Document:

exv4w3

Exhibit 4.3

ESCROW AGREEMENT 

     THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of this 20th day of
March, 2011 by and among Plymouth Real Estate Capital, LLC, a Delaware limited liability
company (the “Dealer Manager”), Plymouth Opportunity REIT, Inc., a Maryland corporation (the
“Company”), and People’s United Bank, as escrow agent, a federally chartered savings bank organized
and existing under the laws of the United States of America (the “Escrow Agent”).

 RECITALS

     WHEREAS, the Company proposes to offer and sell shares of common stock (the “Shares”), on a
best-efforts basis, for at least $2.5 million and up to $500 million of gross offering proceeds
(excluding the shares of its common stock to be offered and sold pursuant to the Company’s
distribution reinvestment plan), at an initial purchase price of up to $10.00 per share (the
“Offering”) to investors pursuant to the Company’s Registration Statement on Form S-11 (File No.
333-173048), as amended from time to time (the “Offering Document”).

     WHEREAS, the Dealer Manager will be engaged by the Company to offer and sell the Shares on a
best efforts basis directly or through a network of participating broker-dealers (the “Dealers”).

     WHEREAS, the Company has agreed that the subscription price paid by subscribers for shares
will be refunded to such subscribers if at least $2.5 million of gross offering proceeds from
persons who are not affiliated with the Company, its sponsor or Plymouth Real Estate Investors,
Inc. (the “Advisor”) (such amount, the “Minimum Offering”) has not been raised within one year from
the date the Offering Document becomes effective with the Securities and Exchange Commission (the
“Closing Date”).

     WHEREAS, the Dealer Manager and the Company desire to establish an escrow account (the “Escrow
Account”) as further described herein, in which funds received from subscribers will, except as
otherwise specified herein, be deposited, and the Company desires that the Escrow Agent act as
escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity.

     WHEREAS, deposits received from residents of the State of Pennsylvania (the “Pennsylvania
Subscribers”) and deposits received from residents of the State of Tennessee (the “Tennessee
Subscribers”) will remain in the Escrow Account until the conditions of Sections 3 and 4,
respectively, have been met.

     WHEREAS, the Dealer Manager has engaged ACS Securities Services, Inc. (the “Processing Agent”), to examine for “good
order” subscriptions and to act as record keeper, maintaining on behalf of the Escrow Agent the
ownership records for the Escrow Account. In so acting, Processing Agent shall be acting solely in
the capacity of agent for the Dealer Manager and not in any capacity on behalf of the Company.

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     WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined below), a
subscriber must deliver the full amount of the purchase price for the Shares: (i) by check made
payable to the order of “People’s United Bank, as Escrow Agent for Plymouth Opportunity REIT,
Inc.,” in U.S. dollars; or (ii) by draft or wire transfer of immediately available funds or
Automated ClearingHouse (ACH) in U.S. dollars, made payable as provided in Section 12(b)
(collectively, the “Payment Instruments”).

 AGREEMENT

     NOW, THEREFORE, the Dealer Manager, the Company and Escrow Agent agree to the terms of
this Agreement as follows:

     1. Establishment of Escrow Account; Escrow Period. On or prior to the
commencement of the offering of Shares pursuant to the Offering Document, the Company shall
establish the Escrow Account with the Escrow Agent, which shall be entitled “People’s United
Bank, as Escrow Agent for Plymouth Opportunity REIT, Inc.” This Agreement shall be effective
on the date on which the Offering Document becomes effective. Except as otherwise set forth
herein for the Pennsylvania Subscribers and the Tennessee Subscribers, the “Escrow Period”
shall commence upon the effectiveness of this Agreement and shall continue until the earlier
of: (a) the date upon which the Escrow Agent receives confirmation from the Company and the
Dealer Manager that the Company has raised the Minimum Offering; (b) the Closing Date; or (c)
the termination of the Offering by the Company prior to the receipt of the Minimum Offering.

     2. Operation of the Escrow.

     (a) Deposits in the Escrow Account. During the Escrow Period, persons
subscribing to purchase Shares will be instructed by the Company, the Dealer Manager and the
Dealers to make Payment Instruments for subscriptions payable to the order of “People’s
United Bank, as Escrow Agent for Plymouth Opportunity REIT, Inc.” Completed subscription
agreements and Payment Instruments for the purchase price for the Shares shall be remitted
by the broker dealers or registered investment advisors, as applicable, on behalf of persons
subscribing to purchase shares directly to the Processing Agent and the Escrow Agent as
provided in Section 12(b) by the end of the next business day following receipt of any such
Payment Instruments or, if final internal supervisory review is conducted at a different
location, by the end of the next business day following receipt of any such Payment
Instruments by the office conducting final internal supervisory review. The Escrow Agent
hereby agrees to maintain the funds contributed by the Pennsylvania Subscribers and the
Tennessee Subscribers in a manner in which they may be separately accounted for by the
records of the Processing Agent so that the requirements of Sections 3 and 4 of this
Agreement can be met. Deposits shall be held in the Escrow Account until such funds are
disbursed in accordance with this Section 2. Prior to disbursement of the funds deposited in
the Escrow Account, upon receipt of the Payment Instruments, Processing Agent shall fax or
scan a listing of the subscriber name and purchase price to Escrow Agent, together with all
other subscription documents sent with the Payment Instruments. Prior to disbursement of the
funds deposited in the Escrow Account, such funds shall not be subject to claims by
creditors of the Company or any of its affiliates. If any of the Payment Instruments
received

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by the Escrow Agent prior to receipt of the Break Escrow Affidavit (as described below) are
returned to the Escrow Agent for nonpayment, the Escrow Agent shall promptly notify the Processing
Agent and the Company in writing via mail, email or facsimile of such nonpayment, and the Escrow
Agent is authorized to debit the Escrow Account, as applicable in the amount of such returned
payment and the Processing Agent shall delete the appropriate account from the records maintained
by the Processing Agent. Within 30 days from the date of receipt of each subscription, the Company
will determine whether or not the subscription is to be accepted or rejected in whole or in part.
Within 10 business days of receipt by the Escrow Agent of written notice from the Company, or as
soon thereafter as practicable, that a subscription has been rejected, the Escrow Agent shall
transfer by check the funds and all interest, if any, earned thereon, of any subscribers whose
subscription has been rejected since the commencement of the Offering. The Processing Agent will
maintain a written account of each sale, which account shall set forth, among other things, the
following information: (i) the subscriber’s name and address; (ii) the subscriber’s social security
number; (iii) the number of Shares purchased by such subscriber; and (iv) the amount paid by such
subscriber for such Shares. During the Escrow Period neither the Company nor the Dealer Manager
will be entitled to any principal funds received into the Escrow Account.

     (b) Distribution of the Escrowed Funds. If at any time on or prior to the
Closing Date, the Minimum Offering has been raised, then upon the happening of such event,
the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent
receives written direction provided by the Company and the Dealer Manager instructing the
Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall
direct (other than any funds received from Pennsylvania Subscribers and Tennessee
Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively,
have been met); provided, however, that the Escrow Agent shall not disburse the funds of a
subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent
has received written notification by the Company of such rejection or rescission prior to
the date of disbursement. An affidavit or certification from an officer of the Company and
an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at
least the Minimum Offering has been timely raised, shall constitute sufficient evidence for
the purpose of this Agreement that such event has occurred (the “Break Escrow Affidavit”).
The Affidavit shall indicate: (i) the date on which the Minimum Offering was raised; and
(ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent
shall distribute directly to the subscribers any interest earned on such subscriber’s
subscription payments while such payments were held in the Escrow Account.

     (c) Return of Escrowed Funds. If the Escrow Agent has not received a Break
Escrow Affidavit on or prior to the Closing Date, the Escrow Agent shall promptly create and
dispatch checks and wires drawn on the Escrow Account to return the principal amount of the
funds in the Escrow Account, together with any interest thereon, without deduction for fees,
penalties or expenses, to the respective subscribers, and the Escrow Agent shall notify the
Company and the Dealer Manager of its distribution of the funds. The subscription payments
returned to each subscriber (including those, if any, returned to Pennsylvania Subscribers
and Tennessee Subscribers pursuant to Sections 3 and 4,
respectively) shall be free and clear of any and all claims of the Company or any of
its creditors.

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     3. Distribution of the Funds from Pennsylvania Subscribers.

     (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed
by Pennsylvania Subscribers may only be distributed in compliance with the provisions of
this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant
to Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania
Subscribers into the Escrow Account, until such time as the Company notifies the Escrow
Agent in writing that gross offering proceeds (including amounts in the Escrow Account
previously disbursed as directed by the Company and the amounts then held in the Escrow
Account) equal or exceed $100,000,000 (from persons who are not affiliated with the Company,
its sponsor or the Advisor), whereupon the Escrow Agent shall: (i) disburse to the Company,
at the Company’s request, the principal amount of the funds from the Pennsylvania
Subscribers received by the Escrow Agent for accepted subscriptions and (ii) disburse
directly to the Pennsylvania Subscribers any interest earned on such Pennsylvania
Subscribers’ subscription payments while such payments were held in the Escrow Account.
However, the Escrow Agent shall not disburse to the Company those funds of a subscriber, the
subscription of which has been rejected or rescinded, if the Escrow Agent has received
written notification by the Company of such rejection or rescission prior to the date of
disbursement.

     (b) If the Company has not received gross offering proceeds of at least $100,000,000
(from persons who are not affiliated with the Company, its sponsors or the Advisor) within
120 days of the date the Company first receives a subscription from a Pennsylvania
Subscriber (the “Initial Escrow Period”), the Company, within 10 days of the end of the
Initial Escrow Period, shall notify each Pennsylvania Subscriber by certified mail or any
other means (whereby receipt of delivery is obtained) of the right of Pennsylvania
Subscribers to have their investment returned to them. If, pursuant to such notice, a
Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10)
days after receipt of the notification (the “Request Period”), the Escrow Agent shall
promptly refund, with a pro rata share of any interest earned thereon and without deduction,
directly to each Pennsylvania Subscriber, the funds deposited in the Escrow Account on
behalf of the Pennsylvania Subscriber.

     (c) The funds of Pennsylvania Subscribers who do not request the return of their funds
within the Request Period shall remain in the Escrow Account for successive 120-day escrow
periods (each a “Successive Escrow Period”), each commencing automatically upon the
termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall
follow the notification and payment procedure set forth in Section 3(b) above with respect
to the Initial Escrow Period for each Successive Escrow Period, until the occurrence of the
earliest of: (i) the termination of the offering by the Company prior to the receipt of at
least $100,000,000 of gross offering proceeds (from persons who are not affiliated with the
Company, its sponsors or the Advisor); (ii) the receipt and acceptance by the Company of
gross offering proceeds that equal or exceed $100,000,000 (from persons who are not
affiliated with the Company, its sponsors or the Advisor) and the disbursement of the funds
held in the Escrow Account
on the terms specified in this Section 3; or (iii) all funds held in the Escrow Account
that were contributed by Pennsylvania Subscribers having been returned to the Pennsylvania
Subscribers in accordance with the provisions hereof.

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     (d) If the Company has not received gross offering proceeds of at least $100,000,000
(from persons who are not affiliated with the Company, its sponsor or the Advisor) within
365 days after the Closing Date, all funds in the Escrow Account that were contributed by
Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers,
together with their pro rata share of any interest earned thereon pursuant to instructions
made by the Company, upon which the Escrow Agent may conclusively rely.

     4. Distribution of the Funds from Tennessee Subscribers.

     (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed
by Tennessee Subscribers may only be distributed in compliance with the provisions of this
Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to
Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee
Subscribers into the Escrow Account, until such time as the Company notifies the Escrow
Agent in writing that gross offering proceeds (including amounts in the Escrow Account
previously disbursed as directed by the Company and the amounts then held in the Escrow
Account) equal or exceed $10,000,000 (from persons who are not affiliated with the Company,
its sponsor or the Advisor), whereupon the Escrow Agent shall: (i) disburse to the Company,
at the Company’s request, the principal amount of the funds from the Tennessee Subscribers
received by the Escrow Agent for accepted subscriptions and (ii) disburse directly to the
Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription
payments while such payments were held in the Escrow Account. However, the Escrow Agent
shall not disburse those funds of a subscriber, the subscription of which has been rejected
or rescinded, if the Escrow Agent has been notified by the Company of such rejection or
rescission prior to the date of disbursement.

     (b) If the Company has not received gross offering proceeds of at least $10,000,000
(from persons who are not affiliated with the Company, its sponsor or the Advisor) within
365 days after the Closing Date, all funds in the Escrow Account that were contributed by
Tennessee Subscribers will be promptly returned in full to such Tennessee Subscribers,
together with their pro rata share of any interest earned thereon pursuant to instructions
made by the Company upon which the Escrow Agent may conclusively rely.

     5. Escrowed Funds.

     (a) Upon receipt of funds from subscribers to the Offering, the Escrow Agent shall hold
such funds in escrow pursuant to the terms of this Agreement. All such funds held in the
Escrow Account shall be invested and reinvested in bank accounts or bank money market
accounts permitted under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended, at
the direction of the Company. All funds in the Escrow Account shall at all times be placed
in a trust account.

     (b) The Escrow Agent shall be entitled to sell or redeem any such investment as
necessary to make any distributions required under this Agreement and shall not be liable or
responsible for any loss resulting from any such sale or redemption.

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     (c) Income, if any, resulting from the investment of the funds received from
subscribers to the Offering shall be distributed according to this Agreement.

     (d) The Escrow Agent shall provide to the Company monthly statements (or more
frequently as reasonably requested by the Company) on the account balance of the Escrow
Account and the activity in the account since the last report.

     6. Duties of the Escrow Agent. The Escrow Agent shall have no duties or
responsibilities other than those expressly set forth in this Agreement, and no implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow
Agent is not a party to, or bound by, any other agreement among the other parties hereto, and
the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The
Escrow Agent shall have no duty to enforce any obligation of any person, other than as
provided herein. The Escrow Agent shall be under no liability to anyone by reason of any
failure on the part of any party hereto or any maker, endorser or other signatory of any
document or any other person to perform such person’s obligations under any such document.

     7. Liability of the Escrow Agent and the Processing Agent; Indemnification.

     (a) The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not
responsible or liable in any manner for the sufficiency, correctness, genuineness or
validity of this Escrow Agreement or with respect to the form of execution of the same. Each
of the Escrow Agent and the Processing Agent shall not be liable for any action taken or
omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in
the exercise of its own best judgment, and may rely conclusively and shall be protected in
acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent or the Processing Agent), statement, instrument, report
or other paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of any
information therein contained) which is believed by the Escrow Agent or the Processing Agent
to be genuine and to be signed or presented by the proper person(s). Each of the Escrow
Agent and the Processing Agent shall not be held liable for any error in judgment made in
good faith by an officer or employee of either unless it shall be proved that the Escrow
Agent or the Processing Agent, as appropriate, was grossly negligent or reckless in
ascertaining the pertinent facts or acted intentionally in bad faith. The Escrow Agent shall
not be bound by any notice of demand, or any waiver, modification, termination or rescission
of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the
Escrow Agent signed by the proper party or parties and, if the duties or rights of the
Escrow Agent are affected, unless it shall give its prior written consent thereto.

     (b) Either of the Escrow Agent and the Processing Agent may consult legal counsel and
shall exercise reasonable care in the selection of such counsel, in the event of any dispute
or question as to the construction of any provisions hereof or its duties hereunder, and it
shall incur no liability and shall be fully protected in acting in accordance with the
reasonable opinion or instructions of such counsel.

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     (c) Each of the Escrow Agent and the Processing Agent shall not be responsible, may
conclusively rely upon and shall be protected, indemnified and held harmless by the Company,
for the sufficiency or accuracy of the form of, or the execution, validity, value or
genuineness of any document or property received, held or delivered by it hereunder, or of
the signature or endorsement thereon, or for any description therein; nor shall the Escrow
Agent or the Processing Agent be responsible or liable in any respect on account of the
identity, authority or rights of the persons executing or delivering or purporting to
execute or deliver any document, property or this Agreement.

     (d) In the event that either the Escrow Agent or the Processing Agent shall become
involved in any arbitration or litigation relating to the funds received from subscribers to
the Offering, each is authorized to comply with any decision reached through such
arbitration or litigation.

     (e) The Company hereby agrees to indemnify both the Escrow Agent and the Processing
Agent for, and to hold them harmless against, any loss, liability or expense incurred in
connection herewith without gross negligence, recklessness or willful misconduct on the part
of either of the Escrow Agent or the Processing Agent, including, without limitation, legal
or other fees arising out of or in connection with its entering into this Agreement and
carrying out its duties hereunder, including, without limitation, the costs and expenses of
defending itself against any claim of liability in the premises or any action for
interpleader. Neither the Escrow Agent nor the Processing Agent shall be under any
obligation to institute or defend any action, suit or legal proceeding in connection
herewith, unless first indemnified and held harmless to its satisfaction in accordance with
the foregoing, except that neither shall be indemnified against any loss, liability or
expense arising out of its own gross negligence, recklessness or willful misconduct. Such
indemnity shall survive the termination or discharge of this Agreement or resignation of the
Escrow Agent.

     8. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses
for its regular services as Escrow Agent as set forth in Exhibit A. Additionally, Escrow
Agent is entitled to reasonable fees for extraordinary services and reimbursement of any
reasonable out of pocket and extraordinary costs and expenses related to its obligations as
Escrow Agent under this Agreement, including, without limitation, reasonable attorneys’ fees.
All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company.

     9. Security Interests. No party to this Escrow Agreement shall grant a security
interest in any monies or other property deposited with the Escrow Agent under this Escrow
Agreement, or otherwise create a lien, encumbrance or other claim against such monies or
borrow against the same.

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     10. Dispute. In the event of any disagreement between the undersigned or the
person or persons named in instructions given pursuant to this Agreement, or any other
person, resulting in adverse claims and demands being made in connection with or for any
papers, money or property involved herein, or affected hereby, the Escrow Agent shall be
entitled to refuse to comply with any demand or claim, as long as such disagreement shall
continue, and in so refusing to make any delivery or other disposition of any money, papers
or property involved or affected hereby, the Escrow Agent shall not be or become liable to
the undersigned or to any person named in such instructions for its refusal to comply with
such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and
refrain to act until: (a) the rights of the adverse claimants shall have been fully and
finally adjudicated in a court of competent jurisdiction over the parties and money, papers
and property involved herein or affected hereby or (b) all differences shall have been
adjusted by agreement and the Escrow Agent shall have been notified thereof in writing,
signed by all the interested parties.

     11. Resignation of Escrow Agent. Escrow Agent may resign or be removed, at any
time, for any reason, by written notice of its resignation or removal to the proper parties
at their respective addresses as set forth herein, at least 60 days before the date specified
for such resignation or removal to take effect; upon the effective date of such resignation
or removal:

     (a) all cash and other payments and all other property then held by the Escrow Agent
hereunder shall be delivered by it to such successor escrow agent as may be designated in
writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and
terminate; or

     (b) if no such successor escrow agent has been designated by such date, all obligations
of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow
Agent’s sole responsibility thereafter shall be to keep all property then held by it and to
deliver the same to a person designated in writing by the Company or in accordance with the
directions of a final order or judgment of a court of competent jurisdiction; and

     (c) further, if no such successor escrow agent has been designated by such date, the
Escrow Agent may petition any court of competent jurisdiction for the appointment of a
successor agent; further the Escrow Agent may pay into such court all monies and property
deposited with Escrow Agent under this Agreement.

     12. Notices. All notices, demands and requests required or permitted to be given
under the provisions hereof must be in writing and shall be deemed to have been sufficiently
given, upon receipt, if (a) personally delivered, (b) sent by telecopy and confirmed by phone
or (c) mailed by registered or certified mail, with return receipt requested, delivered to
the addresses set forth below, or to such other address as a party shall have designated by
notice in writing to the other parties in the manner provided by this paragraph:

			
	          (a) If to the Company:	 	Plymouth Opportunity REIT, Inc.

Two Liberty Square, 10th Floor

Boston, MA 02109

Telephone: (617) 340-3814

Facsimile: (617) 379-2404

Company Wire Instructions:

To be provided by the Company

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	(b) If to the Escrow Agent:	 	People’s United Bank

Institutional Trust

One Goodwin Square

225 Asylum Street—25th floor

Hartford, CT 06103

Attn: Robert L. Reynolds

Tel. 860-524-7609

Fax. 860-722-7823

Escrow Agent Wiring Instructions:

People’s United Bank

Burlington, Vermont

ABA Routing Number: 221172186

A/C # 0019100316

Attn: Institutional Trust

F/B/O: Plymouth Opportunity

REIT, Inc Escrow

 Checks Payable Information:

People’s United Bank, as Escrow

Agent for Plymouth Opportunity REIT, Inc.

Attention: Robert L. Reynolds, Institutional Trust
	 
	(c) If to the Processing Agent:	 	ACS Securities Services, Inc.

        3988 North Central Expressway 

Building 5, Floor 6

Dallas, TX 75204

Attn: William L. Kreston

Tel. (214) 877-7134

Fax. (214) 877-7198

			
	(d) If to Dealer Manager:	 	Plymouth Real Estate Capital, LLC

Two Liberty Square, 10th Floor

Boston, MA 02109

Attention: Lilia Maselli

Telephone: (617) 340-3814

Facsimile: (617) 379-2404

     13. Governing Law. This Agreement shall be construed and enforced in accordance
with the laws of the State of _________ without regard to the principles of conflicts of law.

     14. Binding Effect; Benefit. This Agreement shall be binding upon and inure to
the benefit of the permitted successors and assigns of the parties hereto.

     15. Modification. This Agreement may be amended, modified or terminated at any
time by a writing executed by the Dealer Manager, the Company and the Escrow Agent.

     16. Assignability. This Agreement shall not be assigned by the Escrow Agent
without the Company’s prior written consent.

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     17. Counterparts. This Agreement may be executed in one or more counterparts,
each of which will be deemed an original, but all of which together will constitute one and
the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions
of original executed documents shall be deemed to be authentic and valid counterparts of such
original documents for all purposes, including the filing of any claim, action or suit in the
appropriate court of law.

     18.Headings. The section headings contained in this Agreement are inserted for
convenience only, and shall not affect in any way, the meaning or interpretation of this
Agreement.

     19. Severability. This Agreement constitutes the entire agreement among the
parties and supersedes all prior and contemporaneous agreements and undertakings of the
parties in connection herewith. No failure or delay of the Escrow Agent in exercising any
right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single
or partial exercise of any right, power or remedy preclude any other or further exercise of
any right, power or remedy. In the event that any one or more of the provisions contained in
this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, then to the maximum extent permitted by law, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement.

     20. Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search
Duties. The Company or its agent shall be responsible for all tax reporting under this
Escrow Agreement. The Company shall provide to Escrow Agent upon the execution of this
Agreement any documentation requested and any information reasonably requested by the Escrow
Agent to comply with the USA Patriot Act of 2001, as amended from time to time. The Escrow
Agent, or its agent, shall complete an OFAC search, in compliance with its policy and
procedures, of each Payment Instrument and shall inform the Company if a Payment Instrument
fails the OFAC search.

     21. Miscellaneous. This Agreement shall not be construed against the party
preparing it, and shall be construed without regard to the identity of the person who drafted
it or the party who caused it to be drafted and shall be construed as if all parties had
jointly prepared this Agreement and it shall be deemed their joint work product, and each and
every provision of this Agreement shall be construed as though all of the parties hereto
participated equally in the drafting hereof. Any uncertainty or ambiguity shall not be
interpreted against any one party. As a result of the foregoing, any rule of construction
that a document is to be construed against the drafting party shall not be applicable.

     22. Third Party Beneficiaries. The Processing Agent shall be a third party
beneficiary under this Agreement, entitled to enforce any rights, duties or obligations
owed to it under this Agreement notwithstanding the terms of any other agreements
between the Processing Agent and any party hereto.

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     23. Termination of the Escrow Agreement. This Agreement, except for Section 7
hereof which shall continue in effect, shall terminate upon written notice from the Company
to the Escrow Agent. Unless otherwise provided, final termination of this Agreement shall
occur on the date that all funds held in the Escrow Account are distributed either: (a) to
the Company or to subscribers and the Company has informed the Escrow Agent in writing to
close the Escrow Account or (b) to a successor escrow agent upon written instructions from
the Company.

     24. Relationship of Parties. The Dealer Manager and the Company are unaffiliated
with the Escrow Agent, and this Agreement does not create any partnership or joint venture
among either the Dealer Manager or the Company and the Escrow Agent.

[SIGNATURE PAGES FOLLOW]

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     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their
duly authorized representatives as of the date first written hereinabove.

	 	 	 	 	 	 	 

	 	 	DEALER MANAGER:	 	 
	 
	 	 	 	 	 	 
	 	 	PLYMOUTH REAL ESTATE CAPITAL LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jeffrey E. Witherell	 	 
	 

	 	Name:
	 	 
Jeffrey E. Witherell
	 	 
	 

	 	Title:
	 	CEO and Managing Member
	 	 
	 

	 	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	PLYMOUTH OPPORTUNITY REIT, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Donna Brownell	 	 
	 

	 	Name:
	 	 
Donna Brownell
	 	 
	 

	 	Title:
	 	EVP
	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	ESCROW AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	PEOPLE’S UNITED BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Robert L. Reynolds	 	 
	 

	 	Name:
	 	 
Robert L. Reynolds
	 	 
	 

	 	Title:
	 	 
Vice President
	 	 
	 

	 	 	 	 

	 	 

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EXHIBIT A

ESCROW FEES AND EXPENSES

	 	 	 	 	 

	Escrow Agent Acceptance Fee
	 	 	 	 
	Review escrow agreement and establish account
	 	$	1,000.00	 
	 
	 	 	 	 
	Escrow Agent Annual Fee
	 	 	 	 
	Annual Escrow Agent
	 	$	1,750.00	 
	Escrow Agent Transaction Fees
	 	 	 	 
	(a) Per outgoing wire transfer
	 	Waived
	(b) IRS Tax Reporting per Form 1099 (Int., B or Misc.)
	 	$	10.00	 
	(c) Per Overnight Delivery/Mailing
	 	$	15.00	 
	(d) Web Exchange Access per month
	 	$	15.00	 
	(e) Daily Recon File to Transfer Agent per Business Day
	 	Waived

Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any
additional or extraordinary services, including, but not limited to disbursements involving a
dispute or arbitration, or administration while a dispute, controversy or adverse claim is in
existence, will be charged based upon time required at the then standard hourly rate. In addition
to the specified fees, all expenses related to the administration of the Escrow Agreement (other
than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage,
shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be
reimbursable. Acceptance fee and first year Annual Escrow Agent fee will be payable at the
initiation of the escrow. Thereafter, the Annual Escrow Agent fee will be billed in advance and
transaction fees will be billed in arrears. Other fees and expenses will be billed as incurred.

13exv10w2

Exhibit
10.2

SUB-ADVISORY AGREEMENT

by and between

PLYMOUTH REAL ESTATE INVESTORS INC.

and

HALEY REAL ESTATE GROUP LLC

August 1, 2011

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 DEFINITIONS
	 	 	1	 
	ARTICLE 2 APPOINTMENT
	 	 	2	 
	ARTICLE 3 DUTIES OF THE SUB-ADVISOR
	 	 	2	 
	3.01 Acquisition Services
	 	 	3	 
	3.02 Other Services
	 	 	3	 
	ARTICLE 4 AUTHORITY OF SUB-ADVISOR
	 	 	3	 
	4.01 Approval by the Advisor
	 	 	3	 
	4.02 Modification or Revocation of Authority of Sub-Advisor
	 	 	3	 
	4.03 Joint Ventures
	 	 	3	 
	ARTICLE 5 LIMITATION ON ACTIVITIES
	 	 	4	 
	ARTICLE 6
ACQUISITION FEE
	 	 	4	 
	ARTICLE 7 RELATIONSHIP OF ADVISOR AND SUB-ADVISOR; OTHER ACTIVITIES OF THE SUB-ADVISOR
	 	 	4	 
	7.01 Relationship
	 	 	4	 
	7.02 Time Commitment
	 	 	5	 
	ARTICLE 8 TERM AND TERMINATION OF THE AGREEMENT
	 	 	5	 
	8.01 Term
	 	 	5	 
	8.02 Termination by Either Party
	 	 	5	 
	8.03 Payments on Termination and Survival of Certain Rights and Obligations
	 	 	5	 
	ARTICLE 9 ASSIGNMENT
	 	 	6	 
	ARTICLE 10 INDEMNIFICATION AND LIMITATION OF LIABILITY
	 	 	6	 
	10.01 Indemnification
	 	 	6	 
	10.02 Limitation on Indemnification
	 	 	7	 
	10.03 Limitation on Payment of Expenses
	 	 	7	 
	ARTICLE 11 MISCELLANEOUS
	 	 	7	 
	11.01 Notices
	 	 	7	 
	11.02 Modification
	 	 	8	 
	11.03 Severability
	 	 	8	 
	11.04 Construction
	 	 	8	 
	11.05 Entire Agreement
	 	 	8	 
	11.06 Waiver
	 	 	8	 
	11.07 Gender
	 	 	8	 
	11.08 Titles Not to Affect Interpretation
	 	 	8	 

i

 

SUB-ADVISORY AGREEMENT

     This
Sub-Advisory Agreement, dated as of August 1, 2011 (the “Agreement”), is by and
between Plymouth Real Estate Investors Inc., a Massachusetts corporation (the “Advisor”) and Haley
Real Estate Group LLC, a Nebraska limited liability company (the “Sub-Advisor”).

W I T N E S S E T H

     WHEREAS, the Advisor desires to avail itself of the knowledge, experience, sources of
information, advice, assistance and certain facilities of the Sub-Advisor and to have the
Sub-Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of, the Advisor, all as provided herein; and

     WHEREAS, the Sub-Advisor is willing to undertake to render such services, subject to the
supervision of the Advisor, on the terms and conditions hereinafter set forth.

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

ARTICLE 1

DEFINITIONS

     The following defined terms used in this Agreement shall have the meanings specified below:

     “Advisor” means (i) Plymouth Real Estate Investors Inc., a Massachusetts corporation, or (ii)
any successor advisor to Plymouth.

     “Affiliate or Affiliated.” An Affiliate of another Person includes any of the following: (i)
any Person directly or indirectly controlling, controlled by, or under common control with such
other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power
to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal
entity for which such Person acts as an executive officer, director, trustee, or general partner;
(iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly
owned, controlled, or held, with power to vote, by such other Person; and (v) any executive
officer, director, trustee, or general partner of such other Person. An entity shall not be deemed
to control or be under common control with an Advisor-sponsored program unless (i) the entity owns
10% or more of the voting equity interests of such program or (ii) a majority of the board of
directors (or equivalent governing body) of such program is composed of Affiliates of the entity.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
statute thereto. Reference to any provision of the Code shall mean such provision as in effect from
time to time, as the same may be amended, and any successor provision thereto, as interpreted by
any applicable regulations as in effect from time to time.

 

 

     “Investments” means multi-family properties or Loans secured by multi-family properties.

     “Loans” means, as to Investments, mortgage loans and other types of debt financing investments
made by Plymouth or one of its subsidiaries, either directly or indirectly, including through
ownership interests in a joint venture or partnership, and including, without limitation, mezzanine
loans, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans,
loans on leasehold interests, and participations in such loans.

     “Person” means an individual, corporation, partnership, estate, trust (including a trust
qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set
aside for or to be used exclusively for the purposes described in Section 642(c) of the Code,
association, private foundation within the meaning of Section 509(a) of the Code, joint stock
company or other entity, or any government or any agency or political subdivision thereof, and also
includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended.

     “Plymouth” means Plymouth Opportunity REIT, Inc., a corporation organized under the laws of
the State of Maryland.

     “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code.

     “SEC” means the United States Securities and Exchange Commission.

     “Shares” means the shares of common stock of Plymouth, par value $.01 per share.

     “Termination Date” means the date of termination of the Agreement determined in accordance
with Article 9 hereof.

ARTICLE 2

APPOINTMENT

     The Advisor hereby appoints the Sub-Advisor to serve as its advisor on the terms and
conditions set forth in this Agreement, and the Sub-Advisor hereby accepts such appointment. The
Advisor agrees that, during the term of this Agreement, Sub-Advisor shall have the exclusive right
to investigate and identify all prospective Investments for evaluation by the Advisor.

ARTICLE 3

DUTIES OF THE SUB-ADVISOR

     The Sub-Advisor undertakes to use its best efforts to present to the Advisor potential
investment opportunities consistent with the investment objectives and policies of Plymouth.
Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the

2

 

continuing and exclusive authority of the Advisor over the activities of the Sub-Advisor with
respect to its obligations under this Agreement, the Sub-Advisor shall perform the following
duties:

     3.01 Acquisition Services.

     (i) Serve as one of the Advisor’s investment and financial advisors and provide
relevant market research and economic and statistical data in connection with potential
Investments;

     (ii) Subject to Article 4 hereof and the investment objectives and policies of the
Plymouth: (a) locate and analyze potential Investments; (b) assist the Advisor in
structuring the terms and conditions of transactions pursuant to which Investments will be
made; and (c) assist the Advisor in arranging for financing and refinancing of Investments;

     (iii) Perform due diligence on prospective Investments and create due diligence reports
summarizing the results of such work;

     (iv) Prepare reports regarding prospective Investments that include recommendations and
supporting documentation necessary for the Advisor to evaluate the proposed Investments; and

     (v) Obtain reports, where appropriate, concerning the value of potential Investments.

     3.02 Other Services. Except as provided in Article 5 hereof, the Sub-Advisor shall
perform any other services reasonably requested by the Advisor.

ARTICLE 4

AUTHORITY OF SUB-ADVISOR

     4.01 Approval by the Advisor. The Sub-Advisor may not take any action on behalf of
the Advisor without the prior approval of the Advisor. The Sub-Advisor will deliver to the Advisor
all documents required by it to evaluate a proposed investment.

     4.02 Modification or Revocation of Authority of Sub-Advisor. The Advisor may, at any
time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set
forth in Article 3 hereof.

     4.03 Joint Ventures. Notwithstanding anything herein to the contrary, the Sub-Advisor
and/or any of its affiliates shall be permitted to enter joint ventures, limited liability
companies partnerships or similar relationships with Plymouth and/or any of its affiliates with
respect to the acquisition of any Investment.

3

 

ARTICLE 5

LIMITATION ON ACTIVITIES

     Notwithstanding any provision in this Agreement to the contrary, the Sub-Advisor shall not
take any action that, in the Sub-Advisor’s sole judgment made in good faith, would (i) adversely
affect the ability of Plymouth to qualify or continue to qualify as a REIT under the Code, (ii)
subject Plymouth to regulation under the Investment Company Act of 1940, as amended, (iii) violate
any law, rule, regulation or statement of policy of any governmental body or agency having
jurisdiction over Plymouth, its Shares or its other securities, or (iv) require the Sub-Advisor,
the Advisor or Plymouth to register as a broker-dealer with the SEC or any state. In the event an
action that would violate (i) through (iv) of the preceding sentence has been ordered by the
Advisor, the Sub-Advisor shall notify the Advisor of the Sub-Advisor’s judgment of the potential
impact of such action and shall refrain from taking such action until it receives further
clarification or instructions from the Advisor. In such event, the Sub-Advisor shall have no
liability for acting in accordance with the specific instructions of the Advisor so given.

ARTICLE 6

ACQUISITION
FEE

       As compensation for the investigation and identification of
Investments, the Advisor shall pay an acquisition fee to the Sub-Advisor in an amount equal to 1.5%
of the “contract purchase price” or the “amount advanced for a Loan” with respect to each
Investment acquired by Plymouth. For purposes of this Agreement, “contract purchase price” or the
“amount advanced for a Loan” means the amount actually paid or allocated in respect of the
purchase, development, construction or improvement of an Investment or the amount actually paid or
allocated in respect of the purchase of a Loan, in each case inclusive of acquisition expenses and
any indebtedness assumed or incurred in respect of such Investment.

ARTICLE 7

RELATIONSHIP OF ADVISOR AND SUB-ADVISOR;

OTHER ACTIVITIES OF THE SUB-ADVISOR

     7.01 Relationship. The Advisor and the Sub-Advisor are not partners or joint
venturers with each other, and nothing in this Agreement shall be construed to make them

4

 

such partners or joint venturers. Nothing herein contained shall prevent the Sub-Advisor from
engaging in other activities, including, without limitation, the rendering of advice to other
Persons (including other REITs). This Agreement shall not limit or restrict the right of any
manager, director, officer, employee or equityholder of the Sub-Advisor or its Affiliates to engage
in any other business or to render services of any kind to any other Person. The Sub-Advisor may,
with respect to any investment in which Plymouth is a participant, also render advice and service
to each and every other participant therein. The Sub-Advisor shall promptly disclose to the Advisor
the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
that creates or could create a conflict of interest between the Sub-Advisor’s obligations to the
Advisor and its obligations to or its interest in any other Person.

     7.02 Time Commitment. The Sub-Advisor shall, and shall cause its Affiliates and their
respective employees, officers and agents to, devote to the Advisor such time as shall be
reasonably necessary to fulfill the Sub-Advisor’s responsibilities hereunder in an appropriate
manner consistent with the terms of this Agreement. The Advisor acknowledges that the Sub-Advisor
and its Affiliates and their respective employees, officers and agents may also engage in
activities unrelated to the Advisor and may provide services to Persons other than the Advisor or
any of its Affiliates.

ARTICLE 8

TERM AND TERMINATION OF THE AGREEMENT

     8.01 Term. This Agreement shall have an initial term of one year from the date hereof
and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the
parties. The Advisor will evaluate the performance of the Sub-Advisor annually before renewing this
Agreement, and each such renewal shall be for a term of no more than one year.

     8.02 Termination by Either Party. This Agreement may be terminated upon 60 days
written notice without cause or penalty by either the Advisor or the Sub-Advisor. The provisions of
Articles 1, 8, 10 and 11 hereof shall survive termination of this Agreement.

     8.03 Payments on Termination and Survival of Certain Rights and Obligations.

     (i) After the Termination Date, the Sub-Advisor shall not be entitled to compensation
for further services hereunder except it shall be entitled to receive from the Advisor
within 30 days after the effective date of such termination all unpaid reimbursements of
expenses and all earned but unpaid fees payable to the Sub-Advisor prior to termination of
this Agreement. For purposes of this Section 8.03, a fee will be deemed to be “earned” if
Plymouth acquires an Investment within 15 days of the date of termination of this Agreement.

     (ii) The Sub-Advisor shall promptly upon termination:

5

 

     (a) pay over to the Advisor all money collected pursuant to this Agreement, if
any, after deducting any accrued compensation and reimbursement for its expenses to
which it is then entitled;

     (b) deliver to the Advisor a full accounting, including a statement showing all
payments collected by it and a statement of all money held by it, covering the
period following the date of the last accounting furnished to the Advisor; and

     (c) deliver to the Advisor all assets and documents of the Advisor then in the
custody of the Sub-Advisor.

ARTICLE 9

ASSIGNMENT

     This Agreement may be assigned by the Sub-Advisor to an Affiliate with the consent of the
Advisor. The Sub-Advisor may assign any rights to receive fees or other payments under this
Agreement without obtaining the approval of the Advisor. This Agreement shall not be assigned by
the Advisor without the consent of the Sub-Advisor.

ARTICLE 10

INDEMNIFICATION AND LIMITATION OF LIABILITY

     10.01 Indemnification. Except as prohibited by the restrictions provided in this
Section 10.01 and Section 10.02 and Section 10.03 hereof, the Advisor shall indemnify, defend and
hold harmless the Sub-Advisor and its Affiliates, including their respective officers, directors,
equity holders, partners and employees, from all liability, claims, damages or losses arising in
the performance of their duties hereunder, and related expenses, including reasonable attorneys’
fees, to the extent such liability, claims, damages or losses and related expenses are not fully
reimbursed by insurance. Any indemnification of the Sub-Advisor may be made only out of the net
assets of the Advisor.

     Notwithstanding the foregoing, the Advisor shall not indemnify the Sub-Advisor or its
Affiliates for any loss, liability or expense arising from or out of an alleged violation of
federal or state securities laws by such party unless one or more of the following conditions are
met: (i) there has been a successful adjudication on the merits of each count involving alleged
material securities law violations as to the particular indemnitee; (ii) such claims have been
dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular
indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against
a particular indemnitee and finds that indemnification of the settlement and the related costs
should be made, and the court considering the request for indemnification has been advised of the
position of the SEC and of the published position of any state securities regulatory authority in
which securities of Plymouth were offered or sold as to indemnification for violations of
securities laws.

6

 

     10.02 Limitation on Indemnification. Notwithstanding the foregoing, the Advisor shall
not provide for indemnification of the Sub-Advisor or its Affiliates for any liability or loss
suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered
by the Advisor, unless all of the following conditions are met:

     (i) The Sub-Advisor or its Affiliates have determined, in good faith, that the course
of conduct that caused the loss or liability was in the best interests of the Advisor.

     (ii) The Sub-Advisor or its Affiliates were acting on behalf of or performing services
for the Advisor.

     (iii) Such liability or loss was not the result of negligence or misconduct by the
Sub-Advisor or its Affiliates.

     10.03 Limitation on Payment of Expenses. The Advisor shall pay or reimburse
reasonable legal expenses and other costs incurred by the Sub-Advisor or its Affiliates in advance
of the final disposition of a proceeding only if (in addition to the procedures required by the
Massachusetts Corporation Law, as amended from time to time) all of the following are satisfied:
(i) the proceeding relates to acts or omissions with respect to the performance of duties or
services on behalf of the Advisor, (ii) the legal proceeding was initiated by a third party who is
not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of
competent jurisdiction approves such advancement and (iii) the Sub-Advisor or its Affiliates
undertake to repay the amount paid or reimbursed by the Advisor, together with the applicable legal
rate of interest thereon, if it is ultimately determined that the particular indemnitee is not
entitled to indemnification.

ARTICLE 11

MISCELLANEOUS

     11.01 Notices. Any notice, report or other communication required or permitted to be
given hereunder shall be in writing unless some other method of giving such notice, report or other
communication is accepted by the party to whom it is given, and shall be given by being delivered
by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

     To the Advisor:

Plymouth Real Estate Investors Inc.

Two Liberty Square, 10th Floor

Boston, Massachusetts 02109

Attention: Jeffrey Witherell

7

 

     To the Sub-Advisor:

Haley Real Estate Group LLC

10703 J Street, Suite 101

Omaha, Nebraska 68127

Attention: Carl J. Troia, Jr.

     Either party may at any time give notice in writing to the other party of a change in its
address for the purposes of this Section 11.01.

     11.02 Modification. This Agreement shall not be changed, modified, terminated or
discharged, in whole or in part, except by an instrument in writing signed by both parties hereto,
or their respective successors or permitted assigns.

     11.03 Severability. The provisions of this Agreement are independent of and severable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part.

     11.04 Construction. The provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of Massachusetts.

     11.05 Entire Agreement. This Agreement contains the entire agreement and
understanding between the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The
express terms hereof control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than
by an agreement in writing.

     11.06 Waiver. Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such
waiver.

     11.07 Gender. Words used herein regardless of the number and gender specifically
used, shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires.

     11.08 Titles Not to Affect Interpretation. The titles of Articles and Sections
contained in this Agreement are for convenience only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation hereof.

8

 

     Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original as against any party whose signature appears thereon, and
all of which shall together constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written.

	 	 	 	 	 	 	 

	 	 	PLYMOUTH REAL ESTATE INVESTORS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jeffrey E. Witherell	 	 
	 

	 	Name:
	 	Jeffrey E. Witherell	 	 
	 

	 	Title:
	 	CEO	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	HALEY REAL ESTATE GROUP LLC	 	 
	 
	 	 	By:
John E. Haley, Revocable Trust Agreement dated June 13, 2008, by its Trustees
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Marjorie L. Haley	 	 
	 

	 	 
	 	 
Marjorie L. Haley, Trustee
	 	 
	 
	 

	 	By:
	 	/s/ Daniel Patrick Clatanoff	 	 
	 

	 	 
	 	 
Daniel Patrick Clatanoff, Trustee	 	 
	 
	 

	 	By:
	 	/s/ Monette Susan Storm Zaugg	 	 
	 

	 	
	 	 
Monette Susan Storm Zaugg, Trustee	 	 
	 
	 

	 	By:
	 	/s/ Kristi Kaye Storm	 	 
	 

	 	
	 	 
Kristi Kaye Storm, Trustee	 	 

9

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