		
			 
		

		
			BLUEBIRD METROWEST ORLANDO LLC (a limited liability company)
		

		
			Date of Formation:January 14, 2013
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			BLUEBIRD RENTON WA LLC (a limited liability company)
		

		
			Date of Formation:July 11, 2013
		

		
			State of Formation:Delaware
		

		
			Member:Golden Arrow 6 LLC, 100% Managing Member
		

		
			 
		

		
			CTLC GOLDEN ARROW KATY LLC (a limited liability company)
		

		
			Date of Formation:March 24, 2014
		

		
			State of Formation:Delaware
		

		
			Member:Golden Arrow 6 LLC, 100% Managing Member
		

		
			 
		

		
			CTO16 ATLANTIC LLC (limited liability company)
		

		
			Date of Formation:November 9, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO16 AUSTIN LLC (limited liability company) 9/30/16]
		

		
			Date of Formation:August 17, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			CTO16 CHARLOTTESVILLE LLC (limited liability company)
		

		
			Date of Formation:August 17, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO16 DALLAS LLC (limited liability company)
		

		
			Date of Formation:February 9, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Indigo Group Inc. 99% Managing Member Indigo Group Ltd. 1% Managing Member
		

		
			 
		

		
			CTO16 HUNTERSVILLE LLC (limited liability company)
		

		
			Date of Formation:August 17, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO16 MONTEREY LLC (limited liability company)
		

		
			Date of Formation:August 12, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO16 OLIVE TX LLC (limited liability company)
		

		
			Date of Formation:September 9, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO16 OSI LLC (limited liability company
		

		
			Date of Formation:August 17, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO16 PETERSON LLC (limited liability company)
		

		
			Date of Formation:October 11, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			CTO16 RALEIGH LLC (limited liability company
		

		
			Date of Formation:September 9, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO16 RENO LLC (limited liability company)
		

		
			Date of Formation:November 1, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO17 BRANDON FL LLC (limited liability company)
		

		
			Date of Formation:March 27, 2017
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO17 HILLSBORO OR LLC (limited liability company)
		

		
			Date of Formation:September 19, 2017
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co.
		

		
			 
		

		
			CTO17 SARASOTA LLC (limited liability company)
		

		
			Date of Formation:January 10, 2017
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO17 SAUGUS LLC (limited liability company)
		

		
			Date of Formation:February 17, 2017
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO17 WESTCLIFF TX LLC (limited liability company)
		

		
			Date of Formation:January 10, 2017
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			CTO18 ALBUQUERQUE NM LLC (limited liability company)
		

		
			Date of Formation:August 8, 2018
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			CTO18 ARLINGTON TX LLC (limited liability company)
		

		
			Date of Formation:December 10, 2018
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			CTO18 ASPEN LLC (limited liability company)
		

		
			Date of Formation:January 25, 2018
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			CTO18 JACKSONVILLE FL LLC (limited liability company)
		

		
			Date of Formation:September 13, 2018
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			CTO19 BIRMINGHAM LLC (limited liability company)
		

		
			Date of Formation:May 8, 2019
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			CTO19 WINSTON SALEM NC LLC (limited liability company)
		

		
			Date of Formation:March 13, 2019
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			DAYTONA JV LLC (limited liability company)
		

		
			Date of Formation:August 5, 2015
		

		
			State of Formation:Florida
		

		
			Members:LHC15 Atlantic DB JV LLC (50%, managing member) and CTO16 Atlantic LLC (CTO affiliate), which acquired its interest from SM Bermuda Dunes Owner LLC (DE LLC), a Square Mile Capital entity).
		

		
			 
		

		
			DB BEACH LAND LLC (limited liability company)
		

		
			Date of Formation:July 14, 2017
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			DB MAIN STREET LLC (limited liability company)
		

		
			Date of Formation:March 13, 2019
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			DB MAINLAND LLC (limited liability company)
		

		
			(Name changed from CTO17 Atlanta LLC on 7/14/2017)
		

		
			Date of Formation:May 11, 2017; Name Change Amendment 7/14/2017
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			DB MAINLAND TWO LLC (limited liability company)
		

		
			Date of Formation:April 23, 2018
		

		
			State of Formation:Delaware
		

		
			Member:Indigo Group Inc. 100%
		

		
			 
		

		
			GOLDEN ARROW 6 LLC (Delaware limited liability company)
		

		
			Date of Formation:September 16, 2014
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100% Managing Member
		

		
			 
		

		
			GOLDEN ARROW CHARLOTTE NC LLC (a limited liability company)
		

		
			Date of Formation:August 29, 2014
		

		
			State of Formation:Delaware
		

		
			Member:Golden Arrow 6 LLC, 100% Managing Member
		

		
			 
		

		
			GOLDEN ARROW CLERMONT FL LLC   (a limited liability company)
		

		
			Date of Formation:August 29, 2014
		

		
			State of Formation:Delaware
		

		
			Member:Golden Arrow 6 LLC, 100% Managing Member
		

		
			 
		

		
			IGI16 PETERSON LLC (a limited liability company)
		

		
			Date of Formation:October 12, 2016
		

		
			State of Formation:Delaware
		

		
			Member:Indigo Group Inc., 100% Managing Member
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			IGI18 Back 40 LLC (limited liability company)
		

		
			Date of Formation:February 23, 2018
		

		
			State of Formation:Delaware
		

		
			Member:Indigo Group Inc 100%
		

		
			 
		

		
			IGI19 FC VA LLC (limited liability company)
		

		
			Date of Formation:March 21, 2019
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co. 100%
		

		
			 
		

		
			INDIGO DEVELOPMENT LLC (a limited liability company)
		

		
			Date of Formation:January 13, 2009
		

		
			State of Formation:Florida
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			INDIGO GRAND CHAMPIONS FIVE LLC (a limited liability company)
		

		
			Date of Formation:July 20, 2010
		

		
			State of Formation:Florida
		

		
			Charter Number:L10000076595
		

		
			Member:Palms Del Mar Inc., 100% Managing Member
		

		
			 
		

		
			INDIGO GRAND CHAMPIONS SIX LLC (a limited liability company)
		

		
			Date of Formation:July 20, 2010
		

		
			State of Formation:Florida
		

		
			Member:Palms Del Mar Inc., 100% Managing Member
		

		
			 
		

		
			INDIGO GRAND CHAMPIONS TEN LLC (a limited liability company)
		

		
			Date of Formation:July 20, 2010
		

		
			State of Formation:Florida
		

		
			Member:Palms Del Mar Inc., 100% Managing Member
		

		
			 
		

		
			INDIGO GROUP INC. (corporation)
		

		
			(Name Change from Indigo Development Inc.  April 7, 1987)
		

		
			(Name Change from The Charles Wayne Group Inc. July 23, 1991)
		

		
			Date of Incorporation: September 27, 1984
		

		
			State of Incorporation: Florida
		

		
			Authorized Shares:7,500 common shares @ $1.00 par value
		

		
			75,000 (increased from 30,000 4/26/85) Series preferred shares @ $100.00 par value
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			INDIGO GROUP LTD (limited partnership)
		

		
			(Name Change from The Charles Wayne Group Ltd. August 1, 1991)
		

		
			Date of Formation:April 30, 1987
		

		
			State of Formation:Florida
		

		
			 
		

		
			Partners:
		

		
			Indigo Group Inc.
		

		
			 (Managing General Partner)1.460%
		

		
			Palms Del Mar Inc.5.065%
		

		
			 (Limited Partner)
		

		
			Consolidated-Tomoka Land93.475%
		

		
			 
		

		
			INDIGO HENRY LLC (a limited liability company)
		

		
			Date of Formation:May 24, 2006
		

		
			State of Formation:Florida
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			INDIGO INTERNATIONAL LLC (a limited liability company)
		

		
			Date of Formation:January 13, 2009
		

		
			State of Formation:Florida
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			LHC14 OLD DELAND LLC (limited liability company)
		

		
			(Name changed from Golden Arrow Plaza Retail LLC on 5/11/2015
		

		
			 Date of Formation:June 4, 2014; Name Change Amendment 05/11/2015
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			LHC15 ATLANTIC DB JV LLC (limited liability company)
		

		
			Date of Formation:August 3, 2015
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			LHC15 GLENDALE AZ LLC (limited liability company)
		

		
			Date of Formation:April 28, 2015
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			LHC15 RALEIGH NC LLC (limited liability company)
		

		
			Date of Formation:October 26, 2015
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			LHC15 RIVERSIDE FL LLC (limited liability company)
		

		
			Date of Formation:June 30, 2015
		

		
			State of Formation:Delaware
		

		
			Member:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			PALMS DEL MAR INC. (corporation)
		

		
			Date of formation:May 12, 1978 (Acquired by CTLC 3/27/87)
		

		
			State of formation:Florida
		

		
			Authorized Shares:1,000 common shares @ $1.00 par value
		

		
			Registered Agent:Daniel E. Smith, 1530 Cornerstone Blvd., Ste. 100, Daytona Beach, FL 32117
		

		
			 
		

		
			PLAY IT FOREWARD DAYTONA LLC (a limited liability company)
		

		
			Date of Incorporation:May 17, 2013
		

		
			State of Incorporation:Florida
		

		
			Manager:Consolidated-Tomoka Land Co., 100% Managing Member
		

		
			 
		

		
			PLAY IT FORWARD DAYTONA INC. (conversion from Play It Forward Daytona LLC) 501(c)3 charitable entity
		

		
			Date of Incorporation:October 5, 2015 State of Incorporation:Florida
		

		
			 
		

		
			TIGER BAY MITIGATION LLC (limited liability company)
		

		
			Date of Formation:January 17, 2018
		

		
			State of Formation:Florida
		

		
			Member:Originally Consolidated-Tomoka Land Co. 100%; as of 6/7/2018, a 69.77% interest in the entity was conveyed to ASG Tiger Bay Holdings LLC.
		

		
			 
		

		
			TOMOKA AG INC.
		

		
			Ag Operations
		

		
			(Name changed from W. Hay Inc., effective July 18 2012)
		

		
			Date of Incorporation:December 21, 2004
		

		
			State of Incorporation:Florida
		

		
			Authorized Shares:1,000 common shares, $1.00 par value
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE 6.11
		

		
			 
		

		
			LITIGATION
		

		
			 
		

		
			This Schedule 6.11 is qualified in its entirety by reference to specific provisions of the Credit
		

		
			Agreement to which it relates, and to the extent such provisions contain representations and warranties, this Schedule 6.11 is intended to only qualify and shall not be deemed to expand in any way the scope or effect of any such representations and warranties. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement. Inclusion of information herein shall not be construed as an admission that such information is material to the Borrower or to any of the Subsidiaries. Matters reflected in this Schedule are not necessarily limited to matters required by the Credit Agreement to be reflected herein. Any such additional matters are included herein for informational purposes and do not necessarily include other matters of similar nature. Headings have been inserted herein for convenience of reference only and shall to no extent have the effect of amending or changing the express description of this Schedule in the Credit Agreement.
		

		
			 
		

		
			North Carolina Department of Transportation/Lease Agreement with Harris Teeter. On November 21, 2011, the Company, Indigo Mallard Creek LLC and Indigo Development LLC, as owners of the Harris Teeter income property in Charlotte, were served with pleadings for a highway condemnation action involving this property. The proposed road modifications would impact access to the property. The Company does not believe the road modifications provided a basis for Harris Teeter to terminate the lease. Regardless, in January 2013, the North Carolina Department of Transportation (“NCDOT”) proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT and the City of Charlotte proposed to build and maintain a new access road/point into the property. Construction has begun and is not expected to be completed until 2019. Harris Teeter has expressed satisfaction with the redesigned project and indicated that it will not attempt to terminate its lease if this project is built as currently redesigned. Because the redesigned project will not be completed until 2019, the condemnation case has been placed in administrative closure. As a result, the trial and mediation will not likely be scheduled until requested by the parties, most likely in 2020.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE 6.17
		

		
			 
		

		
			ENVIRONMENTAL ISSUES
		

		
			 
		

		
			This Schedule 6.17 is qualified in its entirety by reference to specific provisions of the Credit Agreement to which it relates, and to the extent such provisions contain representations and warranties, this Schedule 6.17 is intended to only qualify and shall not be deemed to expand in any way the scope or effect of any such representations and warranties. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement. Inclusion of information herein shall not be construed as an admission that such information is material to the Borrower or to any of the Subsidiaries. Matters reflected in this Schedule are not necessarily limited to matters required by the Credit Agreement to be reflected herein. Any such additional matters are included herein for informational purposes and do not necessarily include other matters of similar nature. Headings have been inserted herein for convenience of reference only and shall to no extent have the effect of amending or changing the express description of this Schedule in the Credit Agreement.
		

		
			 
		

		
			PropertyAddress
		

		
			Description of Environmental
		

		
			Issue
		

		
			 
		

		
			Indigo Lakes ResortDaytona Beach, FLMonitoring and testing is
		

		
			complete and the site received a No Further Action letter in January 2017.
		

		
			 
		

		
			Little Lake GrassyLake Placid, FLLittle Lake Grassy is a small
		

		
			pond located adjacent to a large citrus grove operation that was formerly operated by the Company. The contamination originated at a maintenance facility used as part of the irrigation system for the citrus grove. The Company fully implemented the Remedial Action Plan (RAP) previously approved by the State and the State recently confirmed that the testing and treatment activities performed pursuant to the RAP were completed satisfactorily. The State also recently approved the Company’s plan for monitoring the site which calls for the Company
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						providing monitoring results

					
						once per year. The monitoring program is now underway.

				
	
					
						Acreage West of Interstate 95

					
					
						Daytona Beach, FL

					
					
						In connection with certain land sale Contracts to which Borrower is a party, the pursuit of customary development entitlements gave rise to an informal inquiry and subsequently a formal written request by federal regulatory agencies on a portion of Borrower’s land. Borrower believes the issues raised by, and the land which is the subject of, the inquiry are similar to or the same as those which were addressed and resolved in December 2012 in a settlement agreement between Borrower and St. Johns River Water Management District (the “SJRWMD Matter”). This matter was resolved through an executed Administrative Compliance Order with the Environmental Protection Agency, whereby the necessary permits were obtained, and a restoration plan was agreed upon. The restoration plan is approximately 70% complete, consistent with the budget and schedule developed as part of the plan.

				
	
					
						Acreage East of Interstate 95

					
					
						Daytona Beach, FL

					
					
						The pursuit of certain development entitlements gave rise to a notice of violation by the Army Corps

					
						of Engineers. Borrower believes the issues raised by,

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			and the land which is the subject of, the inquiry are similar to or the same as those in the SJRWMD Matter. This matter has been resolved through the notice of violation having been rescinded and the permit having been issued.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE 6.23
		

		
			 
		

		
			MAINTENANCE AND CONDITION
		

		
			 
		

		
			This Schedule 6.23 is qualified in its entirety by reference to specific provisions of the Credit Agreement to which it relates, and to the extent such provisions contain representations and warranties, this Schedule 6.23 is intended to only qualify and shall not be deemed to expand in any way the scope or effect of any such representations and warranties. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement. Inclusion of information herein shall not be construed as an admission that such information is material to the Borrower or to any of the Subsidiaries. Matters reflected in this Schedule are not necessarily limited to matters required by the Credit Agreement to be reflected herein. Any such additional matters are included herein for informational purposes and do not necessarily include other matters of similar nature.
		

		
			 
		

		
			The Borrower owns just over 5,300 acres of land in Daytona Beach, Volusia County, Florida and the surrounding area for which no formal flood zone determination has been made.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE 6.25
		

		
			 
		

		
			SIGNIFICANT LEASES
		

		
			(All Leases including self development)
		

		
			 
		

		
			 
		

		
			 
		

			
					
						Property

					
					
						Tenant

					
					
						Landlord

				
	
					
						2890 Providence Lake Blvd.

					
					
						LA Fitness/

					
					
						CTO17 Brandon FL LLC (as to an

				
	
					
						Brandon, FL

					
					
						Fuzzy’s Taco Shop/

					
						World of Beer

					
					
						undivided 74.10% interest)

					
						 

					
						Consolidated-Tomoka Land Co. (as

				
	
					
						 

					
					
						 

					
					
						to an undivided 25.90% interest)

				
	
					
						1073 Broadway Saugus, MA

					
					
						JoAnn

					
					
						CTO17 Saugus LLC

				
	
					
						3511 West Biddison Street Fort Worth, TX

					
					
						Westcliff Shopping Center

					
					
						CTO17 Westcliff TX LLC

				
	
					
						1900 Fruitville Road Sarasota, FL

					
					
						Staples

					
					
						CTO17 Sarasota LLC

				
	
					
						11 N Sierra Street Reno, NV

					
					
						Reno Riverside

					
					
						CTO16 Reno LLC

				
	
					
						3600 Peterson Way Santa Clara, CA

					
					
						Office Building

					
					
						CTO16 Peterson LLC (as to an undivided 62.76% interest)

				
	
					
						 

					
					
						 

					
					
						IGI16 Peterson LLC (as to an undivided 37.24%)

				
	
					
						4323/4341 Maple Ave Dallas, TX

					
					
						7-Eleven / Pharmacy

					
					
						CTO16 Dallas LLC (as to an undivided 99% interest)

				
	
					
						 

					
					
						 

					
					
						Indigo Group Ltd (as to an undivided 1% interest)

				
	
					
						245 Riverside Ave Jacksonville, FL

					
					
						Office Building

					
					
						LHC15 Riverside FL LLC

				
	
					
						1100 Corporate Center Drive Raleigh, NC

					
					
						Office Building

					
					
						LHC15 Raleigh LLC

				
	
					
						200 East Franklin Street Monterey, CA

					
					
						Bank of America Branch

					
					
						CTO16 Monterey LLC

				
	
					
						4700 Green Road Raleigh, NC

					
					
						At Home

					
					
						CTO16 Raleigh LLC

				
	
					
						521 E. Hyman Avenue Aspen, CO

					
					
						Aspen Core Condominiums

					
					
						CTO18 Aspen LLC

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			 
		

			
					
						Property

					
					
						Tenant

					
					
						Landlord

				
	
					
						1871 Jonesboro Rd. McDonough, GA

					
					
						Dick’s Sporting Goods, Inc.

					
					
						Consolidated-Tomoka Land Co. (as to an undivided 40.5% interest)

				
	
					
						 

					
					
						 

					
					
						Indigo Development LLC (as to an undivided 28.7% interest)

				
	
					
						 

					
					
						 

					
					
						Indigo Henry LLC (as to an undivided 30.8% interest)

				
	
					
						1871 Jonesboro Rd. McDonough, GA

					
					
						Best Buy Stores, L.P.

					
					
						Consolidated-Tomoka Land Co. (as to an undivided 40.5% interest)

				
	
					
						 

					
					
						 

					
					
						Indigo Development LLC (as to an undivided 28.7% interest)

				
	
					
						 

					
					
						 

					
					
						Indigo Henry LLC (as to

					
						an undivided 30.8% interest)

				
	
					
						17510 N 75th Ave Phoenix, AZ

					
					
						Big Lots

					
					
						Bluebird Arrowhead Phoenix LLC

				
	
					
						20926 Frederick Road Germantown, MD

					
					
						Big Lots

					
					
						Bluebird Germantown MC LLC

				
	
					
						7580 W Bell Road Glendale, AZ

					
					
						Container Store

					
					
						LHC15 Glendale AZ LLC (as to an undivided 25.88% interest)

				
	
					
						 

					
					
						 

					
					
						Consolidated-Tomoka Land Co. (as an undivided 74.12% interest)

				
	
					
						2501 N Field Street Dallas, TX

					
					
						CVS-Dallas

					
					
						CTO16 Olive TX LLC

				
	
					
						2201 West W.T. Harris Blvd. Charlotte, NC

					
					
						Harris Teeter, Inc.

					
					
						Indigo Development LLC

					
						(as to an undivided 42% interest)

				
	
					
						 

					
					
						 

					
					
						Consolidated-Tomoka Land Co. (as to an undivided 37% interest)

				
	
					
						 

					
					
						 

					
					
						Indigo Mallard Creek LLC (as to an undivided 21% interest)

				
	
					
						6355 Metrowest Blvd, Suite 100 Orlando, FL

					
					
						Hilton Metrowest

					
					
						Bluebird Metrowest Orlando LLC

				
	
					
						1800 Metrowest Drive, Suite 100

					
					
						Hilton Metrowest Cambridge

					
					
						Bluebird Metrowest Orlando LLC

				
	
					
						19935 Katy Freeway Houston, TX

					
					
						Lowe’s Home Center

					
					
						CTLC Golden Arrow Katy LLC

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			 
		

			
					
						Property

					
					
						Tenant

					
					
						Landlord

				
	
					
						11590 Research Blvd Austin, TX

					
					
						Carrabba’s

					
					
						CTO16 Austin LLC

				
	
					
						11600 Research Blvd Austin, TX

					
					
						Outback Steakhouse

					
					
						CTO16 OSI LL

				
	
					
						1101 Seminole Trail Charlottesville, VA

					
					
						Outback Steakhouse

					
					
						CTO16 Charlottesville LLC

				
	
					
						16400 Northcross Drive Huntersville, NC

					
					
						Outback Steakhouse

					
					
						CTO16 Huntersville LLC

				
	
					
						17615 140th Ave SE

					
						Renton, WA

					
					
						Rite Aid

					
					
						Bluebird Renton WA LLC

				
	
					
						4395 Kimball Bridge Rd. Alpharetta, GA

					
					
						Walgreen Co. (Store #5903)

					
					
						Indigo Development LLC

				
	
					
						2590 E Hwy 50

					
						Clermont, FL

					
					
						Walgreen Co. (Store #7273)

					
					
						Golden Arrow Clermont FL LLC

				
	
					
						357 S. Atlantic Avenue Daytona Beach, FL

					
					
						Concina 214/Landshark

					
					
						Daytona JV LLC

				
	
					
						5401 Watson Drive SE Albuquerque, NM

					
					
						Fidelity Bank Building

					
					
						CTO18 Albuquerque NM LLC

				
	
					
						3775 Oxford Station Way Winston-Salem, NC

					
					
						Hobby Lobby

					
					
						CTO19 Winston Salem NC LLC

				
	
					
						1650 West I-20

					
						Arlington, TX

					
					
						Macaroni Grill

					
					
						CTO18 Arlington TX LLC

				
	
					
						4914 Town Center Parkway Jacksonville, FL

					
					
						Chuys’s

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						4826 Town Center Parkway Jacksonville, FL

					
					
						Firebird’s

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						4954 Town Center Parkway Jacksonville, FL

					
					
						Cheddar’s

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						4990 Town Center Parkway Jacksonville, FL

					
					
						JP Morgan Chase Bank

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						4710 Town Center Parkway Jacksonville, FL

					
					
						Moe’s

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						4816 Gate Parkway Jacksonville, FL

					
					
						PDQ

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						4866 Gate Parkway Jacksonville, FL

					
					
						WaWa

					
					
						CTO18 Jacksonville FL LLC

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			 
		

			
					
						Property

					
						 

					
						5064 Weeber’s Crossing Jacksonville, FL

					
					
						Tenant

					
						 

					
						Scrubble’s Car Wash

					
					
						Landlord

					
						 

					
						CTO18 Jacksonville FL LLC

				
	
					
						4256 Aloma Avenue Winter Park, FL

					
					
						WaWa

					
					
						Golden Arrow WPP LLC

				
	
					
						18770 NW Walker Road Hillsboro, OR

					
					
						Wells Fargo Building

					
					
						CTO17 Hillsboro OR LLC

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			ANNEX I
		

		
			 
		

		
			LIST OF CLOSING DOCUMENTS
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT ACCORDION INCREASE AND ADDITIONAL GUARANTOR SUPPLEMENT
		

		
			CLOSING DATE: MAY 24, 2019
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
						TEM NO.

					
						 

					
					
						 

					
						OCUMENT

					
						 

					
					
						 

					
					
						OMMENTS/ STATUS

					
						 

				
	
					
						 

					
						 

					
						ITEM NO.

					
					
						 

					
						 

					
						DOCUMENT

					
					
						DRAFTING/ OBTAINING PARTIES

					
					
						 

					
						COMMENTS/ STATUS

				
	
					
						LOAN DOCUMENTATION

				
	
					
						1.

					
					
						Second Amendment to Second Amended and Restated Credit Agreement

					
					
						C&C

					
					
						Executed

				
	
					
						2.

					
					
						Fifth Amended and Restated Revolving Note:

					
					
						C&C

					
					
						Executed

				
	
					
						(a)

					
					
						Bank of Montreal

					
					
						C&C

					
					
						 

				
	
					
						(b)

					
					
						Branch Banking and Trust Company

					
					
						C&C

					
					
						 

				
	
					
						(c)

					
					
						Wells Fargo Bank, National Association

					
					
						C&C

					
					
						 

				
	
					
						3.

					
					
						Additional Guarantor Supplement for New Guarantors

					
					
						C&C

					
					
						Executed

				
	
					
						4.

					
					
						Agreement Regarding Uncertificated Securities, Membership Interests and Partnership Interests for New Guarantors

					
					
						C&C

					
					
						Executed

				
	
					
						5.

					
					
						Release of Golden Arrow First St Sarasota LLC

					
					
						C&C

					
					
						Executed

				
	
					
						UCC SEARCHES AND FILINGS

				
	
					
						6.

					
					
						UCC, Tax Lien and Judgment Lien Searches for each New Guarantor listed on Schedule II hereto and each New Pledgor listed on Schedule III hereto

					
					
						C&C

					
					
						Received

				
	
					
						7.

					
					
						UCC-3 Amendment to UCC Financing Statement:

					
						(a)Borrower (Collateral)

					
						(b)Indigo Group, Inc. (Address)

					
						(d)Indigo Development LLC (Address)

					
					
						C&C

					
					
						Form Final

				
	
					
						CERTIFICATES AND OPINIONS

				
	
					
						8.

					
					
						Secretary’s Certificate for Borrower attaching thereto: Exhibit A - Certified Articles of Incorporation

					
						Exhibit B – Bylaws

					
						Exhibit C - Resolution to Borrow Exhibit D - Good Standing Certificate

					
						Exhibit E - Incumbency Certificate and Specimen Signature(s)

					
					
						Borrower

					
					
						Received

				

		
			 
		

		
			 
		

		
			May 2019 Closing List - Second Amendment and Accordion 4812-3873-8836 v4.doc 1975507
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

			
					
						 

					
						TEM NO.

					
						 

					
					
						 

					
						OCUMENT

					
						 

					
					
						 

					
					
						OMMENTS/ STATUS

					
						 

				
	
					
						 

					
						 

					
						ITEM NO.

					
					
						 

					
						 

					
						DOCUMENT

					
					
						DRAFTING/ OBTAINING PARTIES

					
					
						 

					
						COMMENTS/ STATUS

				
	
					
						9.

					
					
						Secretary’s Certificate for each Guarantor hereto attaching thereto (as applicable):

					
						Exhibit A - Certified Articles of Incorporation/Certificate of Formation/Certificate of Limited Partnership

					
						Exhibit B - Bylaws/Operating Agreement/Agreement of Limited Partnership

					
						Exhibit C - Resolutions/Consent/Approval Exhibit D - Good Standing Certificate

					
						Exhibit E - Incumbency Certificate and Specimen Signature(s)

					
					
						Borrower

					
					
						Received

				
	
					
						10.

					
					
						Secretary’s Certificate for each New Guarantor attaching thereto (as applicable):

					
						Exhibit A - Certified Articles of Incorporation/Certificate of Formation/Certificate of Limited Partnership

					
						Exhibit B - Bylaws/Operating Agreement/Agreement of Limited Partnership

					
						Exhibit C - Resolutions/Consent/Approval Exhibit D - Good Standing Certificate

					
						Exhibit E - Incumbency Certificate and Specimen Signature(s)

					
					
						Borrower

					
					
						Received

				
	
					
						11.

					
					
						Secretary’s Certificate for each New Pledgor attaching thereto (as applicable):

					
						Exhibit A - Certified Articles of Incorporation/Certificate of Formation/Certificate of Limited Partnership

					
						Exhibit B - Bylaws/Operating Agreement/Agreement of Limited Partnership

					
						Exhibit C - Resolutions/Consent/Approval Exhibit D - Good Standing Certificate

					
						Exhibit E - Incumbency Certificate and Specimen Signature(s)

					
					
						Borrower

					
					
						Received

				
	
					
						12.

					
					
						Pro Forma Compliance Certificate and Borrowing Base Certificate

					
					
						Borrower

					
					
						Received

				
	
					
						13.

					
					
						Opinion of Counsel of Pillsbury Winthrop Shaw Pittman LLP

					
					
						BC

					
					
						Received

				
	
					
						14.

					
					
						Fee Letter

					
					
						C&C

					
					
						Executed

				
	
					
						POST-CLOSING ITEMS

				
	
					
						15.

					
					
						Post-Closing UCC Searches

					
					
						C&C

					
					
						 

				

		
			 
		

		
			 
		

		
			BMO—Bank of Montreal
		

		
			C&C—Chapman and Cutler LLP Borrower—Consolidated-Tomoka Land Co.
		

		
			BC—Pillsbury Winthrop Shaw Pittman LLP
		

		
			Guarantors—See Schedule I New Guarantors—See Schedule II
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE I
		

		
			 
		

		
			GUARANTORS
		

		
			 
		

			
					
						 

					
						 

					
					
						 

					
						 

					
						 

					
					
						 

					
						 

				
	
					
						 

					
						Subsidiary Name

					
					
						 

					
						Jurisdiction of Organization/Incorporation

					
						/Formation

					
					
						 

					
						Principal Place of Business

				
	
					
						 

					
						Indigo Development LLC

					
					
						 

					
						Florida

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						Indigo Henry LLC

					
					
						 

					
						Florida

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						LHC15 Glendale AZ LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						LHC15 Riverside FL LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 Monterey LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 Austin LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 Charlottesville LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 Huntersville LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 OSI LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

			
					
						 

					
						Subsidiary Name

					
					
						 

					
						Jurisdiction of Organization/Incorporation

					
						/Formation

					
					
						 

					
						Principal Place of Business

				
	
					
						 

					
						CTO16 Olive TX LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 Raleigh LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 Peterson LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						IGI16 Peterson LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO16 Reno LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO17 Brandon FL LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO17 Saugus LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO17 Westcliff TX LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO17 Sarasota LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						Bluebird Metrowest Orlando LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

			
					
						 

					
						 

					
					
						 

					
						 

					
						 

					
					
						 

					
						 

				
	
					
						 

					
						Subsidiary Name

					
					
						 

					
						Jurisdiction of Organization/Incorporation

					
						/Formation

					
					
						 

					
						Principal Place of Business

				
	
					
						 

					
						CTO17 Hillsboro OR LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						Indigo Group, Inc.

					
					
						 

					
						Florida

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			SCHEDULE II NEW
		

		
			 
		

		
			GUARANTORS
		

		
			 
		

			
					
						 

					
						 

					
					
						 

					
						 

					
						 

					
					
						 

					
						 

				
	
					
						 

					
						Subsidiary Name

					
					
						 

					
						Jurisdiction of Organization/Incorporation

					
						/Formation

					
					
						 

					
						Principal Place of Business

				
	
					
						 

					
						CTO18 Aspen LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO18 Jacksonville FL LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO18 Arlington TX LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

				
	
					
						 

					
						CTO18 Albuquerque NM LLC

					
					
						 

					
						Delaware

					
					
						 

					
						1140 North Williamson Boulevard | Suite 140 | Daytona Beach, FL 32114

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