Document:

Exhibit 10.5

 

FINAL FORM

 

ESCROW
AGREEMENT

 

This
ESCROW AGREEMENT (this “Agreement”) is made and entered into as of [●], 2016, by and among: (i)
DT Asia Investments Limited, a business company incorporated in the British Virgin Islands, which will be known after the
consummation of the transactions contemplated by the Share Exchange Agreement (as defined below) as “China Direct Lending
Corporation” (“Purchaser”); (ii) Li Jingping, an individual residing in the Xinjiang Province
in the People’s Republic of China, in the capacity as the Seller Representative under the Share Exchange Agreement (including
any successor Seller Representative appointed pursuant to and in accordance with Section 12.15 of the Share Exchange Agreement,
the “Seller Representative”); and (iii) Continental Stock Transfer & Trust Company, as escrow
agent (the “Escrow Agent”). Capitalized terms used herein but not otherwise defined herein shall have
the meaning given to such terms in the Share Exchange Agreement.

 

WHEREAS,
on January 11, 2016, Purchaser and the Seller Representative entered into that certain Share Exchange Agreement (as amended from
time to time in accordance with the terms thereof, the “Share Exchange Agreement”), by and among Purchaser,
DeTiger Holdings Limited, in its capacity as the DT Representative thereunder (including any successor DT Representative appointed
pursuant to and in accordance with Section 12.14 of the Share Exchange Agreement, the “DT Representative”),
Adrie Global Holdings Limited, a business company incorporated in the British Virgin Islands with limited liability (the “Company”),
the shareholders of the Company named therein (the “Sellers”) and the Seller Representative, pursuant
to which, subject to the terms and conditions thereof, Purchaser will acquire from the Sellers all of the issued and outstanding
equity interests of the Company in exchange for 20,000,000 ordinary shares no par value of Purchaser (“Purchaser Ordinary
Shares”), with 8,000,000 of such shares (including any equity securities paid as dividends or distribution with
respect to such shares or into which such shares are exchanged or converted, the “Escrow Shares”), along
with earnings thereon, subject to forfeiture by the Sellers in the event that certain earn-out financial milestones set forth
in the Share Exchange Agreement are not met;

 

WHEREAS,
pursuant to the Share Exchange Agreement, Purchaser and its Affiliates and their respective officers, directors, managers, employees,
successors and permitted assigns (the “Indemnified Parties”) are entitled to be indemnified in certain
respects by the Sellers;

 

WHEREAS,
in accordance with the Share Exchange Agreement, to ensure that the Escrow Shares (and earnings thereon) are forfeited by the
Sellers in the event that the earn-out financial milestones set forth in the Share Exchange Agreement are not met and to secure
assets for the payment of the Sellers’ indemnification obligations under the Share Exchange Agreement, the Escrow Shares
are being deposited into an escrow account (the “Escrow Account”) to be held by the Escrow Agent as
hereinafter provided;

 

WHEREAS,
pursuant to the Share Exchange Agreement (i) the Seller Representative has been designated as each Seller’s representative
and agent to represent all of the Sellers, and to act on their behalf for purposes of this Agreement, and (ii) the DT Representative
has been exclusively designated to act on behalf of Purchaser to take all necessary actions and make all decisions pursuant to
this Agreement; and

 

WHEREAS,
the Escrow Agent is willing to administer the escrow under the terms and conditions of this Agreement.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the foregoing premises and of the mutual covenants and agreements contained herein, the parties
hereto hereby agree as follows:

 

Section
1.Appointment. Purchaser and the Seller Representative hereby appoint the Escrow Agent as their escrow agent for the
purposes set forth herein, and the Escrow Agent hereby agrees to perform the duties of their escrow agent under this Agreement.
The escrow services to be rendered by the Escrow Agent under this Agreement will not begin until the Escrow Agent has received
the documentation necessary to establish the Escrow Account on its books and has received the Escrow Shares in accordance with
this Agreement.

 

Section
2.Delivery of Escrow Shares. Pursuant to Section 1.3 of the Share Exchange Agreement, after the Closing, the Purchaser
shall deposit stock certificates for the Escrow Shares (“Escrowed Stock Certificates”) with the Escrow
Agent, with each such Escrowed Stock Certificate being in the name of the applicable Seller and including a number of Escrow Shares
based on each Seller’s Pro Rata Share of the total Escrow Shares as determined in accordance with the Share Exchange Agreement;
provided, that the Purchaser may alternatively have the Escrow Agent and the Purchaser’s transfer agent account for the
Escrow Shares in book entry form. Additionally, the Seller Representative shall deliver to the Escrow Agent five (5) assignments
(separate from certificate) executed in blank by each Seller. Upon its receipt of such assignments and the Escrowed Stock Certificates
for the Escrow Shares (or otherwise upon confirming the issuance of the Escrow Shares in book entry form), the Escrow Agent shall
send a written acknowledgement of its receipt to Purchaser and the Seller Representative.

 

Section
3.Maintenance of the Escrow Shares and other Escrow Property.

 

(a)Pursuant
to the Share Exchange Agreement, so long as any Escrow Shares are being held in the Escrow Account and are not disbursed in accordance
with this Agreement, any dividends or distributions paid or otherwise accruing to such Escrow Shares (“Accrued Dividends”)
will be held by Purchaser and not paid to the Escrow Account. For purposes of this Agreement, the “Escrow Property”
means the Escrow Shares, along with any dividends, distributions or other income thereon that are paid to the Escrow Account (excluding
any Accrued Dividends) (“Earnings”), as reduced by any disbursements of such Escrow Shares or Earnings
from the Escrow Account by the Escrow Agent in accordance with the terms of this Agreement.

 

(b)During
the term of this Agreement, the Escrow Agent shall hold the Escrow Property in the Escrow Account and shall not sell, transfer,
dispose of, lend or otherwise subject to a Lien any of the Escrow Property except until and to the extent that they are disbursed
in accordance with Section 4. Except as Purchaser and the Seller Representative may otherwise agree in writing, no part
of the Escrow Property may be withdrawn except as expressly provided in this Agreement.

 

(c)While
the Escrow Shares are held in the Escrow Account, the Seller named on the applicable Escrowed Stock Certificate shall have the
right to vote the Escrow Shares included in such Escrowed Stock Certificate.

 

Section
4.Delivery of the Escrow Property. The Escrow Agent shall hold the Escrow Property and shall deliver the Escrow Property
to either the Purchaser or the Seller Representative for further distribution to the Sellers, as applicable, in accordance with
the following procedures:

 

(a)Indemnification
Claims.

 

(i)Purchaser
(with the DT Representative acting on its behalf) may assert a claim for indemnification on behalf of an Indemnified Party pursuant
to the Share Exchange Agreement (an “Indemnification Claim”) by providing written notice (a “Claim
Notice”) of such claim to the Seller Representative and the Escrow Agent, which Claim Notice shall include (A) a
reasonable description of the facts and circumstances which relate to the subject matter of such Indemnification Claim to the
extent then known, (B) the amount of Losses suffered by the Indemnified Party in connection with the claim to the extent known
or reasonably estimable (provided, that the DT Representative (on behalf of Purchaser) may thereafter in good faith adjust the
amount of Losses with respect to the claim by providing a revised Claim Notice to the Seller Representative and the Escrow Agent
(such amount, as it may be adjusted, the “Indemnification Claim Amount”)) and (C) whether the Indemnification
Claim results from a Third Party Claim; provided, that the copy of any Claim Notice provided to the Escrow Agent shall
be redacted for any confidential or proprietary information of the Indemnifying Party or the Indemnified Party described in clause
(A).

 

    	 	2	 

     

    

 

(ii)Unless
the Seller Representative provides to Purchaser and the Escrow Agent a written notice objecting to such Indemnification Claim
(an “Objection Notice”) (with any Objection Notice provided to Purchaser, but not the Escrow Agent,
including an attachment with a description, in reasonable detail, of the facts upon which such objection is based) by 11:59 p.m.
New York City time on the thirtieth (30th) day after the delivery of the Claim Notice (the date of the delivery of the Claim Notice
through such time, the “Objection Period”), subject to Section 4(a)(v), the Escrow Agent shall
promptly (in any event within five (5) Business Days) after the expiration of the Objection Period (or, if during the Objection
Period, the Seller Representative provides affirmative written instructions to the Escrow Agent to release such Escrow Property
from the Escrow Account, promptly (in any event within five (5) Business Days) after the Escrow Agent’s receipt of such
instructions from the Seller Representative), distribute from the Escrow Account to Purchaser Escrow Property in an amount equal
to the Indemnification Claim Amount (less the amount of Accrued Dividends retained by the Purchaser and forfeited by the Sellers
as an indemnification payment for such Indemnification Claim, as identified by the Purchaser to the Escrow Agent).

 

(iii)If
the Seller Representative provides an Objection Notice during the Objection Period that disputes only a portion of the Indemnification
Claim Amount, subject to Section 4(a)(v), the Escrow Agent shall promptly (in any event within five (5) Business Days)
after the expiration of the Objection Period (or, if during the Objection Period, the Seller Representative provides affirmative
written instructions to the Escrow Agent to release such Escrow Property from the Escrow Account, promptly (in any event within
five (5) Business Days) after the Escrow Agent’s receipt of such instructions from the Seller Representative), distribute
from the Escrow Account to Purchaser Escrow Property in an amount equal to the undisputed portion of the Indemnification Claim
Amount (less the amount of Accrued Dividends retained by the Purchaser and forfeited by the Sellers as an indemnification payment
for such Indemnification Claim, as identified by the Purchaser to the Escrow Agent).

 

(iv)If
the Seller Representative objects to the Indemnification Claim made in a Claim Notice, the Seller Representative shall deliver
concurrently to the Escrow Agent and Purchaser an Objection Notice during the Objection Period. If the Seller Representative timely
disputes an Indemnification Claim, Purchaser (with the DT Representative acting on its behalf) and the Seller Representative shall
resolve the dispute in accordance with the terms of the Share Exchange Agreement. If an Indemnification Claim is disputed by the
Seller Representative, the Escrow Agent shall not distribute to the Seller Representative (or directly to any Seller) any portion
of the Escrow Property with respect to the disputed portion of the Indemnification Claim Amount, until receipt of (i) joint written
instructions executed and delivered by the Seller Representative and DT Representative (on behalf of Purchaser) stating that the
dispute has been resolved and that Purchaser has the right to the Indemnification Claim Amount (or some portion thereof) (“Joint
Instructions”) or (ii) a copy of an arbitration award issued pursuant to Section 12.4 of the Share Exchange Agreement
or a court order from a court of competent jurisdiction establishing Purchaser’s right to the Indemnification Claim Amount
(or some portion thereof) pursuant to the Share Exchange Agreement (a “Binding Award”). Upon receipt
of such Joint Instructions or Binding Award, the Escrow Agent shall, without further action on the part of the Seller Representative
or Purchaser, promptly (in any event within five (5) Business Days) disburse to the Purchaser the amount of the Escrow Property
set forth in the Joint Instructions or the Binding Award (less any undisputed amounts already disbursed pursuant to Section
4(a)(iii) and less the amount of Accrued Dividends retained by the Purchaser and forfeited by the Sellers as an indemnification
payment for such Indemnification Claim, as identified by the Purchaser to the Escrow Agent), as applicable.

 

    	 	3	 

     

    

 

(v)For
the avoidance of doubt, with respect to any Third Party Claim, even if the Seller Representative has agreed that the Sellers are
required to provide indemnification to the Indemnified Parties for such Third Party Claim, except for attorneys’ fees and
other costs and expenses for which the Sellers are responsible to pay to the Indemnified Parties regardless of the outcome of
such Third Party Claim (“Indemnified Third Party Costs”), no payment shall be made by the Escrow Agent
with respect to such Third Party Claim until such Third Party Claim has been sustained in whole or in part by a court of competent
jurisdiction or other binding legal process (including binding arbitration) or settled in whole or in part in accordance with
the provisions of the Share Exchange Agreement (and if any Third Party Claim is decided or settled in part, each part that has
not yet been decided or settled shall not be paid until such remaining part is decided or settled). Escrow Property in an amount
equal to Indemnified Third Party Costs shall be distributed by the Escrow Agent to Purchaser promptly (but in any event within
five (5) Business Days) after the DT Representative provides written notice to the Seller Representative and the Escrow Agent
of such Indemnified Third Party Costs.

 

(vi)Payments
from the Escrow Account with respect to any Indemnification Claims shall first be paid with any cash or cash equivalents that
are held in the Escrow Account, then with the Escrow Shares and then with any remaining property in the Escrow Account. For any
Escrow Shares to be disbursed with respect to Indemnification Claims, the Escrow Shares shall be valued at the Purchaser Share
Price as of the Resolution Date of such Indemnification Claim. For purpose of this Agreement: (A) the “Purchaser Share
Price” shall mean the average closing trade price per share of Purchaser Ordinary Shares (or any successor equity
security, including equity securities of a successor entity issued in exchange for Purchaser Ordinary Shares) as listed by the
Nasdaq Capital Market (or any successor exchange or quotation system on which such shares are listed or quoted) for the twenty
(20) day trading period ending on the trading day immediately prior to the date of determination; and (B) the “Resolution
Date” means the date that an Indemnification Claim is determined in accordance with this Section 4(a): (I)
if no Objection Notice is delivered by the Seller Representative (other than with respect to a Third Party Claim), the 31st
day after the date that the Claim Notice is delivered; (II) if prior to the date described in clause (I) above, the Seller
Representative provides affirmative written instructions to the Escrow Agent to release the Escrow Property for the amount set
forth in the Claim Notice, the date that the Escrow Agent receives such written instructions; (III) if the Seller Representative
provides an Objection Notice that disputes only a portion of the Indemnification Claim Amount (other than with respect to a Third
Party Claim), with respect to the undisputed portion of such Indemnification Claim Amount, the date that the Escrow Agent receives
such Objection Notice; (IV) with respect to any disputed Indemnification Claim Amount, either the date that the Escrow Agent receives
Joint Instructions or a Binding Award; or (V) with respect to any Third Party Claim, that date that such Third Party Claim has
been sustained in whole or in part by a court of competent jurisdiction or other binding legal process (including binding arbitration)
or settled in whole or in part in accordance with the provisions of the Share Exchange Agreement (and if any Third Party Claim
is decided or settled in part, the Resolution Date with respect to each part that has not yet been decided or settled shall be
the date that such remaining part is decided or settled); provided, that with respect to Indemnified Third Party Costs,
the Resolution Date shall be the date that the DT Representative notifies the Seller Representative and the Escrow Agent in writing
of the amount of such Indemnified Third Party Costs.

 

    	 	4	 

     

    

 

(b)Earn-Out
Payments.

 

(i)Promptly,
but in any event within five (5) Business Days, after the Escrow Agent’s receipt of joint written instructions (“Earn-Out
Payment Instructions”) from the DT Representative (on behalf of Purchaser) and the Seller Representative that for
any Earn-Out Year there has been a final determination in accordance with Section 2.2 of the Share Exchange Agreement (but subject
to Sections 2.4 and 2.5 of the Share Exchange Agreement) with respect to the Earn-Out Payment for such Earn-Out Year or the Alternative
Earn-Out Payment (the date that the Escrow Agent receives Earn-Out Payment Instructions with respect to any Earn-Out Year, an
“Earn-Out Release Date”), the Escrow Agent shall distribute Escrow Property from the Escrow Account
in accordance with such Earn-Out Payment Instructions (A) to the Sellers in an amount equal to the Earn-Out Payment (excluding
for the avoidance of doubt, the amount of any Accrued Dividends payable by the Purchaser separate from the Escrow Account) less
the sum of (I) the Reserved Amount (as defined below) as of the date of such payment, and (II) the amount of any Indemnification
Claims that have been paid from the Escrow Account prior to such time but have not previously been used to reduce the amount of
any prior Earn-Out Payment (but net of any prior Earn-Out Payments that have not yet been paid and are still being retained in
the Escrow Account as of such time for Indemnification Claims that are still Pending Claims as of such time), up to a maximum
amount equal to such Earn-Out Payment, and (B), after the last Earn-Out Year only, to Purchaser any portion of any Earn-Out Payments
that were not earned by the Sellers in accordance with the Share Exchange Agreement. For the determination of the Escrow Shares
to be withheld for the Reserved Amount, the Escrow Shares shall be valued at the Purchaser Share Price as of the applicable Earn-Out
Release Date.

 

(ii)For
purposes of this Agreement: (A) the “Reserved Amount” shall mean the aggregate dollar amount for all
Pending Claims (less with respect to each Pending Claim (x) any undisputed amounts already distributed pursuant to Section
4(a)(iii) and (y) any Indemnified Third Party Costs already paid if such Pending Claim is a Third Party Claim) and Unpaid
Claims as of the relevant time; (B) a “Pending Claim” shall mean any Indemnification Claim (I) for which,
as of the relevant time, either (x) an Objection Notice has been delivered and remains unresolved or (y) the period of time for
the delivery of an Objection Notice has not yet expired or (II) which is a Third Party Claim where it has been established (whether
by agreement of the Seller Representative, arbitration award, court order or otherwise) that the Sellers are responsible to indemnify
the Indemnified Parties for such Third Party Claim, but which Third Party Claim is still pending in whole or in part and has not
been sustained by a court of competent jurisdiction or other binding legal process (including binding arbitration) or settled
in accordance with the provisions of the Share Exchange Agreement (with only the part of such Third Party Claim which has not
been decided or settled being the Pending Claim); and (C) an “Unpaid Claim” shall mean an Indemnification
Claim for which, as of the relevant time, the Escrow Agent is required pursuant to Section 4(a) to make a payment to the
Purchaser, but for which the Escrow Agent has not yet made such payment.

 

(iii)In
the event that any Earn-Out Payment otherwise payable to the Sellers from the Escrow Account has had all or a portion of such
payment reduced for the Reserved Amount due to Pending Claims, then within five (5) Business Days after the final determination
of each such Pending Claim, the Escrow Agent shall disburse to the Sellers any portion of the Reserved Amount for such Pending
Claim for which it is determined that the Indemnified Parties were not entitled to indemnification (up to a maximum amount of
disbursement by the Escrow Agent equal to the Reserved Amount for such Pending Claim which was used to reduce an Earn-Out Payment)
as set forth in written instructions provided by the Seller Representative and Purchaser.

 

    	 	5	 

     

    

 

(c)Any
amount of Escrow Property required to be delivered to the Purchaser or the Sellers pursuant to this Section 4 shall be
delivered by the Escrow Agent pursuant to such delivery instructions as provided by the DT Representative with respect to Purchaser
or Seller Representative with respect to the Sellers. The Escrow Agent shall rely exclusively on instructions provided by the
Seller Representative and the DT Representative (on behalf of Purchaser) as to the amount and recipient of any distribution of
Escrow Property pursuant to this Section 4, or the relevant order of any court of competent jurisdiction or other award
granted pursuant to other binding legal process (including any binding arbitration). The Escrow Agent has no duty or responsibility
to calculate any distribution or to confirm the accuracy of any distribution amount so instructed. In the event that the Escrow
Agent has any question as to the applicable Purchaser Share Price, the Seller Representative and Purchaser shall cooperate and
promptly provide the Escrow Agent with their good faith determination of the applicable Purchaser Share Price (and in the event
of any dispute as to the Purchaser Share Price, the Escrow Agent shall not disburse any Escrow Property until such dispute has
been resolved).

 

(d)The
Escrow Agent shall have the right to deduct and withhold taxes from any payments to be made hereunder if such withholding is required
by law and to request and receive any necessary tax forms, including Form W-9 or the appropriate series of Form W-8, as applicable,
or any similar information, from Purchaser or the Sellers, as applicable.

 

Section
5.Tax Matters. Purchaser and the Seller Representative agree and acknowledge that, for all U.S. and foreign tax purposes,
Purchaser shall be the owner of the Escrow Property while held in the Escrow Account and until released to the Sellers or the
Seller Representative for distribution to the Sellers, and all interest, earnings or income, if any, earned with respect to the
Escrow Property while held by the Escrow Agent shall be treated as earned by Purchaser until released to the Seller Representative
for distribution to the Sellers.

 

Section
6.Duties. The Escrow Agent’s duties are entirely ministerial and not discretionary, and the Escrow Agent will
be under no duty or obligation to do or to omit the doing of any action with respect to the Escrow Property, except to give notice,
provide monthly reports, make disbursements, keep an accurate record of all transactions with respect to the Escrow Property,
hold the Escrow Property in accordance with the terms of this Agreement and to comply with any other duties expressly set forth
in this Agreement. The Escrow Agent shall not have any interest in the Escrow Property but shall serve as escrow holder only and
have only possession thereof. Nothing contained herein shall be construed to create any obligation or liability whatsoever on
the part of the Escrow Agent to anyone other than the parties to this Agreement. There are no third party beneficiaries to this
Agreement.

 

Section
7.Monthly Reports. The Escrow Agent shall provide monthly account statements to Purchaser and the Seller Representative
with respect to the Escrow Account. Purchaser and the Seller Representative have one hundred twenty (120) days to object in writing
to such reports. If no written notice detailing a party's objections has been received by the Escrow Agent within this period,
an acceptance of such reports shall be deemed to have occurred.

 

    	 	6	 

     

    

 

Section
8.Authorized Parties; Reliance. The parties hereby acknowledge that the DT Representative has the sole and exclusive
authorization to act on behalf of Purchaser under this Agreement. Purchaser and the Seller Representative agree to provide, on
Exhibit A (as it may be amended from time to time) to this Agreement, the names and specimen signatures of those persons
who are authorized to issue notices and instructions to the Escrow Agent and execute required documents under this Agreement.
In the event that the DT Representative is replaced in accordance with Section 12.14 of the Share Exchange Agreement, Purchaser
shall promptly thereafter provide notice to the Escrow Agent of the replacement DT Representative, who shall thereafter be fully
authorized to act on behalf of Purchaser under this Agreement, and shall provide any replacement authorized individuals to act
on behalf of Purchaser for purposes of Exhibit A. The Escrow Agent may rely and shall be protected in acting or refraining
from acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to
have been signed or presented by the proper party or parties. The Escrow Agent is entitled to rely on, and shall be fully protected
in relying on, the instructions and notices from any one of the authorized signers, as identified on the attached Exhibit A
(as it may be amended from time to time) to this Agreement, from each of Purchaser and the Seller Representative, either acting
alone, until such time as their authority is revoked in writing, or until successors have been appointed and identified by notice
in the manner described in Section 14 below.

 

Section
9.Good Faith. The Escrow Agent shall not be liable for any action taken by it in good faith and reasonably believed
by it to be authorized or within the rights or powers conferred upon it by this Agreement and may consult with counsel of its
own choice and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good
faith and in accordance with the opinion of such counsel.

 

Section
10.Right to Resign. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving
such notice in writing of such resignation specifying a date when such resignation shall take effect, which shall be a date not
less than sixty (60) days after the date of the notice of such resignation. Similarly, the Escrow Agent may be removed and replaced
following the giving of thirty (30) days’ notice to the Escrow Agent by all of the other parties hereto. In either event,
Purchaser and the Seller Representative shall agree upon a successor Escrow Agent. If the Seller Representative and Purchaser
are unable to agree upon a successor or shall have failed to appoint a successor prior to the expiration of sixty (60) days following
the date of resignation or thirty (30) days following the date of removal, the then-acting Escrow Agent may petition any court
of competent jurisdiction for the appointment of a successor escrow agent or otherwise appropriate relief, and any such resulting
appointment shall be binding upon all of the parties hereto. Any successor Escrow Agent shall execute and deliver to the predecessor
Escrow Agent, Purchaser and the Seller Representative an instrument accepting such appointment and the transfer of the Escrow
Property and agreeing to the terms of this Agreement.

 

Section
11.Compensation. The Escrow Agent shall be entitled to receive the fees as set forth on Exhibit B for the services
to be rendered hereunder, and to be paid or reimbursed for all reasonable documented out-of-pocket expenses, disbursements and
advances, including reasonable documented out-of-pocket attorneys’ fees, incurred or paid in connection with carrying out
its duties hereunder, such amounts to be paid one-half (1/2) equally by Purchaser and the Seller Representative (on behalf of
the Sellers).

 

Section
12.Indemnification. Each of Purchaser and the Seller Representative (on behalf of the Sellers) hereby agrees to jointly
and severally indemnify the Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred without
gross negligence, willful misconduct or bad faith on the part of the Escrow Agent, arising out of or in connection with its entering
into this Agreement and carrying out its duties hereunder. Notwithstanding the foregoing, as between Purchaser and the Seller
Representative, each of Purchaser and the Seller Representative (on behalf of the Sellers) shall be responsible for one-half (1/2)
of such indemnification obligations, and each of Purchaser and the Seller Representative shall have the right to seek contribution
from the other to the extent that it pays for more than one-half (1/2) of such indemnification obligations.

 

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Section
13.Disputes. If a controversy arises between the parties hereto as to whether or not or to whom the Escrow Agent shall
deliver all or any portion of the Escrow Property or as to any other matter arising out of or relating to this Agreement or the
Escrow Property, the Escrow Agent shall not be required to determine the same, shall not make any delivery of and shall retain
the Escrow Property in dispute without liability to anyone until the rights of the parties to the dispute shall have finally been
determined by mutual written agreement of Purchaser and the Seller Representative, or by a final non-appealable judgment or order
of any state or federal court located in New York County, New York (or in any court in which appeal from such courts may be taken)
but the Escrow Agent shall be under no duty whatsoever to institute or defend any such proceedings. The Escrow Agent shall be
entitled to assume that no such controversy has arisen unless it has received notice of such controversy or conflicting written
notices from the parties to this Agreement. Any disputes arising out of, related to, or in connection with, this Agreement between
Purchaser and the Seller Representative, including a dispute arising from a party’s failure or refusal to sign a joint written
notice hereunder, shall be determined by arbitration conducted in accordance with the provisions of Section 12.4 of the Share
Exchange Agreement (other than (i) disputes subject to the Dispute Resolution Procedure under Section 2.2 of the Share Exchange
Agreement, which will be determined in accordance with such section, or (ii) applications for a temporary restraining order, preliminary
injunction, permanent injunction or other equitable relief or application for enforcement of any arbitration award pursuant to
this Section 13 or Section 12.4 of the Share Exchange Agreement).

 

Section
14.Notices. Except to the extent expressly set forth herein, all notices and communications hereunder shall be in writing
and shall be deemed to be given if (a) delivered personally, (b) sent by facsimile or email (with affirmative confirmation of
receipt), (c) sent by recognized overnight courier that issues a receipt or other confirmation of delivery or (d) sent by registered
or certified mail, return receipt requested, postage prepaid to the parties as follows:

 

	If
        to Purchaser, to:

         

        China
        Direct Lending Corporation

        c/o DeTiger Holdings Limited

        Room 1102, 11/F

        Beautiful Group Tower

        77 Connaught Road

        Central, Hong Kong

        Attention: Winnie NG, Director

        Facsimile No.: (852) 3753-3393

        Telephone No.: (852) 2110-0081

        Email: Office@DeTigerCapital.com

         

        
	with
        a copy (which will not constitute notice) to:

         

        Ellenoff
        Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attention: Stuart Neuhauser

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email: sneuhauser@egsllp.com

 

    	 	8	 

     

    

 

	 If
to the Seller Representative, to:

         

        Li
        Jingping

        c/o Urumqi Feng Hui Direct Lending Limited

        11th Floor, Satellite Building

        473 Satellite Road

        Economic Technological Development Zone

        Urumqi, Xinjiang, China 830000

        Attention: Li Jingping and Stephen Chan

        Facsimile No.: +86-991-2321276

        Telephone No.: +86-991-3072247

        Email:lijingping@fhxd.net and

                     chan.stephen@fhxd.net
	with
        a copy (which will not constitute notice) to:

         

        Foley
        & Lardner LLP

        90 Park Avenue

        New York, NY 10016-1314

        Attention: Selig D. Sacks

        Facsimile No.: (212) 687-2329

        Telephone No.: (212) 338-3420

        Email: ssacks@foley.com

	 	 
	If
        to the Escrow Agent, to:

         

        Continental
        Stock Transfer & Trust Company

        17 Battery Place 8th Floor

        New York, NY 10004

        Attention: Compliance Department

        Facsimile No: (212) 509-5150

        Telephone No: (212) 845-4000
	 

 

or
at such other address as any of the above may have furnished to the other parties in a notice duly given as provided herein. Any
such notice or communication given in the manner specified in this Section 14 shall be deemed to have been given (i) on the date
personally delivered or transmitted by facsimile or email (with affirmative confirmation of receipt), (ii) one (1) Business Day
after the date sent by recognized overnight courier that issues a receipt or other confirmation of delivery or (iii) three (3)
Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid.

 

Section
15.Term. This Agreement shall terminate upon the final, proper and complete distribution of the Escrow Property in
accordance with the terms hereof; provided, that Purchaser’s and the Seller Representatives’ obligations under
Section 12 hereof shall survive any termination of this Agreement.

 

Section
16.Entire Agreement. The terms and provisions of this Agreement (including the Exhibits hereto, which are hereby incorporated
by reference herein) constitute the entire agreement between the Escrow Agent and the other parties hereto with respect to the
subject matter hereof. Notwithstanding the foregoing, as between Purchaser and the Seller Representative, the terms of the Share
Exchange Agreement shall control and govern over the terms of this Agreement in the event of any conflict or inconsistency between
this Agreement and the Share Exchange Agreement. The actions of the Escrow Agent shall be governed solely by this Agreement.

 

Section
17.Amendment; Waiver. This Agreement may be amended or modified only by a written instrument duly signed by the parties
hereto, and any provision hereof may be waived only by a written instrument duly signed by the party against whom enforcement
of such waiver is sought.

 

    	 	9	 

     

    

 

Section
18.Severability. In the event that any provision of this Agreement or the application thereof, becomes or is declared
by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full
force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably
to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this
Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes
of such void or unenforceable provision.

 

Section
19.Further Assurances. From time to time on and after the date hereof, Purchaser and the Seller Representative shall
deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do and cause to be done
such further acts as the Escrow Agent shall reasonably request (it being understood that the Escrow Agent shall have no obligation
to make any such request) to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance
herewith or to assure itself that it is protected in acting hereunder.

 

Section
20.Accounting. In the event of the resignation or removal of the Escrow Agent, upon the termination of this Agreement
or upon demand at any time of either Purchaser or the Seller Representative under reasonable circumstances, the Escrow Agent shall
render to Purchaser, the Seller Representative and the successor escrow agent (if any) an accounting (free of charge) in writing
of the property constituting the Escrow Property.

 

Section
21.Interpretation. The parties acknowledge and agree that: (a) this Agreement is the result of negotiations between
the parties and will not be deemed or construed as having been drafted by any one party, (b) each party and its counsel have reviewed
and negotiated the terms and provisions of this Agreement (including any Exhibits attached hereto) and have contributed to its
revision and (c) the rule of construction to the effect that any ambiguities are resolved against the drafting party will not
be employed in the interpretation of this Agreement. The headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise
requires: (i) words of the masculine, feminine or neuter gender will include the masculine, neuter or feminine gender, and words
in the singular number or in the plural number will each include, as applicable, the singular number or the plural number; (ii)
reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns
are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity;
(iii) reference to any law means such law as amended, modified codified or reenacted, in whole or in part, and in effect from
time to time, including rules and regulations promulgated thereunder; (iv) any agreement or instrument defined or referred to
herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended,
modified or supplemented, including by waiver or consent and references to all attachments thereto and instruments incorporated
therein; (v) the term “or” means “and/or”; (vi) the words “herein, “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision;
(vii) the words “include,” “includes” and “including” when used herein shall be deemed in
each case to be followed by the words “without limitation”; (viii) any reference herein to “dollars” or
“$” shall mean United States dollars; and (ix) reference to any Section or Exhibit means such Section hereof or Exhibit
hereto.

 

Section
22.Successors and Assigns. This Agreement and the rights and obligations hereunder may not be assigned without the
prior written consent of each of the parties hereto; provided, however, that if the Seller Representative is replaced
in accordance with the terms of the Share Exchange Agreement, the replacement Seller Representative shall automatically become
a party to this Agreement as if it were the original Seller Representative hereunder upon providing (i) written notice to the
Escrow Agent and Purchaser of such replacement and accepting its rights and obligations under this Agreement and (ii) the Escrow
Agent with the documentation referenced in Section 27 hereof from such replacement Seller Representative. This Agreement
will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted
assigns.

 

    	 	10	 

     

    

 

Section
23.Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the
exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any
representation, warranty, covenant or agreement herein, nor will any single or partial exercise of any such right preclude any
other (or further) exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative
to, and not exclusive to or exclusive of, any rights or remedies otherwise available to a party hereunder.

 

Section
24.Governing Law; Venue. The terms and provisions of this Agreement shall be construed and enforced in accordance with
the laws of the State of New York without reference to its conflict of law provisions. Subject to Section 13, each of the
parties hereto irrevocably consents to the exclusive jurisdiction and venue of any state or federal court located in New York
County, New York (or in any court in which appeal from such courts may be taken) in connection with any matter based upon or arising
out of this Agreement or the matters contemplated herein, agrees that process may be served upon them in any manner authorized
by the laws of the State of New York for such Persons and waives and covenants not to assert or plead any objection which they
might otherwise have to such jurisdiction, venue and such process.

 

Section
25.Waiver of Jury Trial. EACH PARTY HEREBY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY LITIGATION, CLAIM,
CAUSE OF ACTION OR OTHER LEGAL PROCEEDING BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, IN ANY ACTION, PROCEEDING
OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES HERETO AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE PARTIES HERETO EACH AGREE THAT ANY SUCH LITIGATION, CLAIM, CAUSE OF ACTION
OR OTHER LEGAL PROCEEDING SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER
AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR
OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION
HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

Section
26.Counterparts. This Agreement may be executed simultaneously in two or more counterparts (including by facsimile
or other electronic transmission), each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument.

 

Section
27.U.S. Patriot Act. Purchaser and the Seller Representative agree to provide the Escrow Agent with the information
reasonably requested by the Escrow Agent to verify and record Purchaser’s and the Seller Representative’s respective
identities pursuant to the Escrow Agent’s procedures for compliance with the U.S. Patriot Act and any other applicable laws.

 

Section
28.Representations of the Parties. Each of the parties hereto hereby represents and warrants that as of the date hereof:
(a) it has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and all such
actions have been duly and validly authorized by all necessary proceedings; and (b) this Agreement has been duly authorized, executed
and delivered by it, and constitutes a legal, valid and binding agreement of it.

 

{REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS}

    	 	11	 

     

    

 

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

 

	 	Purchaser:
    
	 	 
	 	DT ASIA INVESTMENTS LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	The
    Seller Representative:
	 	 
	 	 
	 	Li Jingping, in the capacity under the Share

Exchange Agreement as the Seller Representative
	 	 
	 	The
    Escrow Agent:
	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY, as escrow agent
    
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Escrow Agreement]

     

     

    

 

EXHIBIT
A

AUTHORIZED SIGNERS

 

Purchaser:

 

Individuals
authorized by the DT Representative:

 

	 	Name	 	Telephone
    Number	 	Specimen
    Signature
	1.		 		 	
	2.		 		 	
	3.	
	 		 	

 

Seller
Representative:

 

	 	Name	 	Telephone
    Number	 	Specimen
    Signature
	1.		 		 	
	2.		 		 	
	3.	
	 		 	

 

     

     

    

 

EXHIBIT
B

FEE INFORMATION

 

[To
be provided]EX-10.1

 Exhibit 10.1 

AGREEMENT OF SALE AND PURCHASE 

AH RICHMOND TOWER I, LLC, as Seller 

& 
 KIRELAND
MANAGEMENT, LLC or its permitted assigns, as Buyer 
 PROPERTY: 200 South 10th Street, Richmond, Virginia 

							
	CONTENTS	  	PAGE	 
			
	 1.
	  	 Agreement to Sell and Purchase
	  	 	1	  
			
	 2.
	  	 Purchase Price
	  	 	1	  
			
	 3.
	  	 Settlement
	  	 	2	  
			
	 4.
	  	 Condition of Title
	  	 	2	  
			
	 5.
	  	 Representations and Warranties
	  	 	2	  
			
	 6.
	  	 Conditions of Buyer’s Obligations
	  	 	3	  
			
	 7.
	  	 Conditions of Seller’s Obligations
	  	 	6	  
			
	 8.
	  	 Possession
	  	 	6	  
			
	 9.
	  	 Apportionments; Credits; Taxes
	  	 	6	  
			
	 10.
	  	 Condemnation
	  	 	7	  
			
	 11.
	  	 Default by Buyer
	  	 	7	  
			
	 12.
	  	 Default by Seller
	  	 	7	  
			
	 13.
	  	 Risk of Loss
	  	 	8	  
			
	 14.
	  	 Brokerage
	  	 	8	  
			
	 15.
	  	 Operation of the Property Prior to Settlement
	  	 	8	  
			
	 16.
	  	 Notice
	  	 	10	  
			
	 17.
	  	 Non-Disclosure
	  	 	11	  
			
	 18.
	  	 “As Is” Sale and Release
	  	 	11	  
			
	 19.
	  	 Like Kind Exchanges
	  	 	12	  
			
	 20.
	  	 Miscellaneous
	  	 	12	  

 EXHIBITS: 
 “A” -
LEGAL DESCRIPTION 
 “A-1” - EXCLUDED PERSONAL PROPERTY 

“A-2” – SCHEDULED EXCEPTIONS 
 “B” -
SURVIVING AGREEMENTS 
 “C” - SCHEDULE OF LEASES 

“D” - SQUARE FEET, RENTS, EXPIRATION DATES AND SECURITY DEPOSITS 

“E” - FORM OF ESTOPPEL CERTIFICATE 
 “F” -
NONFOREIGN PERSON CERTIFICATION 

 AGREEMENT OF SALE AND PURCHASE 

THIS AGREEMENT OF SALE AND PURCHASE is made this 2nd day of November 2015 (the “Effective Date”), by and between AH
RICHMOND TOWER I, LLC, a Virginia limited liability company, having an address at 222 Central Park Avenue, Suite 2100, Virginia Beach, Virginia 23462 (“Seller”) and KIRELAND MANAGEMENT, LLC, a Florida limited liability company,
having an address at c/o Kurkin Brandes LLP, 18851 NE 29th Avenue, Suite 303, Aventura, Florida 33180 or its permitted assigns (“Buyer”). 

In consideration of the covenants and provisions contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows: 
 1. Agreement to Sell and Purchase. Seller agrees to sell to
Buyer, and Buyer agrees to purchase from Seller, subject to the terms and conditions of this Agreement, that certain tract or piece of land located in the City of Richmond, Virginia, commonly known as 200 South 10th Street, consisting of
approximately 0.38 acres, as more fully described in the legal description attached hereto as Exhibit “A”, together with all improvements thereon and appurtenances thereto, including all right, title and interest of Seller in and to any
land lying in the bed of any highway, street, road or avenue, opened or proposed, in front of or abutting or adjoining such tract or piece of land, any easements appurtenant thereto, including easements for air rights and vehicular and/or pedestrian
access, together with and subject to the easement agreements pertaining thereto (collectively, the “Real Property”) and all equipment, appliances and other personal property (collectively, the “Personal Property”) attached or
appurtenant to, located in or on, or used in connection with the Real Property other than the excluded personal property listed on attached Exhibit “A-1”. The Real Property and the Personal Property are jointly called the
“Property”. 
 2. Purchase Price. 

(a) The purchase price for the Property is Seventy Eight Million Dollars ($78,000,000) (the “Purchase Price”), payable as follows:

 (i) Three Million Nine Hundred Thousand Dollars ($3,900,000) (such sum, together with all interest earned thereon, the “Initial
Deposit”) by wire transfer or check payable to Chicago National Title Insurance Company (“Escrow Agent”), which Buyer shall deliver to Escrow Agent no later than five (5) business days after the Effective Date, time being of the
essence. In the event Buyer fails to deliver the Initial Deposit to Escrow Agent in accordance with the foregoing, this Agreement shall be voidable and of no force or effect at the election of Seller by written notice to Buyer and Escrow Agent. 

(ii) Three Million Nine Hundred Thousand Dollars ($3,900,000) (the “Additional Deposit”), payable in accordance with and subject to
Section 6(b), below. 
 (ii) The balance of the Purchase Price shall be paid to Seller at Settlement (as defined below) in cash by
wire transfer of immediately available funds, subject to the prorations and adjustments provided for in this Agreement. 

  
 1 

 (b) The Initial Deposit and the Additional Deposit, together will all interest earned thereon,
shall collectively be referred to as the “Deposit”. At Buyer’s option and expense, the Deposit shall be held in an interest bearing account by Escrow Agent in accordance with this Agreement pending consummation of the transactions
contemplated hereby. At the completion of Settlement, the Deposit, less any accrued interest, shall be paid to Seller on account of the Purchase Price. Any interest earned on the Deposit shall be paid to Buyer unless Seller shall be entitled to the
Deposit by reason of a default by Buyer, in which case such interest shall be paid to Seller. Buyer’s Federal Tax I.D. Number is 45-3675842; Seller’s Federal Tax I.D. Number is 26-2117056. 

(c) If there is a dispute between Seller and Buyer regarding whether the Deposit shall be returned to Buyer or delivered to Seller, Escrow
Agent shall have no obligation to either Seller or Buyer except to interplead the proceeds into an appropriate court of competent jurisdiction. Escrow Agent may act upon any instrument or other writing believed by Escrow Agent in good faith to be
genuine and to be signed and presented by the proper person. Escrow Agent shall not be liable in connection with the performance by Escrow Agent of its duties hereunder, except for Escrow Agent’s own fraudulent misconduct or gross negligence.
Escrow Agent shall be under no obligation to institute or defend any action, suit or legal proceeding in connection herewith or to take any other action likely to involve Escrow Agent in expense (except to interplead the Deposit as aforesaid) unless
first indemnified to its reasonable satisfaction by Seller and Buyer. 
 3. Settlement. Settlement shall be held on the date
which is thirty (30) days after expiration of the Due Diligence Period (as defined below), or on such earlier date as Buyer and Seller may mutually agree, at the offices of Williams Mullen, 200 South 10th Street, Richmond, Virginia 23219 at
10:00 a.m. (“Settlement”). Notwithstanding the foregoing, Seller shall have a one-time right to extend the date of Settlement by up to thirty (30) days, by written notice to Buyer delivered no later than thirty (30) days after
the expiration of the Due Diligence Period. 
 4. Condition of Title. Title to the Property shall be free and clear of all
liens and encumbrances, excepting only matters appearing of public record on the Effective Date, including the matters set forth on Exhibit “A-2” hereto, the lien of any taxes not yet due and payable and the rights of parties in possession
under and subject to the terms of the “Leases” (as hereinafter defined). Between the time period commencing on the Effective Date and ending on the earlier of Settlement or termination of this Agreement, Seller agrees that it will take no
voluntary action to convey any interest in the Property to anyone other than Buyer. At the time of Settlement, Seller will cause the Property to be released or otherwise discharged from any lien, securing the payment of a sum certain. 

5. Representations and Warranties. 

(a) Seller, to induce Buyer to enter into this Agreement and to complete the sale and purchase of the Property hereunder, represents, warrants
and covenants to Buyer as follows: 
 (i) There are no management, employment, service, equipment, supply, or maintenance agreements with
respect to or affecting the Property, except for customary agreements with public utilities, instruments of record and those agreements, if any, listed on Exhibit “B” attached hereto (the “Service Agreements”). 

  
 2 

 (ii) There are no existing leases, whether oral or written, affecting the Property except as
listed in the Schedule of Lease Documents attached hereto as Exhibit “C” (the “Leases”). With respect to each of the Leases, Exhibit “D” lists as of the date set forth in Exhibit “D” the leased square feet,
the current minimum monthly rent, the current monthly operating expense reimbursement, the expiration date and any security deposit paid by the tenant which has not heretofore been returned or applied in accordance with the lease (the “Security
Deposits”). 
 (iii) Seller is a duly existing limited liability company and has the power and authority to enter into this Agreement
and to consummate the transactions herein contemplated. 
 (iv) Neither the execution and delivery of this Agreement, nor compliance with
the terms and conditions of this Agreement by Seller, nor the consummation of the sale, constitutes or will constitute a violation or breach of the organizational documents of Seller, or of any agreement or judicial order to which Seller is a party
or to which Seller is subject. 
 (v) There are no proceedings pending or, to Seller’s knowledge, threatened by or against Seller in
bankruptcy, insolvency or reorganization in any state or federal court. 
 For the purpose of this Agreement, the phrase “to Seller’s
knowledge” and any phrase or words of similar import shall be deemed to mean the actual knowledge of Eric L. Smith without having made inquiry or investigation beyond such individual’s actual knowledge on the date that Seller executes this
Agreement. 
 (b) Buyer, to induce Seller to enter into this Agreement and to complete the sale and purchase of the Property hereunder,
represents, warrants and covenants to Seller as follows: 
 (i) Neither the execution and delivery of this Agreement, nor compliance with
the terms and conditions of this Agreement by Buyer, nor the consummation of the purchase, constitutes or will constitute a violation or breach of the organizational documents of Buyer, or of any agreement or judicial order to which Buyer is a party
or to which Buyer is subject. 
 (ii) There are no proceedings pending or, to Buyer’s knowledge, threatened, by or against Buyer in
bankruptcy, insolvency or reorganization in any state or federal court. 
 (iii) Buyer is duly formed, validly existing and in good
standing under the laws of the State of Florida. Buyer has duly authorized, executed and delivered this Agreement. 
 Each of the representations and
warranties of Buyer set forth above shall be deemed remade by Buyer as of Settlement and shall survive Settlement. 
 6. Conditions of
Buyer’s Obligations. The obligation of Buyer under this Agreement to purchase the Property from Seller is subject to the satisfaction at Settlement of each of the following conditions (any one of which may be waived in whole or in part
by Buyer at or prior to Settlement): 
 (a) All of the representations and warranties by Seller set forth in this Agreement shall be true
and correct at and as of Settlement in all material respects as though such representations and warranties were made at and as of Settlement, except for changes therein consented to by Buyer or deemed consented to by Buyer under the terms of this
Agreement. Seller shall have performed, observed and complied with all material covenants, agreements and conditions required by this Agreement to be performed on its part prior to or as of Settlement. 

  
 3 

 (b) Buyer shall have a period commencing on October 12, 2015 and ending on November 10,
2015 (the “Due Diligence Period”) to conduct due diligence investigations and analysis of the Property and all information pertaining to the Property, subject to the limitations of this Agreement, including the indemnification, insurance
and other requirements of Section 15(b). Buyer may terminate this Agreement by written notice to Seller on or before the last day of the Due Diligence Period at 5:00 p.m. If Buyer elects to proceed to Settlement, on or before the last day of
the Due Diligence Period at 5:00 p.m., Buyer shall (i) elect by written notice which of the Service Agreements Buyer wishes to assume (the “Surviving Agreements”); and (ii) pay the Additional Deposit by wire transfer or check
payable to Escrow Agent which Buyer shall deliver to Escrow Agent within twenty-four (24) hours of the expiration of the Due Diligence Period, time being of the essence. In the event Buyer fails to timely perform in accordance with the
foregoing sentence, such failure shall be deemed an election by Buyer to terminate this Agreement. Upon the termination of this Agreement pursuant to this Section 6(b), the Deposit shall be returned to Buyer, and there shall be no further
obligation or liability on either of the parties hereto, except as otherwise specifically provided herein, and Buyer promptly shall return to Seller, without retaining any copies thereof, all copies of the Leases, the Service Agreements and
Seller’s Materials (defined below) and shall deliver to Seller copies of all studies and reports relating to the Property obtained by Buyer. Buyer shall not communicate with any tenants under the Leases, except with Seller’s prior written
consent and, at Seller’s election, with Seller or Seller’s designee being present at the time of such communication. In the event of such consent, Buyer shall not disclose any of the terms and conditions of this transaction to such
tenants. 
 (c) If Buyer has not terminated or been deemed to terminate this Agreement on or before the expiration of the Due Diligence
Period, Seller shall use reasonable efforts to deliver to Buyer, at or before Settlement duly executed originals of (i) a certificate from each tenant under the Leases, substantially in the form attached hereto as Exhibit “E” or in
such form as may be contemplated under the Leases (collectively, the “Estoppel Certificates”) and (ii) a subordination, non-disturbance and attornment agreement from each tenant under the Leases, in such form as may be contemplated
under the Leases (the “SNDAs”). If, after using reasonable efforts, Seller cannot deliver 100% of the Estoppel Certificates and 100% of the SNDAs, it shall not be a default hereunder, but Buyer may (x) terminate this Agreement by
delivering notice of such termination to Seller and in such event the Deposit shall be returned to Buyer, this Agreement thereupon shall become void and there shall be no further obligations or liability on either of the parties hereto, except as
otherwise specifically provided herein, or (y) waive such condition and complete Settlement in accordance with this Agreement. 
 (d)
To Buyer’s satisfaction, Seller has delivered to Buyer the items set out in the Due Diligence Checklist attached to the letter of intent dated as of October 2, 2015 and accepted and approved as of October 9, 2015 (as amended,
restated, supplemented or otherwise modified from time to time, the “Letter of Intent”), by and between Kireland Management, LLC and Armada Hoffler Properties, Inc (collectively, “Seller’s Materials”). Buyer shall keep
Seller’s Materials and 

  
 4 

 
all information obtained by Buyer as part of its due diligence review of the Property (“Buyer’s Materials”) confidential and, except as may otherwise be required by law, shall not
share any of the foregoing with anyone other than Buyer’s members, managers, officers, employees, outside counsel, accounting firm and other professional consultants, including Buyer’s title company (all of whom are collectively referred
to as the “Related Parties”) who, in Buyer’s judgment, need to know such information for evaluating a possible purchase of the Property. The Related Parties shall be informed by Buyer of the confidential nature of the Seller’s
Materials and the Buyer’s Materials and shall be directed by Buyer to keep same in the strictest confidence. Buyer shall be responsible for any breach of the obligations set forth in this subparagraph by Buyer or the Related Parties. 

Except as otherwise expressly provided, Seller makes no representation, warranty or promise of any kind concerning the accuracy or completeness of all or any
part of the Seller’s Materials, and any inaccuracy, incompleteness, or deficiency in any part of the Seller’s Materials shall be solely the risk and responsibility of Buyer and shall not be chargeable in any respect to Seller. 

(e) At Settlement, Seller shall deliver to Buyer duly executed originals of the following: 

(i) A general warranty deed to the Real Property duly executed and acknowledged by Seller and in proper form for recording, subject to
matters of record (the “Deed”); 
 (ii) A valid bill of sale for the Personal Property, if any, without warranties; 

(iii) A valid assignment of the Leases, duly executed and acknowledged, pursuant to which Seller shall assign to Buyer all of Seller’s
right, title and interest in and to the Leases and Buyer shall assume the obligations of Seller under the Leases. Such assignment shall include an indemnification from Seller to Buyer against liability for claims asserted against Buyer under the
Leases for events occurring prior to Settlement and an indemnification from Buyer to Seller against liability for claims asserted against Seller for events occurring from and after Settlement; 

(iv) A letter addressed to each tenant informing it of the sale; 

(v) A Nonforeign Person Certification in the form attached hereto as Exhibit “F”, as required under Section 1445 of the
Internal Revenue Code; 
 (vi) An assignment in form and substance mutually satisfactory to Seller and Buyer, pursuant to which Seller
shall assign to Buyer all of Seller’s right, title and interest in and to the Surviving Agreements, if any, and Buyer shall assume the obligations of Seller under the Surviving Agreements. Such assignment shall include an indemnification from
Seller to Buyer against liability for claims asserted against Buyer under the Surviving Agreements for events occurring prior to Settlement and an indemnification from Buyer to Seller against liability for claims asserted against Seller for events
on and occurring after Settlement; 
 (vii) To the extent not previously made available to Buyer, originals of the following instruments
(or copies if originals are unavailable): 
  

	 	(A)	the Leases; 

  
 5 

	 	(B)	the Estoppel Certificates; 

  

	 	(C)	the SNDAs; and 

  

	 	(D)	the Surviving Agreements; 

 (viii) All keys, keycards and combinations to locks at the
Property, to the extent in Seller’s possession; and 
 (ix) An owner’s affidavit as to mechanics’ liens and possession in
customary form reasonably acceptable to Seller and Buyer’s title insurer. 
 7. Conditions of Seller’s Obligations.
The obligation of Seller under this Agreement to sell the Property to Buyer is subject to the satisfaction at Settlement of each of the following conditions (any one of which may be waived in whole or in part by Seller at or prior to Settlement):

 (a) All of the representations and warranties by Buyer set forth in this Agreement shall be true and correct at and as of Settlement in
all material respects as though such representations and warranties were made at and as of Settlement, except for changes therein consented to by Seller or deemed consented to by Seller under the terms of this Agreement. Buyer shall have performed,
observed and complied with all material covenants, agreements and conditions required by this Agreement to be performed on its part prior to or as of Settlement. 

(b) At Settlement, Buyer shall deliver to seller duly executed originals of the documents referred to in Section 6(e)(ii), 6(e)(iii), and
6(e)(vi). 
 8. Possession. Possession of the Property shall be given to Buyer at Settlement, free and clear of all liens and
encumbrances except as contemplated by Section 4, by delivery of the Deed. 
 9. Apportionments; Credits; Taxes. 

(a) Real estate taxes, minimum and additional rents from tenants under the Leases, the Surviving Agreements, all utilities, operating expenses
and other apportionable income and expenses paid or payable by Seller shall be apportioned pro rata on a per diem basis as of Settlement. Taxes, and additional rent paid on account thereof, shall be apportioned based on the fiscal year of the taxing
authority. Seller shall cause any and all public utilities serving the Property, to the extent such utilities bill Seller rather than any tenant of the Property, to issue final bills to Seller on the basis of readings made as of Settlement and all
such bills shall be paid by Seller. Each party shall separately reconcile with tenants the amounts paid or payable on account of operating expenses incurred by such party during its period of ownership in accordance with the terms of the Leases. If
any tenant objects to reconciling separately with Seller for operating expenses for the calendar year in which Settlement occurs with respect to Seller’s period of ownership, Buyer and Seller agree to cooperate in a combined year-end
reconciliation with such tenant in a manner reasonably acceptable to Buyer and Seller. Any amounts that may be due Seller as a result of such year-end reconciliations shall be paid by Buyer to Seller promptly after Buyer collects such amounts from
the tenants. The provisions hereof shall survive Settlement under this Agreement. 

  
 6 

 (b) At Settlement, Seller shall give to Buyer a credit in the amount of all Security Deposits
under the Leases. 
 (c) At Settlement, Seller shall pay all grantor’s taxes, the cost of releases associated with the liens of any
deeds of trust of Seller, if any, the cost to cure any title defects required to be cured under this Agreement or otherwise agreed to by Seller, and all attorneys’ fees in connection with the preparation of any documents required to be
furnished by Seller hereunder, as well as any costs or fees in connection with obtaining any third party consent required in connection with the transactions contemplated by this Agreement. Buyer shall pay all grantee’s taxes, the cost of
recording the Deed, all loan fees charged by Buyer’s lender, if any, title insurance fees and premiums, and all expenses incurred by Buyer in the investigation of the suitability of the Property. Seller and Buyer shall each pay one-half of
Escrow Agent’s fees. 
 (d) Buyer agrees that if at Settlement any rents, charges or other arrearages with respect to any period prior
to Settlement are due and owing from tenants but are then unpaid (the “Arrearages”), Buyer will cooperate with Seller’s efforts to collect such Arrearages. All payments received by Buyer after Settlement from tenants owing Arrearages
shall be applied first on account of current amounts due from such tenants and then to the Arrearages; provided, however, that if a tenant identifies a payment as pertaining to an Arrearage, such payment shall be applied first on account of the
identified Arrearage. Buyer further agrees to remit such collected Arrearages to Seller in a prompt and timely fashion. Any sums received by Seller from tenants for periods after Settlement shall be remitted by Seller to Buyer in a prompt and timely
fashion. The provisions hereof shall survive Settlement under this Agreement. 
 10. Condemnation. Seller covenants and
warrants that Seller has not heretofore received any notice of any condemnation proceeding or other proceeding in the nature of eminent domain in connection with the Property. If prior to Settlement any such proceeding is commenced or any change is
made, or proposed to be made, to the current means of ingress and egress to the Property or to the roads or driveways adjoining the Property, or to change such ingress or egress or to change the grade thereof, Seller agrees to notify Buyer thereof.
Buyer then shall have the right, at Buyer’s option, to terminate this Agreement by giving written notice to Seller within five (5) days after receipt of such notice. If Buyer does not so terminate this Agreement, Buyer shall proceed to
Settlement hereunder as if no such proceeding had commenced and will pay Seller the full Purchase Price in accordance with this Agreement; Seller shall assign to Buyer all of its right, title and interest in and to any compensation for such
condemnation, and Seller shall not negotiate or settle any claims for compensation prior to Settlement without Buyer’s participation. 

11. Default by Buyer. If Buyer, without the right to do so and in default of its obligations hereunder, fails to complete
Settlement, Seller may elect to terminate this Agreement by written notice to Buyer, and have the Deposit paid to Seller. 
 12.
Default by Seller. If Seller, without the right to do so and in default of its obligations hereunder, fails to complete Settlement, Buyer, as its sole and exclusive remedy, may elect to (a) have the Deposit returned to Buyer, or
(b) exercise the remedy of specific performance to cause Seller to convey to Buyer title to the Real Property. 

  
 7 

 13. Risk of Loss. Seller shall bear the risk of all loss or damage to the Property
from all causes except acts of Buyer until Settlement. Seller represents that it has, and will maintain, or has caused and will cause to be maintained, pending Settlement, a policy of fire and extended coverage insurance in at least the full amount
of the replacement cost of the building and improvements located on the Property. If at any time prior to Settlement any portion of the Property is destroyed or damaged as a result of fire or any other casualty whatsoever, Seller shall give notice
thereof to Buyer, but such damage or destruction shall not affect the obligations of the parties under this Agreement or delay Settlement. In the event of such damage or destruction, then, at Settlement, all unpaid claims and rights in connection
with any such losses shall be assigned to Buyer and the Purchase Price shall not be affected. 
 14. Brokerage. Buyer
represents and warrants to Seller that it has dealt with no broker, agent, finder or other intermediary in connection with this sale and purchase other than Butters Realty & Management, LLC (“Buyer’s Broker”) for whose
commissions Buyer shall be solely responsible pursuant to separate agreement if and when Settlement takes places. Seller represents and warrants to Buyer that it has dealt with no broker, agent, finder or other intermediary in connection with this
sale and purchase other than HFF, Inc. for whose commissions Seller shall be solely responsible pursuant to separate agreement if and when Settlement takes place. The foregoing representation and warranty does not apply to any brokers, agents,
finders or other intermediaries consulted in connection with the Leases, whose commissions are addressed under Section 15(f)(iii). Each of Seller and Buyer agrees to indemnify, defend and hold the other party harmless from and against any
broker’s claim arising from any breach by such party of such Party’s representation and warranty in this paragraph. The foregoing indemnification obligations of Seller and Buyer shall survive Settlement or the termination of this
Agreement. 
 15. Operation of the Property Prior to Settlement. Prior to Settlement: 

(a) The Property shall be operated, managed and maintained in its present condition, reasonable wear and tear excepted. 

(b) At reasonable times following reasonable notice, Buyer, its accountants, architects, attorneys, engineers, contractors and other
representatives shall be afforded reasonable access as follows (collectively, “Buyer’s Access Rights”): 
 (i) to the
Property to inspect, measure, appraise, test and make surveys of the Property; provided, however, that Buyer shall be obligated to obtain Seller’s prior approval for the performance of any invasive or intrusive environmental testing, such
approval not to be unreasonably withheld or delayed if same is recommended by Buyer’s environmental engineer and Buyer’s written request to Seller therefor is accompanied by a summary of the proposed scope of work; and 

(ii) to the records and files relating to the Property, and at Buyer’s expense, to make copies of such records and files; provided,
however, that Buyer shall return all copies of such records and files if Settlement does not occur under this Agreement. 
 Buyer shall not interfere
unreasonably with the operation of the Property and shall coordinate all of Buyer’s activities under this Section with Seller or Seller’s designee to minimize possible interference with the Property or its operation. All such activities
shall be subject to the rights of 

  
 8 

 
tenants under the Leases. Buyer shall restore any area on the Property disturbed in the course of Buyer’s testing to the conditions existing prior to any tests conducted by Buyer. Prior to
making any entry upon the Property, Buyer shall, and shall cause any agent or contractor of Buyer entering upon the Property to, obtain and maintain a minimum of $5,000,000.00 of comprehensive general liability insurance and naming Seller as
additional insured thereunder, and shall deliver certificates naming Seller as the certificate holder, evidencing the same. All such certificates shall state that the insurance coverage may not be canceled or modified except upon thirty
(30) days’ prior written notice to Seller. Buyer agrees to indemnify, defend, and hold Seller harmless from and against any claim made against Seller as a result of any entry upon the Property and any activities conducted thereon by Buyer
or on behalf of Buyer. The foregoing indemnification obligation of Buyer shall survive Settlement and shall survive any termination of this Agreement. 

(c) Seller not default in its obligations as landlord under the Leases and all other agreements and contractual arrangements affecting the
Property by which Seller is bound beyond any applicable notice or cure period. 
 (d) Seller shall notify Buyer of Seller’s receipt of
any notice from any party alleging that Seller is in default of its obligations under any of the Leases or any permit or agreement affecting the Property, or any portion or portions thereof. 

(e) Except with the prior written consent of Buyer, which consent shall not be unreasonably withheld or delayed (and which shall be deemed
granted in the event Buyer fails to approve or disapprove same within five (5) business days after receipt thereof), other than leases, no contract for or on behalf of or affecting the Property shall be negotiated or entered into which cannot
be terminated by Seller prior to Settlement without charge, cost, penalty or premium. 
 (f) With respect to New Leases and any Lease
Modification (as such terms are defined below): 
 (i) Seller shall notify Buyer of any new leases for any portion of the Property
(“New Lease”), as well as any amendments, extensions, terminations, or assignments or subleases to which Seller consents, relating to any of the Leases (“Lease Modification”). Provided Buyer has not elected to terminate this
Agreement prior to the expiration of the Due Diligence Period, Buyer shall be deemed to have approved any New Lease or Lease Modification; 

(ii) from and after the expiration of the Due Diligence Period without termination of this Agreement, except with the prior written approval
of Buyer, Seller shall not enter into any New Lease nor any Lease Modification. If Seller submits a proposed New Lease or Lease Modification to Buyer for its approval, Buyer shall have three (3) days from the date of its receipt of such
proposed New Lease or Lease Modification to grant or deny its approval by notice to Seller. If Buyer denies approval, Buyer shall state in the notice its grounds for denial. If Buyer does not deliver a notice to Seller within such three (3) day
period, Buyer shall be deemed to have approved the New Lease or Lease Modification as submitted. If Buyer denies approval of any proposed New Lease or Lease Modification, and Seller enters into such New Lease or Lease Modification, Buyer may
terminate this Agreement, in which event Buyer shall be entitled to a refund of the Deposit; 
 (iii) at the time of Settlement, with
regard to any New Lease or Lease Modification approved or deemed approved by Buyer, in addition to the Purchase Price, Buyer shall 

  
 9 

 
pay to Seller the brokerage commissions and tenant improvement costs incurred by Seller in connection with such approved New Lease or Lease Modification and shall be responsible for paying any
such commissions and costs that are outstanding as of Settlement. Any commission due as a result of an extension, renewal or expansion commencing after Settlement shall be Buyer’s responsibility. 

16. Notice. All notices, requests and other communications under this Agreement shall be in writing and shall be delivered
(i) in person, (ii) by registered or certified mail, return receipt requested, (iii) by recognized overnight delivery service providing positive tracking of items (for example, Federal Express), or (iv) by e-mail provided a copy
is sent concurrently by one of the methods described in (i), (ii) or (iii) above, addressed as follows or at such other address of which Seller or Buyer shall have given notice as herein provided: 

 

					
	If intended for Seller:	 		  	
	AH Richmond Tower I, LLC	 		  	
	222 Central Park Avenue, Suite 2100	 		  	
	Virginia Beach, Virginia 23462	 		  	
	Attn: Eric L. Smith	 		  	
	E-mail: esmith@armadahoffler.com	 		  	
			
	with a copy to:	 		  	
	Williams Mullen	 		  	
	200 South 10th Street, Suite 1600	 		  	
	Richmond, Virginia 23219	 		  	
	Attn: A. Brooks Hock, Esq.	 		  	
	E-mail: bhock@williamsmullen.com	 		  	
			
	If intended for Buyer:	 		  	
			
	Kireland Management, LLC	 		  	
	c/o Kurkin Brandes LLP	 		  	
	18851 NE 29th Avenue, Suite 303	 		  	
	Aventura, Florida 33180	 		  	
	Attn: Alex Kurkin, Esq.	 		  	
	E-mail: akurkin@kb-attorneys.com	 		  	
			
	with a copy to:	 		  	
	Kurkin Brandes LLP	 		  	
	18851 NE 29th Avenue, Suite 303	 		  	
	Aventura, Florida 33180	 		  	
	Attn: Melissa Munchick, Esq.	 		  	
	E-mail: mmunchick@kb-attorneys.com	 		  	

 All such notices, requests and other communications shall be deemed to have been sufficiently given for all purposes hereof
only upon receipt by the party to whom such notice is sent, or when delivery is attempted and refused. Notices by the parties may be given on their behalf by their respective attorneys. 

  
 10 

 17. Non-Disclosure. Neither party shall make public disclosure with respect to this
transaction before the Settlement except: 
 (a) as may be required by law, including by applicable federal and state securities laws and
regulations; 
 (b) to such, attorneys, accountants, present or prospective sources of financing, partners, directors, officers, employees
and representatives of either party or of such party’s advisors who need to know such information for the purpose of evaluating and consummating the transaction, including the financing of the transaction; and 

(c) as may be permitted specifically by the terms of this Agreement. 

18. “As Is” Sale and Release 

(a) Buyer hereby represents and warrants to Seller that, except as otherwise expressly set forth in this Agreement, Buyer has not entered into
this Agreement based upon any representation, warranty, statement or expression of opinion by Seller or any person or entity acting or allegedly acting for or on behalf of Seller with respect to Seller, the Property or the “Condition of the
Property” (as hereinafter defined). Buyer acknowledges and agrees that, except for the covenants, representations and warranties of Seller expressly contained in this Agreement, the Property shall be sold and conveyed (and accepted by Buyer at
Settlement) AS IS, WHERE IS, WITH ALL DEFECTS AND WITHOUT ANY WRITTEN OR ORAL REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED OR ARISING BY OPERATION OF LAW. Except as expressly otherwise provided in this Agreement, Seller makes no
representation, warranty or covenant, express, implied or statutory, of any kind whatsoever with respect to the Property, including, without limitation, representation, warranty or covenant as to title, survey conditions, use of the Property for
Buyer’s intended use, the condition of the Property, past or present use, development, investment potential, tax ramifications or consequences, compliance with law, present or future zoning, the presence or absence of hazardous substances, the
availability of utilities, access to public road, habitability, merchantability, fitness or suitability for any purpose, or any other matter with respect to the Property (collectively, the “Condition of the Property”), all of which are,
except as otherwise expressly provided in this Agreement, hereby expressly disclaimed by Seller. Except as otherwise expressly provided in this Agreement, Buyer acknowledges that Seller has made no representation, warranty or covenant as to the
Condition of the Property or compliance of the Property with any federal, state, municipal or local statutes, laws, rules, regulations or ordinances including, without limitation, those pertaining to construction, building and health codes, land
use, zoning, hazardous substances or toxic wastes or substances, pollutants, contaminants, or other environmental matters. Buyer shall reconfirm the aforesaid acknowledgments in writing as of the date of Settlement. 

(b) Buyer further represents and warrants that Buyer has knowledge and expertise in financial and business matters that enable Buyer to
evaluate the merits and risks of the transaction contemplated by this Agreement and that Buyer is not in any disparate bargaining position. Buyer acknowledges and agrees that it has been given or will be given before the end of the Due Diligence
Period, full opportunity to inspect and investigate each and every aspect of the Property, either independently or through agents of Buyer’s choosing, including, without, limitation the Condition of the Property. 

  
 11 

 (c) Without limiting the above, Buyer on behalf of itself and its successors and assigns waives
any rights to recover from, and forever releases and discharges, Seller, Seller’s affiliates, members, managers, officers, employees and agents of Seller, and their respective heirs, successors, personal representatives and assigns
(collectively, the “Seller Related Parties”), from any and all demands, claims, legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses whatsoever (including, without
limitation, attorneys’ fees and costs), whether direct or indirect, known or unknown, foreseen or unforeseen, that may arise on account of or in any way be connected with the Comprehensive Environmental Response, Compensation and Liability Act
of 1980, as amended (42 U.S.C. Sections 9601, et seq.), the Resources Conservation and Recovery Act of 1976 (42 U.S.C. Section 6901, et seq.), the Clean Water Act (33 U.S.C. Section 1251, et seq.), the Safe Drinking
Water Act (14 U.S.C. Section 1801, et seq.), and the Toxic Substance Control Act (15 U.S.C. Section 2601, et seq.), and any similar environmental state or local statutes, regulations, rules or requirements. 

(d) The provisions of this Section shall survive Settlement and the delivery of the Deed or any expiration or termination of this Agreement
without limitation as to time. 
 19. Like Kind Exchanges. Buyer or Seller may elect to exchange the Property for other real
estate of a like kind in accordance with Section 1031 of the Internal Revenue Code of 1986 as amended (the “Code”). To the extent possible, the provisions of this Section shall be interpreted consistently with this intent. To exercise
any rights under this Section, the party electing to exchange the Property shall provide the other with a written statement stating its intent to enter into an exchange at least five days prior to Settlement. Either party’s election to
exchange, rather than sell or buy, the Property for other real estate of a like kind shall be at no cost or liability to the other. Should this Agreement become part of a 1031 transaction, the party electing to exchange the Property (the
“Exchanger”) hereby agrees that the other party may enforce any and all representations, warranties, covenants and other obligations of the Exchanger under this Agreement directly against Exchanger, and the other party agrees that
Exchanger may enforce any and all representations, warranties, covenants and other obligations of the other party under this Agreement directly against the other party. 

20. Miscellaneous. 

(a) Except as otherwise specifically provided in this Agreement, all representations and warranties contained in this Agreement shall
terminate at Settlement. 
 (b) All times specified in this Agreement shall be of the essence of this Agreement. If any date herein set
forth for the performance of any obligations by Seller or Buyer or for the delivery of any instrument or notice as herein provided should be on a Saturday, Sunday or legal holiday, the compliance with such obligations or delivery shall be deemed
acceptable on the next business day following such Saturday, Sunday or legal holiday. As used herein, the term “legal holiday” means any state or federal holiday on which financial institutions or post offices are generally closed in the
Commonwealth of Virginia. 
 (c) The captions in this Agreement are inserted for convenience of reference only and in no way define,
describe or limit the scope or intent of this Agreement or any of the provisions hereof. 

  
 12 

 (d) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective heirs, executors, administrators, legal representatives, successors and, to the extent herein permitted, assigns. This Agreement shall not be assigned by Buyer without the prior written consent of Seller and any purported assignment
without such consent shall be void. Notwithstanding the foregoing, Buyer may assign this Agreement without Seller’s consent in whole or in part to a wholly owned subsidiary of Buyer. No assignment shall relieve Buyer of liability for the
performance of Buyer’s duties and obligations under this Agreement to the extent of such assignment. 
 (e) This Agreement, including
the exhibits attached hereto, contains the whole agreement as to the Property between Seller and Buyer and there are no other terms, obligations, covenants, representations, statements or conditions, oral or otherwise of any kind whatsoever
concerning this sale and purchase. Without limiting the generality of the foregoing, this Agreement supersedes in all respects the Letter of Intent provided that the confidentiality provision of the Letter of Intent shall survive. This Agreement
shall not be altered, amended, changed or modified except in writing executed by the parties hereto. 
 (f) This Agreement shall be
construed in accordance with the laws of the Commonwealth of Virginia. 
 (g) Both parties to this Agreement having participated fully and
equally in the negotiation and preparation hereof, this Agreement shall not be more strictly construed, or any ambiguities within this Agreement resolved, against either party hereto. 

(h) This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but which together shall constitute one
and the same Agreement. PDF or other electronic signature pages shall be treated for all intents and purposes as originals. 
 [SIGNATURE
PAGE FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF, intending to be legally bound, the parties have caused this Agreement
to be duly executed, under seal, as of the day and year first written above. 
  

							
	SELLER:	 	
		
	AH RICHMOND TOWER I, LLC	 	
			
	By:	 	 /s/ Eric L. Smith
	 	(SEAL)
		 	Name:	 	Eric L. Smith	 	
		 	Title:	 	Manager	 	
		
	BUYER:	 	
		
	KIRELAND MANAGEMENT, LLC	 	
			
	By:	 	 /s/ Alex Kurkin
	 	(SEAL)
		 	Name:	 	Alex Kurkin	 	
		 	Title:	 	Manager	 	

  
 14 

 Escrow Agent hereby joins in the execution of this Agreement for the purposes of acknowledging receipt of the
Deposit and agreeing to hold such Deposit in accordance with the terms of this Agreement. 
  

									
	Date: November 4, 2015	 		 	CHICAGO NATIONAL TITLE INSURANCE COMPANY
				
		 		 	By:	 	 /s/ J. M. Schuster

		 		 		 	Name:	 	J. M. Schuster
		 		 		 	Title:	 	Commercial Escrow Officer

  
 15 

 EXHIBIT “A” 

LEGAL DESCRIPTION 
 A certain parcel of
land located on the Southwesterly side of Canal Street and the Northwesterly side of 10th Street in the City of Richmond, Commonwealth of Virginia, bounded and described as follows: 

Beginning at the intersection point of the Northwesterly right of way line of 10th Street and the
Southwesterly right of way line of Canal Street and being the Northeasterly corner of the parcel hereinafter described; thence, 

S36o07’29”W a distance of one hundred five and forty three hundredths feet (105.43’) by the Westerly right of way line of 10th Street to a point; thence, 
 N54o01’26”W a distance of one hundred fifty seven and ninety
three hundredths feet (157.93’) to a point; thence, 
 N35o58’34”E a distance of one hundred six and zero hundredths feet
(106.00’), the previous two (2) courses along land owned by the Richmond Metropolitan Authority, to a lead hub found on the Southwesterly sideline of Canal Street; thence, 

S53o48’59”E a distance of one hundred fifty eight and twenty hundredths feet (158.20’) by the Southwesterly sideline of Canal Street
to the point of beginning. 
 The above described parcel contains 16,710 S.F. or 0.384 acres of land, more or less. 

Together with a perpetual, exclusive air rights easement in that portion of the air space located over that certain property with lateral limits identified as
Parcel C and D as shown on that certain survey recorded in the Clerk’s Office, Circuit Court, City of Richmond, Virginia (the “Clerk’s Office”) in Plat Book 40 at page 103 and with a lower limit of the horizontal plane that is
7.5 feet above the top deck of the Parking Garage as constructed on Parcel C and D or 150 feet above Mean Sea Level, whichever is lower. 
 TOGETHER WITH
those certain rights, privileges and easements contained in the Deed of Easements and Allied Covenants between Richmond Metropolitan Authority and James Center Development Company, dated and recorded May 3, 1990 in the Clerk’s Office in
Deed Book 234, page 1571. First Amendment to Deed of Easements and Allied Covenants recorded October 3, 2008 in the Clerk’s Office as Document No. 080026332. 

BEING more particularly shown on plat of survey entitled, “ALTA/ACSM Land Title Survey of 10th Street & Canal Street in the City of Richmond
Commonwealth of Virginia”, prepared by Vanasse Hangen Brustlin, Inc., dated March 18, 2008, last revised September 23, 2008 and recorded October 3, 2008 in the Clerk’s Office as Instrument Nos. 0800-53 and 0800-54. 

 IT BEING the same property conveyed to AH Richmond Tower I, LLC, a Virginia limited liability company, by deed
from James Center Development Company, a Virginia corporation, dated October 3, 2008 and recorded October 3, 2008 in the Clerk’s Office as Instrument No. 080026330. 

 EXHIBIT “A-1” 

EXCLUDED PERSONAL PROPERTY 

None. 

 EXHIBIT “A-2” 

SCHEDULED EXCEPTIONS 
 1. Restrictions in
Deed Book 6, page 765. First Amended Restrictions in Deed Book 44, page 1766, and re-recorded in Deed Book 45, page 1740. Second Amended Restrictions in Deed Book 84, page 195. Third Amended Restrictions in Deed Book 93, page 627. 

2. Development Agreement dated April 13, 1988, recorded June 29, 1988 in Deed Book 170, page 846, and re-recorded December 13, 1988 in Deed
Book 187, page 1773. Amended by instrument dated February 1, 1990, recorded May 30, 1990 in Deed Book 234, page 1496. Second Amendment dated June 11, 1990, recorded June 20, 1990 in Deed Book 239, page 585. Consent and Waiver of
Restrictions and Covenants between James Center Development Company, One James Center Associates Limited Partnership, Two James Center Associates, Limited Partnership, Richmond Center Associates, and Richmond Metropolitan Authority, dated and
recorded May 3, 1990 in Deed Book 235, page 222. 
 3. Deed of Easements and Allied Covenants between Richmond Metropolitan Authority and James Center
Development Company, dated and recorded May 3, 1990 in Deed Book 234, page 1571. First Amendment to Deed of Easements and Allied Covenants recorded October 3, 2008 as Document No. 080026332. 

4. Deed of Easements between James Center Development Company, Richmond Metropolitan Authority and Richmond Center Associates, dated and recorded May 3,
1990 in Deed Book 234, page 1693. 
 5. Deed of Easement by and between AH Richmond Tower I, LLC and Richmond Metropolitan Authority recorded
October 3, 2008 as Document No. 080026331. 

 EXHIBIT “B” 

SERVICE AGREEMENTS 
  

	1.	Facility Management Services Agreement, dated as of January 20, 2009, by and between Divaris Property Management Corp. and AH Richmond Tower I, LLC. 

 

	2.	Service Agreement, dated as of February 1, 2011, by and between Divaris Property Management Corp., as agent for AH Richmond Tower I, LLC, and Trane U.S. Inc. 

 

	3.	Service Agreement, dated as of December 21, 2012, by and between Divaris Property Management Corp., as agent for AH Richmond Tower I, LLC, and Admiral Security Services. 

 

	4.	Service Agreement, dated as of December 28, 2013, by and between Divaris Property Management Corp., as agent for AH Richmond Tower I, LLC, and Red Coats, Inc. 

 

	5.	Exclusive Right to Lease Agreement, dated as of July 1, 2014, by and between AH Richmond Tower I, LLC and Divaris Real Estate. 

 EXHIBIT “C” 

SCHEDULE OF LEASES 
  

	1.	Deed of Full Service Office Lease, dated as of September 5, 2008, by and between AH Richmond Tower I, LLC and Williams Mullen, P.C., as amended by the letter agreements dated as of December 31, 2008, and
January 15, 2008, and by the Amendment to Deed of Full Service Office Lease dated as of October 5, 2010, the Second Amendment to Deed of Full Service Lease, dated as of February 8, 2013, the Third Amendment to Deed of Full Service
Lease, dated as of December 16, 2013, and the Fourth Amendment to Deed of Full Service Lease, dated as of November 30, 2014. 

  

	2.	Deed of Full Service Office Lease, dated as of September 1, 2010, by and between AH Richmond Tower I, LLC and Agincourt Capital Management LLC. 

 

	3.	Deed of Full Service Office Lease, dated as of October 5, 2010, by and between AH Richmond Tower I, LLC and Cherry, Bekaert & Holland, L.L.P. 

 

	4.	Deed of Full Service Office Lease, dated as of August 31, 2011, by and between AH Richmond Tower I, LLC and Capital One Services, LLC. 

 

	5.	Deed of Full Service Office Sublease, dated as of October 5, 2010, by and between AH Richmond Tower I, LLC, Williams Mullen, PC, and Cherry, Bekaert & Holland, L.L.P. 

 

	6.	Deed of Commercial Retail Lease, dated as of October 1, 2010, by and between AH Richmond Tower I, LLC and La Parisienne, LLC. 

 EXHIBIT “E” 

TENANT ESTOPPEL CERTIFICATE 

Please refer to the documents described in Exhibit A hereto, (the “Lease Documents”) including the “Lease” therein
described. The undersigned (the “Tenant”), hereby certifies that it is the lessee under the Lease. Tenant hereby further acknowledges that it has been advised that the Lease may be assigned to a purchaser of, and/or collaterally assigned
in connection with a proposed financing secured by, the property on which the demised premises under the Lease are located, and certifies both to the landlord under the lease (the “Landlord”) and to any and all prospective purchasers (the
“Purchasers”) and mortgagees of such property, including any trustee on behalf of any holders of notes or other similar instruments, and any holders from time to time of such notes or other instruments, and their respective successors and
assigns (collectively the “Mortgagees”) that as of the date hereof: 
 1. The information set forth in Exhibit A hereto is true
and correct; 
 2. Tenant is in occupancy of the demised premises and the Lease is in full force and effect and except by such writings as
are identified on Exhibit A hereto, has not been modified, assigned, supplemented or amended since its original execution, nor are there any other agreements between Landlord and Tenant concerning the space rented under the Lease, whether oral or
written; 
 3. All material conditions and agreements under the Lease to be satisfied or performed by Landlord have been satisfied and
performed; 
 4. Tenant is not in default under the Lease Documents, Tenant has not received any notice of default under the Lease
Documents, and, to Tenant’s knowledge, there are no events which have occurred that with the giving of notice or the passage of time or both, would result in a default by Tenant under the Lease Documents; 

5. Tenant has not paid any rents or sums due under the Lease more than 30 days in advance of the date due under the Lease and Tenant has no
rights of setoff, counterclaim, concession or other rights of diminution of any rent or sums due and payable under the Lease except as set forth in Exhibit A hereto; 

6. To Tenant’s knowledge, there are no uncured defaults on the part of the Landlord under the Lease Documents, Tenant has not sent any
notice of default under the Lease Documents to the Landlord, and there are no events which have occurred that, with the giving of notice or the passage of time or both, would result in a default by Landlord thereunder, and at the present time Tenant
has no claim against Landlord under the Lease Documents; 
 7. Except as expressly set forth in Part G of Exhibit A, there are no provisions
for, and Tenant has no rights with respect to, renewal or extension of the initial term of the Lease; terminating the term, leasing or occupying additional space or purchasing the premises; 

8. No action, voluntary or involuntary, is pending against Tenant under federal or state bankruptcy or insolvency laws; 

 9. The undersigned has the authority to execute and deliver this Certificate on behalf of the
Tenant and acknowledges that all Purchasers will rely on this estoppel certificate in purchasing the property and all Mortgagees will rely upon this estoppel certificate in extending credit to Landlord or Landlord’s successors in interest; and

 10. This Tenant Estoppel Certificate shall be binding upon the successors, assigns and representatives of the undersigned and any party
claiming through or under the undersigned and shall inure to the benefit of all Purchasers and Mortgagees. 
 IN WITNESS WHEREOF,
Tenant has duly executed this Certificate this    day of            , 20    . 

 

			
	  

	 (Name of Tenant)

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT A TO TENANT ESTOPPEL CERTIFICATE 

Lease Documents, Lease Terms and Current Status 
  

	A.	Date of Lease: 

  

	B.	Parties: 

  

	 	1.	Landlord: 

  

	 	2.	Tenant d/b/a: 

  

	C.	Premises known as: 

  

	D.	Modifications, Assignments, Supplements or Amendments to Lease: 

  

	E.	Commencement Date: 

  

	F.	Expiration of Current Term: 

  

	G.	Rights to renew, to extend, to terminate, to rent or occupy additional space or to purchase any portion of the property: 

  

	H.	Security Deposit Paid to Landlord: $         

  

	I.	Current Fixed Minimum Rent (Annualized): $         

  

	J.	Current Additional Rent (and if applicable, Percentage Rent) (Annualized): $         

  

	K.	Current Total Rent: $         

  

	L.	Square Feet Demised: 

 EXHIBIT “F” 

NONFOREIGN PERSON CERTIFICATION 

            , 2015 

Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign
person. For U.S. Tax purposes (including section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not the disregarded entity. To inform the
transferees that withholding of tax is not required upon the disposition of a U.S. real property interest by the undersigned (“Transferor”), the undersigned hereby certifies the following: 

1. Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and
Income Tax Regulations); 
 2. The Transferor’s U.S. employee identification number is 26-2117056; and 

3. The Transferor’s address is 222 Central Park Avenue, Suite 2100, Virginia Beach, Virginia 23462. 

The Transferor understands that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement contained
herein could be punished by fine, imprisonment, or both. Under penalties of perjury the undersigned declares that it has examined this certification and to the best of its knowledge and belief, it is true, correct and complete, as of the date first
written above. 
  

					
	ARMADA HOFFLER, LP	 	
			
	By:	 	  
	 	(SEAL)
		 	Name:	 	
		 	Title:

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